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South Korea’s import prices up 0.4% in March

South Korea’s import prices up 0.4% in March

SEOUL: Import and export prices in South Korea rose for two months in a row amid the local currency’s decline to the US dollar, central bank data showed on.

In local currency terms, South Korea’s export prices gained 0.9 percent in March from a month earlier, according to the Bank of Korea.

The export prices increased for two straight months as the won/ dollar exchange rate averaged 1,112.57 won in March, up 1.3 percent from the previous month.

Export prices for chemical products jumped 4 percent, leading the overall gain. Textile goods export prices added 1 percent, with those for general machinery and transport equipment rising 0. 9 percent and 0.7 percent each.

Export prices for mining and oil products inched down 0.2 percent on-month in March amid lower crude prices.

South Korea’s import prices went up 0.4 percent in March from a month earlier due to the local currency’s slide to the dollar that offset the lower crude prices.

Prices for capital and consumer goods imported from overseas edged up 0.2 percent and 0.6 percent each, and those for intermediate goods, such as chemical and electrical products, increased 0.5 percent.

Import prices for raw materials inched down 0.1 percent as imported crude prices slid 0.5 percent last month.