S. Korea’s export prices up for 2nd month in January

 South Korea’s export prices rose in January, marking the second straight monthly gain, supported by a modest recovery in exports and a slight decline in the Korean currency’s value against the U.S. dollar, central bank data showed Tuesday.

The country’s export price index, in terms of the local currency, gained 1.8 percent in January from the previous month, according to the preliminary data from the Bank of Korea (BOK).

The reading marked the second consecutive month of on-month rise. In December last year, the index rose 0.6 percent on month.

From a year earlier, the index fell 2.3 percent, marking the 20th straight month of on-year decline.

South Korea’s exports grew 11.4 percent on year in January on the back of brisk demand for chips.

Exports came to US$48 billion last month, compared with $43 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports edged up 3.1 percent to $44 billion, resulting in a trade surplus of $3.96 billion.

The Korean currency fell 0.2 percent against the U.S. dollar on month in January.

South Korea’s import prices gained 2.8 percent on month in January, due mainly to rising oil prices, the BOK said.