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Steel products stacked at Pyeongtaek Port in Gyeonggi Province on August 7. / Source: Yonhap News

Export and import prices rebounded in July, driven by higher global oil prices and a stronger dollar. In won terms, export prices rose for the first time in four months, supported by gains in coal, petroleum products, and electronics and optical devices. Import prices also turned upward for the first time in six months, led by higher costs for crude oil, raw materials, and intermediate goods.

According to the Bank of Korea’s preliminary “Export-Import Price Index and Trade Index for July 2025,” released on August 14, export prices in won terms stood at 128.19 (2020=100), up 1.0% from the previous month. Compared with a year earlier, they fell 4.3%, though the decline narrowed slightly from June. In contract currency terms, export prices rose 0.4% month-on-month.

By category, agricultural, forestry, and fishery products rose 4.2% from June, while manufactured goods increased 1.0%, driven by computers, electronics, optical devices, and coal and petroleum products. The average won-dollar exchange rate in July was 1,375.22 won, up 0.6% from 1,366.95 won in June.

Import prices in won terms came to 134.87, up 0.9% from the previous month, marking the first increase since January. Year-on-year, they fell 5.9%. In contract currency terms, import prices rose 0.3% from June. The average price of Dubai crude climbed 2.3% from $69.26 to $70.87 per barrel. Raw material prices rose 1.5%, led by crude oil and mining products, while intermediate goods, capital goods, and consumer goods rose 0.6% and 0.5%, respectively.

The trade index showed export volumes up 8.2% from a year earlier, widening from June’s 6.8% increase, thanks to higher shipments of electronics, optical devices, and transport equipment. The export value index rose 4.3%. Import volumes grew 7.8% on increased imports of electronics, machinery, and equipment, with the import value index up 1.8%.

The net terms of trade index rose 2.1%, as the drop in import prices (-5.6% y/y) outpaced the decline in export prices (-3.6%). The income terms of trade index climbed 10.5% on gains in both the net terms of trade index (2.1%) and export volumes (8.2%).