S.Korea's import prices fall on strong currency, cheaper oil

Import prices in South Korea fell for the first time in three months due to strong local currency and cheaper crude oil, central bank data showed on Friday.

The import price index stood at 75.85 in July, down 2.8 percent from the previous month, according to the Bank of Korea (BOK). It was the first decline in three months, posting the fastest fall in nine months.

It followed lower crude oil prices and the South Korean currency's appreciation to the U.S. dollar.

Dubai crude, South Korea's benchmark, averaged 42.53 U.S. dollars per barrel in July, down 8.1 percent from a month earlier.

The won/dollar exchange rate averaged 1,144.09 won per dollar in July, down 2.3 percent from the prior month. The lower rate means the local currency's ascent to the greenback.

Prices for imported coal and oil products tumbled 7.4 percent, with imported chemicals sliding 2.2 percent. Those for electrical and electronic products imported from overseas dipped 2.4 percent, and mining products declined 4.6 percent.

The export price index came in at 78.80 in July, down 2.2 percent from a month ago. It marked the first slide in three months.

Export prices for coal and oil products plunged 8.5 percent, with those for general machinery and electronic products falling 2.4 percent and 1.7 percent each. Enditem