Data released Friday confirmed that the month of February saw Korean overseas sales drop 11.1%. This marked the sharpest decline since April 2016.
for the health of the global economy, and which have slumped in the first two months of 2019, are only going to suffer more as the year goes on, according to analysts at research house Pantheon Macroeconomics.
It's only going to get worse, says Freya Beamish, chief Asia economist at Pantheon. Writing after the release of the data, and a whole bunch of sentiment indicators from the Chinese economy, Beamish noted the strongly correlated relationship between Korean export data, and the Chinese manufacturing sector's imports.on manufacturing showed that while activity across the whole sector continued to slow — the PMI showed a reading of 49.2, down from 49.
"The import sub-index of China's PMI makes for unhappy reading for its trade partners," Beamish wrote."The signals from China are nasty, pointing to much more damage for Korean exports." "Its official statement largely mirrored January's, though it now notes that export growth has 'slowed.' This view, coupled with Governor Lee's opinion that it's mostly a drag from semiconductor prices, downplays the severity of the slump so far," she added.Pantheon Macroeconomics
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