S. Koreas Import Price Rises For 3rd Month In September
Price for imported goods to South Korea rose for the third consecutive month owing to expensive crude oil and the local currency’s depreciation versus the U.S. dollar, central bank data showed Tuesday
SEOUL, (UrduPoint / Pakistan Point News – 17th Oct, 2023) Price for imported goods to South Korea rose for the third consecutive month owing to expensive crude oil and the local currency’s depreciation versus the U.S. dollar, central bank data showed Tuesday.
The import price index advanced 2.9 percent in September from a month earlier after picking up 0.2 percent in July and 4.2 percent in August, according to the Bank of Korea (BOK).
Price for imported raw materials gained 5.7 percent last month on higher crude oil price and the domestic currency’s descent to the greenback.
Dubai crude, South Korea’s benchmark, averaged 93.
25 U.S. dollars per barrel in September, up 7.9 percent from a month ago.
The average won/dollar exchange rate increased to 1,329.47 won per dollar in September from 1,318.47 won in the prior month.
Price for imported intermediary goods, including oil products, added 2.0 percent in September from a month ago, after going up 3.8 percent in the previous month.
Import price for coal and oil products jumped 7.9 percent in September, keeping an upward trend for three months in a row.
Price for imported capital and consumer goods went up 0.7 percent last month.
