Seoul’s terms of trade improved in March

South Korea’s terms of trade continued to improve in March from a year earlier as export prices rose at a faster clip than import prices, central bank data showed Monday.The terms of trade index for products came to 104.01 last month, up 0.5 percent from revised 103.49 the previous month, according to preliminary data from the Bank of Korea. A view of Busan Port. (Yonhap)The index measures the amount of imports a country can purchase for each unit of its exports. It is a gauge of a country’s exp

April 25, 2016

Number of farmers, fishermen continue to fall in Korea

The number of South Koreans in the agrofisheries sector continued to decrease due to a rapidly aging population and urbanization, government data showed Monday.Households engaging in the farming and fishing business totaled 1.24 million last year, down 7.9 percent from 1.34 million in 2010, according to the data compiled by Statistics Korea.The number of farmers and fishermen also dropped 16.4 percent to 2.92 million from 3.5 million over the five-year period.The families involved in the agrofis

April 25, 2016

Korea's terms of trade further improve in March

Korea's terms of trade continued to improve in March from a year earlier as export prices rose at a faster clip than import prices, central bank data showed Monday.The terms of trade index for products came to 104.01 last month, up 0.5 percent from revised 103.49 the previous month, according to preliminary data from the Bank of Korea (BOK).From a year earlier, the March reading marks a 5.1 percent increase. March also marked the third consecutive month the country posted an on-year gain in trad

April 25, 2016

Necessity mixed with concern on restructuring

A bunch of figures suggest Korea’s economy has been held back, among other worsening conditions, by its weakening manufacturing sector saddled with excess capacity and declining profitability.The rate of contribution by manufacturing industries to the country’s annual growth in gross domestic product plummeted from 55.4 percent in 2010 to 11.5 percent in 2015, according to data from the Korea Economic Research Institute. The growth rate of their production capacity was down from 7.9 percent to 1

April 25, 2016

Long-term joblessness jumps in South Korea

The number of South Koreans who have been jobless for six months or more reached 112,000 in the first quarter of this year.The figure is a 57.1 percent increase from the same period a year earlier, and is higher than the 47 percent tallied in the fourth quarter of 2014, according to Statistics Korea data.  Job hunters search for openings at a job fair in Busan. (Yonhap)The agency attributed the rise to seasonal factors, but economists say it is due to the prolonged economic slump.Consequently, c

April 25, 2016

Household debts owed to nonbanking sector spike

South Korean households' debts owed to the nonbanking sector spiked over the past two months, suggesting that those with low credit ratings opted to borrow money despite relatively higher interest, central bank data showed Sunday.According to the data by the Bank of Korea, the outstanding household debts owed to the nonbanking sector stood at 252.86 trillion won ($221.2 billion) as of end-February, up about 4.2 trillion won from what was tallied at the end of last year. The nonbanking sector inc

April 24, 2016

Shippers first to go under the knife

The shipping industry looks set to become the first under the knife for government-led corporate restructuring in what experts see as a test of how Korea will fix its ailing industries that have been hurt by global overcapacity and fierce competition. 　This week, Financial Services Commission chairman Yim Jong-yong will meet with vice ministers from economy-related ministries to check on the progress of the restructuring of five industries -- shipping, shipbuilding, construction, steelmaking and

April 24, 2016

1 in 6 younger people paid below minimum wage last year: report

About 1 out of 6 young workers in South Korea were paid less than the country's minimum wage last year, a private think tank said Sunday, pointing to tough working conditions facing young adults already struggling with high unemployment.According to the report by the Hyundai Research Institute, some 635,000 people aged between 15-29 were paid less than the minimum pay. The figure was much higher than the 449,000 people categorized in the same group for 2011.The minimum pay in 2015 was set at 5,5

April 24, 2016

France No. 1 importer of S. Korean cosmetics in Europe

France was the biggest importer of South Korean cosmetics among European Union members last year as more beauty-conscious French fell in love with innovative Korean products, a report showed Saturday. France imported 17.41 million euros (2.1 billion won) worth of Korean cosmetics in 2015, accounting for 35 percent of total sales in Europe, the Korea Trade-Investment Promotion Agency said.  Korean cosmetics on sale (Yonhap)Britain was the No. 2 importer with 16 percent, trailed by Germany with 9

