Korea trade(June 2017):Exports up firmly,but exaggerated by vessel deliveries
类型：宏观经济 机构：香港上海汇丰银行有限公司 研究员：香港上海汇丰研究所 日期：2017-08-14
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Exports increased 19.5% y-o-y (HSBC: 18.0, BBG: 15.9) in July, following a 13.6%increase in June, but the improvement was mainly due to a 208.2% y-o-y temporarysurge in vessel deliveries. Taking out the volatility, exports rose 9.9% y-o-y in July,slowing from an average 14.9% gain in 1H17. Shipment of semiconductorsremained firm through July, but other industries showed limited signs of strength.
All in all, we believe that export growth likely peaked in 1H17, and the recoverycontinues to be unevenly focused in electronics.
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