[THE INVESTOR] South Korea’s export prices fell 4 percent in May to post a fifth straight month drop on-year, according to central bank data on June 15.
But compared to April, the prices gained 2.4 percent.
The on-month increase was largely credited to the weakening of the local currency, which traded at an average 1,171.51 won against the dollar in May, 2.1 percent drop from an average 1,147.51 won in the previous month, according to the central bank.
Export prices of industrial goods decreased 4.1 percent on-year in May as prices of petroleum and petrochemical products fell 25.5 percent. Prices of agricultural and fisheries products rose by 15.5 percent.
The drop in export prices apparently effected the country‘s overall exports negatively, which fell 6 percent on-year in May, marking the 17th consecutive month of drop since the beginning of last year.
Import prices, in local currency terms, also fell 5.1 percent on-year last month due to weakening of won against the dollar.
(theinvestor
@heraldcorp.com)