Export Price Index in South Korea

South Korea's Export Price Index in won terms measures the change in the prices of the goods the country exports, expressed in Korean won. Published by the Bank of Korea (BoK), it is a reference for external competitiveness and export margins.

It is a Laspeyres-type index with a 2020=100 base compiled by the Bank of Korea from the export prices of a wide sample of products. The headline figure is the year-on-year change (%); it is also released on a contract-currency basis in addition to the won basis.

It reflects the external competitiveness of an export-dependent economy (semiconductors, autos, chemicals) and the effect of the exchange rate on export revenues. Together with import prices, it helps anticipate pressure on producer prices and the trade balance.

In won terms the index blends the price effect with the exchange-rate effect, so it can over-react to moves in the won and may not reflect genuine changes in export prices. To isolate the price effect, the contract-currency version should be consulted.