The import price index stood at 100.84 in March, down 5.2 percent from the previous month, according to the Bank of Korea (BOK). It was down 7.7 percent from a year earlier.
It was attributed to a sharp decline in global crude oil. Dubai crude, South Korea's benchmark, averaged 33.71 U.S. dollars per barrel in March, down 37.8 percent from the prior month.
Price for imported raw materials plunged 36.5 percent in March from a month earlier, but price for semiconductor equipment gained 3.4 percent last month.
The export price index came in at 96.59 in March, down 1.1 percent from a month earlier. It was down 3.3 percent from a year ago.
Price for exported gasoline and diesel plummeted 42.5 percent and 29.7 percent each amid the cheaper crude oil.
Export price for DRAM chips rose 3.1 percent on a monthly basis, and price for liquid crystal display (LCD) panels used for TVs advanced 6.9 percent last month.
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