South Korea’s export prices fell for the third consecutive month and reached a 27-month low in January, mainly due to a drop in chip prices. 

According to preliminary data from the Bank of Korea(BOK) on Tuesday, the export price index came to 82-point-95 last month, down one percent from a month earlier. This reading marked the lowest export price index since October 2016 when it hit 80-point-68. 

The decrease is mostly due to a three-point-three percent drop in the prices of key South Korean exports including semiconductors and electronic parts and devices.

The import price index inched up one tenth of a percent on-month to 84-point-98 on rising crude oil prices.