South Korean exports fell 0.4% on a year earlier in June, only the second decline in the past 20 months. That was mostly due to abnormally large exports by the shipping industry last year, without which there was a 13% surge in exports. An 8% improvement in shipments to the U.S. indicates that the KORUS renegotiation and metals quotas have had little effect. Shipments to China rose 30%, though may not grow for much longer as Chinese business sentiment has turned neutral towards imports in the latest survey. Furthermore the export outlook in China has become marginally negative (49.8 w...