Import prices in South Korea continue to drop in September, extending their on-year decline to a 37th straight month, central bank data showed Tuesday.
Import prices, in local currency terms, fell 13 percent on-year last month, according to the preliminary data from the Bank of Korea.
The rate, however, slowed slightly from a 13.6 percent on-year drop in the previous month.
The decline was largely attributed to a cut in import prices of oil and petroleum products.
In September, import prices of oil plunged 35.1 percent on-year while those of coal and other petroleum prices tumbled 42.3 percent, according to the data.
The central bank noted the average price of Dubai crude, which accounts for nearly 80 percent of South Korea’s overall oil imports, slipped to US$45.77 per barrel in September from $47.76 per barrel in the previous month.
Export prices, meanwhile, slipped 1.9 percent on-year in September, slightly quickening from a revised 1.6 percent fall in the previous month.
Export prices also marked a 0.6 percent decline from the previous month despite the local currency’s weakening against the U.S. dollar.
In September, the won traded at 1,184.76 against the U.S. greenback, compared with 1,179.1 in August. (Yonhap)
