Korean trade canary stone cold

Monday, 3 April 2023

Pantheon with the note.

Korea: Headline exports fell 13.6% y/y in March, after declining 7.5% in February. Consensus was -16.0%.

Working-day adjusted Korean exports plunged 17.2% y/y in March, slightly worse than their 15.6% drop in February. Korean exports are falling to all major markets, except the U.S., where they rose 1.6% in March, down from 16.5% growth in February. Korean exports to the E.U. dipped 1.2% in March, after rising 13.2% in February, while shipments to Japan dropped 12.1% in March, the sixth straight month of decline.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.