BOK keeps rate unchanged amid US uncertainties

Bank of Korea Gov. Lee Ju-yeol said the bank will stay vigilant to stabilize financial markets amid growing uncertainties due to a domestic political scandal and Donald Trump unexpectedly winning the US presidential election.Earlier in the day, the seven members of the BOK’s monetary policy board unanimously kept its key rate unchanged at a record low of 1.25 percent for the fifth straight month for November, as was widely expected by the market. “Uncertainties over the growth path have increase

Nov. 11, 2016

Rice prices plunge to 21-yr low

Rice prices in South Korea have dropped to a 21-year low this year despite forecasts that the country's rice production would decrease due to the unfavorable weather, government officials said Friday.The price of rice was set at 32,337 won ($27.75) per 20 kilograms as of Nov. 5, down 0.2 percent from last month, according to data by Statistics Korea. When converted to per 80 kg of rice, the price was set at 129,348 won, the lowest since 1995.The country's rice production is forecast to reach som

Nov. 11, 2016

BOK holds key rate steady at 1.25% in Nov.

South Korea's central bank on Friday held its policy rate steady for November, extending its wait-and-see mode for the fifth consecutive month amid uncertainties following Donald Trump's unexpected win in the US presidential race.In a widely expected move, the monetary policy board of the Bank of Korea voted to keep the key rate at 1.25 percent. BOK Gov. Lee Ju-yeol enters the conference room of the central bank's monetary policy board in Seoul on Nov. 11, 2016. (Yonhap)In June, the central bank

Nov. 11, 2016

Korea's exports advance 19.7% in first 10 days of Nov.

South Korea's exports jumped nearly 20 percent in the first 10 days of November on the back of increased working days, the latest customs data showed Friday.The country's exports totaled US$13.9 billion from Nov. 1-10, up from $11.6 billion tallied over the same period last year, according to the Korea Customs Service.Outbound shipments of semiconductors and auto parts soared 25.9 percent on-year and 39 percent, respectively, over the 10-day period, while exports of wireless devices fell 7.9 per

Nov. 11, 2016

[Graphic News] How Trump’s win will affect Korean industries

Nov. 10, 2016

[Photo News] What's in store

Participants converse before the opening of the 28th annual General Assembly of the Korea-US Business Council held at the Seoul headquarters of the Federation of Korean Industries on Thursday. Some 70 business leaders and government officials from Korea and US came to the meeting considered the highest-level joint business consultative body. The event came one day after the election of Donald Trump as the next US president. (Yonhap)

Nov. 10, 2016

Economic chiefs seek to reassure on Trump

Top South Korean economic policymakers on Thursday strived to calm widespread jitters among key industries, emphasizing that the Korean economy could find new opportunities in US president-elect Donald Trump’s business-friendly policies.“US President-elect Donald Trump’s policy directions towards the expansion of investment in social infrastructure and the revival of manufacturing could become new opportunities for us,” Finance Minister Yoo Il-ho said in an economy-related ministers’ meeting in

Nov. 10, 2016

S. Korea's manufacturing domestic supply gains 1.1 percent in Q3

South Korea's total domestic supply of manufacturing goods both locally produced and imported gained slightly in the third quarter on a gain in imported items, government data showed Thursday.The manufacturing domestic supply index gained 1.1 percent to stand at 109.2 from a year earlier during the July-September period, according to the data compiled by Statistics Korea. That of South Korean-made goods fell 0.1 percent on-year, while imported products saw their index rise 3.7 percent over the t

Nov. 10, 2016

Retailer's sales rising after anti-corruption law

An anti-corruption law may be showing its desired extra effect of creating more time for family and home cooking if sales record at a leading retailer is any indication.October sales figures from E-mart released on Thursday showed an 11.5 percent increase for the month to 1.14 trillion won ($987.3 billion) compared to a year ago. Discount chain E-mart marked a 7.6 percent jump while the retailer's warehouse outlet Traders made a 43.7 percent leap. The online store E-mart Mall showed a 28.3 perce

