Exchange Rates Fell But Global Oil Prices Rose... September Import Prices Up for First Time in Four Months

[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.

*This article was produced with AI audio.
※ Please note: This article was translated by AI and may contain errors.