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SOUTH KOREA: Korea Country Wrap: Export and Import Prices Continue to Decline.

SOUTH KOREA
EM BulletBulletSouth KoreaAPACEmerging Market News
  • As South Korea’s import prices decline in February, could this be a broader theme playing out in the region given China’s PPI has been negative since late 2022.  Korea’s import prices y/y have declined for three successive months, with the month-on-month number turning negative.  Given China's share of exports in the region, raises concerns about "exporting deflation" to Asia, as falling export prices in China could lead to regional deflationary pressures due to factors like industrial overcapacity and strong Asian demand. (source: MNI - Market News)
  • Samsung SDI Co., South Korea's major battery maker, said Friday it has signed a 437.4 billion-won (US$300.5 million) deal to supply energy storage solution (ESS) batteries to U.S. energy firm NextEra Energy Inc. The deal apparently is part of an ESS supply agreement the two companies reached in July, which is believed to be worth up to 1 trillion won. (source: Korea Times)
  • Korea’s KOSPI was the outlier in the region, not able to jump into the green and remains -0.10% lower on the day and on track to finish the week with a marginal gain of +0.23%.
  • KRW:  the won has had a quiet end to the week, flat at 1,453.82 and -.32% down on the week.
  • Bonds:  a mixed end to the week for KTBs with short end yields well bid and trending lower whilst longer bonds all higher in yields by up to 2bps.  KTB 10YR 2.80% (+1.5bp)
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  • As South Korea’s import prices decline in February, could this be a broader theme playing out in the region given China’s PPI has been negative since late 2022.  Korea’s import prices y/y have declined for three successive months, with the month-on-month number turning negative.  Given China's share of exports in the region, raises concerns about "exporting deflation" to Asia, as falling export prices in China could lead to regional deflationary pressures due to factors like industrial overcapacity and strong Asian demand. (source: MNI - Market News)
  • Samsung SDI Co., South Korea's major battery maker, said Friday it has signed a 437.4 billion-won (US$300.5 million) deal to supply energy storage solution (ESS) batteries to U.S. energy firm NextEra Energy Inc. The deal apparently is part of an ESS supply agreement the two companies reached in July, which is believed to be worth up to 1 trillion won. (source: Korea Times)
  • Korea’s KOSPI was the outlier in the region, not able to jump into the green and remains -0.10% lower on the day and on track to finish the week with a marginal gain of +0.23%.
  • KRW:  the won has had a quiet end to the week, flat at 1,453.82 and -.32% down on the week.
  • Bonds:  a mixed end to the week for KTBs with short end yields well bid and trending lower whilst longer bonds all higher in yields by up to 2bps.  KTB 10YR 2.80% (+1.5bp)