Korea: Merchandise exports drop in January on less working days
Latest reading: Merchandise exports shrank 10.3% on an annual basis in January (December: +6.6% year-on-year), the largest decline since July 2023. However, this was solely due to less working days compared to January 2024. Adjusting for working days, exports rose 7.7% in January. Meanwhile, merchandise imports fell 6.4% over the same month last year in January (December: +3.3% yoy), marking the weakest result since June 2024.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 1.9 billion shortfall in January (December 2020: USD 6.5 billion surplus; January 2024: USD 0.3 billion surplus).