Last year, the annual rate of increase in the import price index was 25.9% and the rate of increase in the export price index was 16.6%, the highest in 14 years after 36.2% and 21.8% in 2008.
The rise in import prices last month (December) fell 6.2% from the previous month, but the export price index fell 6.0% from the previous month.
In December, the import price index fell as a percentage of coal and petroleum products (-9.2%), chemical products (-4.4%), computer, electronic and optical equipment (-4.3%), and primary metal products (-3.2%). However, exports show a larger drop in the form of coal and petroleum products (-13.6%), chemical products (-6.2%), and computers, electronic and optical devices (-5.2%).
Export prices disclosed by the Bank of Korea on the 13th were 2.9% and 3.0%, respectively, for capital goods and consumer goods, compared to the rates of decline for industrial goods such as coal and petroleum products (-13.6%) and chemical products (-6.2%). The percentage drop is low.
While raw materials for mineral products fell 9.9% compared to the previous month due to the decline in international raw materials, intermediate goods such as coal, petroleum products and chemical products fell 4.7% compared to the previous month, showing a large drop in export prices.
In December, the decline in export prices was diesel (-15.5%), jet fuel (-14.5%), gasoline (-12.4%), xylene (-10.3%), ethylene vinyl acetate (-12.4%), and DRAM (-6.1%). %) and System Semiconductor (-5.3%).
In December of last year, the export price index (as of 2015 by the Bank of Korea) was 118.03, down 6.0% from November (125.51), falling for two consecutive months. It was the largest in 8 months.
Moreover, compared to December 2021, it is a whopping 3.1% higher decline.
As for the decline in export prices due to the decline in crude oil imports, the -5.2% decline in computer/electronic/optical devices is more fatal to the Korean economy than coal/oil products (-13.6%) and chemical products (-6.2%).
The decline in import prices in December was 6.2% lower than in November, but it seems to be the result of a 10.5% drop in international oil prices from an average of 86.26 dollars (Dubai oil per barrel) in November to 77.22 dollars in December.
In terms of price trends, the exchange rate rose 12.9% on an annual basis last year and international oil prices rose 39.1%.
At the end of last year (December), the increase in export prices was concentrated in coal, petroleum products, and chemical products, and import prices were limited to raw material coal, petroleum products, and intermediate goods for chemical products, making it more difficult to improve the trade deficit.
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