South Korea's export prices fell 1.4 percent in March from a month earlier due mainly to the strengthening won, central bank data showed Friday.
The dollar came to an average of 1,134.77 won in March, down 0.9 percent from a month earlier, the Bank of Korea said in a statement.
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(Yonhap) |
For exporters, the won's gain means decreased income as dollar-denominated earnings from their overseas businesses fall in value when repatriated into the local currency.
Import prices also declined 2 percent last month from the previous month due to a fall in oil prices.
Year-on-year, however, export and import prices both jumped, the central bank said.
Export prices rose 4.9 percent in March from a year earlier, while import prices jumped 6.9 percent during the same period, the BOK said.
The price of Dubai crude, South Korea's benchmark, dropped to an average of $51.20 in March from $54.39 a month earlier, a central bank official said.
South Korea's exports came to US$48.9 billion in March, up 13.7 percent from $43 billion tallied a year earlier. (Yonhap)
