SEOUL, Nov. 24 (Korea Bizwire) – South Korea’s terms of trade deteriorated slightly in October from a year earlier, as a rise in export prices was offset by a hike in import costs, central bank data showed Friday.
The terms of trade index for products came to 101.74 in October, down 1.5 percent from a year earlier, according to preliminary data from the Bank of Korea (BOK).
The index measures the amount of imports a country can purchase for each unit of exports and shows how the country’s exports are doing in comparison to those of other countries.
In October, export prices rose 7.3 percent from a year ago, while import prices were up 8.9 percent, the BOK data showed.
The income terms of trade fell 3.4 percent on-year to 135.92 in October, the central bank said.