South Korea’s trade activity growth accelerated in July with an 11% surge vs. 5% in the second quarter. Importantly that included a 6% rise in exports compared to a small decline in June. Steel saw the most rapid turnaround with a 33% bounce in exports vs. a 4% decline in 2Q, though there are risks from new safeguarding trade protectionism in Europe as well as the U.S. The U.S. may also be a threat in terms of the automotive sector where South Korean exports of vehicles fell 14%, a faster rate than before, ahead of the section 232 review of the autos industry. Otherwise relations with th...