Another Chinese trade canary dies

Pantheon with Korean exports.

Korean 20-day exports slumped in June, falling 3.4% year-over-year, after growing 24.1% in May. Sharp swings at this time of year are not unheard of; the 20-day numbers are quite volatile anyway, and the loss of two working days at the start of the month explains much of the weakness. But we also see signs of a genuine slowdown, as the one-off boost from China’s reopening peters out.

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