Korea's export prices dip for 3rd month in Nov.

South Korea's export prices fell from a month earlier for a third consecutive month in November, partly due to the strengthening of the local currency against the US dollar, central bank data showed Friday.

The export price index, in terms of Korean won, came to 97.11 in the month, down 1.8 percent from the revised 98.87 the month before, according to preliminary data from the Bank of Korea.

From the same month last year, the index dropped 6.2 percent, marking a sixth consecutive month of on-year decline.

The drop was partly attributed to the appreciation of the Korean won, which traded at an average 1,167.45 won per dollar last month, up from 1,184.13 won per dollar in October, according to the BOK.

In terms of foreign currencies, the export price index slipped only 0.5 percent on-month in November.

Still, the drop in export prices is adding to a steady decline in the country's overall exports, at least in terms of value, amid an apparent drop in exports by volume.

South Korea's exports have dropped for 12 consecutive months since December 2018, plunging 14.3 percent on-year to $51.4 billion in November.

Export prices of farmed products dipped 1.4 percent from a month earlier in November while those of industrial goods fell 1.8 percent on-month.

The import price index, in terms of the local currency, slipped 1.0 percent from the month before to 107.1 last month, also marking a third consecutive month of downward movement. From a year earlier, the import price index dropped 2.1 percent. (Yonhap)