Korea's economic activity improving so far this year: central bank

South Korea's economic activity stayed on a recovery trend in January and February on rising exports and consumption, the central bank said Wednesday.Asia's fourth-largest economy has been on a modest recovery track since the fourth quarter of 2012, and the upward momentum is seen as being extended, the Bank of Korea said in its "BOK Golden Book" report.The BOK released the Korean version of the U.S. Federal Reserve's Beige Book for the first time in late August, which monitors economic activiti

Feb. 26, 2014

S. Korea to stabilize household debt under 3-yr innovation plan: minister

South Korea will tackle the country's vexing household debt problem as a major agenda under the recently unveiled three-year economic innovation plan, the finance minister said Wednesday.On Tuesday, the government announced a package of policy directions along with detailed measures to be carried out over the next three years aimed mostly at raising the country's growth potential.They include easing regulations, reforming public organizations and solving other problems hampering the country's ec

Feb. 26, 2014

S. Korean consumer sentiment inches down in Feb.

South Korean consumer sentiment inched down in February from the previous month as economic uncertainty lingers despite improvement in economic activity, the central bank said Wednesday.The consumer sentiment index came in at 108 for February, down from a 35-month high of 109 recorded for January, according to the Bank of Korea. The index is a gauge of consumers' overall economic outlook, living conditions and future spending.A reading above 100 means that optimists outnumber pessimists. The sur

Feb. 26, 2014

National debt surpasses 1,200 tln won: FKI

South Korea's national debt, including that of public companies, reached 1,218 trillion won ($1,135 billion) in 2012, or roughly 95 percent of the country's GDP, the country's largest federation of business groups said Tuesday.The findings released by Korea Economic Research Institute, the research arm of the Federation of Korean Industries, showed that the total debt size is 2.7 times larger than the government debt that stood at 443.1 trillion won for the one-year period.The figures also showe

Feb. 25, 2014

S. Korea's household credit hits record high in Q4

South Korea's household credit rose to a fresh high in the fourth quarter, with its growth accelerating from three months earlier on a sharp rise in mortgage lending, the central bank said Tuesday.Household credit totaled 1,021 trillion won ($954 billion) as of end-December, up 27.7 trillion won from three months earlier, according to the Bank of Korea.Household credit refers to credit purchases and loans for households that have been extended by financial institutions, including commercial lend

Feb. 25, 2014

S. Korea's e-commerce sales hit new high in 2013

South Korea's e-commerce sales grew to an all-time high last year, but the growth rate slowed from a year earlier, a government report showed Tuesday.Online sales totaled about 1,204.1 trillion won ($1.12 trillion) in 2013, up 5 percent from the 1,146.8 trillion won tallied in the previous year, according to the report by Statistics Korea.The amount is the largest ever since related data started to be compiled in 2001, but the growth rate slowed from the previous year's 14.7 percent gain.The rep

Feb. 25, 2014

Ulleungdo Island to go carbon free

Korea will soon launch a project to make Ulleungdo Island, located some 120km east of the Korean Peninsula, a carbon-free island.The Ministry of Trade, Industry and Energy unveiled the plan on Monday in its 2014 policy plan briefing to President Park Geun-hye. “This will be the nation’s second pilot project for the creation of a green and clean island, following the ongoing Gapado project,” Sung Si-nae, an official with MOTIE, said.Gapado, a small volcanic island near the southern coast of Jejud

Feb. 24, 2014

KOSPI slides ahead of U.S. announcements

South Korean stocks closed lower on Monday as investors took a wait-and-see approach ahead of the release of a series of U.S. economic data this week, analysts said.The Korean won closed lower against the greenback.The benchmark Korea Composite Stock Price Index shed 8.78 points, or 0.45 percent, to 1,949.05. Trading volume was low at 191.3 million shares worth 2.86 trillion won ($2.66 billion), with losers outpacing gainers 454 to 337.Analysts said Seoul shares closed sluggish as investors wait

Feb. 24, 2014

Korea’s trade terms fall in January: BOK

South Korea’s terms of trade posted the first on-year decline in 14 months in January as export prices fell at a faster pace than import prices, the central bank said Monday.The country’s net terms-of-trade index for goods ― a gauge of trade terms ― came in at 88.4 in January, down 0.6 percent from a year earlier, according to the Bank of Korea.It marked the first on-year decline since a 0.4 percent fall in November 2012.The figure is calculated by dividing the index for export prices by that fo

