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5/3/2021 4:23:01 AM GMT The first trading day of the new month has seen the release of pan-Asia Pacific Manufacturing PMI s. The results have been positive and should go some way to assuaging the Covid-19 recovery fears that have weighed on the region in recent days. Although with China and Japan away today, Asia seems more inclined to remain gloomy, at least for today. Australia, Indonesia, Malaysia and Taiwan PMIs all outperformed for April, with South Korea s retreated slightly from a high base to 53.9, still expansionary. Over the weekend, South Korea s trade balance shrunk to $0.40 billion even as exports surged by 41.10% YoY for April. The culprit was imports, which also leapt by 33.90% YoY. The headline data is flattered due to the world being deep in Covid-19 lockdowns in April last year, but overall, I suspect the import number is not such a negative. Surging imports suggest that both South Koreas manufacturing machine remains on track, and more importantly, domestic deman

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