South Korean exports jumped 10%, and imports by 18% in January on a year earlier, the fastest rates since 2012 according to preliminary official data. The main driver of exports was shipments of electronics, and particularly semiconductors. A 7% weakening of the won vs. the yuan will have helped exports to China. The currency was largely unchanged vs. the dollar. Yet, South Korea’s $30 billion trade surplus vs. the U.S. in the 12 months to November 30 means it is not immune to targeting by the Trump administration.