The fastest import price in nearly 7 years in June, surpassing the export price for Korea

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[Graphics by Song Ji-yoon]

Import prices rose faster than South Korea’s exports last month, with the pace accelerating to nearly seven years due to the unwavering strengthening of international commodity prices, which could hurt profitability current account dependent on exports and inflationary pressure from fans. longer term.

According to the Bank of Korea (BOK) on Wednesday, the import price index rose 2.3% from the previous month to 115.43, climbing for the second consecutive month to reach the highest level since September 2014. Compared to a year earlier, it has jumped. 14 percent.

The export price index in June edged up at a slower pace of 0.7% on the month to 107.12 (base year 2015), marking the seventh consecutive month of monthly price increases. The index gained 12.7% year on year, the fastest growth since March 2009.

The rise in import prices is mainly due to rising international prices for oil and raw materials, BOK said. The price of benchmark Dubai crude, which averaged $ 66.34 per barrel in May, rose 7.9 percent to $ 71.6 per barrel in June.

Import raw material prices rose 6.4% from a month ago and intermediate products edged up 1%. Capital goods were unchanged and consumer goods fell 0.2%.

Rising import prices for raw materials and intermediates would lead local producers to raise product prices to reflect increases in manufacturing costs, a BOK official said.

The resumption of global business activities and the surge in demand for chips and automobiles have led to the overall rise in the country’s export price index, according to the bank. The prices of coal and petroleum products increased by 6.2%, those of agricultural and fishing products by 2.1%. Computers, electronics and optics edged up 0.9%. Prices for LCD screens for televisions jumped 10.8% on the month and flash memory prices jumped 5.3%.

By Lee Soo-min

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]


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