PRICE for imported goods to South Korea fell for the second consecutive month due to cheaper crude oil, central bank data showed Wednesday. The import price index slipped 0.4 per cent in March from a month earlier, after retreating 1.0 per cent in the previous month, according to the Bank of Korea (BOK). The successive slide was attributed to cheaper crude oil that offset the local currency’s depreciation versus the US dollar. Price for Dubai crude, South Korea’s benchmark, averaged US$72.49 per barrel in March, down from $77.92 in the previous month. The average won/dollar exchange rate gained to 1,456.95 won per dollar in March from 1,445.56 won in February. Price for imported raw materials dived 3.3 per cent in March on a monthly basis, continuing to shrink for the second straight month. Import price for intermediary goods increased 0.7 per cent on higher price for chemicals, metal products, machinery and equipment as well as computer, electronic and optical devices. — Xinhua
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