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First 20-Day Export Y/Y Momentum Slows, But Detail Suggests Continued Recovery

SOUTH KOREA
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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

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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

Keep reading...Show less