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Biz News Korea(Eng)

Korea’s import and export prices rise for 5th straight month in January

Collected: 2017.02.15

Distributed: 2017.02.20

Source: Go Direct

Oil prices have sent import prices up in South Korea to the highest level in more than two years, but the trade balance won’t likely be that affected as exports prices were helped by cheaper won and rebound in selling prices of memory chips and display panels.

According to data released by the Bank of Korea (BOK) on Tuesday, the import price index rose 2.1 percent to 84.91 in January from 83.14 in the previous month. The number was the highest since December 2014.

The central bank attributed the gain to recovery in oil prices. The Dubai crude price, Korea’s mainstay fuel import, rose 3.1 percent on month to an average $53.71 per barrel in January. Price of raw materials rose 3.4 percent and that of intermediary goods gained 2.2 percent. Price of capital goods and consumer goods increased 0.6 percent and 0.4 percent respectively.

The nation’s export price index also rose for the fifth month in a row to 87.31 last month, up 1.1 percent from the previous month on weaker won and gains in electronic components. The U.S. dollar averaged at 1,185.1 won last month, up 0.2 percent from December level.

Price of agriculture, forestry and fishery products was up 2.5 percent while that of industrial products rose 1.1 percent.

By Boo Jang-won

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