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S. Korea's export prices down for 50th straight month in Sept.

All News 06:00 October 14, 2016

SEOUL, Oct. 14 (Yonhap) -- South Korea's export prices fell for a 50th consecutive month in September due to declines in oil prices and demand for electric and electronic products, central bank data showed Friday.

In local currency terms, export prices fell 8.3 percent last month from a year earlier, according to preliminary data from the Bank of Korea (BOK).

From a month earlier, however, export prices gained 0.7 percent, it said.

Export prices of industrial goods slipped 8.4 percent year-on-year in September while those of agricultural and fisheries products climbed 10 percent during the same period.

South Korea's exports backtracked 5.9 percent from a year earlier in September due mainly to sluggish shipments of cars and mobile devices. Outbound shipments came to US$40.9 billion last month, down from $43.4 billion the same month last year, according to government data.

Import prices, in local currency terms, also dropped 7.8 percent on-year last month due to lower oil prices.

The monthly average price of Dubai crude, South Korea's benchmark, stood at US$43.33 a barrel in September, down from $45.77 from a year earlier.


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