South Korea's exports fell slightly last month from a year earlier while inflation dipped to its lowest rate for 14 years, government data showed Tuesday.

Exports in September dropped 1.5 percent year-on-year to $44.74 billion, largely as a result of the three-day Chuseok (Thanksgiving) holiday, the Ministry of Trade, Industry and Energy said.

The trade surplus actually widened to $3.71 billion, up from $3.07 a year earlier, as imports fell 3.6 percent on-year to $41.03 billion.

Consumer prices grew at their slowest pace for 14 years in September, thanks to falls in farming costs, Statistics Korea said.

The consumer price index rose 0.8 percent on-year, compared to a 1.3 percent gain in August.