S.Korea's trade terms hit record low in August

0 Comment(s)Print E-mail Xinhua, September 29, 2022
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SEOUL, Sept. 29 (Xinhua) -- South Korea's terms of trade hit a record low last month due to faster growth in import costs than export prices, central bank data showed Thursday.

The net terms-of-trade index for goods, which gauges the amount of import that can be bought with a unit-export proceed, was 82.49 in August, down 10.3 percent from a year earlier, according to the Bank of Korea (BOK).

It marked the lowest since relevant data began to be compiled in 1988, keeping a downward trend for 17 consecutive months.

The import costs jumped 13.6 percent in August from a year earlier, while the export prices rose 2.0 percent.

The import value index soared 28.8 percent last month, continuing to rise for 21 straight months amid higher prices for mining products and farm goods.

The import volume index jumped 13.4 percent over the year to reach a fresh high of 136.17 in August.

The export value index advanced 7.2 percent last month, and the export volume index added 5.1 percent. Enditem

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