South Korea's exports, imports rise for 3 months
Staff Writer |
Both South Korea's exports and imports rose for three months through January on the back of higher oil prices.
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The export value index stood at 107.61 in January, up 12.8 percent from a year earlier, according to Bank of Korea (BOK).
It was the fastest increase since January 2013, keeping an upward momentum for the third straight month.
Exports value between the BOK data and customs office figures has difference as the BOK data excludes airplanes, ships, weapons and art works, which are difficult to evaluate.
Higher crude oil prices increased the export value of oil products. Dubai crude, South Korea's benchmark, jumped from $29.5 per barrel as of end-2016 to $53 at the end of January.
Exports value of oil products and coal surged 67.1 percent, with those for chemical products, precision machinery and primary metals posting a double-digit increase.
The import value index advanced 20.5 percent from a year earlier to 106.28 in January, marking the highest since February 2012. It also kept rising for the third consecutive month.
Imports value of mining products soared 60.2 percent, while those for general machinery and chemical products climbed 26.6 percent and 14.3 percent respectively.
The terms-of-trade index for goods, which indicates the amount of goods imported with total export proceeds, came to 127.07 in January, up 3.5 percent from a year ago.
The net terms-of-trade index, which reflects the amount of goods imported with a unit export, shed 0.8 percent to 100.34 last month. ■
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