According to data released by the central bank on Thursday, South Korea's annual producer inflation dropped for the fourth consecutive month in October, reaching a 16-month low. According to the Bank of Korea (BoK), the producer price index increased by 7.3% in October compared to the same month last year, following a revised 7.9% increase in September. In this blog, we will discuss South Korea's Annual Producer Inflation and South Korea Import data in brief.
South Korea's Annual Producer Inflation Slow Down
The annual producer inflation rate in South Korea decreased for the fourth consecutive month in October, reaching a 16-month low, according to statistics issued by the central bank on Thursday.
The producer price index climbed by 7.3% in October compared to the same month last year, according to the Bank of Korea (BoK), following a revised 7.9% increase in September.
Since June 2021, the increase has been the slowest. In June, producer inflation increased to nearly a 14-year high of 10.0%.
On a monthly basis, however, the index increased by 0.5%, the fastest gain in four months, up from a corrected 0.1% in September. Utility costs for power, gas, water supply, and waste increased by 8.1%, driving the monthly increase.
Despite soaring inflation and an aggressive U.S. Federal Reserve, the South Korean central bank is anticipated to slow down its tightening pace later on Thursday and raise rates by a modest 25 basis points in response to signals of slowing domestic development.
What is South Korea Import Data?
South Korea Import data is used to represent South Korea import data. The fields that make up shipment data each provide a separate piece of knowledge about the specific shipment that is entering the nation. Date, HS Code, HS Code Detail, Weight, Value, and so forth are the principal fields.
According to South Korea's Import Data, the top imports were made for "Electronics," and "China" was the top trading partner. According to South Korea's trade figures; it was rated ninth among the top importing nations in the world in 2019.
Both South Korean trade statistics and South Korean import data are useful for business operations and decision-making relating to the trade of the relevant line of products/sectors.
According to South Korea's import data for the year 2019, the country's imports had a value of (about) $503 billion. According to South Korea's import data for 2020, the value of its imports is (about) $467 billion. When the two amounts are compared, the South Korean trade data values have decreased by 7% ($35.7 Billion).
Which are South Korea’s Top Imports?
According to South Korean import Data for the year 2020, the top imports of the country are electronics, which account for 20.1% ($94.1 billion), mineral fuels and oils, which account for 18.5% ($86.5 billion), industrial machinery, which accounts for 12.2% ($57.3 billion), optical, etc. instruments, which accounts for 4.1% ($19.3 billion), vehicles, which accounts for 3.8% ($18.2 billion), and so on.
The trade data for South Korea on the right shows that "Electronics" is the product that is imported the most, while "Pharmaceuticals" is the product that is imported the least. The South Korea import statistics can be used to examine both the sectors' high and low demand.
From Whom South Korea Imports the Most?
China is South Korea's main trading partner, according to data on imports from that country. Electronics and industrial machinery made up the bulk of South Korea's imports from China, according to trade statistics for the country. China remains to be South Korea's largest trading partner, according to the sources, and has been for some time. Take a look at the data for China in the South Korea import statistics for 2020 on the left.
According to South Korea's import statistics for the year 2020, the country primarily imports from China, with a share of 23.3% ($108.8 billion in total imports), the USA, with a share of 12.4% ($57.7 billion in total imports), Japan, with a share of 9.8% ($46 billion in total imports), Germany, with a share of 4.4% ($20.6 billion in total imports), Vietnam, with a share of 4.4% ($20.5 billion in total imports)
How to Find South Korean Export Import Data?
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