S. Korea's export prices continue to drop in Oct.
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S. Korea's export prices continue to drop in Oct.
  • Kim Hyung-dae
  • 승인 2019.11.14 09:11
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South Korea's export prices dropped for a second consecutive month in October due to the strengthening of the Korean won against the U.S. dollar, central bank data showed Thursday.

The export price index -- in terms of Korean won -- came to 99.04 in the month, down 1.9 percent a month earlier, according to preliminary data from the Bank of Korea (BOK).

From a year earlier, the index plunged 7.3 percent, accelerating from a 5-percent on-year drop in September.

The drop in export prices, however, was largely attributed to the appreciation of the Korean won, which traded at an average of 1.184.13 won against the U.S. dollar in October, up 1.1 percent from an average of 1,197.55 won per dollar the previous month.

Still, the drop in export prices comes amid a steady decline in exports, which have dropped for 11 consecutive months since December.

In terms of foreign currencies, the export price index slipped 0.8 percent from a month earlier in October, according to the BOK.

Export prices of farmed products tumbled 3.9 percent over the cited period, while those of manufactured goods dipped 1.9 percent.

Low prices of agricultural products have been partially blamed for the country's record-low inflation, which in fell 0.4 percent from a year earlier in September, marking the country's first-ever negative growth.

The import price index, in terms of the local currency, came to 108.45 in October, down 2.1 percent from a month before and 5.7 percent from the same month last year.


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