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S. Korea's export prices fall for 2nd consecutive month in Sept.

06:00 October 16, 2020

SEOUL, Oct. 16 (Yonhap) -- South Korea's export prices fell for the second straight month in September as oil costs declined and the local currency gained against the U.S. dollar, central bank data showed Friday.

The country's export price index, in terms of the local currency, dropped 0.3 percent in September from the previous month, compared with a 0.1 percent on-month fall in August, according to the preliminary data from the Bank of Korea (BOK).

The reading marked the second consecutive month of on-month falls after the index rose for a third month in a row in July.

From a year earlier, the index sank 6.2 percent, marking the 16th straight month of on-year decline.

"The export prices declined as costs for coal and petrochemical products slid, overshadowing rises in prices of chemical and electronics goods," a BOK official said.

Prices of Dubai crude, South Korea's benchmark, declined 5.7 percent in September from the previous month.

The Korean currency rose 0.68 percent against the dollar on-month in September.

South Korea's import prices declined for the third straight month last month, due mainly to falling oil prices, the BOK said.

The country's won-based import prices index decreased 1.3 percent last month from a month earlier, after posting a 1.1 percent on-month fall in August, the BOK said.

The index declined 11.5 percent on-year in September, representing the eighth consecutive month of on-year drop.

This file photo, taken on June 1, 2020, shows stacks of import-export cargo containers at South Korea's largest seaport in Busan, 450 kilometers southeast of Seoul. (Yonhap)


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