South Korea’s trade boom is slowing, with total trade up by just 9% in February vs. 22% in January. While there are distortions from the timing of the lunar new year, it comes as Chinese business sentiment has turned negative (China accounts for 26% of exports). Without the 41% rise in shipments of semiconductors, total exports would have fallen 3%. A decline in exports automotive products (due to GM South Korea’s financial problems) and home appliances (U.S. tariffs) drove the underlying weakness. Total exports to the U.S. fell 11%, which in turn resulted in a 77% drop in the trade surp...