Korea's export prices up 0.3%, import prices down 0.3% in May
Korea's export prices increased by 0.3 percent month-on-month in May 2026, while import prices decreased by 0.3 percent. This is according to preliminary data from the Bank of Korea's latest Export/Import Price Indexes and Trade Indexes.
Trade volumes and terms improve
Korea's export prices, measured on a Korean won basis, increased by 0.3 percent from the previous month in May 2026, marking a substantial 46.9 percent rise year-on-year.
This upward trend was largely driven by manufacturing products, which mirrored the overall export performance.
In contrast, import prices, also on a Korean won basis, experienced a slight decrease of 0.3 percent month-on-month, though they still recorded a significant 24.8 percent increase compared to the previous year.
Within imports, raw materials declined 1.0 percent monthly but were up 38.9 percent year-on-year.
Trade volumes also expanded, with the Export Volume Index rising 14.7 percent and the Import Volume Index increasing 5.2 percent year-on-year.
Consequently, the Export Value Index soared by 56.8 percent, and the Import Value Index grew by 21.3 percent over the year.
The Net Barter Terms of Trade Index, a key measure of trade conditions, improved significantly by 18.7 percent year-on-year.
All these figures for May are preliminary and subject to revision.
Behind the numbers: Compilation and definitions
The Bank of Korea's Export and Import Price Indexes measure price fluctuations of traded goods, assessing their impact on domestic prices and costs.
Prices are surveyed monthly, based on contract entry points, serving as leading indicators.
Export prices are FOB, import prices CIF.
Surveyed items are selected for representativeness, quality, and data reliability, covering a significant portion of trade volume.
As of 2026, 214 export items and 240 import items are included.
Classification includes industrial categories (e.g., manufacturing, agricultural) and specialized groupings (e.g., raw materials, intermediate goods, capital goods, consumer goods).
Weights reflect transaction shares.
Headline indexes are Korean won-based, supplemented by contract currency and US dollar indexes.
Users should note that current month data is preliminary and subject to revision, with annual figures finalized in March of the following year.
Mixed signals, but trade strength persists
The latest data presents a nuanced picture, with declining import prices offering some relief from inflationary pressures, while robust export price growth indicates strong external demand.
Despite the monthly dip in imports, the overall year-on-year increases across most trade metrics underscore the persistent strength of Korea's trade sector.
However, the preliminary nature of these figures means their full implications for monetary policy and economic stability will only become clear with subsequent revisions.