S.Korea's import price rises in July on expensive crude oil

Source: Xinhua| 2019-08-14 09:38:29|Editor: Shi Yinglun
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SEOUL, Aug. 14 (Xinhua) -- Price for goods imported to South Korea rose last month on expensive crude oil, central bank data showed Wednesday.

The import price index gained 0.6 percent in July from the previous month, according to the Bank of Korea (BOK).

It was attributable to higher crude oil price. Dubai crude, South Korea's benchmark, averaged 63.28 U.S. dollars per barrel in July, up 2.4 percent from the prior month.

Price for imported raw materials added 1.5 percent in July from a month earlier, and intermediate goods price rose 0.4 percent on higher price for coal and oil product.

Prices for imported capital and consumer goods dipped 0.2 percent each last month.

Meanwhile, the export price index fell 0.2 percent in July from a month ago on the sharp fall in memory chip price, caused by the continued downturn in business cycle of the global semiconductor industry.

Price for exported industrial products shed 0.2 percent on lower price for electronic and optical devices that offset a hike in the coal and oil product price.

DRAM chip price tumbled 12.8 percent in July from a month earlier, with those for optical lens and LCD panels for TVs sliding more than 5 percent in the month.

Prices for exported gasoline and diesel advanced 7.9 percent and 4.9 percent each last month.

The export price for agricultural, forestry and fishery products inched up 0.1 percent in July on a monthly basis.