South Korea: Unambiguously weak trade data – TDS

Korea's first 20 days trade data were unambiguously weak and sends a bleak picture for the rest of the region, economists at TD Securities apprise. USD/KRW is sitting at 1232.46.

Key quotes

“Exports fell 26.9% y/y while imports fell 18.6% y/y. Daily average exports fell 16.8%.” 

“By product, the data showed a 14.9% y/y fall in chip exports, autos exports falling 28.5%, oil products -53.5%.”

“By region, exports weakness was most apparent to the EU at -32.6%, US -17.5%, China -17%.”