Import prices hit 18-month low in June on strong won, stable oil prices

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Import prices hit 18-month low in June on strong won, stable oil prices

Published: 13 Jul. 2023, 10:25

Fog shrouds over a port in busan on June 1. [YONHAP]

Import prices fell to the lowest in 18 months in June to extend their on-month decline for the second straight month on the back of the strengthening Korean won and stable oil prices, central bank data showed Thursday.

The import price index for June stood at 130.49, down 3.4 percent from May, according to the data compiled by the Bank of Korea.

The June reading marks the lowest since December 2021.

The index also fell 15.7 percent compared with a year earlier, marking the sharpest decline since April 2015.

Import prices of coal and petrochemical goods dropped 6.3 percent on month last month.

Import prices of crude oil dipped 10.1 percent last month.

The country's export price index also dipped 2.8 percent on month last month, due mainly to a fall in oil-related goods.

The index also dropped 14.7 percent on year, the data showed.

Last month, the won-dollar rate stood at 1,296.71 on average, down 2.4 percent from a month earlier.

Yonhap