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ASIA
The PMI prints for both South Korea and Taiwan continued to improve in June. This, all else equal, points to further improvement in the global trade backdrop. The chart below plots the average PMI prints for both countries against y/y global trade volume growth.
- The South Korean PMI is now at 52.0. This is fresh highs back to the first half of 2022. The output sub index did ease a touch to 53.1 (from 53.3), but new orders rose further and are now back highs since Feb 2022.
- For Taiwan, the headline index is also back to first half 2022 levels. The index has recovered strongly since the start of the year. Output was 54.9 versus 52.6 in May, while new orders rose to their highest level since August 2021.
- Earlier we had South Korean trade figures for June. Headline export growth was just above 5%y/y, but average daily exports for the month were still above a double digit pace for the month.
Fig 1: Average South Korea & Taiwan PMIs Versus Global Trade Volumes
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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