Majority of Korean exporters oppose revision to commercial law

More than half of exporters in South Korea are against a proposed revision to the commercial law aimed at limiting the power of large shareholders in their respective firms that often comes at the expense of smaller shareholders, a survey showed Monday.In a recent survey conducted by the Korea International Trade Association, 50.5 percent of heads of 791 local export companies said they were against the revision currently sought by opposition parties. Rep. Jeong Kap-yoon (third from R, independe

Feb. 20, 2017

Underground economy accounts for 8% of GDP in 2015

The underground economy accounted for 8 percent of South Korea's gross domestic product in 2015 amid the government's efforts to reduce the black market, a state-run think tank said Friday.The Korea Institute of Public Finance said in its latest report that the shadow economy was estimated at 124.7 trillion won ($108.8 billion) as of 2015, taking up 8 percent of the country's GDP worth 1,558.6 trillion won. (Yonhap)The rate against the GDP has been on a slight decline since 2013 when it hit 8.7

Feb. 17, 2017

Exports of key items tipped to log robust gain in Feb.

South Korean exports of chips and other key products are forecast to expand at a double-digit rate in February on increased prices and a recovery in overseas demand, sources said Friday.The sanguine outlook, which local trade associations offered at a meeting hosted by the Ministry of Trade, Industry and Energy, comes as the country's overseas shipments have been on the mend in recent months after a prolonged slump. (Yonhap)Overseas shipments of most flagship products are likely to increase in F

Feb. 17, 2017

Seoul residents move out of capital in droves as housing costs rise

Residents of Seoul moved out of the capital city last year in the largest number in 19 years, national statistics showed Thursday, apparently driven out by costly housing and lack of jobs.The yearly tally released by Statistics Korea showed 140,000 people moved out of Seoul, the highest number since 178,000 in 1997. By comparison, the southeastern port city of Busan, the country's second-largest city, lost 21,000 people while Daejeon, another major city in the central part of the country, lost 1

Feb. 16, 2017

‘S. Korea 23rd in economic freedom but weak in structural reform’

South Korea’s economic freedom rose to rank 23rd in the world this year, but its structural economic reform has not seen much progress due to continuing political instability and uncertainty, a US report said Thursday.According to the 2017 Index of Economic Freedom report by the Heritage Foundation, South Korea’s ranking went up four notches from last year, while North Korea still remained at the bottom of 180 countries.(123rf)South Korea was among the second-tier “mostly free” nations after the

Feb. 16, 2017

Govt. to build complex to increase fisheries exports

The government decided Thursday to build a fisheries exports processing complex in the country's southwest to increase exports and to aim for a larger number of overseas markets.Key points of the plan, endorsed at an economy-related ministerial meeting, include establishing a sustainable production base, promoting value-added fisheries exports and supporting seafood companies and their exports, the Ministry of Oceans and Fisheries said.   (Yonhap)The near-term goal is to increase exports to $3 b

Feb. 16, 2017

Govt. to unveil new measures to stimulate consumption

South Korea's finance minister said Thursday that the government will announce a set of stimulus policies later this month to boost domestic demand in a bid to prop up Asia's fourth-largest economy."The government will strengthen policy efforts to revive domestic demand and improve the people's livelihoods," Finance Minister Yoo Il-ho said in an economy-related ministers' meeting in Seoul. "This month, we will come up with packages to revive consumer confidence and boost household income."South

Feb. 16, 2017

Korea eyes change in pension sharing system

South Korea is pushing to overhaul a system for sharing national pensions on divorce in line with a recent ruling by the Constitutional Court, officials said Thursday.According to the National Assembly and the Ministry of Health and Welfare, Rep. Jung Choun-sook and other lawmakers have tabled a revision bill to the National Pension Act that calls for not splitting the pension with an ex-spouse for the period when the couple doesn't live together due to separation or other reasons. (Yonhap)Curre

Feb. 16, 2017

Koreans spent $429 per person on medicines in 2015

South Koreans spent an average $429 per person in 2015 to purchase medicines and medical supplies, slightly down from the previous year's $446, data showed on Thursday.According to the data compiled by the Ministry of Health and Welfare, South Koreans' average spending on medicine in 2015 was the 15th highest among the 29 member nations of the Organization for Economic Cooperation and Development. (Yonhap)The health ministry compiles the data in dollar conversion for comparison with other OECD m

Feb. 16, 2017

It's good time to review, renegotiate Korea-US FTA

After five years of implementation, it is a good time for the United States and South Korea to review their bilateral free trade agreement and improve it through renegotiation, a top adviser to US President Donald Trump said.Heritage Foundation founder Edwin Feulner, who served as a senior adviser to Trump's transition team, made the remark in an exclusive interview with Yonhap News Agency and Yonhap News Television, corroborating concern that renegotiation of the trade deal is inevitable. Edwin

Feb. 16, 2017

Korea under pressure to cut trade surplus with US

South Korea’s exports jumped 72.8 percent from a year earlier in the first 10 days of this month, the latest customs data showed, continuing an upward trend since November.The on-year growth in the country’s outbound shipments accelerated from 2.5 percent in November to 6.4 percent in December and 11.2 percent last month. (Yonhap)Attributed partly to a base effect reflecting underperformances the year before, the recent stretch of increase should be good news for trade officials here, who have b

Feb. 15, 2017

Korea's ICT exports increase for 3rd straight month in Jan.

