South Korean trade balance data for August was out earlier today
Showing Sth Korean exports falling in August ... which is bad news for the global economy. Well, for back in August anyway.
- Exports fell 8.3% y/y (against a fall of 14.9% in July)
- (Imports fell too, down 21.8% y/y .... down 18.3% in July)
- The huge decline in imports means a big trade surplus, the second largest ever.
The decline in imports is said to be due to ongoing impacts on consumer sentiment from the ferry disaster and MERS
It's the poor performance of exports that's the indicator of concern for the global economy. Its not new news that's there a slowdown ... just more confirmation.
There are some happier notes from the data, though:
- Exports to the European Union had their biggest jump gain since May 2014 & first rise of 2015 ... up 19.7% y/y in September (20.8% drop in August)
(ps. Exports to China fell by 5.0%, to the US down 3.7%)