S.Korea's import price rises on expensive crude, weak currency

Source: Xinhua| 2019-05-14 10:57:25|Editor: mingmei
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SEOUL, May 14 (Xinhua) -- Price for imported goods to South Korea rose last month on expensive crude oil and the local currency's depreciation to the U.S. dollar, central bank data showed Tuesday.

The import price index stood at 88.91 in April, up 1.5 percent from a month earlier, according to the Bank of Korea (BOK).

It was attributed to higher global crude oil price and the domestic currency's descent versus the greenback.

The won/dollar exchange rate averaged 1,140.95 won per dollar in April, up 10.23 won from the prior month. Dubai crude, South Korea's benchmark, advanced 6 percent last month.

Price for imported raw materials gained 2.8 percent in April from a month ago, and those for capital and consumer goods added 0.4 percent and 0.6 percent each. Imported intermediate goods price rose 1.1 percent last month.

The export price index climbed 0.5 percent over the month to 83.48 in April, after rising 0.2 percent in the previous month.

Despite the faster rise in export price, price for exported DRAM chips tumbled 9.9 percent in the month, maintaining a downward trend for the ninth consecutive month.

The semiconductor price stayed low on the back of the downturn in business cycle of the global chip industry.

Price for exported coal and oil product picked up 4.6 percent last month, and farm goods price added 0.1 percent.