Import prices rose 0.7% last month, the sixth straight monthly gain, driven by a rise in the won-dollar exchange rate.
According to the export-import price index statistics the Bank of Korea (BOK) released on the 14th, the import price index (won basis, preliminary; 2020=100) for December last year was 142.39, up 0.7% from the previous month. Import prices rose for the sixth consecutive month since July last year, the longest streak since May to October 2021 (six months).
By item, materials and supplies rose 0.1%, led by mining products (+0.2%), and intermediate goods climbed 1% on gains in basic metal products (3.8%) and machinery and equipment (0.8%). Capital goods and consumer goods rose 0.7% and 0.4%, respectively. Among detailed items, other refined precious metals (13.6%), ammonia (11.6%), copper ore (10%), and refined copper (8.7%) rose sharply.
The Bank of Korea (BOK) said that although international oil prices fell 3.8% from the previous month, prices jumped as the won-dollar exchange rate rose 0.7%, from an average of 1,457.77 won in November to 1,467.4 won in December.
The export price index (won basis) for December was 140.93, up 1.1% from November. Export prices also rose for six straight months.
Manufactured goods prices rose 1.1%, led by basic metal products (5.3%) and computers, electronic and optical equipment (2.7%), while agricultural, forestry and fishery products fell 0.4%. Among detailed items, silver bullion jumped 27.7%, refined copper 10.4%, and terephthalic acid 4.5%. In contrast, diesel fell 9.9% and jet fuel 5.7%.