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Weaker Export Trend Evident In The First 10-Days Of July

SOUTH KOREA

The first 10-days of trade data for July showed a step back in the pace of export growth. The first 10-days of the month saw export growth of -14.8% y/y. There was no difference with the daily average reading, which came in at -14.8% y/y as well. Note for the first 10-days of June exports were +1.2% y/y. Of course, this is only 10-days worth of data, so it comes with a clear caveat the 20-day and full month results may present a different picture.

  • By segment, car and ship exports were bright spots, while chips remained negative at -36.8%. By country exports to China were -20.6%, to the US -9%, but better trends were evident to the EU +22.4%.
  • On the import side, we were -26.9% y/y, which left a trade deficit of -$2.28bn for the first 10 days of the month.
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