South Korea’s export prices fell at the fastest clip in nine months in October as the local currency continued to gain ground against the U.S. dollar, the central bank said Tuesday.
The export price index reached 82.12 last month, down 3.5 percent from a month earlier, the steepest monthly decline since January this year, when the figure fell 4.3 percent, according to the Bank of Korea. From a year earlier, the index fell 6.2 percent.
The index for import prices also fell 3 percent on-month to 78.42 last month, the fastest monthly drop since a 7.5 percent dip in January.
The import price index tumbled 14.8 percent from the same month a year earlier.
The sharp decrease in both export and import prices is attributable to a strengthening Korean won, according to the central bank.
The average won-dollar rate came in at 1,148.18 won in October, down from 1,184.76 won tallied in September.
“The average won-dollar exchange rate fell 3.1 percent on-month in October, having a great impact on weaker export, import prices,” a BOK official said. “But the pace of a drop in international oil prices slowed.”
Prices of Dubai crude, South Korea’s benchmark, edged up 0.1 percent on-month to $45.83 a barrel in October, the central bank said. (Yonhap)