---
source: Bank of Korea (reported by The Chosun Daily)
url: https://www.chosun.com/english/market-money-en/2026/03/17/SCPUXOMYEFDTRNFAJ3T47HK4JY/
document_type: html
date_retrieved: 2026-03-16
period: February 2026
parent_publication: Export-Import Price Index
indicators_covered: [Import Prices YoY, Export Prices YoY]
country: South Korea (KR)
---

# Bank of Korea Export-Import Price Index — February 2026

## 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%.**

### Oil Price Drivers

Lee Moon-hee, head of the Bank of Korea's price statistics team, stated: "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." 

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.

### Commodity Breakdown

Among imported goods, oil-related products saw significant price hikes:
- **Crude oil:** +9.8% month-on-month
- **Jet fuel:** +10.8% month-on-month
- **Coffee:** -8.0% month-on-month (declined)

---

## 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.**

### Semiconductor Surge

The surge in semiconductor prices, fueled by increased demand, drove export prices higher:
- **DRAM semiconductor prices:** +6.4% month-on-month; **+123.5% year-on-year** (highest in 14 months)
- **Export volume index:** +16.6% (excluding price factors, reflecting volume gains)
- **Computers, electronics, and optical devices exports:** +50.9% year-on-year

The AI boom has been the primary driver of semiconductor demand and pricing strength, with DRAM showing exceptional year-over-year appreciation.

---

## Key Metrics Summary

| Metric | MoM Change | YoY Change | Previous Period YoY |
|--------|-----------|-----------|-------------------|
| **Import Prices** | +1.1% | +1.2% | -0.9% |
| **Export Prices** | +2.1% | +10.7% | +7.8% |
| **DRAM Semiconductors** | +6.4% | +123.5% | N/A |

---

## Context

South Korea's price indices reflect two competing pressures in February 2026: escalating oil prices driven by U.S.-Iran geopolitical tensions, and surging semiconductor demand from the global AI buildout. The 8-month consecutive rise in import prices signals sustained inflationary pressure from energy costs, while the 14-month peak in export price growth reflects the extraordinary demand for Korean semiconductor exports, particularly DRAM memory used in AI infrastructure.

**Source:** Bank of Korea announcement, March 16–17, 2026, as reported by The Chosun Daily.