Korea’s export and import prices rise in June
- 6 years ago
South Korea's central bank has released its data on the nation's export and import prices for last month,.... which showed that both indexes are on a rise.
Here's our Kim Hye-sung with more details.
South Korea's import prices went up for the sixth consecutive month in June due to the weakening Korean won.
The Bank of Korea says the import price index rose one-point-three percent on-month, recording 88-point-two-six in June.
Compared to the same period last year, the index is up nearly eleven percent, marking the biggest jump in 17 months.
The local currency weakened against the U.S. dollar, recording an average of one-thousand-92-point-eight won last month, pushing up Korea's import prices despite a slight fall in global oil prices.
In particular, raw material prices went up one-point-four percent on-month, or more than 26 percent on-year.
Without the change in the won-dollar exchange rate, the Bank of Korea says June's import prices would've ticked down zero-point-one percent on-month.
Export prices edged up around one percent on-month to 85-point-six-eight, continuing its upward streak for a third consecutive month.
The central bank attributes the rising export prices to an increase in industrial goods' prices, including metals and machinery.
Export and import prices affect future consumer prices, so this could mean higher inflation in the months to come.
Kim Hyesung, Arirang News.
Here's our Kim Hye-sung with more details.
South Korea's import prices went up for the sixth consecutive month in June due to the weakening Korean won.
The Bank of Korea says the import price index rose one-point-three percent on-month, recording 88-point-two-six in June.
Compared to the same period last year, the index is up nearly eleven percent, marking the biggest jump in 17 months.
The local currency weakened against the U.S. dollar, recording an average of one-thousand-92-point-eight won last month, pushing up Korea's import prices despite a slight fall in global oil prices.
In particular, raw material prices went up one-point-four percent on-month, or more than 26 percent on-year.
Without the change in the won-dollar exchange rate, the Bank of Korea says June's import prices would've ticked down zero-point-one percent on-month.
Export prices edged up around one percent on-month to 85-point-six-eight, continuing its upward streak for a third consecutive month.
The central bank attributes the rising export prices to an increase in industrial goods' prices, including metals and machinery.
Export and import prices affect future consumer prices, so this could mean higher inflation in the months to come.
Kim Hyesung, Arirang News.