Korea's export and import prices dropped last month due to the strength of the won against the U.S. dollar.

Data from the Bank of Korea shows export prices fell 0.1 percent in January from a month earlier, marking the fourth straight month of decline since last October and a more than 8 percent drop from a year earlier.

Import prices also sank last month, falling 0.8 percent from a month earlier and more than 10 percent from 2012.