South Korea's import prices continued to extend their fall in March on weaker oil prices, but the pace of its decline slightly slowed, central bank data showed Monday.

In local currency terms, import prices dropped 17.1 percent on-year last month, slightly slowing from a revised 17.8 percent on-year fall in February, according to the preliminary data from the Bank of Korea. It marks the 31st straight month in which import prices declined.

From a month earlier, however, import prices gained 0.4 percent as the impact of a weakening won offset the fall in oil prices.

The won traded at an average of 1,112.57 against the U.S. dollar in March, down 1.3 percent from 1,098.4 in the previous month.

Export prices slumped 6.8 percent last month, also slowing from an 8.1 percent drop in the previous month. On a monthly basis, they gained 0.9 percent, rising for a second straight month. (Yonhap)