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Economic Research

New Risks to South Korea’s Export Outlook

South Korea’s exports accelerated on a m/m and y/y basis in March after the Lunar New Year shutdowns led to a slowdown in February. While refined petroleum, steel and automobile exports remain strong, the weakness in semiconductor sales has yet to reverse as firms’ inventory reductions are countered by slowing global electronics demand. Rising new export orders in South Korea and China notwithstanding, a slowdown in input imports from Japan, higher inventories in the U.S. and China and tempered U.S. consumption[...]

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