SEOUL: South Korea’s terms of trade rose for the ninth consecutive month in February as import costs fell sharply while export prices gained, Yonhap News Agency reported, citing central bank data on Wednesday.
According to preliminary data from the Bank of Korea (BOK), the country’s net terms-of-trade index for goods-a gauge of overall trade terms-improved 4.3 percent last month from a year ago, following the previous month’s 3 percent rise.
The index shows the amount of imports a country can buy for each unit of exports, with a lower figure meaning worse trade terms.
Import prices fell 13.5 percent on-year last month, while exports rose 3.8 percent.
It is calculated by dividing the index for export prices by that for import prices.
South Korea’s exports increased for the fifth consecutive month in February as outbound shipments of chips maintained an upward trajectory.
Outbound shipments advanced 4.8 percent on-year to US$52.4 billion last month, while imports shed 13.1 percent on-year to $48.1 billion
, resulting in a trade surplus of $4.29 billion.
South Korea has maintained a trade surplus since June 2023.
Source: Emirates News Agency