Due to Rising International Oil Prices... November Import Amount Index Up 42.8%, 'All-Time High'

Bank of Korea Announces 'November Trade Index and Terms of Trade'
Export Value Index Also Hits Record High

[Asia Economy Reporter Jang Sehee] As international oil prices and other commodity prices rise, South Korea's import value level increased by 42.8% compared to a year ago, marking an all-time high.

According to the "November Trade Index and Terms of Trade" released by the Bank of Korea on the 29th, last month's import value index (159.29) rose 42.8% compared to a year ago, setting a record high. It also increased by 7.0% compared to the same month last year.

In this regard, Choi Jinman, head of the Price Statistics Team at the Economic Statistics Bureau of the Bank of Korea, explained, "The rise in Dubai crude oil and natural gas prices significantly increased imports, especially of mining products," adding, "However, oil prices have been showing a downward trend since December."

By item, the import value index for mining products rose by 110.3%, while computers, electronic and optical equipment, and coal and petroleum products also jumped by 22% and 35.1%, respectively.

The import quantity index (126.54) also rose 7.0% compared to November last year, continuing an upward trend for 15 consecutive months.

Based on the import quantity index, coal and petroleum products showed the highest increase at 40.9%, followed by electrical equipment (31.1%) and textiles and leather products (29.7%).

The export value index for November (140.66) also recorded an all-time high due to increased semiconductor exports. It rose 27.1% compared to a year ago and has been increasing for 13 consecutive months.

The export quantity index (126.58) rose 5.9%, marking two consecutive months of increase.

The net barter terms of trade index fell by 10.1% compared to November last year. This is because import prices (+33.4%) rose more than export prices (+20.0%) overall.

The net barter terms of trade index is the ratio of the price of one unit of export goods to the price of one unit of import goods, indicating how much quantity of goods South Korea can import with one unit of export.

Meanwhile, the income terms of trade index fell by 4.8% compared to November last year, as the export quantity index rose 5.9% but the net barter terms of trade index dropped 10.1%. The income terms of trade index represents the total quantity of goods that can be imported with South Korea's total export value.

This content was produced with the assistance of AI translation services.