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SOUTH KOREA: Export Headline Skewed By September Holidays.

SOUTH KOREA
GlobalEM BulletBulletSouth KoreaAPACEmerging Market NewsRegion
  • Korea’s export momentum seasonally adjusted continues to prove the resilience of the economy and challenges those calling for a rate cut.
  • Exports when seasonally adjusted rose 18% (whilst non s/a showed contraction of -1.1%).
  • September sees Chuseok holidays which results in a large discrepancy for data.
  • Consistent with prior releases, semi-conductor shipments continue to drive exports rising 26.2%yoy as Korea positions itself as a key provider in chips in the ongoing trade war between the US and China.
  • Whilst spokespeople in the government point to slowing consumer data as a reason to cut rates, the BOK has maintained its focus on the housing market’s growth in Seoul.
  • Today’s exports support the BOK’s stance for now, proving that the economy remains robust despite the higher interest rates. 
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  • Korea’s export momentum seasonally adjusted continues to prove the resilience of the economy and challenges those calling for a rate cut.
  • Exports when seasonally adjusted rose 18% (whilst non s/a showed contraction of -1.1%).
  • September sees Chuseok holidays which results in a large discrepancy for data.
  • Consistent with prior releases, semi-conductor shipments continue to drive exports rising 26.2%yoy as Korea positions itself as a key provider in chips in the ongoing trade war between the US and China.
  • Whilst spokespeople in the government point to slowing consumer data as a reason to cut rates, the BOK has maintained its focus on the housing market’s growth in Seoul.
  • Today’s exports support the BOK’s stance for now, proving that the economy remains robust despite the higher interest rates.