S. Korea's import price falls in 5 months in May

2024-06-14 09:23

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SEOUL, June 14 (Xinhua) -- Price for imported goods to South Korea fell in five months due to lower crude oil price and the local currency's appreciation versus the U.S. dollar, central bank data showed Friday.

The import price index dipped 1.4 percent in May compared with the previous month, after rising for the past four months, according to the Bank of Korea (BOK).

Dubai crude, South Korea's benchmark, averaged 84.04 U.S. dollars per barrel in May, down 5.8 percent from 89.17 dollars in the prior month.

The average won/dollar exchange rate decreased to 1,365.39 won per dollar in May from 1,367.83 won in April.

Price for imported raw materials retreated 3.7 percent in May on a monthly basis after advancing 5.4 percent in the previous month.

Import price for intermediary goods, including oil products, edged down 0.3 percent last month as price for primary metal products gained ground, offsetting the lower price for oil products.

Prices for imported capital and consumer goods were down 0.2 percent and 0.3 percent each in the cited month.

The export price index slipped 0.6 percent in May on a monthly basis, marking the first fall in five months.
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