Korea’s trade deficit in kimchi widens in 2013

South Korea’s exports of kimchi decreased in 2013 from a year earlier due to the falling demand from Japan amid the weak yen, data showed Sunday, enlarging the trade deficit of the country’s staple side dish.According to the data by the World Institute of Kimchi, the country’s exports of kimchi decreased 16.3 percent to $89.2 million won on-year in 2013, while its imports climbed 5.9 percent to $117.4 million won.The gap has left South Korea with a trading deficit of $28.1 million in 2013, soari

Feb. 2, 2014

ETFs take up 20 percent of KOSPI trading volume

South Korea’s exchange-traded funds (ETFs) took up nearly 20 percent of the main bourse’s trading volume in 2013, data showed Sunday, apparently as investors sought after safer investment destinations.The average daily trading volume of ETFs came to 792.5 billion won ($739 million) last year, accounting for 19.3 percent of the 3.9 trillion won by the main bourse, according to the data compiled by the Korea Exchange (KRX).An ETF refers to an investment fund traded on stock exchanges and represent

Feb. 2, 2014

Students' overseas spending slides as their numbers drop

Spending by South Koreans studying abroad fell to its lowest mark in eight years in 2013, narrowing the persistent education deficit in a country where students often head abroad starting in elementary school, according to government statistics Sunday.South Korean students, including those enrolled at academic institutions and on short-term language training and exchange programs, spent $3.9 billion overseas last year, 6 percent less than the previous year, the statistics from the Bank of Korea

Feb. 2, 2014

Trade between N. Korea, China hits record $6.45 bln in 2013

Trade volume between North Korea and its major trading partner China reached a record US$6.45 billion last year, up 10.4 percent from a year earlier, data showed Saturday.North Korean exports to China jumped 17.2 percent on-year, while imports from China increased 5.4 percent, according to the data from the Korea International Trade Association.Pyongyang's trade deficit recorded $721 million, a 25 percent decrease compared with the previous year, the data showed.North Korea's major export items

Feb. 1, 2014

S. Korea's exports, imports inch down in Jan.

South Korea's exports slipped slightly from a year earlier last month, but its trade surplus grew as imports dropped at a faster rate, the government said Saturday.The country's outbound shipments edged down 0.2 percent on-year to US$45.58 billion in January, with imports dropping 0.9 percent to $44.85 billion, according to the Ministry of Trade, Industry and Energy.The country posted a trade surplus of $735 million last month, keeping its trade account in the black for 24 straight months. The f

Feb. 1, 2014

U.S. stimulus cut to have little impact on S. Korea: gov't

SEOUL/SEJONG (Yonhap) – The move by the U.S. Federal Reserve to further reduce its monthly bond purchases by $10 billion will have little impact on South Korea's economy, the government said Thursday.An official at the finance ministry said the extent of stimulus cut announced overnight by the Federal Open Market Committee's (FOMC) had been anticipated for some time, and judging by present circumstances, it should not pose new challenges for the economy.Seoul expects Asia's fourth largest econom

Jan. 30, 2014

Seoul shares end higher on auto, telecom gains

South Korean stocks closed 0.34 percent higher Tuesday as automakers and telecommunications shares gained ground, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index advanced 6.59 points to 1,916.93. Trading volume was moderate at 267.3 million shares worth 4.13 trillion won ($3.82 billion) with gainers outpacing losers 436 to 363.“Weariness against emerging markets has risen. Korea is showing some differentiation from other markets, but

Jan. 28, 2014

Foreign direct investment in S. Korea drops in 2013

New pledges for foreign direct investment in South Korea dropped in 2013 from a year earlier, affected by a significant pullback by Japan, the Ministry of Trade, Industry and Energy said Tuesday.New FDI pledges plunged 10.7 percent on-year to $14.55 billion last year, according to the ministry. The figure still marked a 9.9 percent gain from a five-year average of $13.24 billion.The ministry attributed the drop to a cut in FDI pledges from Japan, down 40.8 percent on-year to $2.69 billion."Inves

Jan. 28, 2014

SK hynix net soars in Q4

 SK hynix Inc., the world's No. 2 memory chip maker, said Tuesday its net profit surged 382.1 percent in the fourth quarter from a year earlier on the back of improved sales in major product lineups.   Net profit came to 789.1 billion won ($729 million) in the October-December period, soaring from 163.6 billion won posted the previous year, SK hynix said in a regulatory filing.   Revenue gained 23.9 percent on-year to 3.36 trillion won in the fourth quarter, and operating profit also jumped to 7

