South Korea’s trade terms worsenAugust 13th, 2012 - 3:29 pm ICT by IANS
Seoul, Aug 13 (IANS) South Korea’s terms of trade worsened in the second quarter due to a drop in export prices stemming from weaker global demand, the central bank said Monday.
Net terms-of-trade index for goods, calculated by dividing per-unit export price index by per-unit import price index, stood at 75.2 during the April-June period, down 5.6 percent from the same period of last year, according to the Bank of Korea (BOK).
The second-quarter fall was slower than a 6.4 percent drop for the first quarter, but the figure neared the record low level of 75.1 tallied in the previous quarter, reported Xinhua.
The aggravated trade terms came as export prices dropped amid the global economic slowdown. Import prices rose due to higher prices of raw materials and capital goods, according to the BOK.
The per-unit export price index dropped 49 percent on-year in the second quarter, but the per-unit import price index advanced 0. 8 percent over the same period.
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Tags: bok, capital goods, export price index, export prices, first quarter, global demand, global economic slowdown, import price index, import prices, raw materials, second quarter, seoul, south korea, trade index, xinhua