Price for imported goods to South Korea fell for the second straight month in December 2023 on the back of cheaper crude oil and the local currency’s ascent versus the U.S. dollar, central bank data showed Tuesday.
The import price index dipped 1.7 percent in December from a month earlier after sliding 4.4 percent in the previous month, according to the Bank of Korea (BOK).
Dubai crude, South Korea’s benchmark, averaged 77.33 U.S. dollars per barrel in December, down 7.4 percent from the prior month. The average won/dollar exchange rate declined to 1,303.98 won per dollar in December from 1,310.39 won in the previous month.—Xinhua
