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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.
SOUTH KOREA
The first 20-days trade data for February showed similar trends to recent months. Exports were only down -2.3% y/y in terms of the headline result, but average daily exports were still -14.9% y/y. Recall for the full month of January exports were -16.6% y/y.
- In terms of the detail, chip exports were -43.9% y/y, while exports to China remained fairly soft at -22.7% y/y. This is some improvement from the trends at the end of 2022, but only modestly so far, see the chart below.
- Imports remained firmer at +9.3% y/y, which left the trade deficit at close to -$6bn for the first 20-days of the month. At the margin this suggests some improvement on January's record wide trade deficit (-$12.69bn for the full month), albeit only at the margins at this stage.
Fig 1: South Korea Export Growth - First 20 days Total & To China
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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