Trade data (preliminary) from South Korea for July 2023.
Exports -16.5% y/y, biggest drop in 3 years
- tenth consecutive month of decline
- exports of semiconductors, South Korea's key export item, fell 34% due to falling demand and a drop in chip prices
- expected -15.0%, prior -6.0%
Imports -25.4% y/y
- expected -25.0%, prior -11.7%
Trade balance is a surplus of 1.63bn USD
- expected 2.53bn USD, prior 1.13bn USD
