The country’s export and import prices both fell for the first time in four months in May with a drop in crude oil prices last month.

According to data from the Bank of Korea on Wednesday, the country's export price index marked 116-point-66 in May, down one-point-three percent from a month earlier.

From a year earlier, it fell eleven-point-two percent, the largest on-year drop in over 13 years since March 2010, when it slipped eleven-point-three percent.

The import price also dropped two-point-eight percent on-month to 135-point-54 in May, posting the first drop after three straight months of increases.

From a year earlier, it dropped 12 percent, the largest on-year fall in three years.

The falls in the May readings despite the won’s depreciation against the U.S. dollar are attributed to a decline in global oil prices. The prices of Dubai Crude, South Korea's benchmark, fell ten-point-two percent last month, pulling down prices of mining products by six-point-eight percent.