Import Prices Fall Again in October on Stronger Korean Won, Lower Oil Prices
5 Articles
5 Articles
Import prices in October fell 1.8% compared to the previous month due to depreciation in international oil prices and the won exchange rate. Conversely, export prices rose 0.7% compared to the previous month as the surge in semiconductor prices continued. Consequently, the net terms of trade index continued its upward trend for the 41st consecutive month, but the magnitude of the increase narrowed compared to the previous month.
Import prices fall again in October on stronger Korean won, lower oil prices
Import prices fell again in October driven by a stronger Korean won and lower oil prices, central bank data showed Friday. The import price index dropped 1.8 percent month-on-month last month, reversing from a 1.9 percent gain in September, according to the preliminary data from the Bank of Korea (BOK). The index had declined for three consecutive months since June. The BOK said the month-on-month decline came as the Korean won strengthened agai…
(Seoul = Yonhap News) Reporter Chae Sae-rom = As the won/dollar exchange rate and international oil prices fell together last month, the import price index reversed its trend and declined for the first time in a month.
Driven by falling exchange rates and oil prices, import prices in October reversed their downward trend for the first time in a month. Meanwhile, export prices shifted to an upward trend, boosted by rising semiconductor prices. According to the ‘Import and Export Price Index and Trade Index (Provisional)’ statistics released by the Bank of Korea on the 13th, import prices (in won) in October fell 1.8% compared to the previous month.
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