Why did South Korea’s import price index fall in October?

The Bank of Korea attributed the decline to a 1.6 percent strengthening of the Korean won against the U.S. dollar over the one-month period and a 2.6 percent fall in Dubai crude prices. Both changes contributed to lower import prices.

How did October import price changes differ between raw materials and intermediate goods in South Korea?

Raw material prices fell 3 percent from September, while intermediate goods prices declined 1 percent, according to Bank of Korea data.

What happened to South Korea’s export price index in October after its declines in August and September?

The export price index increased 0.7 percent month-on-month in October. It had fallen 0.5 percent in September and 3.5 percent in August.

Import prices fall again in October on stronger Korean won, lower oil prices

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Summary

South Korea’s import price index fell 1.8 percent month-on-month in October, as the Korean won strengthened and Dubai crude prices declined. The drop reversed a 1.9 percent increase in September, and the index had fallen for three consecutive months since June. The Bank of Korea said import prices affect production costs and consumer prices across the supply chain. The export price index rose 0.7 percent after declining in September and August.

Key Facts

The Korean won strengthened 1.6 percent against the U.S. dollar over the one-month period, while Dubai crude prices fell 2.6 percent.
Prices of raw materials decreased 3 percent in October from a month earlier, and intermediate goods prices fell 1 percent.
The export price index declined 0.5 percent month-on-month in September and 3.5 percent in August before its October increase.

By Yonhap

Published Nov 13, 2026 7:36 am KST

Containers are stacked at a port in the southeastern city of Busan, Nov. 1. Yonhap

Import prices fell again in October driven by a stronger Korean won and lower oil prices, central bank data showed Friday.

The import price index dropped 1.8 percent month-on-month last month, reversing from a 1.9 percent gain in September, according to the preliminary data from the Bank of Korea (BOK).

The index had declined for three consecutive months since June.

The BOK said the month-on-month decline came as the Korean won strengthened against the U.S. dollar by 1.6 percent over the one-month period, while the price of Dubai crude, Korea's benchmark, fell 2.6 percent.

Prices of raw materials decreased 3 percent in October from a month earlier, while intermediate goods dropped 1 percent over the cited period, according to the BOK data.

Import prices are a key driver of inflation, as they affect production costs and consumer prices throughout the supply chain, according to the central bank.

The BOK data showed that the October export price index climbed 0.7 percent from the previous month, turning around from a 0.5 percent month-on-month decline in September and a 3.5 percent drop in August.

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