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SOUTH KOREA:  Trade Data Puts Focus Back on BOK.

SOUTH KOREA
GlobalEM BulletBulletSouth KoreaAPACEmerging Market NewsRegion
  • Korea’s October export decline show the challenges looming for the economy.
  • Rising just +4.6% in October marked a material decline from September’s +7.5% expansion against market expectations for a +7.0% increase.
  • Imports were weaker also growing just +1.7% following September’s +2.2% expansion.
  • This saw a trade balance much lower than expected at $3.167bn.
  • Today’s data highlights the issues that the BOK is faced with given that tepid domestic consumption now coupled with a poor backdrop for trade, casts shadows over the economy.
  • Korea, like many other countries in the region, will watch carefully the Party meetings in China next week for any indications of further stimulus in the region’s biggest economy.
  • The Bank of Korea does not meet again until November 28 and with only approximately 12 bps priced in for the next meeting, markets have decisions to make as they try to forecast the next move in rates. 
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  • Korea’s October export decline show the challenges looming for the economy.
  • Rising just +4.6% in October marked a material decline from September’s +7.5% expansion against market expectations for a +7.0% increase.
  • Imports were weaker also growing just +1.7% following September’s +2.2% expansion.
  • This saw a trade balance much lower than expected at $3.167bn.
  • Today’s data highlights the issues that the BOK is faced with given that tepid domestic consumption now coupled with a poor backdrop for trade, casts shadows over the economy.
  • Korea, like many other countries in the region, will watch carefully the Party meetings in China next week for any indications of further stimulus in the region’s biggest economy.
  • The Bank of Korea does not meet again until November 28 and with only approximately 12 bps priced in for the next meeting, markets have decisions to make as they try to forecast the next move in rates.