Goldman with the note. Korean exports are an excellent leading indicator for global trade and growth.
Korea’s workday-adjusted exports in the first 20 days of August fell further by 2.5% mom sa, with the decline moderating from 7.9% in the previous month. Semiconductor exports during the 20 calendar days rebounded to 3.2%, but other exports dropped, in particular computers, machinery, and auto components. By destination, China and US-bound exports fell relatively sharply, by 7.6% and 6.1% respectively. Total imports during the 20 calendar days rebounded to 2.3% after two months of declines. The trade deficit widened to -US$3.6bn from -US$1.4bn in the previous month.
