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.
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(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)
