In November, South Korea experienced moderate inflation alongside growth in its international trade sector, as reported by the Bank of Korea. The export price index, measured in domestic currency, rose by 7% year-on-year and increased 1.6% from October. This rise has been attributed to the depreciation of the won, South Korea's currency, in foreign exchange markets throughout the year, impacting the export price index positively. In terms of imports, the import price index also saw a year-on-year increase of 3% in November and a gain of 1.1% from the previous month.
Conversely, the export volume index noted a decrease of 1.4% compared to the same month last year, while the export value index also dropped by 0.3% year-on-year. On the other hand, the nation’s import volume index increased by 0.5% year-on-year in November. However, the import value index experienced a decline of 2.7% during the same month.
According to the Bank of Korea, in their latest economic outlook released in August, exports are expected to 'remain strong' into 2024, largely bolstered by shipments of technological equipment..