NOT GOOD: Global Canary In The Coal Mine Looks Sick

Korea Customs Service, CEIC, SG Cross Asset Research/Economics

The June South Korean trade data is out.

Exports unexpectedly fell 0.9% year-over-year.

Economists were looking for a modest 0.1% year-over-year increase.

This could be an ominous sign of things to come as we stand by for a slew of economic data coming up.

Economists across Wall Street dub South Korean exports as the global economic canary in the coal mine.

Korean trade data usually comes before the first trading session of the month in Asia, which makes it the first of the world's major economic indicators to be released.

Since the yen-devaluing era of Abenomics began, Korean exports have been more volatile due to currency swings.

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