(MENAFN- Qatar News Agency) Seoul August 25 (QNA) - South Korea's terms of trade weakened for a third consecutive month in July on a rise in import prices central bank data showed Monday. The country's net terms-of-trade index for goods came in at 89.19 last month down 1.9 percent from a year earlier according to the preliminary data by the Bank of Korea (BOK). From a month earlier the index slipped 0.2 percent falling for the first time since April according to South Korea's (Yonhap) News Agency. The index is calculated by dividing the index for export prices by that for import prices. The base year is 2010 with a benchmark of 100. The country logged an income terms-of-trade index of 119.87 in July improving for the second straight month. The July figure marked a 4.9 percent on-year growth. The index measures how much can be imported with the total export value. The BOK said the rise came as shipment volume increased despite a fall in the net terms-of-trade index. Earlier data by the customs office showed that South Korea's exports rose 5.4 percent on-year to US$48.3 billion in July while imports gained 5.8 percent to $45.9 billion. Exports bound for the United States and the European Union expanded 18.7 percent and 9.6 percent while those to China dropped 7.1 percent according to the data. (QNA)
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