Korea Business News Agency - NSP NEWS AGENCY.

(Seoul=NSP NEWS) = Import prices in South Korea recorded their sharpest drop in 18 months, largely due to a nearly 6% fall in international oil prices. Export prices also fell by 3.4%, influenced by a decline in the won-dollar exchange rate. However, the Bank of Korea noted that the current situation remains highly uncertain due to ongoing tensions in the Middle East.

According to the Bank of Korea on the 17th, import prices in May dropped 3.7% from the previous month, mainly due to falling prices of raw materials such as crude oil and other mineral products.

The Bank of Korea stated, “Import prices in June will be affected by changes in oil prices and exchange rates. As of June 13, Dubai crude has risen 3.8% compared to the previous month’s average, while the won-dollar exchange rate has fallen by around 2%.”

Export prices in May declined by 3.4% from the previous month, as prices of chemical products and coal and petroleum products fell alongside the strengthening of the Korean won. The exchange rate dropped from KRW 1,444.31 in April to KRW 1,394.49 in May, marking a 3.4% decrease.

Prices of agricultural, forestry, and fishery products fell by 0.8%, while prices of industrial products dropped 3.4%, led by declines in chemical and petroleum-related goods.

By Geul-sam Kwon(gulsam2049@nspna.com) and Soo-in Kang(sink606@nspna.com)

ⓒNSP News Agency·NSP TV. All rights reserved. Prohibits using to train AI models.