S. Korea’s export prices increase for 2nd month in June

16-Jul-2020 Intellasia | Yonhap | 6:02 AM Print This Post

South Korea’s export prices rose for the second consecutive month in June on rising international oil costs, central bank data showed Wednesday.

The country’s export price index, in terms of the local currency, rose 0.3 percent in June from the previous month, according to the preliminary data from the Bank of Korea (BOK).

It represents the second straight on-month gain. In May, won-based export prices increased 0.6 percent from the prior month.

From a year earlier, however, the index fell 6 percent, marking the 13th consecutive month of an on-year drop.

The BOK said export prices rose in June as international oil prices rose for the second straight month amid a stalled recovery in prices of chips, one of South Korea’s flagship export items.

Rising export prices are seen as a boon to South Korea’s export-dependent economy amid weak overseas shipments.

South Korea’s exports fell 10.9 percent on-year to $39.2 billion in June amid the fallout from the new coronavirus pandemic, marking the fourth consecutive month of decline.

South Korea’s won-based import prices index added 2.5 percent in June from a month earlier due to rising crude prices, marking the second month in a row of increase.

Yet, the index declined 7.3 percent from a year earlier, or the fifth consecutive month of an on-year drop.

https://en.yna.co.kr/view/AEN20200715001400320

 


Category: Korea

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