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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
South Korea's first 20-days of trade data for November has printed. Exports were +2.2% y/y, a down step from the pace of recent months (+9.7%y/y in September and +4.6%y/y in October). In daily average terms exports were +2.2% y/y, also down from the October pace of 8.6% y/y. This suggests some slowing in total month y/y export growth, see the chart below.
- Looking at the detail, chip exports were +2.4% y/y (we were -6.4% last month for the first 20-days), so well above the trough point from earlier in 2023. By county, exports to the US remained resilient at +15.7% y/y. China remained a drag but at -2.4%, we were also above earlier trough points.
- Imports were -6.2%y/y, versus close to flat in the first 20-days of Oct. The trade deficit was -$1.42bn, also an improvement on the prior period (-$3.75bn).
Fig 1: South Korea Export Growth Slowed Modestly In November, But Stayed Positive
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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