Price for imported products to South Korea fell for the first time in eight months amid the lower crude oil price, central bank data showed Friday.
The import price index shed 0.2 percent in August from a month earlier, marking the first decline since December last year, according to the Bank of Korea (BOK).
It was attributed to a fall in global oil price. Dubai crude, South Korea's benchmark, averaged 72.49 U.S. dollars per barrel in August, down 0.9 percent from the previous month.
The South Korean currency's ascent to the U.S. dollar also reduced import costs. The average won/dollar exchange rate was 1,121.15 won per dollar in August, down from 1,122.80 won in prior month.
Price for imported raw materials dipped 0.4 percent in August from a month ago, with those for primary metal and general machinery falling 0.1 percent.
Prices for imported capital and consumer goods lost 0.3 percent and 0.1 percent, respectively.
The export price index was down 0.1 percent in August from a month earlier, the first fall since March.
The export price for farm goods gained 0.6 percent, but those for industrial products declined 0.1 percent. Industrial products have a higher weight than farm goods in calculating the export price index.
Editor:Cherie
