South Korean trade data for the first 20 days of the month is encouraging for exports:
- +5.8% y/y vs. a -0.2% for October (full month)
Not so much for imports:
- -1.0% y/y
Morgan Stanely noted risks for SK from the new incoming US admin:
- “Supply chains would face significant rewiring pressures, and the disruption faced by the corporate sector would meaningfully slow the capex cycle,”
- “Asia’s growth could decelerate meaningfully, with the more trade-oriented economies like Korea and Taiwan facing more downward pressure.”
