S. Korea’s import price turns downward in 5 months

13-Jul-2019 Intellasia | Xinhua | 6:02 AM Print This Post

Price for goods imported to South Korea turned downward in five months on a cheaper crude oil and the local currency’s appreciation to the US dollar, central bank data showed Friday.

The import price index declined 3.5 percent in June from a month earlier, marking the first fall since January, Bank of Korea (BOK) data showed. From a year ago, the index slipped 0.4 percent.

It came as Dubai crude, South Korea’s benchmark, tumbled 11 percent over the month to 61.78 US dollars a barrel in June on average.

The average won/dollar exchange rate declined from 1,183.29 won per dollar in May to 1,175.62 won per dollar in June, contributing to the lower import price.

Price for imported raw materials dipped 6.9 percent in June from a month earlier, and those for capital and consumer goods fell 0.4 percent and 0.7 percent respectively.

The export price index went down 2.1 percent in the cited period, logging the first decline in five months.



Category: Korea

Print This Post