Export prices are down, import prices up for March compared to the previous month.
According to the Bank of Korea on Friday, export prices dropped zero-point nine percent on-month to 84.27 on the export price index on the back of a stronger Korean won.
The local currency gained zero.seven percent on-month against the greenback in March, averaging 1,71.89 won to the U.S. dollar over the one-month period.
Export prices of electronic goods fell one.four percent on-month in March, and chemical goods export prices dropped by nearly one percent.
But import prices rose for three consecutive months, up zero.five percent on-month to record 83.94,despite the won's appreciation and steady oil prices.
The price of Dubai crude was 62.74 U.S. dollars a barrel in March, similar to February's 62.72 dollars a barrel.
"Import prices in March increased slightly on-month, mainly due to soaring electrode prices, which went up near five-fold on increasing demand from China, as the country is using the material to produce electric furnaces that are more eco-friendly."
The BOK said import prices of raw materials, capital goods and consumer goods all fell, and that excluding electrode prices would result in a drop in import prices.
Kim Hyesung, Arirang News.