April Export and Import Prices Rise for Three Consecutive Months Amid Won-Dollar Exchange Rate Increase

Export Price Index Up 0.1% · Import Price Index Up 0.7%

Last month, the export and import price indices rose for the third consecutive month due to the increase in the won-dollar exchange rate.

According to the Bank of Korea on the 16th, the export price index in April (based on the Korean won) rose 0.1% compared to the previous month. Despite the weakness in semiconductor prices, the won-dollar exchange rate increase led to a 0.1% rise compared to the previous month. Compared to the same month last year, it fell by 7.5%.

The export price based on contract currency, which limits the exchange rate effect, showed a 1.0% decline compared to the previous month. The average won-dollar exchange rate last month was 1,320.01 won, up 1.1% from the previous month (1,305.73 won).

Agricultural, forestry, and fishery products fell 0.6% compared to the previous month. Manufactured goods rose 0.1% compared to the previous month as chemical products and primary metal products increased, despite declines in computers, electronics, and optical equipment.

The import price index (based on the Korean won) rose 0.7% compared to the previous month. It continued its upward trend for the third consecutive month due to the rise in international oil prices and the won-dollar exchange rate. The monthly average price of Dubai crude oil increased 6.3% from $78.51 per barrel in March to $83.44 last month. Compared to the same month last year, it fell by 5.8%.

The import price based on contract currency, which limits the exchange rate effect, fell 0.5% compared to the previous month.

Raw materials, centered on mining products, rose 1.9% compared to the previous month, while intermediate goods fell 0.4% compared to the previous month as primary metal products increased but coal and petroleum products declined.

Capital goods and consumer goods rose 1.6% and 0.2%, respectively, compared to the previous month.

Seo Jeong-seok, head of the price statistics team at the Bank of Korea, said about future prospects, "The rise in international oil prices and exchange rates caused mining products to increase, leading to a rise in import prices in April," adding, "Currently, oil prices based on Dubai are falling in May, and the raw material index is also declining, but uncertainty remains high, so we need to monitor the situation."

[Image source=Yonhap News]

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