South Korea’s Customs officials with the data
- Exports -7.5% y/y
- Imports for the first 20 days are -12.0% y/y
- Exports per working day are -16.2% y/y
Recovery in global trade will be a slow process. Demand is down right across the planet.
One brighter note is that exports to Chin are +14.5% y/y
- and exports of semiconductors is +2.6% y/y
SK is viewed as a ‘canary in the coal mine’ for global trade, that is, a leading indicator.