▲ Containers are stacked at a pier in South Korea's largest port city of Busan, in this file photo taken July 4, 2023. (Yonhap)

trade terms-October tally

S. Korea's trade terms improve for 5th month in October

SEOUL, Nov. 29 (Yonhap) -- South Korea's terms of trade rose for the fifth month in a row in October as import costs fell at a faster pace than export prices, central bank data showed Wednesday.

The country's net terms-of-trade index for goods -- a gauge of overall trade terms -- improved 1.1 percent last month from a year ago, following the previous month's 4.5 percent rise, according to the preliminary data from the Bank of Korea (BOK).

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 5.8 percent on-year last month, sharper than the 4.7 percent dip in export prices.

It is calculated by dividing the index for export prices by that for import prices.

South Korea's exports rose for the first time in 13 months in October, driven by robust automobile shipments, along with signs of improvement in the chip sector.

Outbound shipments moved up 5.1 percent on-year to US$55 billion last month, and imports fell 9.7 percent on-year to $53.4 billion, data showed.

(END)

[ⓒ K-VIBE. 무단전재-재배포 금지]