South Korea's export and import prices rise in July
- 6 years ago
The Bank of Korea has released its data on South Korea's export and import prices for last month.
Our business correspondent Kim Hye-sung reports.
South Korea's import prices increased for the seventh consecutive month in July due to the weakening Korean won.
The Bank of Korea says the import price index rose one-point-seven percent on-month, recording 89-point-eight-one in July, the highest monthly figure since November 2014.
Compared to the same period last year, the index is up more than twelve percent.
The local currency weakened against the U.S. dollar, recording an average of one-thousand-1-hundred-22-point-eight won last month, pushing up Korea's import prices despite a slight fall in global oil prices.
In particular, intermediate goods prices increased more than two percent on-month on rising coal and chemical goods prices.
Without the change in the won-dollar exchange rate, the Bank of Korea says July's import prices would've ticked down zero-point-eight percent on-month.
Export prices rose two-point-three percent on-month to 87-point-five-six.
"Export prices rose on the back of the weakening Korean won and the strong U.S. dollar. Export prices, especially of industrial goods like metals and machinery,... went up."
"The Bank of Korea says export and import prices -- import prices in particular -- affect future consumer prices, so this could mean higher inflation in the months to come.
Kim Hyesung, Arirang News."
Our business correspondent Kim Hye-sung reports.
South Korea's import prices increased for the seventh consecutive month in July due to the weakening Korean won.
The Bank of Korea says the import price index rose one-point-seven percent on-month, recording 89-point-eight-one in July, the highest monthly figure since November 2014.
Compared to the same period last year, the index is up more than twelve percent.
The local currency weakened against the U.S. dollar, recording an average of one-thousand-1-hundred-22-point-eight won last month, pushing up Korea's import prices despite a slight fall in global oil prices.
In particular, intermediate goods prices increased more than two percent on-month on rising coal and chemical goods prices.
Without the change in the won-dollar exchange rate, the Bank of Korea says July's import prices would've ticked down zero-point-eight percent on-month.
Export prices rose two-point-three percent on-month to 87-point-five-six.
"Export prices rose on the back of the weakening Korean won and the strong U.S. dollar. Export prices, especially of industrial goods like metals and machinery,... went up."
"The Bank of Korea says export and import prices -- import prices in particular -- affect future consumer prices, so this could mean higher inflation in the months to come.
Kim Hyesung, Arirang News."