{"id":2206809,"date":"2024-10-16T08:00:26","date_gmt":"2024-10-15T23:00:26","guid":{"rendered":"https:\/\/koreapro.org\/?p=2206809"},"modified":"2024-10-15T12:01:40","modified_gmt":"2024-10-15T03:01:40","slug":"south-korean-trade-sees-volume-growth-despite-export-and-import-price-declines","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/10\/south-korean-trade-sees-volume-growth-despite-export-and-import-price-declines\/","title":{"rendered":"South Korean trade sees volume growth despite export and import price declines"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea\u2019s export and import prices continued their downward trend in September for the second straight month, according to <\/span><a href=\"https:\/\/www.bok.or.kr\/portal\/bbs\/B0000501\/view.do?nttId=10087452&amp;searchCnd=1&amp;searchKwd=&amp;depth2=200038&amp;depth3=201263&amp;depth=201263&amp;pageUnit=10&amp;pageIndex=1&amp;programType=newsData&amp;menuNo=201264&amp;oldMenuNo=201263\"><span style=\"font-weight: 400;\">data from the Bank of Korea<\/span><\/a><span style=\"font-weight: 400;\"> (BOK) on Tuesday. The export price index dropped by 2.3% from August, driven by falling prices for key products such as coal, petroleum and electronics. Meanwhile, the import price index fell by 2.2%, largely due to a decrease in international oil prices and a weaker won-dollar exchange rate.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite declining prices, the volume of trade increased. The export volume index rose by 3.9%, and the import volume index grew by 2.4% year-on-year. This indicates that South Korean companies are exporting and importing more goods, even as prices fall, signaling resilience in trade activity.<\/span><\/p>\n<p><b>WHY IT MATTERS<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The continued drop in export prices is significant for South Korean businesses that rely heavily on global markets. While falling prices could squeeze profit margins, rate cuts by both the <\/span><a href=\"https:\/\/koreapro.org\/2024\/09\/fed-cuts-interest-rates-by-0-5-narrowing-gap-with-south-korea\/\"><span style=\"font-weight: 400;\">U.S. Federal Reserve<\/span><\/a><span style=\"font-weight: 400;\"> and the <\/span><a href=\"https:\/\/koreapro.org\/2024\/10\/south-koreas-central-bank-cuts-interest-rates-to-boost-economy-and-exports\/\"><span style=\"font-weight: 400;\">BOK<\/span><\/a><span style=\"font-weight: 400;\"> may boost domestic and international consumption, potentially offsetting some of the negative effects. Lower prices, combined with increased consumption, could drive higher demand for South Korean exports in the short term.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For South Korean importers, lower import prices \u2014 particularly for oil \u2014 could ease inflationary pressures, providing relief to consumers and businesses. However, South Korea remains vulnerable to external shocks, especially in global oil markets. The <\/span><a href=\"https:\/\/koreapro.org\/2024\/10\/what-south-korea-can-learn-from-israeli-missile-defense-after-irans-barrage\/\"><span style=\"font-weight: 400;\">escalating conflict in the Middle East<\/span><\/a><span style=\"font-weight: 400;\"> could drive up oil prices, reversing recent gains from falling inflation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the gap between falling prices and rising trade volumes raises concerns that South Korea may be overly relying on price competitiveness. While short-term demand may rise, South Korea\u2019s <\/span><a href=\"https:\/\/koreapro.org\/2024\/09\/semiconductor-surge-helps-south-korea-maintain-trade-surplus-as-oil-imports-fall\/\"><span style=\"font-weight: 400;\">export-led growth<\/span><\/a><span style=\"font-weight: 400;\"> could be at risk if demand from key markets like China weakens further. As South Korea\u2019s economic growth remains closely tied to China\u2019s performance, a further slowdown in Chinese demand could have a <\/span><a href=\"https:\/\/www.kiet.re.kr\/en\/pub\/ecoreviewDetailView?detail_no=1016&amp;year=2023&amp;month=&amp;sval=\"><span style=\"font-weight: 400;\">cascading effect<\/span><\/a><span style=\"font-weight: 400;\"> on the South Korean economy.