S. Korea's import price rises for 4th month in April-Xinhua

S. Korea's import price rises for 4th month in April

Source: Xinhua

Editor: huaxia

2024-05-14 10:12:15

SEOUL, May 14 (Xinhua) -- Price for imported goods to South Korea rose for the fourth consecutive month due to higher crude oil price and the local currency's depreciation versus the U.S. dollar, central bank data showed Tuesday.

The import price index gained 3.9 percent in April from a month earlier, continuing to go up since January, according to the Bank of Korea (BOK).

Dubai crude, South Korea's benchmark, averaged 89.17 U.S. dollars per barrel in April, up 5.9 percent compared to the previous month.

The average won/dollar exchange rate advanced to 1,367.83 won per dollar in April from 1,330.70 won in the prior month.

Price for imported raw materials soared 5.5 percent in April on a monthly basis after adding 0.9 percent in March.

Import price for intermediary goods, including oil products, increased 3.7 percent last month as price for computers, electronic and optical instruments, including semiconductors, spiked 5.6 percent.

Price for imported capital and consumer goods was up 1.9 percent in the cited month.

The export price index climbed 4.1 percent in April on a monthly basis, maintaining an upward trend for the fourth straight month.