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Korea's export prices down 1% in May on strong won

South Korea's export prices fell slightly in May from a month earlier due to the strong won and a drop in oil prices, central bank data showed Friday.

In local currency terms, overall export prices fell 1 percent month-on-month in May, according to preliminary data provided by the Bank of Korea. Still, year-on-year, export prices jumped 5.3 percent last month, marking the seventh consecutive month of gains.

The dollar came to an average of 1,125.28 won during the month, down 0.7 percent from April.


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

Export prices of industrial goods fell 1 percent month-on-month according to the latest tally while those of agricultural and fisheries products climbed 1 percent during the same period.

Import prices also fell 1.4 percent in May from a month earlier due to a fall in oil prices. Year-on-year, import prices jumped 4.1 percent, the central bank said.

The price of Dubai crude -- South Korea's benchmark -- stood at an average of $50.72 in May, down from 52.30 in April, according to the BOK. (Yonhap)
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