The country's import and export prices both fell in November due to a drop in crude oil prices and the won's depreciation against the U.S. dollar last month.

According to data from the Bank of Korea on Thursday, the country's import price index marked 148-point-07 in November, down five-point-three percent from a month earlier.

While the reading marked the first on-month fall in three months, it was a 14-point-two percent gain from a year earlier.

The fall is attributed to a decline in global oil prices and the depreciation of the won. The price of Dubai Crude, South Korea's benchmark, fell five-point-four percent on-month in November and the local currency weakened four-point-four percent against the dollar. 

The export price index also dropped five-point-two percent on-month to 125-point-82 in November, the first drop in three months. 

It also marks the largest on-month decline since April 2009, when the reading slipped six-point-one percent. 

However, compared to a year earlier, it rose eight-point-six percent.