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Export prices up for 9th month in August

Economy 06:00 September 14, 2021

SEOUL, Sept. 14 (Yonhap) -- South Korea's export prices rose in August, marking the ninth straight monthly gain amid a strong recovery in exports, central bank data showed Tuesday.

The country's export price index, in terms of the local currency, rose 1 percent in August from the previous month, according to the preliminary data from the Bank of Korea (BOK).

The reading marked the ninth consecutive month of an on-month rise. In July, the index rose 3.5 percent on-month.

From a year earlier, the index jumped 18.6 percent in August, the BOK data showed.

South Korea's exports soared 35 percent on-year in August on the back of robust demand for chips and automobiles. Outbound shipments came to US$53.2 billion last month, according to government data.

Imports climbed 44 percent to $51.5 billion, resulting in a trade surplus of $1.67 billion.

South Korea's import prices gained 0.6 percent on-month in August, mainly due to higher oil prices, the BOK said.

This file photo shows stacks of containers at a port in South Korea's southeastern city of Busan. (Yonhap)


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