SEOUL: The picture painted by South Korea’s latest trade data isn’t a pretty one, with both imports and exports continuing their multi-month tumbles.
The best bad news was exports contracting 4.7 per cent in November from a year earlier, from a revised 15.9 per cent drop (previously -15.8 per cent) in October. Economists expected a decline of 9 per cent. This was the 11th consecutive month of contraction, but the upshot was that it was the slowest pace of decline since June. Slow clap
Imports looked shabbier, falling 17.6 per cent in November from a year ago, quicker than the -16.6 per cent decline in the previous month and weaker than expectations for a 14.7 per cent drop. This marked the 14th straight month of shrinking imports.
All up, that saw the trade surplus rise to $10.361bn in November from a revised $6.655bn (previously $6.69bn) in October, thanks to the slower contraction in exports.
Although inflation data released this morning was mildly positive, a weak and below-expectations set of industrial production data for October, released yesterday, did little to instil confidence among economy watchers. The Korean won was 0.3 per cent weaker at Krw1,161.14 per dollar, eyeing a fourth straight day of declines for potentially its longest losing streak since late September.
