July Terms of Trade Record Highest Level in 27 Months
July Terms of Trade Record Highest Level in 27 Months
  • Korea IT Times (info@koreaittimes.com)
  • 승인 2013.08.24 01:55
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SEOUL, KOREA- Korea's terms of trade improved in the month of July. According to the Bank of Korea on August 23 in a report "July 2013 Trade Indexes and Terms of Trade," the July net terms-of-trade index for goods, a measure of trade terms, was 90.9, up 1.5 percent from a year ago. This is the largest figure since April 2011 when the index was 91.4. The index has been on the rise for five consecutive months since March this year, with the year-on-year growth rate reaching 6.1, 5.4, and 1.5 percent in May, June, and July.
 
Lee Hyun-young, the central bank manager responsible for trade statistics, said, "The trend toward improvement is continuing but the degree of improvement is lowering, largely because of a rise in international oil prices."
 
The net terms-of-trade index is calculated by dividing export prices by import prices. Setting the ratio in 2010 at 100, an index of 90.9 means that Korean importers were able to purchase 90.9 units of goods with the money from selling 100 units of export goods.
 
As for the income terms-of-trade index, which measures how much can be imported with money earned through exports, it was 114.3, rising 3.8 percent in June from a year ago after increasing 16.1 and 4.0 percent in May and June.

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