Export prices in South Korea experienced a notable increase of 10.7% year-over-year in December, as reported by the Bank of Korea on Wednesday. This marks a rise from the 7.0% observed in November. On a month-to-month basis, export prices grew by 2.4% in December, compared to a 1.6% increase in November. Over the course of 2024, export prices saw an overall rise of 6.2%.
Breaking it down further, export prices for agricultural, forestry, and marine products increased by 2.7% from the previous month and 3.9% year-over-year. Meanwhile, manufacturing product prices went up by 2.4% month-over-month and surged by 10.7% year-over-year.
In terms of imports, prices climbed by 7.0% compared to the previous year and saw a 2.4% increase from the prior month. In contrast, November's figures were a 2.8% year-over-year increase and a 0.9% month-to-month rise. Throughout 2024, import prices rose by 2.6%.
Examining specific categories, the import prices for raw materials saw a monthly rise of 3.0% and a modest annual increase of 0.4%. Intermediate goods experienced a 2.2% monthly increase and a 3.9% year-over-year rise. Capital goods' prices increased by 2.1% month-on-month and 2.6% year-over-year. Consumer goods also recorded an uptick, with a 2.1% increase on a monthly basis and a 3.8% rise year-over-year.
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