South Korea's terms of trade worsened for the 24th straight month in March as export prices fell faster than import prices, central bank data showed Wednesday.

The country's net terms-of-trade index for goods fell 5.1 percent from a year earlier, according to the preliminary data from the Bank of Korea.

The index is calculated by dividing the index for export prices by that for import prices. It shows the amount of imports a country can buy for each unit of exports, with a lower figure meaning worse trade terms.

March's decline stemmed from a faster price fall in exports relative to import prices.

Export prices fell 11.3 percent on-year in March, while import prices declined 6.6 percent over the same period, the data showed. (Yonhap)