The Bank of Korea on Oct. 15 released data showing that import and export prices in September fell for the second consecutive month. Shown is the Phase 1 Terminal of North Container in June at Busan New Port. (Busan Port Authority's official Facebook page)

By Aisylu Akhmetzianova

Import and export prices in September fell for the second consecutive month thanks to a rebound in the KRW coupled with a drop in international oil prices.

The Bank of Korea on Oct. 15 released provisional data on indexes for exports, imports and trade showing that the import price index (preliminary value based on KRW and 2020 benchmark score of 100) was 135.19 last month, down 2.2% from 138.23 in August.

The import price index rose in June and July but fell in August.

The average exchange rate versus the USD last month was KRW 1,334.82, down 1.4% from 1,354.15 in August. The monthly average price of Dubai crude oil declined 5.3% over the period from USD 77.60 per barrel to USD 73.52.

Thus the prices of raw materials fell 3.4% led by mining products (minus 4%). Those of intermediate goods dropped 2.1% overall like computer, electronics and optical instruments (minus 3.5%) and coal and petroleum products (minus 3.7%).

Prices of capital goods fell 0.8% and those of consumer goods dipped 0.7%.

The export price index fell 2.3% from 130.08 in August to 127.09 last month, its second straight month of decline.

Agriculture, forestry and fishery products rose 0.2%, but industrial goods dropped 2.3% led by coal and petroleum products (minus 7.8%), chemical products (minus 2.7%), and computer, electronic and optical equipment (minus 1.8%).

The September trade index on a USD basis saw the export volume index rise 3.9% year on year to 120.23 and the import volume index increase 2.4% to 109.39.

aisylu@korea.kr