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Prices of exports, imports rose on-year for 9th straight month Updated: 2017-08-11 20:00:50 KST


The prices of Korea's exports and imports rose in July the ninth consecutive month of on-year gain.
Preliminary data released by the Bank of Korea on Friday, shows prices of imports rose -- by zero.four-percent last month, compared to June.
It's the first time since April that import prices have increased on-month.
They were largely driven by a price surge in coal and petrochemical products.
Prices of Korean exports also rose one percent on-month in July on the back of price gains in semiconductors, the country's main export item, as global demand spiked.
And it wasn't a one-off phenomenon as data released by Korea Customs Service showed chip exports soaring nearly 53-percent during the first ten days of August, compared to the same period last year.
Petrochemical exports also jumped 76.6-percent on-year during the cited period while overall exports gained by more than 28-percent.
Both export and import prices were propped up from an uptick in international oil prices.
Dubai crude, Korea's benchmark, rose two.four percent from the previous month, trading at an average of nearly 48 dollars a barrel in July.
The value of the Korean won which fell zero.four-percent on-month against the greenback in July, also played a part in the price gain, as every dollar earned by Korean exporters resulted in higher income when exchanged for the local currency.
Kim Ji-yeon, Arirang News.
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