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Seoul's export prices sink in Jan

(Yonhap)
(Yonhap)

South Korea's export prices fell slightly in January from a month earlier, central bank data showed Friday, largely due to the strengthening of the local currency against the US dollar.

The export prices index, in terms of Korean won, came to 96.59 in the month, according to preliminary data from the Bank of Korea (BOK).

The reading marks a 0.8 percent drop from a month earlier and a 2.8 percent drop from the same month last year.

The BOK attributed the drop to the Korean won's appreciation against the greenback which pulled down the local currency value of the country's exports.

The Korean won traded at an average of 1,164.28 won per dollar last month, up 1 percent from an average of 1,175.84 won per dollar the previous month, it noted.

In terms of foreign currencies, the country's export price index gained 0.1 percent in January from a month earlier, the BOK said.

The index for farmed goods, including fisheries and forestry products, rose 0.1 percent on-month to 114.28, but the index for manufactured products slipped 0.8 percent to 96.52.

The import price index dipped 0.8 percent from a month earlier to 107.95, in terms of the local currency. The reading is a 2.7 percent increase from a year earlier, however. (Yonhap)



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