South Korea‘s export prices slip in March

South Korea’s export prices slipped from a month earlier in March due to a strengthening local currency against the U.S. dollar, central bank data showed Tuesday.

The export price index stood at 80.72 last month, down 1.5 percent from a revised 81.96 in the previous month, according to preliminary data from the Bank of Korea.

From a year earlier, the March reading marked a 4.5 percent decline. It was also a turnaround from an on-month gain in February.

The central bank attributed the decline to a stronger South Korean won, which led to a drop in the value of South Korean exports.

“Despite a rise in the export prices of petroleum, export prices dropped from a month before in March due to the appreciation of the South Korean won against the U.S. dollar,” the BOK said in a press release.

The won traded at 1,188.21 against the U.S. dollar on average in March, up from 1,217.35 won in the month before, it added.

Import prices, on the other hand, remained nearly unchanged at 76.20, up slightly from a revised 76.17 in the previous month.

(khnews@heraldcorp.com)