South Korea’s central bank has released its preliminary data on the nation’s export and import prices for March.
The figures show import prices were up, while export prices were down.
Kim Hyesung reports.
Export prices are down, import prices up for March compared to the previous month.
According to the Bank of Korea on Friday, export prices dropped zero-point nine percent on-month to 84-point-27 on the export price index on the back of a stronger Korean won.
The local currency gained zero-point-seven percent on-month against the greenback in March, averaging 1-thousand-71-point-89 won to the U.S. dollar over the one-month period.
Export prices of electronic goods fell one-point-four percent on-month in March, and chemical goods export prices dropped by nearly one percent.
But import prices rose for three consecutive months, up zero-point-five percent on-month to record 83-point-94,…despite the won’s appreciation and steady oil prices.
The price of Dubai crude was 62-point-74 U.S. dollars a barrel in March, similar to February’s 62-point-72 dollars a barrel.
The central bank attributed the rise in import prices to soaring electrode prices, which went up near five-fold on increasing demand from China.
The BOK said import prices of raw materials, capital goods and consumer goods all fell, and that excluding electrode prices would result in a drop in import prices.
Kim Hyesung, Arirang News.