[Economy 365]
Although the exchange rate fell, import prices rose in September for the first time in four months due to a sharp surge in global oil prices.
According to the Bank of Korea, the import price index for September rose 1.7% from the previous month.
While the average won-dollar exchange rate dropped by 3.4%, the price of Dubai crude spiked by 28.1%, offsetting the downward effect of the exchange rate.
On the other hand, export prices fell 0.8% as most items declined due to the lower exchange rate, marking a decline for the second consecutive month.
The export volume index for September surged 32.1% compared to the same month of the previous year, driven by increased exports of computers, electronics, and optical devices.
This marks the largest increase in 16 years and 8 months.
As both export prices and export volumes rose, the income terms of trade index also spiked by 65.6%, recording the highest growth rate on record.
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