SEOUL, Sept. 15 (Xinhua) -- Prices for imported goods to South Korea fell for a third consecutive month, driven by the strong domestic currency that canceled out soaring crude oil prices, central bank data showed Tuesday.
The import price index retreated 2.4 percent in August from a month earlier, extending a downward trajectory from a 4.2 percent drop in June and a 1.0 percent decline in July, according to the Bank of Korea (BOK).
The average South Korean won versus U.S. dollar exchange rate dived 6.1 percent over the month to 1,406.30 won in August.
The price of Dubai crude, South Korea's benchmark, averaged 88.75 U.S. dollars per barrel in August, up 15.6 percent compared to the previous month.
Prices for imported raw materials, including mining products, rose 1.5 percent in August on a monthly basis, keeping an upward momentum for two months in a row.
Import prices for intermediate goods tumbled 4.0 percent, while those for capital and consumer goods went down 4.2 percent and 4.4 percent each.
The export price index dropped 3.7 percent in August from a month earlier, marking the steepest monthly decline in 44 months since December 2022.
The export prices remained highly volatile throughout 2026, showing a brief rebound of 0.9 percent in July before succumbing to currency factors in August. ■
