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S.Korea's trade terms improve for 12 months despite slowing exports

Xinhua, September 24, 2015 Adjust font size:

Trade terms in South Korea improved for 12 straight months despite slowing exports that were offset by cheaper crude oil, central bank data showed Thursday.

The net terms-of-trade index for goods, which gauges how many goods can be imported with a unit export, was 100.02 in August, up 11.6 percent from the same month of last year, according to the Bank of Korea (BOK).

The index has increased for 12 months since September 2014 when it gained 0.6 percent.

The country's exports continued to slide this year due to weak global demand and lower export prices caused by cheaper crude oil. But, the trade terms improved on the back of the cheaper oil that reduce import costs.

The income terms-of-trade index, which measures how many goods can be imported with total export proceeds, jumped 13.6 percent in August from a year earlier.

The export volume expanded 1.8 percent on solid demand for electronic devices and oil products offsetting soft demand for transport equipments and textiles.

The import volume increased 4.3 percent, but the import value tumbled 19.4 percent on cheaper oil. Endi