S.Korea's import price falls in October on strong currency, cheap crude oil

Source: Xinhua| 2019-11-14 14:55:38|Editor: Li Xia
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SEOUL, Nov. 14 (Xinhua) -- Price for products imported to South Korea fell last month on the strong local currency and cheaper crude oil, central bank data showed Thursday.

The import price declined 2.1 percent in October from a month earlier, according to the Bank of Korea (BOK). From a year ago, it slumped 5.7 percent.

Influenced by cheaper crude oil, price for imported coal and oil products retreated 3.1 percent in October from the previous month. Price for imported computer, electronic and optical devices slipped 1.5 percent.

Dubai crude, South Korea's benchmark, averaged 59.39 U.S. dollars per barrel in October, down 2.8 percent from a month earlier.

The won/dollar exchange rate averaged 1,184.13 won per dollar in October, down from 1,197.55 won in the previous month. The strong local currency contributed to lower import price.

The export price slipped 1.9 percent in October from a month ago. It tumbled 7.3 percent compared with the same month of last year.

In addition to the local currency's appreciation to the greenback, weak demand for semiconductors led to the falling export price.

The export price for DRAM chips dropped 7.2 percent in October from a month earlier amid the continued downturn in business cycle of the global chip industry. From a year earlier, the DRAM chip price dived 49.7 percent, marking the fastest decline in almost eight years.

Price for the exported coal and oil products diminished 3.6 percent in October from a month earlier, with those for chemical products and machinery sliding 1.9 percent and 0.9 percent each.