SEOUL: South Korea’s export prices increased 4.1 percent in November from a month earlier due to a weaker local currency and strong demand for electric and electronic products, central bank data showed Wednesday. The won fell 3.2 percent against the dollar on average in November compared to a month earlier. In local currency terms, export prices rose 3.8 percent last month from a year earlier, according to preliminary data from the Bank of Korea. Export prices of industrial goods gained 3.7 percent year-on-year in November while those of agricultural and fisheries products climbed 13.6 percent during the same period.
South Korea’s exports rebounded to rise 2.7 percent in November from a year earlier on brisk overseas sales of semiconductors. Outbound shipments came to $45.5 billion last month, up from $44.3 billion tallied a year earlier, according to government data. Import prices, in local currency terms, rose 2.4 percent in November from a month earlier, as a weaker won outweighed declining oil prices. Import prices rose 3.6 percent last month from a year earlier. The monthly average price of Dubai crude, South Korea’s benchmark, stood at $43.90 a barrel in November, down from $48.97 from a month earlier.
