Published:
Korea's April export disappoints with just 0.4% growth
But inflation slowed to 1.2%.
According to BBVA, export growth for April – released yesterday, the region’s first monthly export release -- registered a disappointing 0.4% y/y (consensus: 2.0% y/y; prior 0.2%).
The outturn may be a harbinger of external headwinds for the rest of the region and, despite a better-than-expected Q1 GDP outturn (1.5% y/y), it could raise the likelihood of a rate cut by the Bank of Korea in the coming months (the BoK has stayed on hold since October).
Indeed, headline inflation slowed to 1.2% y/y for April (consensus: 1.5%), well below the target range of 2.5-3.5%.
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