Jan. 28, 2014

Korea eyes 30-% cut in greenhouse gas emissions in 2020

The government plans to reduce the country's greenhouse gas emissions by 30 percent from business-as-usual (BAU) levels in 2020 to help stem global warning, the environment ministry said Tuesday.   The plan, approved by the Cabinet in the morning, calls for a reduction of 233 million carbon dioxide (CO2) equivalent tons in 2020, according to the ministry. The figure represents a 30 percent reduction from the 2020 BAU level of 776 million tCO2e.   The new road map maintains the 30 percent reducti

Jan. 28, 2014

Korean firms’ sentiment to remain low

South Korea’s major companies forecast their business conditions to remain gloomy in February due to a drop in profitability and persistent economic uncertainties, a poll showed Monday.The business survey index came to 88.7 for next month, down from 93.4 for January, according to the poll of the top 600 companies by sales conducted by the Federation of Korean Industries.A BSI reading below the benchmark 100 means pessimists outnumber optimists.The index has been below 100 for the fourth straight

Jan. 27, 2014

Won falls to four-month low on emerging-market selloff

South Korea’s won dropped to a four-month low as signs of slowing growth in China and a plunge in emerging-market assets stoked concern global funds may pull money out of the region.The Bloomberg-JPMorgan Asia Dollar Index, which tracks the region’s 10 most-active currencies excluding the yen, fell for the third day and the KOSPI share gauge slid to the lowest level since August. Overseas investors sold $409 million more South Korean equities than they bought this month, exchange data show. Sout

Jan. 27, 2014

International air passenger traffic hits new high

Airline passengers coming to and from South Korea rose to a new annual high in 2013, with the number of domestic air passengers also marking significant growth, the government said Monday.International passenger traffic to and from the country came to 50.99 million last year, up 6.9 percent from 47.7 million in 2012, according to the Ministry of Land, Infrastructure and Transport.The country’s overall air passenger traffic rose 7.27 percent on-year to 74.34 million, as the number of domestic air

Jan. 27, 2014

Moody's cuts Sony's credit rating to junk

  Moody's cut its credit rating on Sony to junk on Monday, saying the Japanese electronics giant had more work to do in repairing its battered balance sheet.   The international ratings agency lowered its view of the company to Ba1 from Baa3, meaning its debt is now seen as below investment grade. (AFP) 

Jan. 27, 2014

S. Korea, India to hold talks on upgrading free trade pact in March

South Korea and India will hold trade ministerial talks in March to expand the level of their market liberalization under a bilateral free trade agreement already in effect, South Korea's trade minister said Monday.The talks will be a follow-up to a verbal agreement between South Korean President Park Geun-hye and her Indian Prime Minister Manmohan Singh during Park's trip to India last week. South Korea has repeatedly asked for an upgrade to the bilateral trade pact, known as the comprehensive

Jan. 27, 2014

S. Korean firms' biz sentiment remains gloomy next month

South Korea's major companies forecast their business conditions to remain gloomy in February due to a drop in profitability and persistent economic uncertainties, a poll showed Monday.The business survey index came to 88.7 for next month, down from 93.4 for January, according to the poll of the top 600 companies by sales conducted by the Federation of Korean Industries.A BSI reading below the benchmark 100 means pessimists outnumber optimists.The index has been below 100 for the fourth straight

Jan. 27, 2014

S. Korea's seaport cargo inches up in 2013

Cargo processed at South Korea's seaports grew slightly in 2013 from a year earlier on a rise in import-export cargo, the government said Monday.The amount of cargo handled at the country's seaports reached about 1.35 billion tons last year, up 0.8 percent from the previous year, according to the Ministry of Oceans and Fisheries.Import-export cargo edged up 0.9 percent on-year to some 1.12 billion tons while domestic cargo gained 0.3 percent to about 230 million tons.In 2013, the country's overa

Jan. 27, 2014

Weak yen hurting Korean exports to Japan: poll

The weak Japanese yen is clearly hurting South Korean exports to the island nation, a poll conducted by the country’s international trade organization showed Sunday.According to the survey on companies that ship goods to Japan, 95 percent claimed the unfavorable exchange rate is directly affecting their business operations, resulting in lower profits and a reduced market share, the Korea International Trade Association (KITA) said.Of the 301 companies that responded to the poll, 48.8 percent sai

Jan. 26, 2014

Weak yen hurting S. Korean exports to Japan: poll

The weak Japanese yen is clearly hurting South Korean exports to the island nation, a poll conducted by the country's international trade organization showed Sunday.According to the survey on companies that ship goods to Japan, 95 percent claimed the unfavorable exchange rate is directly affecting their business operations, resulting in lower profits and a reduced market share, the Korea International Trade Association said.Of the 301 companies that responded to the poll, 48.8 percent said they

Jan. 26, 2014