South Korea’s export prices slipped for the second straight month in October amid the strengthening Korean won and prolonged price slump of its mainstay semiconductors, suggesting no relief in the near future for the downturn in Korean exports.

According to the Bank of Korea (BOK) Thursday, the country’s export price index in October slipped 1.9 percent from the previous month to 99.04, marking its second straight month of decline. Against the year-ago period, it was down 7.3 percent, sliding for five months in a row.

The strengthening of the Korean currency against the greenback and soft prices of computers, electronic devices, coal and petroleum products have dragged down overall export prices, a BOK official said.

The Korean won, which averaged 1,197.55 per U.S. dollar in August, strengthened 1.12 percent to 1,184.13 in October.

Agricultural and fishery product prices fell 3.9 percent in October from the previous month. Computers, electronic and optic devices, coal and petroleum products also saw their prices slide 1.9 percent. Prices of DRAM chips plummeted 7.2 percent on month and 49.7 percent on year, the largest annual decline in eight years.

The import price index also fell 2.1 percent from a month earlier to 108.45, sliding for the second straight month. It was down 5.7 percent against a year ago, its fifth straight month of retreat.

Import prices were weak as global oil prices stayed subdued. Prices of Dubai crude, the benchmark for Asia, averaged $59.39 per barrel in October, up just 2.8 percent from the previous month.

Prices of raw materials fell 3.7 percent on weak manufacturing and mining good prices. Intermediate good prices were down 1.6 percent due to coal and petroleum products and metal products. Prices of capital goods and consumer goods edged down 0.8 percent and 0.5 percent, respectively.

By Kim Hyo-jin

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