Pantheon with the note. And the great US inventory destocking has not started in earnest yet…
The reopening rebound in the global economy appears well and truly over, with Korean exports in the first 20 days of November falling at the fastest rate since May 2020, during the depths of the initial Covid outbreak in China. Korean 20-day exports decreased 16.7% year-over-year in November, steepening from the 5.5% drop in October.
Shipments to major markets cooled, with the notable exception of the U.S., which received 11.0% more Korean exports, up from 6.4% growth. Other major markets were weaker, with exports to the E.U. falling 1.5%, down from 3.4% growth, and exports to China plunging 28.3%, extending a 16.4% fall. Korean exports to other Asian economies are generally falling Korean 20-day exports fell at a faster rate in November, in a further weakening of global demand.
