Import price index rises more than 25% in February
The Bank of Korea announced on March 30 that last month’s import price index was 148.55, up 25.5 percent from a year ago. The index rose for the 15th consecutive month after posting a year-on-year increase of 34.4% in January. The base year and index value are 2015 and 100, respectively.
Last month, the import price index for coal and petroleum products jumped 65.4 percent, and that for computers, electronics and optical instruments rose 19.2 percent. Those of mining products and agricultural and fishing products increased by 44.8% and 35% respectively.
The import volume index reached 117.09 with a 3% year-on-year increase. It rose for the 18th straight month after rising 10.3% in January.
In February this year, the export price index rose 19.7 percent year-on-year to 128.34 and the export volume index rose 6 percent year-on-year to 115.36. The export price index for coal and petroleum products jumped 65.4% with the rise in international oil prices.
The net barter terms of trade index fell 7.4 percent year-on-year to 87.69. Indeed, the import price increased more than the export price. This index, which has fallen for 11 consecutive months, indicates the amount of import that can be achieved with one unit of export. The income terms of trade index, which indicates how much total imports can be achieved with total exports, fell 1.8% from a year earlier and fell for the first time in two months as the net barter terms of trade index fell despite the increase in the export volume index.