Export prices in December last year, down 0.1% from the previous year… 5th month downtrend

Export prices in December last year, down 0.1% from the previous year… 5th month downtrend

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Last year’s annual export price -5.3%, import price -8.7% due to corona effect

Export prices in December last year, down 0.1% from the previous year… 5th month decline (CG)
Export prices in December last year, down 0.1% from the previous year… 5th month decline (CG)

[연합뉴스TV 제공]

(Seoul = Yonhap News) Reporter Seong Seo-ho = In December of last year, the overall price level of products exported to Korea fell slightly from a month ago, continuing a decline for five months.

According to statistics released by the Bank of Korea on the 14th, the export price index for December last year (preliminary 92.19, 2015 = 100) fell 0.1% from a month ago. It has been down for 5 consecutive months since August.

Export price index fluctuation rate
Export price index fluctuation rate

[한국은행 제공. 재판매 및 DB 금지]

Coal and petroleum products (+10.9%) rose due to the rise in international oil prices, but computers, electronics and optical equipment (-1.3%) fell as the won/dollar exchange rate continued to decline. Dubai oil rose from 43.4 dollars per barrel in November to 49.8 dollars in December, and the won/dollar exchange rate fell from 1,116.76 won per dollar in November to 1,095.13 won in December.

December export prices fell 5.4% compared to the same month last year, down for the 19th month.

Semiconductor prices (in terms of contract currency), which have the largest weight in export prices, continued to decline by 0.4% from a month ago and 4.0% from a year ago.

[한국은행 제공. 재판매 및 DB 금지]

[한국은행 제공. 재판매 및 DB 금지]

Export prices rose 1.6% from November in terms of contract currency excluding exchange rate effects. It rose 0.7% from a year ago and turned to an uptrend after 26 months.

Regarding this, a BOK official explained, “This is due to the continued rise in export prices of major industries due to the transition of international oil prices and raw material prices from September to October, and the recovery of demand for related industries in some countries.”

Import price index fluctuation rate
Import price index fluctuation rate

[한국은행 제공. 재판매 및 DB 금지]

As international oil prices rose in December of last year, import prices rose 1.8% from the previous month, focusing on mineral products (+7.8%) and coal and petroleum products (+9.9%), turning upward in six months. However, compared to the same month last year, it fell 10.2%, continuing its decline for the 11th month.

In terms of contract currency, import prices rose 3.5% from the previous month, and fell 4.9% from the same month last year.

Compared to 2019, last year’s annual export prices fell 5.3% and import prices fell 8.7%. Due to the spread of the new coronavirus infection (Corona 19), it is the largest decline since 2014 (-6.0%) and 2015 (-15.3%), respectively.

A BOK official said, “With the spread of Corona 19 last year, international oil prices fell sharply, and international demand was also sluggish, resulting in a drop in import and export prices.”

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2021/01/14 06:00 sent

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