S. Korea sees export prices fall at fastest pace in 9 months

Prices of South Korea's export products fell at the fastest pace in nine months as the local currency appreciated to the U.S. dollar, central bank data showed on Tuesday.

The export price index stood at 82.12 in October, down 3.5 percent from a month earlier, according to the Bank of Korea. It marked the fastest decline since January when it slumped 4.3 percent.

From a year earlier, the index tumbled 6.2 percent. The October reading was the lowest in around 29 years since December 1986 when the index was 81.38.

The fast fall in export prices came as the won/dollar exchange rate declined 3.1 percent in October from a month earlier.

The South Korean currency's appreciation to the dollar tended to force local companies to lower export product prices denominated in the dollar, contributing to the worsening of profitability among exporters.

The import price index came in at 78.42 in October, down 3 percent from a month ago. It marked the fastest fall in nine months.

From a year earlier, the import prices plunged 14.8 percent last month. Enditem