Spot USD/KRW Down 1%, Early March Export Trends Remain Weak

1 month USD/KRW is down a further 0.75% to 1310/11 in early trade, with onshore spot off by 1.00% to 1312/13. This is line with broader USD losses, with high beta FX rallying in the G10 space, led by the A$. The Kospi is off by 0.30% in early dealings, but not as much as implied by Friday losses in major indices, with the firmer US tone today in the futures space (post the Fed/US Treasury statements re SVB) helping.

• The first 10-days of trade data for March showed similar trends to the first few months of the year. Headline exports were down -16.2% y/y, but on an average daily basis were off by -27.4% y/y. Imports were +2.7% y/y.
• The authorities are expanding trade financing and support to the export sector in an effort to aid the sector.
• The authorities have also been on the wires this morning, stating market stabilization steps will be taken if needed in the wake of the SVB collapse.
• Elsewhere US-South Korea military exercises kick off today and run through to the 23rd of March.