经季节调整，10月韩国本币进口价格环比下降1.2%，逆转9月0.7%的涨幅。除能源外各品类普遍下跌，进口能源价格环比上涨1.3%，为连续第三个月上行；剔除能源后进口价格环比下降3.4%，连续第四个月回落。短期跟踪指标显示外部价格压力方向不一但偏向下行，因贸易加权韩元小幅贬值且11月初迪拜原油价格走低。出口价格本币计价环比微降0.2%，与合同货币及美元计价的持续上涨形成反差。半导体出口价格环比上涨3.0%，季度初科技合同重定价的影响可能超过汇率效应；非IT非石油出口价格环比下降1.4%，延续四个月跌势。三个月动能看，出口价格转负并与进口价格同步，拉大与合同货币计价通胀的差距。合同货币计价下，10月出口价格环比上涨2.4%，进口价格下降0.8%。贸易条件环比下降1.7%，但合同定价与海关清关存在时滞，11月或回升，与11月高频海关数据反映的四季度强劲外部动能吻合。
Seasonally adjusted by J.P. Morgan, October's import prices in local currency terms fell 1.2% m/m sa, reversing the September 0.7% gain. The monthly decline was broad-based, except for energy. The imported energy prices rose 1.3% m/m sa for a third consecutive month, alongside higher raw material prices. Excluding the item, non-energy import prices fell 3.4% m/m sa, marking a fourth straight month of decline. In the near term, our tracker points to mixed, yet tilted to downside, external pressures on import prices, given the modest depreciation in trade-weighted KRW and lower Dubai crude oil prices as of early November. Export prices in local currency terms edged down 0.2% m/m sa, in contrast to continued gains on a contractual and dollar basis. By major sector, semiconductor export prices rose 3.0% m/m sa, with early-quarter tech price contract renewals likely outpacing the currency effect. Other export prices declined; as a result, non-IT non-oil export prices extended their four-mon