South Korea’s import prices fall on cheaper oil

Seoul, Aug 11 (IANS) The prices of imported goods to South Korea declined last month on lower global prices of crude oil, central bank data showed Tuesday.

Import prices slid 0.1 percent in July from a month earlier, according to the Bank of Korea (BOK). From a year ago, the prices tumbled 13.7 percent, reported Xinhua news agency.

It marked the first decline in three months as Dubai crude, South Korea’s benchmark, averaged $55.61 per barrel in July, down 8.6 percent from the previous month.

Prices for imported coal and oil products slumped 5.3 percent, with those for raw materials declining 3.9 percent.

Prices for capital and consumer goods imported from overseas advanced 2.3 percent and 1.8 percent respectively last month.

Meanwhile, prices for South Korean goods exported to overseas rose 0.9 percent in July from a month earlier due to the local currency’s depreciation to the US dollar.

The won/dollar exchange rate averaged 1,143.22 won versus the greenback in July, up 2.8 percent from the prior month.

Export prices for farm goods advanced 4.4 percent, with those for industrial products gaining 0.9 percent in July. But, those for exported coals and oil products plunged 7.3 percent amid falling prices of crude oil.

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