Free Trial
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.
SOUTH KOREA
The first 20-days of trade data for Jan, showed a less positive picture compared to the start of the month and the full month of Dec. Exports fell -1.0% (the prior first 20-day read for Dec was +13%y/y). On the import side we fell -18.2% y/y (versus -9.2% y/y for Dec). The trade deficit was at -$2.61bn, although this does tend to improve for the full month.
- The detail was better than the headlines suggested though, with daily average exports at +2.2% y/y, suggesting day count effects impacted the headline drop.
- This still suggests weaker full month momentum for January exports, see the chart below.
- Chip exports were +19.7% y/y as well, so a slight improvement on the prior rise of 19.3%.
- Exports to China were +0.1%y/y (the first 20-days of Dec recorded a -0.4% y/y fall). We did see a pull back in the US though, with growth slowing to +3.6% y/y for the first 20-days of Jan, versus +30.2% prior.
Fig 1: South Korean First 20-days Exports & Full Month Trend 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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok