Strong Korean currency sends trade prices down

Home > Business > Finance

print dictionary print

Strong Korean currency sends trade prices down

Korea’s import and export prices dropped in December from a month earlier due to a strong won against the U.S. dollar, central bank data showed Monday.

The export price index fell 1.6 percent to 84.5 in December on the back of the value of the Korean currency rising 1.7 percent to 1,085.78 won in December from 1,105.04 in November, according to figures provided by the Bank of Korea.

By item, export prices of electronic products dropped 2.2 percent and those of transportation equipment fell 2.1 percent. Prices of liquid crystal displays decreased 4.9 percent, and those of small cars shrank 6.1 percent.

Prices of dynamic random access memory chips declined 1.6 percent and those of mobile phones contracted 1.7 percent.

Compared with the previous year, the export price index fell 2.1 percent last month from December 2016.

The import price index, meanwhile, moved down 0.8 percent to 82.34 last month from the previous month. The drop is attributable to the 1.3 percent increase in the price of Dubai crude as well as a strong won.

The price of raw materials remained flat while those of intermediate, capital and consumer goods fell by 1 percent, 1.2 percent and 1 percent, respectively. Import prices of electronic products dropped 1.8 percent and those of machinery fell 1.5 percent.

Import prices fell 1 percent last month from a year earlier.

Yonhap

More in Finance

Dollar's weakness pushes won to 30-month high

Kospi hits another high on chipmaker optimism

Eight companies agree to share credit card data

Loans to self-employed grow at slower pace in third quarter

Credit card payments in Korea rise in October on year

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now