Surprise #3 - S Korea Trade Perks Up

^{1st December  - Surprise Value 7.7 / 10} 

What Happened? 

Why it Matters:

What Happens Next?

• S Korea Nov Trade Balance Surprises as Surplus Rises US$3.7bn mom to $10.36bn
• Exports Surprise Down 4.7% yoy but Monthly Movt 1SD Above Historic Seasonal Trends
• Exports to Asia Down 0.9% yoy, with Asean +8.5% yoy, HK+14.1%, but Japan Down 15.4%, China Down 2.7%
• Exports to US Down 9.2% yoy, EU +9.3%
• Strong Sectors: Industrial Applianceds +11% yoy, Light Industy Down 1.8% Only
• Weaker Sectors: Autos Down 7.6% yoy, Electronic Parts Down 11.7%, Heavy Chemicals Down 8.3%
• Imports Shock Down 17.6% yoy and 0.7SDs Below Historic Seasonal Trends
• Middle East Down 40.3% yoy, as Mineral Products Fall 30.7%
• Imports from Asia Down 6.7% yoy, with Japan Down 25.1%, Asean Down 9.5%, but China +4.8%
• Imports from US +8% yoy, EU Down 1.7%
• Raw Materials Down 23.7% yoy, Capital Goods Down 1.2%, Consumer Goods +5.7%