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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SOUTH KOREA
South Korea's first 20-days of trade data for May showed slower momentum versus the equivalent April outcome. Headline exports were +1.5% y/y, versus 11.1% prior, while imports fell to -9.8% y/y from +6.1% prior. The trade deficit was $304mn.
- The detail painted a more upbeat picture though. Average daily exports for the first 20-days were up 17.7% y/y. This compares with +11.1% for the first 20-days of April. The chart below shows this metric against full month export growth. It paints a positive underlying trend for the export recovery.
- Recall in May the Labor Day holiday, as well as other holidays, which may have had an impact.
- Note export growth to China eased back to +1.3% y/y from 9.0% in April. Exports to the US also slowed to 6.3%, from 22.8%.
- By product chip exports remained very robust up 45.5% y/y for the first 20-days (prior was +43% y/y).
Fig 1: South Korea First 20 Day Exports & Full Month Y/Y
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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