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South Korean Exports Collapse 21% – Biggest Drop In A Decade

Courtesy of ZeroHedge View original post here.

Having "stabilized" at a dismal level on contraction, South Korean exports' collapse just took another leg lower as the battle with Japan sparks the biggest drop in trade since 2009.

Exports (for the first 20 days of September):

  • to China -29.8%;

  • to U.S. -20.7%;

  • to EU -12.9%;

But as the trade war crushes chip exports (contracting 39.8%), the ongoing dispute with Japan is accelerating the overall collapse:

  • Exports to Japan -13.5%

  • Imports from Japan -16.6%

Sending overall exports (for the first 20 days of September) down 21.8% YoY…

Source: Bloomberg

The Won has tumbled at the open…

Source: Bloomberg

South Korea is the first major exporter to report trade data each month, so provides an early reading of global trade; and as the world's leading exporter of computer chips, ships, cars and petroleum products, September's data is a major red flag for the global economy's accelerating downturn (and global stocks' earnings expectations).

Source: Bloomberg

 

 

 


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