S. Korea's import price falls for 4th month in May

Alsharq Tribune-AFP 

Price for imported goods to South Korea fell for the fourth successive month owing to cheaper crude oil and the local currency's appreciation to the U.S. dollar, central bank data showed Tuesday.

The import price index declined 3.7 percent in May from a month earlier, keeping a downward trend since February, according to the Bank of Korea (BOK).

The consecutive slide was attributed to cheaper crude oil and the local currency's appreciation versus the greenback.

Price for Dubai crude, South Korea's benchmark, averaged 63.73 U.S. dollars per barrel in May, down from 67.74 dollars in the previous month.

The average won/dollar exchange rate retreated to 1,394.49 won per dollar in May from 1,444.31 won in April.

Price for imported raw materials dipped 5.5 percent in May on a monthly basis, continuing to shrink since February.

Import price for intermediary goods decreased 3.2 percent on lower price for oil products, chemicals, metal products, machinery and electrical equipment.

Price for imported capital and consumer goods slipped 2.7 percent and 2.3 percent each.

The export price index slumped 3.4 percent in May from a month earlier, after going down 1.5 percent in the prior month.