South Korea's export prices continued to drop from a month earlier in May, central bank data showed Wednesday, partly contributing to a prolonged slump in the country's exports.

In local currency terms, export prices fell 4 percent on-year last month, according to preliminary data from the Bank of Korea.

May marks the fifth consecutive month there was an on-year drop following a revised 5.2 percent decline in the previous month.

From a month earlier, export prices gained 2.4 percent.

The on-month increase, however, was largely attributed to the weakening of the local currency, which traded at an average 1,171.51 won against the U.S. dollar in May, down 2.1 percent from an average 1,147.51 won in the previous month, according to the BOK.

Export prices of industrial goods slipped 4.1 percent on-year in May as prices of petroleum and petrochemical products plunged 25.5 percent. Prices of agricultural and fisheries products spiked15.5 percent.

The cut in export prices apparently hurt the country's overall exports, which dropped 6 percent on-year in May, marking the 17th consecutive month of drop since the start of last year.

Import prices, in local currency terms, also dropped 5.1 percent on-year last month due to the won's depreciation against the U.S. greenback. (Yonhap)