According to the “February 2025 Export and Import Price Index and Trade Index (preliminary)” released by the Bank of Korea today (the 14th), the export price index (in Korean won) fell by 0.6% in February compared to the previous month.
This decline was largely influenced by the decrease in the won-dollar exchange rate and the drop in international oil prices.
The average won-dollar exchange rate in February was 1,445.56 won, a 0.7% decrease compared to the previous month.
The price of Dubai crude oil also fell by 3.1% to 77.92 dollars compared to the previous month.
By category, export prices fell overall due to the decline in prices of coal and petroleum products (-2.5%) and computers, electronic and optical devices (-1.0%).
However, compared to the same month last year, export prices increased by 6.3%.
The import price index also dropped by 0.8% compared to the previous month.
Import prices also fell compared to the previous month due to price declines in crude oil (-3.8%) and natural gas (-2.3%), but increased by 4.6% compared to the same month last year.
A Bank of Korea official stated, “Since international raw material prices and exchange rate fluctuations affect export and import prices, it is necessary to closely monitor future volatility.”
[Photo source: Yonhap News]
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