Nov. 10, 2016

BOK expected to hold November policy rate steady: polls

South Korea's central bank is expected to hold its key rate steady this month on concerns of increasing household debts and a possible U.S. rate hike next month, polls showed Thursday.The Bank of Korea (BOK) is set to hold its monthly rate-review session Friday to decide whether to maintain or cut the all-time low rate of 1.25 percent.A recent poll showed 99 out of 100 bond market experts surveyed said they expect the BOK to keep its key rate unchanged in November.The upcoming decision comes ami

Nov. 10, 2016

Trump win heightens fears of protectionism

The election of Donald Trump as the next US president has plunged South Korea’s trade policymakers and exporters deep into concerns that his protectionist threats may come to reality.With job losses in the Rustbelt states making trade a key issue in the latest US presidential election, Trump has risen to prominence by promising to impose steep tariffs on imports from China and Mexico and to scrap or renegotiate free trade accords concluded under previous administrations.In particular, he has rep

Nov. 9, 2016

[Graphic News] Number of fertile women continue to decline

The number of women in the age group considered fertile has decreased by 820,000 over the past 10 years, with the trend significantly impacting overall birthrate, a report by the National Assembly Research Service showed Wednesday.The number of newborns in Korea began to drop significantly from the late 1990s and the birthrate is expected to continue dropping as women born in this timeframe reach fertile age.Fertile women refer to those aged between 15 and 49. The report said that this age group

Nov. 9, 2016

Either victor in US election to help boost Korean exports: report

The outcome of the US presidential election will inevitably have an impact on South Korea's exports to the US, but victory of either one of two leading candidates -- Hillary Clinton and Donald Trump -- may lead to a rise in South Korean shipments, just in different areas, a report said Wednesday.The report from the state-run Korea Trade-Investment Promotion Agency (KOTRA) insisted that Clinton, if elected president, may help strengthen Korea-US trade relations as she is widely expected to adhere

Nov. 9, 2016

Korea's jobless rate rises to 3.4% in Oct.

South Korea's jobless rate rose in October from a year earlier, with the unemployment for young people still remaining high on a lingering economic slump, a government report showed Wednesday.The unemployment rate in Asia's fourth-largest economy stood at 3.4 percent last month, compared with 3.1 percent tallied a year earlier, according to the report compiled by Statistics Korea.The number of employed people stood at 26.6 million in October, up 278,000 from a year earlier, staying below the 300

Nov. 9, 2016

[MONITOR] Lease prices for Seoul apartments soar

The increase rate of “jeonse” prices for apartments in Seoul was threefold higher than the consumer price growth rate of 27.2 percent over the past 10 years, according to the Seoul Metropolitan Government Tuesday.As of the end of October this year, the average price to lease an apartment in Seoul (paid in the form of a lump sum with a two-year guarantee) reached 377.7 million won ($331,046). The average monthly lease was 136 million won in down payment, followed by monthly payments of 896,000 wo

Nov. 8, 2016

[Photo News] Business coordination

Finance Minister Yoo Il-ho (second from left) talks with US Ambassador to Japan Caroline Kennedy (left), US Ambassador to China Max Baucus (third from left) and US Ambassador to South Korea Mark Lippert at the government complex in Seoul on Tuesday. The meeting was arranged to discuss business cooperation between Korea and the US in the region, the ministry said. (Ministry of Strategy and Finance)

Nov. 8, 2016

[ECONOMY AT RISK] Weak domestic demand drags down Korean economy

South Korea’s economy has been trapped in a low-growth rut in recent years as the rate of growth in the country’s gross domestic product has continued to hover around 2 percent, with the exception of 2014 when it reached 3.3 percent.Government policymakers project the growth rate to remain at 2.8 percent this year before reaching 3 percent next year. But many private economists see this projection as too rosy, forecasting that Asia’s fourth-largest economy would expand by slightly over 2 percent

Nov. 7, 2016

[MONITOR] Long-term unemployment surges

The number of unemployed South Koreans without jobs for at least six months surged by 62,000 on-year to reach 182,000 as of August, the Korea Employment Information Service said Monday.The largest share, 44 percent, were aged between 15 and 29, reflecting the widening mismatch between demands of companies and young jobseekers, the agency said.

Nov. 7, 2016