BUSINESS S.Korea's import price rises in May on expensive crude oil

BUSINESS

S.Korea's import price rises in May on expensive crude oil

Xinhua

10:41, June 11, 2021

SEOUL, June 11 (Xinhua) -- Price for imported goods to South Korea rose last month owing to expensive crude oil, central bank data showed Friday.

Photo: CFP

The import price index stood at 112.41 in May, up 2.6 percent from a month earlier, according to the Bank of Korea (BOK). From a year ago, the index surged 13.8 percent.

It came on the back of the higher price for global crude oil. Dubai crude, South Korea's benchmark, moved up 5.4 percent last month.

Price for imported raw materials spiked 5.9 percent in May from a month ago, and the import price for intermediary products, such as oil products, gained 1.7 percent last month.

The import price for capital and consumer goods added 0.7 percent and 0.4 percent respectively.

The export price index came in at 106.06 in May, up 1.5 percent from the previous month. The index kept increasing for the sixth consecutive month.

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue