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S. Korea's 2020 Export Prices Post Largest Drop in 6 Years

Write: 2021-01-14 08:40:58Update: 2021-01-14 11:51:46

S. Korea's 2020 Export Prices Post Largest Drop in 6 Years

Photo : YONHAP News

South Korea's export prices fell more than five percent last year to post the largest on-year drop in six years. 

According to data from the Bank of Korea(BOK) on Thursday, the country's export price index, in terms of the local currency, dropped by point-one percent in December from a month earlier. 

The reading marks the fifth consecutive month of on-month drops since August.

From a year earlier, the index plunged five-point-four percent, marking the 19th straight month of on-year decline. 

For all of 2020, export prices slipped five-point-three percent, the largest on-year drop since 2014, when it fell six percent. 

The local currency's appreciation against the U.S. dollar contributed to last month's fall in export prices, as the won gained one-point-nine percent on-month against the greenback, or six-point-nine percent on-year.

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