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Korea's export prices slightly rise in Dec.

All News 06:00 January 15, 2020

By Byun Duk-kun

SEOUL, Jan. 15 (Yonhap) -- South Korea's export prices slightly increased from a month earlier in December, ending a three-month drop, central bank data showed Wednesday.

The export price index, in terms of Korean won, came to 97.54 in the month, up 0.8 percent from revised 96.74 in November, according to preliminary data from the Bank of Korea (BOK).

The increase follows three consecutive months of on-month decline since September.

However, it comes largely on the weakening of the won against the U.S. dollar that pushed up prices in terms of the local currency.

The file photo, taken April 1, 2019, shows stacks of import-export cargo at a major South Korean seaport in Busan, some 450 kilometers south of Seoul. (Yonhap)

In December, the local currency traded at an average 1,175.84 won per dollar, compared with 1,167.45 in the month before, according to the BOK.

The export price index, in terms of foreign currencies, gained only 0.1 percent from the month earlier in December.

Also from a year earlier, the index, even in terms of Korean won, plunged 3.1 percent.

A dip in global prices, especially for semiconductors, has widely been blamed for a steady decline in South Korea's exports, which have dropped for 13 consecutive months since December 2018.

In December, the export price index for manufactured goods again dropped 3.0 percent from a year before while that of agricultural products plunged 5.8 percent on-year.

The import price index, on the other hand, surged 1.6 percent from a month before or 3.4 percent from a year earlier.


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