Coal and oil imports rose by the largest in 31 years in October

Last month, the import amount index increased by nearly 40% compared to a year ago. This is due to the fact that the international oil price soared and the import price index of coal and petroleum products more than doubled.

According to the ‘October Trade Index and Terms of Trade’ released by the Bank of Korea on the 24th, the import amount index (in dollars) last month was recorded as 150.27 (2015 = 100). It rose 39% from the same month of the previous year, continuing its upward trend for 11 consecutive months.

In particular, it was found that coal and petroleum products soared by 213.1% compared to the same month of the previous year. It is the largest increase in 31 years since the 448.6% recorded in November 1990. The BOK explained that the recent rise in international oil prices was largely affected.

This figure has been negative since April of last year (-40.7%) when Corona 19 spread, but turned positive in March of this year (16.6%). It exceeded 100% from last April (126.1%) and even surpassed 200% last month.

The import volume index (123.92) also increased by 7.1% compared to the same month of the previous year, maintaining an upward trend for 14 consecutive months.

During the same period, the export value index (133.92) rose 25.2%, rising for 12 consecutive months, and the export volume index (121.02) rose 3.4%, turning upward for the first time in two months. It is interpreted that the export volume index rose due to the strong semiconductor exports and global petroleum product exports.

The import price (+29.9%) rose more than the export price (+21.2%), and the net terms of trade index fell 6.7% compared to the same month of the previous year. The net terms of trade index is the ratio of the price of one unit of export product to the price of one unit of imported product.

The income terms of trade index, which measures the amount of goods that can be imported with total exports of Korea, also fell 3.6%.

This trade situation is expected to continue for some time. Choi Jin-man, head of the inflation statistics team at the BOK’s Economic and Statistics Bureau, predicted, “As commodity prices such as international oil prices are currently strong, it is unlikely that the trend will change easily.”

[ⓒ 세계일보 &, 무단전재 및 재배포 금지]

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