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Market News Topics
July 01, 2022 00:49 GMT
Export Growth Slumps, Although Not As Much As Forecast
KOREA
Korean trade figures were slightly better than expected. Export growth was +5.4% YoY, versus +3.8% expected. Import growth eased back to 19.4% YoY, which was below forecasts (22.0%).
- Export growth has slowed sharply from the previous month though. We are now back to lows from late 2020, while exports to China also dipped into negative territory, -0.8% in YoY terms.
- The overall result was likely influenced by fewer working days in June and the truckers strike from earlier in the month. Nevertheless, fears around weaker global demand will likely persist.
- The trade deficit widened to -$2.47bn, versus -$1.71bn previously, but was well expectations of $-4.315bn. Recall, the deficit for the first 20 days of June was in excess of 7bn.
- The June PMI has also printed, easing to 51.3 from 51.8 previously. This outperformed weakness seen elsewhere, particularly Taiwan (49.8 from 50).
- Spot USD/KRW didn't react a great deal to the data. We opened sharply lower but rebounded back above 1291, in line with stronger USD sentiment against the majors.
To read the full story
Close
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.
Sign up now for free trial access to this content.
Please enter your details below.
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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