S. Korea's imports rise in March on high international oil prices, domestic fruit prices

April 25, 2024

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Geopolitical tensions within the Center East and unfavorable climate situations have pushed up abroad oil costs and fruit costs at house in South Korea.
This has led to a surge in imports for March –with inbound shipments of some tropical fruits at file highs.
Our Moon Hye-ryeon has the small print.

Excessive worldwide oil costs and home fruit costs drove up South Korea’s imports in March.
Preliminary information launched by the Financial institution of Korea on Tuesday confirmed that the nation’s import worth index rose point-4 p.c in comparison with the month earlier than.
It’s the third month in a row that an on-month improve has been recorded.
By class, uncooked supplies together with mining merchandise noticed the most important hike, with oil import costs leaping by 4 p.c from February.
Crude oil costs have surged as a result of heightened tensions within the Center East – rising to almost 85 U.S. {dollars} a barrel in March and surpassing 90 {dollars} earlier this month.
A spokesperson from the central financial institution added that in gentle of the upward development in oil costs, the import index for April may additionally see an increase.
Current information from the Korea Customs Service additionally confirmed that fruit imports noticed a big bounce final month, with the overall import worth of pineapples and mangoes being the very best ever on file.
Pineapple imports got here to almost 8-point-7 million U.S. {dollars} whereas mango imports got here to only over 24-point-7 million {dollars}.
Orange and banana imports too, noticed a big rise with the overall worth of inbound shipments for every reaching the very best degree in almost 5 years and three years respectively.
This comes as unfavorable climate situations led to a surge in home fruit costs over the previous few months, prompting the federal government to pledge lowered import tariffs on a file variety of several types of fruit.
In the meantime, the nation’s exports noticed an on-month climb of point-4 p.c in March, which is the third straight month that the nation’s export worth index has risen.
Chemical items in addition to computing and digital items drove up exports, with greater costs for reminiscence chips contributing tremendously to this upward tick.
The BOK defined that semiconductor costs noticed an on-month rise of 1-point-3 p.c, and an on-year rise of 18-point-9 p.c.
Moon Hye-ryeon, Arirang Information.