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


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


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.

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