SEOUL, Sept. 26 (Yonhap) - The terms of trade in South Korea improved in August, compared with the same month last year, but at a slower pace than in July, under the upward trend oil costs, the central bank said Thursday.
The net rate of exchange in the country for property - an indicator of trade terms - stood at 90.4 in August, up 1 percent from the previous year, according to the Bank of Korea (BOK, by its acronym in English).
The August figure was slightly slower than July, when the country's terms of trade peaked at 27 months of 90.9, up 1.5 percent from the previous year.
The index is calculated by dividing the export price index between the import price index. The base year is 2010 with 100 benchmark.
The BOK said import prices declined at a faster rate than export costs, making the net rate of improved terms of trade of the country for the products with respect to the previous year.
The rate of income terms of trade in South Korea, another indicator of trade terms, reached 112.8 in August, up 9.1 percent from a year earlier, according to the BOK.
The index measures how much can be imported with the total value of exports.
