Korea exports stumbled in February as won strengthens

Economic recovery imperiled by appreciation.

According to BBVA, South Korea reported its February exports outturn today, the first of the high frequency outturns in the region. Exports fell by -8.6% y/y (consensus: -9.2% y/y) on a stronger won and the effects of less working days in the month due to the Lunar New Year.

"We expect Korea’s economy will gradually improve year on a pickup in the global environment, though a strong won may present headwinds," said BBVA.

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