April 25, 2024

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[THE INVESTOR] Korea’s export prices fell slightly in May from a month earlier, central bank data showed on June 15.

In local currency terms, overall export prices fell 1 percent month-on-month in May, according to preliminary data provided by the Bank of Korea. Still, year-on-year, export prices jumped 5.3 percent last month, marking the seventh consecutive month of gains.

The dollar came to an average of 1,125.28 won during the month, down 0.7 percent from April.

For exporters, the won’s gain means decreased income as dollar-denominated earnings from their overseas businesses fall in value when repatriated into the local currency.

Export prices of industrial goods fell 1 percent month-on-month according to the latest tally while those of agricultural and fisheries products climbed 1 percent during the same period.

By Alex Lee and newswires (alexlee@heraldcorp.com)