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S. Korea's export prices slip in March on weakening currency

All News 06:00 April 12, 2016

SEOUL, April 12 (Yonhap) -- South Korea's export prices dipped from a month earlier in March due to the strengthening of the local currency against the U.S. dollar, central bank data showed Tuesday.

The export price index came to 80.72 last month, down 1.5 percent from a revised 81.96 in the previous month, according to preliminary data from the Bank of Korea (BOK).

The March figure marked a turnaround from an on-month gain in February. From a year earlier, the March reading marked a 4.5 percent decline.

The drop was largely attributed to the strengthening of the South Korean won against the U.S. greenback, which led to a drop in the value of South Korean exports, in terms of the local currency.

"Despite a rise in the export prices of petroleum, export prices dropped from a month before in March due to the appreciation of the South Korean won against the U.S. dollar," the BOK said in a press release.

The won traded at 1,188.21 against the U.S. dollar on average in March, up from 1,217.35 won in the month before, it added.

Import prices, on the other hand, remained nearly unchanged with the index measuring import prices coming in at 76.20, slightly up from a revised 76.17 in the previous month.

From a year earlier, however, the March reading marked a 7.7 percent drop.


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