South Korean exports via Goldman.
Korea’s exports dropped 7.3% mom sa in July, pulling back after two months of moderate gains. The pullback, as expected from high frequency data through July 20, was broadly in line with consensus expectations.
The sequential contraction was sharp for chips and commodities, whereas non-chip tech exports gained modestly. Excluding volatile ships, exports were down by 6.1% mom sa. Exports fell broadly across destinations, with the sharpest decline in exports to the European Union and China.
