Trade balance data from South korea was out a little earlier

And the picture it paints of demand in the global economy isn't a pretty one

January trade balance:

  • Exports down 18.5% y/y (biggest fall in nearly 6 and a half years)
  • Imports down 20.1%
  • Trade surplus of $5.3bn
  • That's 13 consecutive months of falls for exports
  • August 2009 recorded a 20.9% fall, January is the biggest fall since then

Global woes, especially the China slowdown cited