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Trade terms worsen for 12th month in March amid fast-rising import prices

Economy 12:00 April 28, 2022

SEOUL, April 28 (Yonhap) -- South Korea's terms of trade worsened for the 12th straight month in March as import prices rose at a fast pace due mainly to rising costs of buying oil and commodities, central bank data showed Thursday.

The nation's net terms-of-trade index for goods -- a gauge of overall trade terms -- stood at 87.3 last month, down 6.3 percent from a year earlier, according to the preliminary data from the Bank of Korea (BOK).

This marked the 12th straight month that the index has declined on-year since April when it fell 0.6 percent.

The BOK said the worsened trade terms were due to fast-rising import prices amid global supply disruptions and the war in Ukraine. South Korea depends heavily on imports for energy needs.

Import prices jumped 22.2 percent on-year in March, while export prices grew 14.5 percent over the same period, the data showed.

kokobj@yna.co.kr
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