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Export and Import Price Indexes – May 2023

□  The Export Price Index (KRW basis) decreased 1.3 percent from the previous month.

o  The index decreased 11.2 percent over the last 12 months.

□  The Import Price Index (KRW basis) decreased 2.8 percent from the previous month.

o  It decreased 12.0 percent over the last 12 months.

Percent Change in Export and Import Price Indexes1)2)

(KRW basis, %)
		Weight	Monthly change				Yearly change
			2023				2023
			Feb	Mar	Apr	Mayp	Feb	Mar	Apr	Mayp
Exports	All items1)	1000.0	0.8	2.2	0.4	-1.3	-2.6	-6.2	-7.2	-11.2
			<-0.9>	<-0.4>	<-0.8>	<-1.8>	<-7.2>	<-11.5>	<-12.9>	<-14.7>
	Agricultural, forestry & marine products	3.8	-2.0	-1.8	-0.5	1.3	-1.9	-6.1	-7.4	-7.7
	Manufacturing products	996.2	0.8	2.2	0.3	-1.3	-2.6	-6.2	-7.3	-11.2
Imports	All items1)	1000.0	1.9	0.8	0.4	-2.8	-0.7	-6.9	-6.0	-12.0
			<0.3>	<-1.8>	<-0.7>	<-3.2>	<-5.1>	<-12.0>	<-11.6>	<-15.4>
	Raw materials	341.7	2.0	-0.8	1.2	-6.3	-1.6	-14.1	-11.3	-22.5
	Intermediate goods	430.2	2.1	1.4	-0.4	-1.6	-1.5	-5.6	-6.4	-9.5
	Capital goods	90.1	1.4	2.3	1.4	0.1	3.3	5.0	7.2	5.3
	Consumer goods	138.1	1.7	1.5	0.6	0.3	1.8	1.8	2.0	0.3
Notes : 1) The figures in parentheses represent percent changes (%) on a contract currency basis. 2) The current month index is preliminary and subject to revision next month.

※  Further statistics can be found at the Bank of Korea's Economic Statistics System website (http://ecos.bok.or.kr).

( Chart )

Export and Import Price Indexes

1. Export Prices

A. Index

B. Changes

2. Import Prices

A. Index

B. Changes

( Appendix 1 )

How the Export and Import Price Indexes are compiled

1. Definition and use

―  The Export and Import Price Indexes measure fluctuations in the prices of goods exported and imported. The indexes are used to gauge the effects of price fluctuations of these export/import items on domestic prices and the changes in their costs.

2. Frequency

―  At the beginning of each month, prices for the previous month are surveyed.

3. Prices surveyed

―  Average monthly prices are surveyed in principle, based upon the points at which the export/import contracts are entered into, so that they may serve as leading indicators of domestic prices.

―  Export prices are surveyed on an FOB basis, and import prices on CIF. For some items, however, trade practices are applied.

4. Items subject to survey

―  Only items whose export/import amounts account for more than 1/2,000 of the country's trading volume; that are representative of the price movements of items grouped within similar industries; whose quality standards are uniformly maintained; and whose time series on prices are tenable, are surveyed. As of 2023, 213 items for exports and 237 for imports have met these requirements.

―  Items marked without comparable price quotations for considerable period (e.g. vessel, weapons, aircraft, works of art) are excluded.

5. Method of compilation

― Classification

ㅇ  Basic classification : The industrial classification set out in the Korea Standard Industrial Classification (KSIC) is applied with necessary modifications as the basic classification. This is further broken down into two sub-categories for exports - agricultural, forestry & marine products and manufacturing products and three for imports - agricultural, forestry & marine products, mining products and manufacturing products.

ㅇ  Specialized classification : For user convenience, the indexes are also classified into foods/non-foods; energy/items other than energy; information technology/items other than IT; and foods & energy/items other than foods & energy; as well as groupings by use (for MPI only), trade and industry type.

Number of items and weights of each XMPI category(as of 2023)
Category			No. of items	Weight
Exports	All items		213	1000.0
	Basic	Agricultural, forestry & marine products	3	3.8
		Manufacturing products	210	996.2
Imports	All items		237	1000.0
	Basic	Agricultural, forestry & marine products	18	41.3
		Mining products	12	303.2
		Manufacturing products	207	655.5
	By use	Raw materials	33*	341.7
		Intermediate goods	139*	430.2
		Capital goods	31*	90.1
		Consumer goods	58*	138.1
* As weights are allocated in proportion to the input ratios of the items by use, the total number of items under the 'by use' category is not identical to the number of items for the total index, i.e. 237.

― Weights

ㅇ  The weights of individual items are expressed in permillage in accordance with their shares in the total transaction amount.

― Compilation

ㅇ  The headline indexes are compiled from Korean won-based indexes, which are produced by converting the contract prices of exports/imports so that their impacts on domestic prices may be easily followed. Indexes based on contract currencies and on US dollars are compiled as supplementary indexes.

ㅇ  The formula used to aggregate the indexes is a Lowe Chain weighted formula. The price reference and weighting period are changed every years, so as to increase the extent to which the Export and Import Price Indexes reflect realities through improvements in the selection of items to be surveyed and their weights, in line with changes in the trade structure.

6. Notes on statistical use

―  The purpose of the index is to measure the changes in the price, not to present absolute price levels.

―  The Export and Import Price Indexes are compiled on three different bases: the Korean won, the contract currencies, and the US dollar. Users are hence advised to check the base currency first before using the indexes for statistical purposes.

―  The current month index is preliminary and subject to revision next month.

(Appendix 2)

Release date of Export and Import Price Indexes during 2023

Statistics	Date
Export and Import Price Indexes during December 2022	January	13
Export and Import Price Indexes during January 2023	February	15
Export and Import Price Indexes during February 2023	March	14
Export and Import Price Indexes during March 2023	April	13
Export and Import Price Indexes during April 2023	May	16
Export and Import Price Indexes during May 2023	June	14
Export and Import Price Indexes during June 2023	July	13
Export and Import Price Indexes during July 2023	August	17
Export and Import Price Indexes during August 2023	September	13
Export and Import Price Indexes during September 2023	October	17
Export and Import Price Indexes during October 2023	November	14
Export and Import Price Indexes during November 2023	December	13

Note :	Embargoed for release until the evening paper of the relevant dates of release.

(However, news agencies, broadcasting companies and internet-based media are embargoed for publication until 06:00 a.m. of the release date.)