SEOUL, November 13 (AJP) — South Korea's export volume expanded by a fresh record pace of 43.9 percent in October, led by chips and machinery, while a stronger won and lower oil prices helped to press import prices down, central bank data showed Friday.
The Bank of Korea (BOK) said export volume growth accelerated from 32.2 percent in September. The income terms of trade index, which measures how much Korea can import with its total export earnings, also posted a record annual gain of 74.6 percent, up from 65.8 percent.
Export volumes of computers, electronic and optical products rose 51.2 percent from a year earlier, while electrical equipment gained 41.0 percent and machinery and equipment increased 38.7 percent.
Won-based export prices rose 0.7 percent from September after two consecutive monthly declines, driven by a 3.7 percent increase in prices for computers, electronic and optical products.
DRAM export prices climbed 5.5 percent from September and 199.4 percent from a year earlier.
The won strengthened 1.6 percent on a monthly-average basis to 1,337.66 per dollar, limiting the gains in export prices measured in local currency. On a contract-currency basis, export prices increased 2.4 percent.
Import prices fell 1.8 percent from September, reversing a revised 1.9 percent increase, as Dubai crude declined 2.6 percent to $110.73 a barrel.
Raw material import prices dropped 3.0 percent, while intermediate goods fell 1.0 percent. Capital goods declined 1.8 percent and consumer goods slipped 1.4 percent.
Import prices nevertheless remained 13.5 percent higher than a year earlier.
The net barter terms of trade improved 21.3 percent from a year earlier, slowing from September's 25.4 percent gain as the relative advantage of export prices over import prices narrowed.
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