International Oil Prices Stall in April, Import Price Index Down 0.9%... Up 35% Year-on-Year

Import Price Index 147.95... Down 0.9%
Decline in Minerals, Coal, and Petroleum Products
Export Price Index Rises 1%, Up for 4 Consecutive Months

(Data provided by Bank of Korea)

Last month, international oil prices eased somewhat, causing the April import price index to fall by 0.9% compared to the previous month, marking a decline for the first time in four months. However, it remained 35% higher than the same month last year.

According to the Bank of Korea on the 14th, the April import price index (provisional figure based on the Korean won, 2015 level 100) recorded 147.95, down 0.9% from the previous month.

The import price index reached 149.23 in March, the highest level since statistics began in January 1971. However, as international oil prices (Dubai crude) fell from $110.9 in March to $102.8 in April, the index turned downward for the first time in four months since December last year (-2.0%).

By item category, raw materials, mainly minerals, fell 2.2% from the previous month, intermediate goods rose due to primary metal products and chemical products but fell 0.1% due to coal and petroleum products. Capital goods decreased by 0.7%, while consumer goods increased by 0.4%.

However, compared to the same month last year, the import price index rose 35.0%, maintaining a high level.

(Data from Bank of Korea)

The April export price index was recorded at 126.81, up 1.0% from March (125.60). It has been rising for four consecutive months since a 1.2% decline in December last year.

The export price index sharply rose 6.2% in March due to a steep increase in international oil prices, marking a significant jump in just one month. The upward trend continued in April, but the rate of increase slowed.

By item category, agricultural, forestry, and fishery products rose 0.2% from the previous month, and manufactured goods increased by 1.0%, supported by rising coal and petroleum products and chemical products.

Compared to the same month last year, the export price index rose 21.4%. During this period, diesel increased by 132.3%, jet fuel rose 126.8%, frozen seafood increased by 33.8%, and polysilicon, a chemical product, rose 124.0%.

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