Korea’s export, import prices in Dec slip to 8-mo low
2019.01.15 12:02:19 2019.01.15 14:04:10
이미지 확대According to export and import price indices data released by the Bank of Korea on Tuesday, the country’s import price index, as measured in Korean won, sank 3.4 percent on month to 85.01 in December, the lowest since April 2018.
The central bank said the downward trend in the international oil prices dragged down the import prices as the country relies entirely on imports for oil. Prices of Dubai crude that makes up the bulk in Korean oil imports averaged $57.32 in December, down 12.6 percent on month. It fell 17.4 percent on month in November.
Import prices of crude oil plunged 13.0 percent, Bunker-C oil 13.6 percent, and butane gas 21.3 percent. Import prices of raw materials, which include crude oil, as result fell 6.6 percent and those of intermediate goods such as naptha were down 2.7 percent. Prices of capital goods and consumer goods slipped 0.4 percent and 0.8 percent, respectively.
The country’s export price index slid 2.0 percent to 84.07 and marked two straight months of weakening. The reading also is the lowest in eight months.
The prices of petrochemical exports plunged due to the decline in international crude prices.
Prices of diesel plummeted 15.7 percent, Bunker-C oil down 17.6 percent, and gasoline 13.8 percent lower. Prices of chemical goods dipped 3.2 percent.
The strengthening of Korean currency against the U.S dollar has also dragged down the export price converted into the Korean won. The U.S dollar fell to 1,122.90 Korean won in December from 1,128.58 won in the previous month.
Export prices of agriculture, forestry and fishery products sank 0.7 percent and those of industrial products 2.1 percent lower. Prices of DRAM memory chip, Korea’s key export item, fell 0.9 percent.
By Lee Yu-sup and Cho Jeehyun
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]
