Export, import product prices up on rising crude oil prices

[Image source: Gettyimagesbank]

In the wake of increasing global oil prices, both export and import product prices in South Korea have risen for the first time in three months.

According to data from the Bank of Korea on Thursday, the export price index for July (based on the Korean won and using a provisional value of 100 for the year 2015) stood at 112.81, indicating a 0.1 percent increase from June’s 112.70.

After experiencing consecutive declines in May (-1.5 percent) and June (-3.2 percent) compared to the previous month, the export price index turned upward in July.

However, when compared to the same period a year ago, the index has dropped by 12.8 percent, continuing a downward trend.

By item, the export price of agricultural and marine products was up by 1.7 percent from the previous month, while manufactured goods gained by 0.1 percent. Among manufactured goods, coal and petroleum products led the overall export price increase with a rise of 7.0 percent.

Excluding these items, most other manufactured goods, such as chemical products (-0.6 percent), primary metal products (-1.2 percent), computer, electronic, and optical equipment (-1.3 percent), and transportation equipment (-0.5 percent), saw a decrease in export prices.

The average Dubai crude oil price rose by 7.3 percent to $80.45 in July, compared to $74.99 in June.

The average exchange rate for the Korean won against the U.S. dollar was 1,286.30 won last month, up by 0.8 percent from the previous month.

The import price index for July came to 130.44, up 0.4 percent from June’s 129.89. The import price index experienced significant declines in May (-3.1 percent) and June (-3.9 percent) before rebounding in July.