Korea’s import price falls in 5 months on cheaper crude oil

15-May-2021 Intellasia | Xinhuanet | 5:02 AM Print This Post

Price for imported goods to South Korea logged the first fall in five months on the back of cheaper crude oil, central bank data showed Friday.

The import price index stood at 109.23 in April, down 0.5 percent from the previous month, according to the Bank of Korea (BOK). It was the first slide in five months since November last year.

It was attributed to the lower price for global crude oil. Dubai crude, South Korea’s benchmark, averaged 62.92 US dollars per barrel in April, down 2.4 percent from a month earlier.

The local currency’s appreciation to the greenback also contributed to the lower import price.

Price for imported mining products slipped 1.3 percent, and the reading for coal and oil products shrank 4.8 percent.

The import price for electrical equipment, machinery and chemical products declined between 0.5 percent and 1.0 percent last month.

The export price index came in at 104.01 in April, up 2.2 percent from the prior month. The index kept advancing for the fifth consecutive month.

Price for exported computers, electronic and optical devices jumped 7.0 percent, and the figure for primary metal products gained 3.3 percent.



Category: Korea

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