The Korea's media outlets scrambled to report that according to the Bank of Korea, Korea’s monthly export volume hit a record high in July, 28.8% up YOY.
And yet, the HSBC PMI suggests otherwise. The Korean August PMI is down to the 50 level.
It should be noted that Korea tends to report its statistics on a year over year basis, not on a sequential month to month basis.
Korea’s export contraction is what I have been concerned about all along amidst the global economic slowdown since Korea remains heavily dependent on exports.
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