S. Korea’s export, import prices fall in Sep. ’24

South Korea’s export price index (KRW basis) decreased by 2.3 per cent in September compared to the previous month, but increased by 1.2 per cent annually, according to preliminary data released by the Bank of Korea on Tuesday.

Import prices also saw a decline, with the import price index (KRW basis) falling by 2.2 per cent month-over-month. Over the past 12 months, import prices decreased by 3.3 per cent.

Despite the decline in prices, South Korea’s export and import volumes continued to grow. The export volume index increased by 3.9 per cent year-on-year in September, while the import volume index rose by 2.4 per cent.

As a result of the increased volume and slight price decreases, South Korea’s export value index grew by 5.0 per cent year-on-year in September. The import value index also increased by 2.1 per cent during the same period.

Attribution: Bank of Korea preliminary report

Subediting: M. S. Salama