Import and Export Prices Rise

Import and export prices rose sharply.

According to the ‘Report on Trend of Import and Export Prices in April’ presented by the Bank of Korea on 8th, won-based prices of Korea’s exports rose 2.2 percent during April over those in March, due to increase of international prices of petrochemicals and the rise of the money exchange rate. Also won-based prices of imports rose 2.5 percent over those in March due to rise of the money exchange rate and hike in the prices of crude oil and raw materials used for steel production. The import and export prices continued to increase during April, following March which marked 1.9 percent increase in export and 0.8 percent in import.

Among chief export goods, light oil increased by 14.3 percent, polyester textile by 2.8 percent, compact cars by 2 percent, and processed leather by 6.2 percent. But computer monitor decreased by –12.3 percent, S Ram by –7.4 percent, D Ram by –4.9 percent and polystyrene resin by –7.8 percent. Among chief import goods, crude oil increased by 7.2 percent, soft coal by 10.9 percent, iron ore 6.8 percent, and fruit by 18.3 percent. And propane gas decreased by –14.3 percent and butane gas by –16.3 percent.

Meanwhile, export and import prices jumped respectively 12.5% and 15.1% year-to-year in April.

Lee Heon-Jin mungchii@donga.com