Import Prices Climb Eighth Month on Oil Surge

Export Prices Jump 2.1% as Semiconductor Demand Booms; DRAM Soars 6.4%

Date Released: March 16, 2026 (21:00 UTC)

Author: Shinyoung Kim, The Chosun Daily

Import Price Index - February 2026

Although the exchange rate stabilized somewhat last month, the Bank of Korea announced on the 17th that import prices rose by 1.1% from the previous month due to rising oil prices. This marked the eighth consecutive monthly increase, the longest streak since the 11-month rise from August 2007 to July 2008. The increase exceeded the previous month's 0.7%, reaching the highest level in three months since November of last year when the exchange rate surged. Compared to the same month of the previous year, import prices rose by 1.2%.

Lee Moon-hee, head of the Bank of Korea's price statistics team, said, "February's import prices did not reflect the Middle East war triggered by the U.S. airstrike on Iran on the 28th of last month or the subsequent surge in oil prices and exchange rates, so this month's import prices are likely to rise further." However, international oil prices had already climbed by 10.4% from the previous month last month as tensions between the U.S. and Iran escalated even before the war, driving up import prices. Import prices based on contract currencies, including the dollar, rose by 1.5% from the previous month. Among imported goods, oil-related products saw significant price hikes, with crude oil prices rising by 9.8% and jet fuel by 10.8% from the previous month. Coffee prices, however, fell by 8.0% from the previous month.

Export Price Index - February 2026

Export prices surged by 2.1% from the previous month and 10.7% compared to the same month of the previous year, driven by a sharp rise in semiconductor prices—a key export item for South Korea—amid the U.S.-led artificial intelligence (AI) boom. Although the average won-to-dollar exchange rate slightly decreased from 1,456.51 won in January to 1,449.32 won in February, export prices for computers, electronics, and optical devices rose significantly, lifting overall export prices. The monthly increase marked the highest in three months since November of last year, while the year-on-year rise was the highest in 14 months since December 2024.

The surge in semiconductor prices, fueled by increased demand, drove export prices higher, with DRAM semiconductor prices jumping by 6.4% from the previous month and 123.5% compared to the same month of the previous year. The export volume index, calculated based solely on volume changes excluding price factors, rose by 16.6% as exports of computers, electronics, and optical devices, including semiconductors, surged by 50.9% compared to the same month of the previous year.