South Korea’s Import Price Index fell 1.8% month on month in October 2026 to 156.86, reversing a 1.9% increase in September, as Dubai crude prices declined 2.6% to $110.73 a barrel and the Korean won strengthened 1.6% against the U.S. dollar. Import prices still rose 13.5% from a year earlier, narrowing from September’s 17.8% increase. Export prices increased 0.7% from September, ending two months of monthly declines, while the annual increase slowed to 36.7% from 41.3%. Semiconductor prices led the export gain, with DRAM prices rising 5.5% month on month and 199.4% year on year. Strong exports of information technology products centered on semiconductors also drove South Korea’s export volume growth rate to a high. The Net Barter Terms of Trade Index rose 21.3% year on year for a 41st consecutive month, although growth slowed for a second month as oil-related import price increases outpaced export-price gains.