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S. Korea's import price rises for 2nd month in March

SEOUL
2023-04-13 13:20

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SEOUL, April 13 (Xinhua) -- Price for imported goods to South Korea rose for the second straight month last month on the local currency's depreciation to the U.S. dollar, central bank data showed Thursday.

The import price index gained 0.8 percent in March from a month earlier, after advancing 1.9 percent in the previous month, according to the Bank of Korea (BOK).

The average won/dollar exchange rate went up to 1,305.73 won per dollar in March from 1,270.74 won in the prior month.

The weakened local currency offset the effect of cheaper crude oil. Dubai crude, South Korea's benchmark, averaged 78.51 U.S. dollars per barrel in March, down from 82.11 dollars in the previous month.

Price for imported raw materials retreated 1.1 percent last month, but intermediary goods price climbed 1.6 percent on higher prices for machinery and equipment.

Import prices for capital and consumer goods increased 2.3 percent and 1.7 percent respectively.

The export price index picked up 2.0 percent in March on a monthly basis, keeping an upward trend for the second consecutive month.
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