South Korea's terms of trade neared the highest level in five years in February as weaker oil prices sent import prices lower compared with export prices, data showed Tuesday.
The country's net terms-of-trade index for goods reached 100.52 last month, jumping 12.6 percent from the previous year, according to the preliminary data by the Bank of Korea. The February reading marks the highest level since 100.53 in July 2010.
The index gauges the quantity of imports that can be purchased through the sale of a single unit of exports. The base year, set in 2013, is 2010 with a benchmark of 100.
The index has been climbing higher for six straight months in line with weakening global oil prices. Its pace of growth has also been quickening, picking up from 8.6 percent in January and 3.9 percent in December.
From a month earlier, the index gained 4.7 percent, rising for a seventh consecutive month.
The data also showed that the country's income terms-of-trade index, which measures how much can be imported with the total export value, gained 10.1 percent on-year to 116.62 last month, rising for a sixth straight month but slowing from a 14.9 percent increase in January. (Yonhap)
