South Korea's export prices remained unchanged in June from a month earlier as low oil prices offset the positive impact of the won's weakness, the central bank said Friday.
In local currency terms, overall export prices remained flat month-on-month last month, according to preliminary data provided by the Bank of Korea.
Year-on-year, however, export prices rose 4.9 percent last month from May, marking the eighth consecutive month of gains.
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(Yonhap) |
The US dollar was traded at an average of 1,130.04 won in June, up 0.4 percent from May. For exporters, the won's depreciation means increased income as dollar-denominated earnings from their overseas businesses rise in terms of value when repatriated into the local currency.
Export prices of industrial goods fell 0.1 percent month-on-month, while those of agricultural and fisheries products rose 3.1 percent during the same period, the data showed.
Meanwhile, import prices fell 0.9 percent in June from a month earlier due to declining oil prices. Year-on-year, import prices climbed 2.3 percent, the central bank said.
The price of Dubai crude -- South Korea's benchmark -- stood at an average of $46.47 in June, down from $50.72 in May, according to the BOK. (Yonhap)
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