As the won-dollar exchange rate and international oil prices declined, export and import prices fell for the second consecutive month.
According to the export and import price index statistics released by the Bank of Korea on the 16th, the export price in December last year fell by 0.9% compared to the previous month. It decreased by 2.3% compared to the same period last year.
The export price index has been declining for two consecutive months following November. The main factor was the decline in the won-dollar exchange rate. The average won-dollar exchange rate in December was 1,303.98 won, down 0.5% from 1,310.39 won in the previous month.
By item, coal and petroleum products (-6.0%), non-metallic mineral products (-3.5%), and chemical products (-1.5%) pulled the index down.
The import price index also fell for two consecutive months.
The import price in December fell by 1.7% compared to the previous month. It decreased by 4.1% compared to the previous year.
This was largely influenced by the decline in international oil prices. The average price of Dubai crude oil in December was $77.33, down 7.4% from $83.55 in the previous month.
Accordingly, mining products fell by 5.2% compared to the previous month, and the manufactured goods index also dropped by 0.2%. Looking at detailed items, jet fuel (-12.1%), crude oil (-7.9%), and butadiene (-6.7%) fell sharply.
Yoo Sung-wook, head of the Price Statistics Team at the Economic Statistics Bureau of the Bank of Korea, said, "Following December, international oil prices have shown a stable trend in January," adding, "It is expected that there will be no significant fluctuations in the index trend for the time being."
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