South Korea's exports of information and communications technology products rose for the third consecutive month in January on the back of brisk overseas sales of semiconductors and displays, government data showed Wednesday.ICT exports reached $13.83 billion last month, rising by a nearly four-year high of 16.7 percent from the $11.85 billion tallied a year ago, according to the data compiled by the Ministry of Trade, Industry and Energy. (Yonhap)The outbound shipment of such products had decli

Feb. 15, 2017

Korea posts 60th straight month of trade surplus in Jan.

South Korea logged a trade surplus for 60 months in a row in January, but the amount more than halved from the previous month, customs data showed Wednesday.The country's trade surplus came to $2.81 billion last month, down sharply from a surplus of $6.76 billion tallied a month earlier, according to the data from the Korea Customs Service. (Yonhap)The steep decline came as a rise in imports outpaced that of exports last month on rising oil prices.Exports rose 11.2 percent on-year to $40.3 billi

Feb. 15, 2017

Korean lawyers face widening pay gap

Lawyers in South Korea are facing a widening gap in income due to fiercer competition and large law firms' growing dominance in the local market for legal services, government data showed Wednesday.According to the data by the National Tax Service, about a quarter of private attorneys in the country earn less than 4 million won ($3,510) per month, with the top 10 accounting for roughly 70 percent of their total sales. This combined file photo shows the logo of a lawyer's office (Yonhap)In 2015,

Feb. 15, 2017

Import prices hit highest level in 25 months

Import prices rose for the fifth consecutive month in January to reach the highest level in 25 months, putting upward pressure on consumer prices, data from the central bank showed Tuesday. (123RF)The import price index climbed 2.1 percent from the previous month to 84.91 in terms of local currency, the Bank of Korea said Tuesday. The import price index has been moving upward since September, with January’s figure marking the highest since December 2014 at 83.14. The increase was led by hikes in

Feb. 14, 2017

Korea's home transactions plunge in Jan.

South Korea's home transactions dropped more than 6 percent from a year earlier last month, government data showed Tuesday, as investors stayed cautious amid growing uncertainties at home and abroad.The number of home transactions came to 58,539 in January, down 6.1 percent from the same month in 2016, according to the Ministry of Land, Infrastructure and Transport. The tally marked a 33.9-percent plunge from the previous month. (Yonhap)Industry experts attributed the decrease to people taking a

Feb. 14, 2017

Korea to speed up upgrade of FTA with ASEAN

South Korea and Southeast Asian countries agreed to speed up negotiations to upgrade their free trade agreement, Seoul's trade ministry said Tuesday, amid rising fears over trade protectionism.Seoul has been in talks with the 10 Association of Southeast Asian Nations to improve the FTA, which took effect in 2007, with Singapore becoming the chair country of the Korea-ASEAN FTA implementation committee. South Korea's Trade Minister Joo Hyung-hwan (Yonhap file photo)Thanks to the FTA, trade betwee

Feb. 14, 2017

Nondurables outsell durables in sign of slumped consumer sentiment

Non-durable goods sold better than sturdy but more expensive durables last year, state statistics showed Tuesday, another indication of downed consumer sentiment. Sales of nondurables in 2016 increased 4.7 percent from the previous year, according to Statistics Korea, the most in nine years since 5.4 percent in 2007 at the height of the global financial crisis. Food and beverages led the rise with a 3.4-percent increase, also the highest since 6.3 percent in 2007.  (Yonhap)High demand for conven

Feb. 14, 2017

Self-employed woes weigh on economy

More South Koreans are turning to self-employment at an unsustainable clip, while the number of manufacturing jobs has been decreasing, showed recent data. According to Statistics Korea, the number of self-employed individuals in the country amounted to 5.63 million in the final quarter of last year, up 140,000 from a year earlier. It marked the largest increase in more than four years. (Yonhap)Over the cited period, the number of employees in the manufacturing sector decreased by 115,000. The m

Feb. 13, 2017

Korean economy faces heightened uncertainties

The South Korean economy has been facing heightened internal and external uncertainties on par with those in 2011, when the world was hit hard by the European fiscal crisis, a report said Sunday."Along with the local political turmoil, South Korea will likely struggle with intensified uncertainties that may surpass the 2011 level, stemming from the murky policies of the new US government and growing trade disputes," said the report by the Hyundai Research Institute. (123RF)The HRI-invented uncer

Feb. 12, 2017