Import prices fall for second month on falling oil prices and exchange rates

Import prices have fallen for two months.

According to the Export-Import Price Index released by the Bank of Korea last month, import prices fell 2.2% from August, mainly for mining products such as crude oil, due to the fall in international oil prices and the won-dollar exchange rate.

Import prices also fell 3.5% in August compared to July, marking the second consecutive month of decline.

Specifically, raw materials fell 3.4% led by mining products, while intermediate goods fell 2.1% as computers, electronics and optics, coal and petroleum products fell.

Capital goods and consumer goods fell 0.8% and 0.7%, respectively.

Last month, export prices also fell 2.3% from August due to the fall of the won-dollar exchange rate and falling coal and petroleum products, falling for the second consecutive month.