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea\u2019s export and import prices continued their downward trend in September for the second straight month, according to data from the Bank of Korea (BOK) on Tuesday. The export price index dropped by 2.3% from August, driven by falling prices for key products such as coal, petroleum and electronics. Meanwhile, the import price index [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2206802,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24],"class_list":["post-2206809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korean trade sees volume growth despite export and import price declines - Korea Pro<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/10\/south-korean-trade-sees-volume-growth-despite-export-and-import-price-declines\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korean trade sees volume growth despite export and import price declines - Korea Pro\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s export and import prices continued their downward trend in September for the second straight month, according to data from the Bank of Korea (BOK) on Tuesday. The export price index dropped by 2.3% from August, driven by falling prices for key products such as coal, petroleum and electronics. Meanwhile, the import price index [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/koreapro.org\/2024\/10\/south-korean-trade-sees-volume-growth-despite-export-and-import-price-declines\/\" \/>\n<meta property=\"og:site_name\" content=\"Korea Pro\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nknewsorg\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-15T23:00:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-15T03:01:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/10\/featured.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1870\" \/>\n\t<meta property=\"og:image:height\" content=\"1000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"johnleenknews\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:site\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"KOREA PRO\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/koreapro.org\/2024\/10\/south-korean-trade-sees-volume-growth-despite-export-and-import-price-declines\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/koreapro.org\/2024\/10\/south-korean-trade-sees-volume-growth-despite-export-and-import-price-declines\/\"},\"author\":{\"name\":\"johnleenknews\",\"@id\":\"https:\/\/koreapro.org\/#\/schema\/person\/628fb985625ed7bb2c475bed33f6445f\"},\"headline\":\"South Korean trade sees volume growth despite export and import price declines\",\"datePublished\":\"2024-10-15T23:00:26+00:00\",\"dateModified\":\"2024-10-15T03:01:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/koreapro.org\/2024\/10\/south-korean-trade-sees-volume-growth-despite-export-and-import-price-declines\/\"},\"wordCount\":323,\"publisher\":{\"@id\":\"https:\/\/koreapro.org\/#organization\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/2024\/10\/south-korean-trade-sees-volume-growth-despite-export-and-import-price-declines\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/10\/featured.png\",\"keywords\":[\"Business &amp; Economy\"],\"articleSection\":[\"Briefings\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/koreapro.org\/2024\/10\/south-korean-trade-sees-volume-growth-despite-export-and-import-price-declines\/\",\"url\":\"https:\/\/koreapro.org\/2024\/10\/south-korean-trade-sees-volume-growth-despite-export-and-import-price-declines\/\",\"name\":\"South Korean trade sees volume growth despite export and import price declines - Korea Pro\",\"isPartOf\":{\"@id\":\"https:\/\/koreapro.org\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/koreapro.org\/2024\/10\/south-korean-trade-sees-volume-growth-despite-export-and-import-price-declines\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/2024\/10\/south-korean-trade-sees-volume-growth-despite-export-and-import-price-declines\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/10\/featured.png\",\"datePublished\":\"2024-10-15T23:00:26+00:00\",\"dateModified\":\"2024-10-15T03:01:40+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/koreapro.org\/2024\/10\/south-korean-trade-sees-volume-growth-despite-export-and-import-price-declines\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/koreapro.org\/2024\/10\/south-korean-trade-sees-volume-growth-despite-export-and-import-price-declines\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/koreapro.org\/2024\/10\/south-korean-trade-sees-volume-growth-despite-export-and-import-price-declines\/#primaryimage\",\"url\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/10\/featured.png\",\"contentUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/10\/featured.png\",\"width\":1870,\"height\":1000},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/koreapro.org\/2024\/10\/south-korean-trade-sees-volume-growth-despite-export-and-import-price-declines\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/koreapro.org\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"South Korean trade sees volume growth despite export and import price declines\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/koreapro.org\/#website\",\"url\":\"https:\/\/koreapro.org\/\",\"name\":\"Korea Pro\",\"description\":\"Be smart about South Korea. 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