South Korea’s terms of trade improved in April from a year earlier as prices for imports fell at a faster pace than those for exports, the central bank said Friday.

The country’s net terms-of-trade index for goods came in to 89.3 in April, up 0.7 percent from a year earlier, according to the Bank of Korea.

In January, the trade terms posted the first on-year decline since November 2012. The figure is calculated by dividing the index for export prices by that for import prices. The base year is 2010, with a benchmark index of 100.

Korea’s income terms-of-trade index reached 123.65 in April, up 9.9 percent from a year earlier due to an increase in export volume and an improved terms of trade, the central bank added. The index measures how much can be imported with the total export value. (Yonhap)