South Korea reported a 3.2 percent monthly increase in export prices for January, according to data released by the Bank of Korea. This rebound follows a minor slump of 0.1 percent in December.
The increase was attributed to several sectors. Agricultural, forestry, and marine export prices increased 0.4 percent monthly, while those of manufacturing products rose 3.2 percent.
Regarding import prices, there was a monthly increase of 2.2 percent observed after a decrease of 1.7 percent in December. The details reveal that raw material import prices saw a hike of 3.5 percent. Intermediate goods experienced an increase of 1.6 percent, capital goods of 1.2 percent, and consumer goods added 1.8 percent to their prices.
There was also a significant change noted on a yearly basis. Export prices experienced a leap of 3.7 percent, countering a prior 2.4 percent drop. Conversely, import prices increased slightly by 0.2 percent, representing a recovery from a 4.0 percent fall a month earlier.
