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S. Korea's export prices unchanged in June on low oil

2017/07/14 06:00

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SEOUL, July 14 (Yonhap) -- South Korea's export prices remained unchanged in June from a month earlier as low oil prices offset the positive impact of the won's weakness, the central bank said Friday.

In local currency terms, overall export prices remained flat month-on-month last month, according to preliminary data provided by the Bank of Korea (BOK).

Year-on-year, however, export prices rose 4.9 percent last month from May, marking the eighth consecutive month of gains.

The U.S. dollar was traded at an average of 1,130.04 won in June, up 0.4 percent from May. For exporters, the won's depreciation means increased income as dollar-denominated earnings from their overseas businesses rise in terms of value when repatriated into the local currency.

Export prices of industrial goods fell 0.1 percent month-on-month, while those of agricultural and fisheries products rose 3.1 percent during the same period, the data showed.

Meanwhile, import prices fell 0.9 percent in June from a month earlier due to declining oil prices. Year-on-year, import prices climbed 2.3 percent, the central bank said.

The price of Dubai crude -- South Korea's benchmark -- stood at an average of US$46.47 in June, down from $50.72 in May, according to the BOK.