This is the first significant increase in months. The export price of memory semiconductors such as DRAM, South Korea's largest export product, has increased the most since September 2022. This price increase is due to an increase in the dollar/won exchange rate.
is believed to have a large impact. According to the ``August Export and Import Price Index'' released by the Bank of Korea on the 13th, import prices rose 4.4% this month in won terms compared to the previous month. 0.2 in July
% and started rising for the first time in three months, and has been rising for two consecutive months. This is the first significant increase in 1 year and 5 months since it rose 7.6% in March 2022.
International crude oil prices have skyrocketed since the beginning of this month, and the impact of a rise in exchange rates has pushed up import prices. Dubai crude oil price averaged 1 barrel in August
The price was 86.46 dollars, a 7.5% increase compared to the previous month (80.45 dollars), and the exchange rate was 1318.47 won, a 2.5% increase compared to the previous month (1286.3 won).
. On the other hand, prices for raw materials rose by 7.2% compared to the previous month, mainly mineral products (7.9%), and prices for intermediate goods rose by 3.7%. Coal and petroleum products soared 13.7% compared to the previous month, and chemical products also rose.
It rose by 1.8%. Primary metal products, computer/electronic and optical equipment also rose by 2.1% and 2.3%, respectively, and electrical equipment also rose by 2.0%. Capital goods and consumer goods are 1.6% and 1.6% respectively.
It rose by 9%. Even on a contract currency basis, import prices rose by 2.2% compared to the previous month, marking the second consecutive month of increases. It is down 9.0% compared to the same month last year, and has shown a downward trend over the past year.
Export prices also increased by 4.2% compared to the previous month. After increasing by 0.1% in July, it has continued its upward trend for two consecutive months. Export prices are also the highest since March 2022 (6.2%).
Agriculture, forestry and fisheries products fell by 1% compared to the previous month. Coal and petroleum products soared 15.4%, chemicals rose 3.9% and industrial products rose 4.2%.
Computer/electronic and optical equipment also rose by 2.6%, returning to an upward trend for the first time in three months.
In particular, the price of DRAM, South Korea's main export product, rose 2.4% compared to the previous month. DRAM prices rose slightly by 0.5% in May
However, the rate of increase widened in August. This was the largest increase since September 2022 (2.6%). System semiconductors also rose 2.5%. However, officials from the Bank of Korea said,
"DRAM export prices were also affected by the rate increase of 2.5% compared to the previous month," he said, adding, "It cannot be called a meaningful increase yet." However, the export price of DRAM is
Even on a currency basis, the downward trend has stopped and it has remained flat compared to the previous month. This is the first time DRAM prices have been flat since November 2022 (0.0%), and then until July.
It's falling. Export prices on a contract currency basis increased by 1.9% compared to the previous month. However, compared to the same month last year, it fell 9.0%, continuing a year-long downward trend.
2023/09/13 07:03 KST
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