S. Korea's exports surge to new monthly high in Oct.

South Korea's exports surged to a new monthly high last month on growing shipments to the United States and Europe, posting a trade surplus for the 21st consecutive month, the government said Friday.The country's total outbound shipments came to $50.5 billion last month, up 7.3 percent from the same month last year, according to the Ministry of Trade, Industry and Energy.The previous monthly record was at $48.95 billion posted in July 2011. It also marks the first time the country's monthly expo

Nov. 1, 2013

S. Korea's consumer price growth hits 14-year low in Oct.

South Korea's consumer prices grew at the slowest pace in 14 years in October, affected by falls in costs of farming products, a government report showed Friday.The country's consumer price index rose 0.7 percent on-year in October, decelerating from a 0.8 percent on-year gain tallied in the previous month, according to the report by Statistics Korea.The October figure marked the slowest consumer price growth since July 1999 when it increased 0.3 percent. It was also the second straight month th

Nov. 1, 2013

BOK warns against possible volatility of foreign stock fund flows

South Korea's central bank on Thursday warned against a possible expansion of volatility in foreign stock fund flows as uncertainty over external economic conditions persists.Foreign capital has been flowing into South Korea as Asia's fourth-largest economy has been largely unfazed by financial market jitters in some emerging nations due to its relatively strong economic fundamentals. Foreigners extended their net buying binge for a record 44th straight session on Wednesday.The Bank of Korea (BO

Oct. 31, 2013

Korean manufacturers' confidence hits 17-month high for Nov.

South Korean manufacturers' business sentiment for November rose to the highest level in 17 months as the local economy is on the recovery track, the central bank said Wednesday.The index that gauges manufacturers' outlook on business conditions reached 83 for November, up from 82 recorded for October, according to a monthly survey from the Bank of Korea (BOK). The index measures manufacturers' expectations for the coming month.The November data marked the highest level since 85 tallied for June

Oct. 30, 2013

S. Korea ranks 7th in biz environment: World Bank

South Korea ranked seventh in terms of business environment this year thanks to its efforts to streamline regulations for business operation, the finance ministry said Tuesday.The ranking by the World Bank was one notch higher than the previous year and marked the third consecutive year that South Korea has been included in the global top 10 list, according to the ministry.The World Bank analyzed 189 countries' business environments by breaking them down into 10 broad categories involving the so

Oct. 29, 2013

Korea posts current account surplus for 20th straight month

Korea continued to record a current account surplus for the 20th consecutive month, thanks to improved balances in goods and services in September, the Bank of Korea reported Tuesday.However, it remains uncertain how long Asia’s fourth-largest economy will maintain its record led by brisk exports as the value of local currency is projected to rise to a level that appropriately reflects Korea’s economic fundamentals, analysts said.Korean exports, which account for about 60 percent of the country’

Oct. 29, 2013

Entrepreneurship key to creative economy: Park

Deregulation is the key to fostering entrepreneurship, an essential prerequisite for pursuing a “creative economy,” President Park Geun-hye said on Monday.“Entrepreneurship is a critical factor in economic prosperity and public happiness,” the president said in a speech read by Trade, Industry and Energy Minister Yoon Sang-jick at the opening of the 2013 Entrepreneur Week at the Korea Chamber of Commerce and Industry. She added that the government would do its best to eliminate unnecessary regul

Oct. 28, 2013

Korea, China agree to joint crackdown on illegal fishing

South Korea and China have agreed to jointly crack down on illegal fishing in waters shared by the two countries, the South Korean government said Monday, a move partly aimed at illegal fishing in South Korean waters.The agreement came at a four-day meeting held last week in China, in which the sides also agreed to freeze their fishing quota in each other’s exclusive waters at 60,000 tons, according to the Ministry of Oceans and Fisheries.Under the latest agreement, the number of boats allowed t

Oct. 28, 2013

Outdoor products top sellers at department stores

Shinsegae Department Store, South Korea’s second-largest department store chain, said Monday that outdoor products have emerged as the most profitable items in its local stores, beating luxury goods. Its clients who bought outdoor products tended to also purchase other items like food so that the sales of outdoor products pushed up its overall sales, Shinsegae said.The result stemmed from an analysis on its clients’ purchasing tendencies on outdoor products, food, cosmetics and imported luxury g

Oct. 28, 2013

Sales at department stores grow in Sept.

Sales at South Korea's major discount outlet chains dropped from a year earlier last month while sales at department stores continued to grow, the government said Monday.Combined sales of the three major discount outlet chains here dropped 5.3 percent on-year in September, posting a on-year drop for the third consecutive month since July, according to the Ministry of Trade, Industry and Energy.The ministry attributed the drop partly to a radiation scare sparked by the nuclear accident at Japan's

Oct. 28, 2013

S. Korea's consumer sentiment hits 17-month high in Oct.

South Korean consumer sentiment rose to the highest level in 17 months in October, aided by optimism that the local economy is showing signs of improvement, the central bank said Monday.The consumer sentiment index (CSI) came in at 106 for October, up from 102 tallied in the previous month, according to the Bank of Korea (BOK). The index is a gauge of consumers' overall economic outlook, living conditions and future spending.The October data marked the highest level since an identical 106 posted

Oct. 28, 2013