Import prices rose for seven straight months through last month, the longest climb since 2018. Prices of materials and supplies and intermediate goods rose at the same time, led by mining products and primary metal products.
According to the export and import price index statistics the Bank of Korea (BOK) released on the 13th, the import price index in January this year (provisional, won basis; 2020=100) was 143.29, up 0.4% from the previous month. Import prices have risen for seven consecutive months since July last year. This is the longest stretch of gains since the seven-month rise from January to July 2018.
By item, materials and supplies rose 0.9%, led by mining products (+1%), and intermediate goods jumped 0.8% on gains in primary metal products (6.3%) and coal and petroleum products (1.5%). In contrast, capital goods and consumer goods fell 0.3% and 1.4%, respectively. Among detailed items, other refined precious metals (24.6%), DRAM (14.7%), copper ore (10.1%), and propane gas (5.3%) rose.
The Bank of Korea (BOK) said import prices jumped as prices of primary metal products and mining products rose, even though international oil prices and the won-dollar exchange rate fell. The average international oil price fell from 62.05 per Barrel in December last year to 61.97 last month. Over the same period, the won-dollar exchange rate fell 0.7%, from 1,467.4 won to 1,456.5 won.
The export price index in January (won basis) was 145.88, up 4% from November last year. Export prices also rose for seven straight months. It was the longest rise since the 11-month stretch from December 2020 to October 2021.
Prices of industrial products rose 4%, led by computers, electronic and optical equipment (12.4%) and primary metal products (7.1%), while agricultural, forestry and fishery products fell 1.6%. Among detailed items, silver bullion rose 42.1% and DRAM rose 31.6%, while refined copper products jumped 10.4% and flash memory 9.9%. In contrast, ethylene-vinyl acetate fell 6.4% and gasoline fell 3.7%.