SEOUL: South Korea’s import prices shifted back to a decline in July, affected by falling oil prices and stronger local currency, central bank data showed Friday.
The nation’s import price index dropped 2.8 percent on-month to 75.85, according to the Bank of Korea (BOK). It marks the first decline in three months. The BOK attributed the decrease to external factors, such as global oil prices and currency exchange rates. The monthly average price of Dubai crude oil shed 8.1 percent to US$43.52 a barrel from $46.3 in June.
The South Korean currency was traded at 1,144.09 won per dollar on average in July, compared with 1,170.50 a month earlier. By item, the prices of coal and petrochemical products dropped 7.4 percent, while those of chemical and electronics products fell 2.2 percent and 2.4 percent, respectively. The export price index also fell 2.2 percent on-month to 78.8 in July.
