South Korea export prices rise the most since November 2022

Export prices in South Korea rose at an annual rate of 7.5% in May, data by the Bank of Korea showed, after a revised up 6.5% increase in April.

It has been the most significant YoY surge in export prices since November 2022.

In May, prices went up at a faster rate for manufacturing products (7.6% YoY compared to 6.6% YoY in April).

In the meantime, prices dropped at a softer rate for agricultural, forestry and marine products (-5.9% YoY compared to -6.7% YoY in April).

In monthly terms, export prices went down 0.6% in May, after a 4.1% surge in April.

Import prices in South Korea rose 4.6% year-on-year in May, following a 2.9% rise in April, the data showed.

It has been the sharpest increase in import costs since December 2022.

The South Korean Won was 0.59% weaker on the day against the US Dollar, with the USD/KRW currency pair last trading at 1,383.04.

The exotic Forex pair was holding near a two-week high of 1,383.87.