Korean export prices slide for 2nd straight month in Sept on weak oil prices

2020.10.16 11:57:09 | 2020.10.16 16:24:41

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South Korea’s export prices fell for the second straight month in September on weak international oil prices.

The country’s export price index in September dropped 0.3 percent from the previous month, extending the 0.1 percent decline in August, according to the Bank of Korea on Friday.

Against a year earlier, the index dipped 6.2 percent, down for the 14th consecutive month.

Falling prices of coal and petroleum products led the overall drop in the country’s export price index, according to the bank. Prices of coal and petroleum products sank 7 percent, machinery and equipment 0.6 percent and transportation equipment 0.6 percent. Agricultural and fishery products slid 1.2 percent.

Chemical product prices gained 1.5 percent. Computers, electronic and optical devices inched up 0.4 percent, while mainstay memory chip items DRAM and flash memory fell 0.7 percent and 1.7 percent, respectively.

Import prices fell 1.3 percent from the previous month on soft global crude prices.

September prices of Dubai crude fell 5.7 percent on month to $41.51 a barrel.

Raw material import prices slipped 3.9 percent from a month ago as crude prices plunged 6.3 percent and natural gas 12.4 percent. Intermediary goods fell 0.4 percent, capital goods 0.8 percent and consumer goods 0.3 percent.

The Korean won in September gained 0.68 percent against the U.S. dollar from the previous month.

After eliminating the currency effect, export prices rose 0.3 percent on month but fell 5.2 percent from a year earlier. Import prices were down 0.7 percent on month and 10.7 percent on year.

By Kim Hyo-jin

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