As international oil prices and won-dollar exchange rates rose, import and export prices rose for two consecutive months last month.
According to the’January 2021 Export-Import Price Index’ released by the Bank of Korea on the 16th, the January export price index was 94.55 (2015 = 100), up 1.8% from the previous month.
Looking at the fluctuations in the export price index compared to the previous month of last year, it remained flat and declined for 4 consecutive months until August (-0.1%), September (0.0%), October (-2.4%), and November (-0.5%). . It rose by 0.6% in December, and then rose in January of this year and rose for two consecutive months. It fell 2.3% from the same month last year, continuing the decline for 20 consecutive months. Excluding the effect of exchange rates, export prices in contract currency rose 1.6%.
The won-dollar exchange rate averaged 1097.5 won last month, up 0.2% from the previous month (1095.1 won). Dubai oil price (monthly average) last month was $54.82 per barrel, up 10.0% from last December ($49.84 per barrel). The rise in the won-dollar exchange rate and the rise in international oil prices led to a rise in the import and export price index.
By item, export prices of computers, electronic and optical devices such as DRAM (3.6%) and system semiconductor (1.2%) rose 1.6% from the previous month. Due to the rise in international oil prices, coal and petroleum products such as diesel (8.4%) and gasoline (12.7%) also jumped 8.7%. Chemical products (1.3%) and primary metal products (3.6%) also rose at the same time.
The import price index also rose 2.8% from the previous month to 100.74, continuing the uptrend for the second month. Due to the rise in international oil prices, mineral products such as crude oil (10.2%) rose 7.0%, showing an uptrend for three months. Bunker C oil (7.8%) and jet oil (11.2%) rose 5.3%. Compared to the same month of the previous year, import prices fell 6.7%, showing a decline for 12 consecutive months. In terms of contract currency, import prices rose 2.5% from the previous month.
The intermediate goods index, which is a sub-item of the import price index, rose 2.1% from the previous month, and the raw material index rose 6.3%. Capital and consumer goods indexes also rose 0.3% and 0.7%, respectively.
Reporter Nam Jung-hoon [email protected]
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Source: 경제 by www.segye.com.
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