Korea tries to extend upbeat mode of exports

South Korea’s exports surged 37.8 percent in the first 10 days of this month from a year earlier, according to the latest customs data released Wednesday.The country’s exports totaled $11.64 billion during the cited period, up from $8.46 billion recorded in the same period last year, mainly on the back of a sharp increase in outbound shipments of semiconductors and petroleum products.The data from the Korea Customs Service showed imports also soared 38.6 percent on-year to $12.3 billion over the

Jan. 11, 2017

Applications for public rental housing begin despite backlash

Applications for public rental housing were set to kick off Thursday, with 5,293 households nationwide to be provided the opportunity.Dubbed the “Happy House” plan, the move was one of the key pledges from disgraced President Park Geun-hye, who is currently facing an impeachment trial that could permanently remove her from office.The plan is aimed to help the young and newlyweds acquire housing in areas with high residential demands due to proximity to workplaces and educational infrastructure t

Jan. 11, 2017

Korea approves 800,000 tons of emissions reductions

South Korea will inject a fresh 15 billion won ($12.5 million) worth of greenhouse gas emissions rights in the trading market this year as part of its efforts to encourage businesses to join the carbon trading system, the finance ministry here said Wednesday.A government panel chaired by Vice Finance Minister Choi Sang-mok approved some 800,000 tons of greenhouse gas emissions reductions achieved by non-mandatory businesses, according to the finance ministry.The amount is valued at 15 billion wo

Jan. 11, 2017

Sentiment of self-employed on economy worsens in Dec.

Sentiment of self-employed people on spending and income is lower than that of salaried employees, the central bank data showed Wednesday, in the latest sign that the self-employed are bearing the brunt of an economic slowdown.The composite consumer sentiment index on spending came to 103 in December, down from 106 a month earlier, according to the Bank of Korea data.Self-employed individuals' sentiment index on spending stood at 94 in December, down from 102 in September. In comparison, salarie

Jan. 11, 2017

Burberry Korea's price markdown seen as too small, too late

The local office of Britain's luxury brand Burberry recently marked down the price of some of its products to reflect the fallen value of the British pound, but only by a small margin compared with the currency's depreciation, fashion industry officials said Wednesday.Burberry Korea dropped the local price by an average 9 percent as the pound fell after Britain's decision to leave the European Union in June last year. Industry officials say the markdown, however, falls far short of the 17 percen

Jan. 11, 2017

Businesses to selectively follow govt. decision on extended holiday

Business groups indicated Wednesday they will follow if the government decides to extend the holiday period in early May, meant to induce local consumption, but on a selective basis at certain affiliates who need to meet production deadlines.The first week of May this year has three holidays that fall on Monday, Wednesday and Friday. Officials said the government may make Tuesday and Thursday temporary holidays to extend the days off to nine by connecting them with weekends.Large manufacturing c

Jan. 11, 2017

Even wealthy families tighten purse strings amid economic slump

South Koreans, both poor and rich, are tightening their belts with no economic recovery in sight and the prices of goods ascending, data showed Wednesday.The spending-to-income ratio of local households hit a record low despite stagnant wage levels. A scene at Lotte Department Store in Seoul in a file photo. (Yonhap)Department stores and duty-free shops, two routine shopping spots for the wealthy, are not immune to the frosty consumer sentiment.According to the Statistics Korea, the average mont

Jan. 11, 2017

Korea's exports soar 38% in first 10 days of Jan.

South Korea's exports soared 37.8 percent in the first 10 days of this month from a year earlier to continue the recent upbeat mode, the latest customs data showed Wednesday.The country's exports totaled $11.64 billion during the cited period, up from $8.46 billion tallied over the same period last year, according to the Korea Customs Service.Outbound shipments of semiconductors surged 40.3 percent on-year and those of petroleum products skyrocketed 121.4 percent over the cited period, while exp

Jan. 11, 2017

Pyongyang suffers $200 mln in foreign currency loss on sanctions

North Korea is presumed to have suffered some $200 million in foreign currency loss for nine months after the U.N. Security Council slapped tough sanctions in early March of last year, a report showed Wednesday.The sanctions dented North Korea's foreign currency earnings as it hurt Pyongyang's exports to China and hard currency earnings sent by overseas workers in the March-November period of last year, according to the report by the state-run Institute for National Security Strategy.The estimat

Jan. 11, 2017

Toys, child-related products start rising in price

The prices of child-related goods and services is rising markedly, especially for toys, a state tally showed Wednesday.According to Statistics Korea, the average price of toys rose 4.47 percent last year from the year before, the largest increase in seven years. The figure is all the more noteworthy because toys had not been affected by an inflation trend. From 2011 to 2013, the price of toys actually fell by about 1 percent. In 2014, however, the price rose 0.96 percent, and in 2015, it increas

