The country's export and import prices fell for the third consecutive month in January.

According to the Bank of Korea on Wednesday, the export price index stood at 114-point-28 in the first month of the year, down three percent from a month earlier.

The decline slowed from a drop of six-point-one percent in December, but logged the third consecutive month of downward movement since November.

The fall was attributed to sluggish global demand for chips and the won's appreciation against the U.S. dollar.

The import price index also dropped two-point-three percent on-month in January to 134-point-95, falling for the third straight month.