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Real-time News
South Koreas Minister of Trade, Industry and Energy: Chips are unaffected by US President Trumps latest tariffs.February 23 - Analysts believe that South Koreas exports continued their growth momentum in early February, driven by robust semiconductor demand. Data released by the Korea Customs Office on Monday showed that, after adjusting for working day differences, exports in the first 20 days of February increased by 47.3% year-on-year. In comparison, the revised increase for the entire month of January was 34%. Unadjusted shipments increased by 23.5%, while imports increased by 11.7%, resulting in a trade surplus of $4.95 billion. Semiconductor exports surged by 134%, continuing the strong growth driven by AI and data center investments. Shipments of computer peripherals and petrochemical products increased by 129% and 11%, respectively. Meanwhile, automobile exports declined by nearly 27%, and auto parts shipments declined by about 21%, reflecting ongoing adjustments to the US tariff regime. This indicates that South Koreas export engine remains supported by the global artificial intelligence cycle, thus buffering weakness in other sectors.February 23 - According to foreign media reports, the British government is developing a strategy to protect oil refineries from rising carbon costs. This comes after two refineries have already closed. The government is considering including the refining industry in the UKs carbon border adjustment mechanism, which would impose fees on imported goods with lower environmental standards. Due to rising carbon costs, two UK refineries have closed in the past 18 months, and ExxonMobil has warned that the industry could eventually disappear entirely if carbon costs continue to rise.February 23 – ING economists stated that the Bank of Korea is likely to maintain its policy rate this week due to inflation remaining around 2% and ongoing financial instability. In their report, they wrote, “We believe the rate-cutting cycle ended last year, and the Bank of Korea will avoid hinting at a possible rate hike.” ING noted that the economic backdrop is mixed: exports are likely to continue strengthening, and consumption is expected to recover, but given rising debt, the burden on the service sector, and the slow recovery in the construction industry, a neutral stance from the central bank should alleviate concerns about a sudden rate hike. The agency added that consumer and business surveys indicate further improvement is expected, driven by a strong stock market performance.U.S. officials have warned that if Trump orders a strike against Iran, Iran could retaliate against U.S. targets overseas through proxies such as Hezbollah or al-Qaeda.
