S.Korea's import price hits 4-year low on cheaper crude oil
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E-mail Xinhua, December 13, 2018
SEOUL, Dec. 13 (Xinhua) -- Price for imported goods to South Korea hit the lowest in almost four years in November on cheaper crude oil, central bank data showed Thursday.
The import price index stood at 87.96 in November, down 4.6 percent from a month earlier, according to the Bank of Korea (BOK). It was the lowest since January 2015, marking the first decline in three months.
It came amid the falling price of global crude oil. Dubai crude, South Korea's benchmark, averaged 65.56 U.S. dollars per barrel in November, down 17.4 percent from the prior month.
Price for imported raw materials slumped 9.1 percent, with those for imported coal and oil products retreating 3.4 percent. Prices for capital and consumer goods shed 0.5 percent and 0.6 percent each.
The export price index shrank 2.3 percent in November from a month earlier, posting the first fall in eight months.
The cheaper crude oil led to lower export prices for oil and chemical products. Export prices for farm goods and industrial products also declined 1 percent and 2.4 percent, respectively. Enditem
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