This study estimates and analyzes the characteristics of markup adjustment coefficients for Korea's representative export products around the period of the foreign exchange crisis. Markup adjustments exhibit more distinct characteristics by product category than by importing country. However, markup adjustments were primarily observed only in certain product categories, suggesting that the effect of the Korean won's depreciation on export prices varied across product categories. In particular, the presence or absence of markup adjustment was found to be related to the degree of export market diversification, which empirically demonstrates that export market diversification is a variable related to export price adjustment policies in response to exchange rate fluctuations.