A recent report by the Korea Institute of Finance showed that South Korea‘s share in the fast growing export markets remained stagnant while that of China rapidly expanded.South Korea held 3.3 percent of the entire global market share as of 2014 and 3.9 percent for markets that are rapidly growing since 2009. The report analyzed the countries’ market shares for 200 export items that showed the highest growth rate out of the top 1,000 products traded worldwide.

Dec. 5, 2016

The South Korean economy has lacked clear leadership for over a month since the scandal-ridden President Park Geun-hye named the top financial regulator as the new finance minister in early November.As the embattled Park faces an impeachment vote from the National Assembly this Friday, it is all the more unclear whether incumbent Finance Minister Yoo Il-ho will continue to lead the ministry or Financial Services Commission Chairman Yim Jong-yong will be able to replace Yoo.The latest setback fro

Dec. 5, 2016

The disposable monthly income of the lowest-income brackets fell 16 percent in the third quarter from a year earlier due to reduced earnings, official data showed Monday.The disposable monthly income of the lowest 10 percent income group came to 717,000 won ($610) in the July-September period, according to data compiled by Statistics Korea.It marked the biggest decline since 2003 when the statistics office began compiling relevant data.The disposable monthly income of the lowest 10 percent incom

Dec. 5, 2016

South Korea will reduce its rice paddies some 4.5 percent in 2017 from this year as part of an ongoing effort to deal with a chronic supply glut of the staple crop, the farm ministry here said Monday.The Ministry of Agriculture, Food and Rural Affairs said it has set the target of nationwide rice cultivation area at 744,000 hectares next year, down 35,000 from this year's 779,000.The ministry said it will help farmers convert their rice paddies into fields growing other crops.The decision came a

Dec. 5, 2016

South Korea’s National Assembly on Saturday passed the 2017 budget at 400.5 trillion won ($341.4 billion) with an increase in spending on infrastructure and a cut in welfare expenditure. The budget is 200 billion won smaller than the government’s plan, but is the first to surpass 400 trillion won. The Assembly passed the national spending plan in a 221-30 vote with 30 abstentions, after the government and lawmakers resolved their differences on the controversial free child care program.The total

Dec. 4, 2016

The South Korean economy has experienced a drop in its growth in six previous presidential election years due to rising political uncertainties, a report said Sunday.The country's economic growth fell an average 0.5 percent point from a year earlier in each election year from 1987 to 2012, according to the report released by Hyundai Research Institute (HRI).Private consumption and facility investment also declined 0.6 percentage point on-year and 4 percentage points on average, respectively, in

Dec. 4, 2016

The state-run National Pension Fund (NPF), South Korea's largest institutional investor, holds at least a 5 percent stake of nearly 70 percent of the listed affiliates of the country's top 10 business groups, giving the firm voting power, financial data showed Sunday.Out of the 89 affiliate companies of the 10 conglomerates, including Samsung Group and Hyundai Motor Group, NPS holds a 5 percent or more stake in 62 firms, according to the data compiled by the Financial Supervisory Service.The NPS

Dec. 4, 2016

South Korea's ratio of public contributions including taxes and pension premiums to the gross domestic product (GDP) surpassed 25 percent for the first time last year on a steady rise in welfare costs, an international report showed Sunday.The so-called national burden ratio reached 25.3 percent as of end-2015, up 0.7 percentage point from the previous year's 24.6 percent, according to the Revenue Statistics 2016 report by the Organization for Economic Cooperation and Development (OECD).National

Dec. 4, 2016

The South Korean economy grew less than 1 percent for the past three consecutive quarters, raising the possibility of the government failing to reach its annual growth target. According to the Bank of Korea on Friday, Korea’s gross domestic product expanded 0.6 percent on-quarter in the third quarter of 2016. The revised figure was lower than the 0.7 percent growth preliminary estimated by the BOK in October.  Since the fourth quarter of 2015, the quarterly growth has been hovering below 1 perce

Dec. 2, 2016

The number of South Korean overseas tourists rose in November from a year earlier despite the offseason, industry data showed Friday, sparking concern over the country's continued tourism deficit.Hana Tour Co., the nation's largest travel agency, said some 242,000 South Koreans traveled abroad through the company last month, up 12.7 percent from a year earlier.The figure was approximately 2,000 people more than the previous month, suggesting the number of overseas travelers increased steadily in

Dec. 2, 2016

South Korea's economy expanded 0.6 percent on-quarter in the third quarter of 2016 on the sagging growth of the manufacturing sector, the country's central bank announced Friday.The revised third-quarter expansion is slightly slower than the 0.7 percent gain previously estimated in October by the Bank of Korea. (Yonhap)It marks the fourth consecutive quarter that Asia's fourth-largest economy posted a zero-percent-level GDP growth, adding to concern about a prolonged slump.In the second quarter

Dec. 2, 2016

South Korea’s consumer prices continued to rise more than 1 percent for the third consecutive month amid the soaring prices of agricultural goods. Prices of agricultural products jumped 7.9 percent from a year earlier, with prices of kimchi ingredients skyrocketing. Cabbage and radish prices soared by 82.1 percent and 120.7 percent, respectively, from a year earlier.  The service sector, which weighs most heavily on the consumer price index, rose 1.8 percent on-year, led by increase

Dec. 1, 2016

 The Wednesday deal among the members of the Organization of Petroleum Exporting Countries to cut oil output by about 1 percent of the global oil production has brightened up prospects for South Korea’s exports.  (photo by 123rf)While the OPEC deal is expected to push global oil prices up to about $60 per barrel from the current mid-$40 levels, oil price hikes will be positive for Korean exporters of petrochemical and refinery products, a government official said.The price of Dubai crude, South

Dec. 1, 2016

South Korea posted a current account surplus for the 56th straight month in October but suffered a decline due to sluggish outbound shipments, central bank data showed Thursday.The current account surplus reached $8.72 billion in October, compared with a $9.58 billion surplus a year earlier, according to the preliminary data from the Bank of Korea (BOK).But the October figure marks a rise from $8.07 billion in September. The current account is the biggest measure of cross-border trade.It said th

Dec. 1, 2016