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1、Economics-DataReactions03July2017Koreatrade(June2017)JamesLeeEnding1HonaweaknoteEconomistTheHongkongandShanghaiExportgrowthdisappointedinJune,rising13.9%y-o-y(HSBC:19.0%,BBG:BankingCorporationLimited16.9%)after13.3%inMay.Thedownsidesurprisewasmainlyduetothevolatility+85228221647james.dh
2、.lee@hsbc.com.hkinvesseldeliveries,wherewehadforecastedaverysharprisebasedonthe20-dayresults.However,evenoutsideofvessels,themomentuminexportslostsomeViewHSBCGlobalResearchat:steaminJune,whichnotonlyreflectsglobalcommoditypricedeclinesbutalsohttp://www.research.hsbc.comsomemoderationinv
3、olumegrowth.Still,semiconductorswereagainanexceptionandremainedstronginJune.Allsaid,exportgrowthseemstohavepeakedearlierIssuerofreportthisyear,whiletherecoverystillremainsheavilyfocusedinsemiconductors.TheHongkongandShanghaiBankingCorporationLimitedDisclosures&DisclaimerFactsThisreportm
4、ustbereadwiththedisclosuresandtheanalyst4Exportscontinuetodisplaystrongmonthlyvolatility.SeasonallyadjustedbyHSBC,customscertificationsintheDisclosureappendix,andwiththeDisclaimer,exportsincreased5.1%m-o-msainJune,afterdeclining5.6%inMayandrising4.5%inwhichformspartofitApril.Alargeparto
5、fthisvolatilitycomesfromthetimingofvesseldeliveries.Excludingthedeliveryofships,exportsdeclined0.8%m-o-msa,followinga1.1%increaseinMay.Meanwhile,sequentialmomentuminexportshasslowednotablysinceAprildespitetheboostitreceivedfromthetimingofshipdeliveries.Someofthedecelerationinexportsrefl
6、ectslowerglobalcommodityprices,butvolumesarealsoshowingsignsofmoderation.4Theexportrecoverycontinuestobefocusedinsemiconductors.Indeed,semiconductorexportsroseonam-o-mbasisforninestraightmonthsthroughJune,keepingthey-o-ygrowthacceleratedat52.0%inJune.Meanwhile,thegovernmentreportedthatm
7、achineryorderswereboostedbythedeliveryofnuclearreactorpartstotheUAE,resultingin14.3%y-o-yinJune.However,automobileandpartsremainedsoftinJune,likelyreflectingweakvolumes,whilesteelexportssloweddespitehigherprices.4Intermsofkeydestinations,exportstoChinahaveslowednotablysincethes
