Korea‘s export prices up 0.5% in August

Published : Sept 13, 2017 - 09:46 Updated : Sept 13, 2017 - 09:46

South Korea's export prices rose slightly in August from a month earlier due to the hike in prices of coal and petrochemical products, the central bank said Wednesday.

In local currency terms, overall export prices rose 0.5 percent month-on-month in August, according to preliminary data provided by the Bank of Korea.

Year-on-year, export prices rose 10.7 percent last month, marking the 10th consecutive month of gains. It marked the highest since March 2009 when the corresponding figure was 17.4 percent.

(Yonhap)

The US dollar traded at an average of 1,130.79 won in August, compared to 1,134.40 won in July. For exporters, the won's appreciation means decreased income as dollar-denominated earnings from their overseas businesses fall in terms of value when repatriated into the local currency.

Export prices of industrial goods rose 0.5 percent month-on-month, while those of agricultural and fisheries products rose 2.3 percent during the same period, the data showed.

Meanwhile, import prices rose 1.5 percent in August from a month earlier due to a hike in oil prices. Year-on-year, import prices climbed 9 percent, the central bank said.

The price of Dubai crude -- South Korea's benchmark -- stood at an average of $50.22 in August, up from $47.57 in July, according to the BOK. (Yonhap)