Sat, 25 Sep 2021

S.Korea's import price rises for 4 months in August

Xinhua
14 Sep 2021, 11:55 GMT+10

SEOUL, Sept. 14 (Xinhua) -- The price for imported goods to South Korea rose for four straight months last month due to the higher price for raw materials and the strong U.S. dollar, central bank data showed Tuesday.

The import price index stood at 120.79 in August, up 0.6 percent from the previous month, according to the Bank of Korea (BOK).

The index continued to increase since May, marking the highest in over seven years since April 2014.

Import price for farm goods gained 1.9 percent in August from a month earlier, and those for chemical and primary metal products advanced 1.7 percent and 1.9 percent each.

The strong dollar also contributed to the higher import price. The won/dollar exchange rate came in at 1,159.5 won per dollar at the end of August, up from 1,150.3 won as of the end of July.

Price for imported coal and oil products slipped 1.0 percent last month. Dubai crude, South Korea's benchmark, fell 4.7 percent in August on a monthly basis.

Meanwhile, the export price index came to 112.72 in August, up 1.0 percent from a month earlier. The index kept rising for the ninth consecutive month since November last year.

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