Feb. 24, 2014

Ministry announces events for Busan ITU conference

South Korea’s telecom and science ministry said Sunday that it has drawn up detailed events for a global conference on information and communication technology slated to start in the country in October.South Korea is set to host the 19th International Telecommunications Union plenipotentiary conference in Busan, the country’s largest port city, from Oct. 20 through Nov. 7.The conference, which is held every four years and comprises ITU’s 193 member states, decides on the strategic direction of t

Feb. 23, 2014

Inter-Korean trade hits 8-year low in 2013

Trade between South and North Korea fell to its lowest level in eight years in 2013 due to their strained relations, data showed Sunday.Inter-Korean trade reached US$1.15 billion last year, down a whopping 41.9 percent from the previous year's $1.98 billion, according to the data from the Korea International Trade Association (KITA).South Korean exports to the North nose-dived 41.1 percent on-year to $531.8 million, with imports from the communist country sinking 42.5 percent to $617.2 million.T

Feb. 23, 2014

Household income grows 2.1% in 2013 on improved employment

South Korean household income grew 2.1 percent on-year in 2013 thanks in part to improved labor market conditions that led to more employment, a government report showed Friday, although the slow pace of growth suggests a lingering economic slump.According to the report by Statistics Korea, the monthly income of households consisting of two members or more stood at an average of 4.16 million won ($3,875) last year, up from 4.07 million won tallied a year earlier.Inflation-adjusted household inco

Feb. 21, 2014

Watchdog looks into public firms hampering fair competition

South Korea’s corporate watchdog said Thursday it will step up its crackdown on public organizations that undermine fair competition by abusing their market power.In a policy plan for 2014 submitted to President Park Geun-hye, the Fair Trade Commission said it will look into public enterprises giving business favors and other support to their subsidiaries, a practice that could hurt smaller private-sector competitors.The FTC will also increase surveillance on any attempts by public organizations

Feb. 20, 2014

Korea bans pork imports from Poland over swine virus

South Korea placed an import ban Thursday on pork from Poland after the Eastern European country reported discovery of African swine virus.The ban, effective immediately, affects all pork products, including processed ham, from Poland, according to the Ministry of Agriculture, Food and Rural Affairs.The move is only aimed at preventing an inflow of the animal disease into the country, the ministry said, adding the disease does not affect humans.“The African swine fever only affects pigs. The imp

Feb. 20, 2014

Moody's sees China's slowdown as risk for Korean economy

South Korea's economy is not negatively affected by the U.S. Federal Reserve's tapering of quantitative easing, but its biggest risk stems from China's economic slowdown, Moody's Investors Service said Thursday."We see Korea's credit fundamentals are not adversely affected by the ongoing Fed tapering," Thomas J. Bryne, senior vice president at Moody's, told a group of reporters in Seoul.The executive at the international ratings agency said that Korea's long-running current account surplus and a

Feb. 20, 2014

S. Korea's fishery output shrinks 0.9% in 2013

South Korea's fishery output inched down last year from a year earlier as stricter fishing regulations, low water temperatures and red tide in coastal areas hampered catch, data showed Thursday.Production of fisheries amounted to 3.16 million tons last year, down 0.9 percent, or 28,000 tons, from a year earlier, according to Statistics Korea.The output is valued at 7.2 trillion won ($6.7 billion) last year, which is also down 6 percent from 2012 when Korea registered 7.69 trillion won.The agency

Feb. 20, 2014

Minister demands action plans for improving economic structure

South Korea needs detailed action plans in order to improve its economic fundamentals, the finance minister said Wednesday, adding that the next three to four years may be the “last opportunity” to determine the country’s future direction.“In order for our economy to make a leap forward again, we need to abandon the success equation of the past and make efforts to improve our economic fundamentals in an innovative manner,” Finance Minister Hyun Oh-seok told other policymakers in a meeting.“But t

Feb. 19, 2014

Experts remain upbeat on Asia’s economic growth

Despite concerns over the U.S. Federal Reserve winding down its massive bond-buying program coupled with forecasts of an economic slowdown in China, business leaders remained upbeat about the strength and resilience of Asian economies.“Asian economies have pursued sound macroeconomic policies and banks are well capitalized and financial regulations and supervision have been strengthened,” said Asian Development Bank President Takehiko Nakao during an international conference in Seoul on Tuesday.

Feb. 18, 2014

Korea’s export growth beats trade rivals in 2013

South Korea’s export volume grew at the third-fastest pace among the top 10 exporting countries in 2013, a traders’ report showed Tuesday.According to the findings by the Korea International Trade Association, the country’s export volume grew 6 percent on-year, trailing only Hong Kong and China in terms of growth. The two economies reported gains of 6.6 percent and 6.5 percent, respectively, compared to 2012.The gains greatly exceed the 2.7 percent growth average tallied for the global economy a

Feb. 18, 2014