Export prices down 2.4% during May

Export and import prices, in terms of Korean currency, during May stepped down by 2.4 percent and 1.1 percent each, in the wake of the Korean won's decline.

According to the Bank of Korea, export prices in May turned down 2.4 percent over a month ago following two month of increases.

The drop resulted from several factors. Even though petrochemical products as well as agriculture and fisheries products are on the rise internationally, the won plummeted against the dollar and the prices of general machines including monitors, communications equipment and semiconductors also showed continuous drops because of a lack of demand. Textile goods such as polyester fabrics also collapsed due to severe competitiveness in the industry.

Import prices also started falling, dropping 1.1 percent from two months of rises. This was in part due to consumer products and intermediate materials price declines from over supply.