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Export prices rise on weaker won in May

All News 06:00 June 14, 2019

SEOUL, June 14 (Yonhap) -- South Korea's export prices rose sharply from a month earlier in May due largely to the Korean won's decline against the U.S. dollar, central bank data showed Friday.

In terms of Korean won, the export price index came to 103.18 last month, up 2.6 percent from a month earlier, according to preliminary data from the Bank of Korea (BOK).

From the same month last year, the reading marks a 0.4 percent increase.

Export prices rise on weaker won in May - 1

The rise, however, stems mostly from the local currency's fall against the greenback.

The local currency averaged 1,183.29 won to the U.S. dollar last month, down from 1,140.95 won the month before, according to BOK.

In terms of foreign currencies, the country's export price index dipped 0.9 percent from a month earlier in May, the central bank said.

The country's exports have dropped for six consecutive months amid the escalating trade dispute between the world's two largest economies -- the United States and China -- which are also the world's two largest importers of South Korean products.

The import price index also added 2.2 percent from a month earlier in May, again due to the weakening of the Korean won against hard currencies. From a year earlier, the index surged 4.6 percent.


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