L’économie globale ralentit et la Corée qui est considérée comme un indicteur  fiable et précurseur émet des signaux inquiétants. Les exportation de la Corée en Octobre sont en chute de 15,8%.

The global economy is slowing, and the world’s « canary in the coal mine » has confirmed it. South Korean exports plunged 15.8% in October from a year ago. This was the largest decline of the year, and it was notably worse than the 14.5% decline expected by economists.
Economists look to Korean exports because they are the world’s imports. Major traded goods are as varied as automobiles, petrochemicals, and electronics such as PCs and mobile devices. Because this report is the first monthly set of hard economic numbers — as opposed to soft-sentiment-based reports like purchasing managers surveys — from a major economy, economists across Wall Street dub South Korean exports as the global economic « canary in the coal mine. »
October’s weakness was most likely exacerbated by September’s strength, which benefited from early shipments to support spending for the Chuseok and Golden Week holidays in Asia.
But Barclays’ Wai Ho Leong and Angela Hsieh note that the underlying trend remains weak as exports are down 7.5% year-to-date. « Our key concern is still the high excess inventories, with the inventory/shipment ratio, which came in at 1.28x in September (Q3: 1.29x; Q2: 1.27x), remaining close to the 1.30x peak reached in December 2008 during the global financial crisis, » they wrote.
As expected, China’s slowing infrastructure buildout was a major source of weakness as the drop in steel, fuel, and petrochemicals exports hacked 7.4 percentage points off of growth. Indeed, newly released manufacturing PMI surveys signaled contraction. But the Western world, which is a bit removed from China’s slowdown and the Asian holidays, also showed weakness.