Export prices up for 5th month in May
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This undated file photo shows stacks of import-export cargo containers at South Korea’s largest seaport in Busan, 450 kilometers southeast of Seoul. (Yonhap)
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South Korea’s export prices gained in April, marking the fifth straight monthly gain amid a strong recovery in exports, central bank data showed Friday.
The country’s export price index, in terms of the local currency, rose 2.2 percent in April from the previous month, according to the preliminary data from the Bank of Korea (BOK).
The reading marked the fifth consecutive month of an on-month rise. In March, the index rose 3.3 percent on-month.
From a year earlier, the index jumped 10.6 percent, the BOK data showed.
South Korea’s exports jumped 41.1 percent in April from a year earlier, the highest growth in around 10 years, as demand for chips and automobiles stayed strong amid the improving global economy.
Outbound shipments came to $51.1 billion last month, compared with $36.2 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. It marked the sharpest on-year monthly growth since January 2011.
Imports rose 33.9 percent to $50.8 billion, resulting in a trade surplus of $390 million. It marked the 12th consecutive month for the country to post a trade surplus.
South Korea’s import prices fell 0.5 percent on-month in April, mainly due to falling oil prices, the BOK said. (Yonhap)