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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.
KRW
South Korean export growth was better than expected, rising 21.3% versus 18.4% expected. There was a small upward revision to the previous month (12.9% versus 12.6% originally reported).
- A higher working day count in May of this year compared to last year helped the headline number, but exports to China moved back into positive YoY territory (+1.2%), versus a fall in April, so that also clearly helped. Exports to other regions remained firmed.
- At an aggregate level it suggests some stability for key exporters in the region, where growth has generally been trending lower since the start of the year, see the chart below, which plots South Korea export growth against equivalent growth for China, Taiwan and Singapore.
- Semi-conductors and oil-related exports were the sources of strength for Korea.
- Higher commodity prices kept imports strong in YoY terms, rising 32%, versus 31.4% expected.
- The trade deficit was better than expected at -$1705mn, versus -$2500mn consensus.
Fig 1: Export Growth for South Korea & Key EM Asia Economies
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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