Supply Chain Research

South Korea’s trade surplus more than doubled in February vs. January, and was 49% higher than expected by economists. Export growth of 20%, the fastest since February 2012, was the likely driver. While this was partly the result of the earlier lunar new year, the won was also 9% weaker vs. the dollar and 13% lower vs. the yuan. That may bring accusations of currency manipulation from the U.S. However imports also accelerated, with a 24% growth rate, suggesting currency is not the whole story. That growth also bodes well for China’s February trade data as it is South Korea’s largest supp...