BUSINESS

Korea's export prices hit 8 year record high in April

By a2016032
  • Published : May 17, 2017 - 09:43
  • Updated : May 17, 2017 - 09:43

South Korea's export prices hit a record eight year high in April due to strong demand for electric and electronic products as well as petrochemicals, central bank data showed Wednesday.

In local currency terms, export prices rose 8.7 percent on year last month, according to preliminary data provided by the Bank of Korea.

(Yonhap)

The dollar came to an average of 1,132.73 won in April, down 0.2 percent from a month earlier the latest findings showed.

For exporters, the won's gain means decreased income as dollar-denominated earnings from their overseas binesses fall in value when repatriated into the local currency.

Export prices of indtrial goods gained 8.7 percent year-on-year in April while those of agricultural and fisheries products climbed 7.0 percent during the same period.

Import prices rose 0.5 percent last month from March due to a hike in oil prices. Year-on-year, import prices jumped 9.3 percent, the central bank said.

The price of Dubai crude -- South Korea's benchmark -- stood at an average of $52.30 in April, up from $51.20 a month earlier, according to the BOK. (Yonhap)