South Korea's export prices fell more than two percent in October from a month earlier to post the largest drop in nearly two years. 

According to data from the Bank of Korea(BOK) on Thursday, the country's export price index, in terms of the local currency, dropped two-point-six percent last month from September. 

The reading marks the third consecutive month of on-month drops since August and the largest decline since December 2018, when it slipped by two-point-eight percent. 

From a year earlier, the index fell six-point-four percent, marking the 17th straight month of on-year drop.  

A BOK official attributed the sharp drop in October to the appreciation of the local currency against the U.S. dollar and falling oil prices.

The import price index also fell two-point-six percent on-month in October due to falling oil prices, declining for the fourth straight month.