Jan. 11, 2017

Dec. export prices up 2.9% on weaker won

South Korea's export prices rose 2.9 percent in December from a month earlier due to a weaker local currency and robust overseas demand for electronics products, central bank data showed Wednesday.The won fell 1.8 percent against the dollar on average last month compared to a month earlier. In local currency terms, export prices jumped 6.3 percent last month from a year earlier, according to preliminary data from the Bank of Korea.Export prices of industrial goods gained 6.3 percent year-on-year

Jan. 11, 2017

KOICA to expand collaboration with private sector to boost ODA financing

South Korea's official development assistance operator KOICA said Tuesday that it will strengthen partnership with the private sector to boost financing for its development aid programs for emerging countries."The international community is putting emphasis on partnership with the private sector as a means of procuring financial sources for the development (of needy countries)," said Kim In-sik, president of the Korea International Cooperation Agency, better known as KOICA.Despite decades of pas

Jan. 10, 2017

Rising consumer prices fuel concern about stagflation

Prices of fresh groceries and other daily necessities have jumped in recent months despite the prolonged economic slowdown, sparking concerns over whether South Korea could face stagflation.South Korea's consumer price index increased 1.3 percent in December from a year earlier. Sizzling heat and a typhoon that hit South Korea last year attributed to the rising costs of agricultural products.The nationwide average retail price of cabbage came to 5,578 won ($4) as of Friday, compared with 2,630 w

Jan. 10, 2017

Korea to spend W937.2b won in 2017 for Winter Olympic preparations

South Korea plans to spend 937.2 billion won ($779.7 million) this year in support for the 2018 PyeongChang Winter Olympic and Paralympic Games preparations, the sports ministry said Tuesday. The Ministry of Culture, Sports and Tourism said its 2017 budget for the Olympic preparations is down 49.4 percent from 2016, due largely to a decrease in costs of facility construction that has entered the final stretch. The ministry said 731.1 billion won has been earmarked for construction, a 55.1 percen

Jan. 10, 2017

Korea on verge of losing momentum

The South Korean economy is feared to lose its recovery momentum as rising uncertainties at home and abroad created a strong drag on domestic demand, a government report said Tuesday."Despite a rebound in exports, the recovery momentum will likely weaken due to faltering private consumption amid continuing external and internal uncertainties," the finance ministry said in its monthly economy assessment report called the "Green Book."The report is based on the latest economic indicators of such k

Jan. 10, 2017

Tax revenue sharply up despite economic slump

South Korea's national tax revenue increased sharply in the first 11 months of last year despite the protracted economic slowdown, government data showed Tuesday.The government collected a total of 230.5 trillion won ($192 billion) in taxes through November in 2016, up 24.5 trillion won from a year earlier, according to the Ministry of Strategy and Finance.Especially, corporate tax income climbed 7.3 trillion won on-year to 51 trillion won during the January-November period, while income tax ros

Jan. 10, 2017

Gasoline, diesel prices start to rise in step with international prices

Prices of car fuel rose in December for the first time in 41 months, pushed by the rise in international prices, statistics showed Tuesday.The price of gasoline rose 1.4 percent on-year last month, and that of diesel 2.8 percent. It marks the first such increase for both since July 2013, according to Statistics Korea.Gasoline was selling for 1,491 won ($1.23) per liter on average in the first week of January, up more than 80 won from1,408 won during the second week of September. Diesel went for

Jan. 10, 2017

Debate brews in Korea on universal basic income

Debate is brewing here on whether South Korea should introduce a universal basic income for its citizens.The world’s first national trial of the idea, which began in Finland on Jan. 1, has boosted the discussion, which is expected to heat up in the lead-up to the presidential election this year to choose a successor to impeached President Park Geun-hye.Some liberal-minded potential presidential candidates have shown support for the basic income scheme. Seongnam Mayor Lee Jae-myung, whose approva

Jan. 9, 2017

[Herald Interview] Lippert downplays Trump concerns on FTA

With the inauguration of US President-elect Donald Trump set for Jan. 20, economic tensions are high in South Korea, as the new administration might make revisions to the current Korea-US Free Trade Agreement. 　During his election campaign, Trump publically criticized the agreement, referring to it as “catastrophic” and “unfair” to the US, and claiming it took away jobs from Americans.　However, US Ambassador to South Korea Mark Lippert said he remains positive about the future prospects of econo

Jan. 9, 2017

Acting president reiterates vow to create jobs, enhance welfare

Acting President and Prime Minister Hwang Kyo-ahn on Monday reiterated the government's commitment to create new jobs and enhance the welfare system this year, as he seeks to stabilize the livelihoods of average citizens amid a prolonged economic slowdown.During the New Year's policy briefing on social and welfare issues, Hwang called for greater policy attention to a set of economic and demographic challenges such as the high youth unemployment rate and the low fertility problem. Acting Preside

Jan. 9, 2017