April 23, 2016

KOSPI regains 2,000 level on foreign buying

South Korea’s benchmark Korea Composite Stock Price Index broke through the psychologically important 2,000-point level this month, mainly on the back of brisk foreign buying, industry data showed Friday.Offshore investors bought a net 1.4 trillion won ($1.23 billion) worth of shares traded on the KOSPI between April 1 and April 21.  Traders monitor share prices on Wall Street. (Yonhap)In addition, overseas funds poured in 1.5 trillion won into the local stock market via arbitrage trading for fi

April 22, 2016

Won-dollar volatility hits four-year high in Q1

The daily volatility of the won-dollar exchange rate rose to a four-year high in the first quarter of this year, central bank data showed Thursday. The average gap between the daily high and low of the exchange rate came to 8.2 won in the three months ended March 31, up from 6.3 won in the previous quarter. It was the highest level since the fourth quarter of 2011, when the daily gap was 9.3 won, according to the Bank of Korea. The average daily variation, showing the change from the previous se

April 21, 2016

Seminar held in Korea to help biz people share info on Iran

Over 600 businesspeople and industry experts attended a seminar held in Korea on Thursday to share information needed for their possible entry into the newly-opened Iranian market, organizers said.The seminar is intended to help participants share information on business practices, local customs, legal environment and other information on Iran, whose market is opening to the outside world after years-long international sanctions over its nuclear program. The Korea International Trade Association

April 21, 2016

[Graphic News] Record number of companies suffered credit rating downgrade

A total of 159 South Korean companies suffered downgrades in their credit ratings in 2015, according to government data. The number was the largest since the 1997-1998 Asian financial crisis when 171 firms had their ratings slashed, said the Financial Supervisory Service on Wednesday. During the same period, 26 companies saw their credit ratings rise. The financial regulator said this marked the smallest increase since 1998. The FSS data also showed that credit downgrades were most witnessed in

April 20, 2016

GS Group chairman stresses act of implementing

GS Group chairman Huh Chang-soo called on CEOs and executives of affiliates to streamline their business projects, stressing the importance of timely implementation when uncertainties continue to loom large. “A key role of business leaders is to have other team members on the same page for business objectives and push ahead with projects, regardless of any challenges and business conditions,’’ the chief of the industrial giant said in the second-quarter meeting with about 150 CEOs and executives

April 20, 2016

BOK board to get four new members

The majority of the Bank of Korea’s seven-member policy board will be replaced Thursday, putting markets on edge for a potential change in Korea’s monetary policy stance amid troubles in the country‘s export-driven economy. The four new members to join the interest-rate setting board are Lee Il-houng, the head of Korea Institute for International Economic Policy; Cho Dong-chul, the chief economist for state-run Korea Development Institute; Koh Seung-beom, the Standing Commissioner of Financial S

April 20, 2016

GS Caltex bolsters safety first management

GS Caltex is bolstering its safety management in its facilities to fulfill its commitment to creating safe environment at workplaces, company officials said Tuesday.The nation’s second-largest oil refiner has pushed for a safety-first management since its vice chairman Huh Jin-soo pledged to strive to check every small process to ensure employee safety last year.GS Caltex’s Safety Training Center in Yeosu (GS Caltex)Under the management, new employees have a mandatory 60-hour safety training cou

April 20, 2016

Japanese exports drop as strong yen clouds trade picture

Japanese exports to key market China fell back in March after a brief holiday-linked boost, official data showed Wednesday, as a stronger yen clouds the country's trade picture.The figures also showed Japan's trade surplus hit 755 billion yen, ($6.9 billion), more than tripling from a year ago and its highest level in five-and-a-half years, largely thanks to a fall in oil prices.The drop in Japan's shipments to China, down 7.1 percent from the same month last year, came after a rise in February,

April 20, 2016

Korea, China hold high-level economic talks

Korea and China held their high-level economic talks Wednesday as they seek to capitalize on their free trade agreement (FTA) that took effect last year, a key framework to boost bilateral economic cooperation.Second Vice Foreign Minister Cho Tae-yul and Chinese Vice Commerce Minister Gao Yan led the joint economic committee session to discuss the implementation of the bilateral open trade pact and recent trends in the global economy and the economies of the two countries. Second Vice Foreign Mi

April 20, 2016

4 firms win award for strengthening Korea-China economic ties

Four Korean companies including Hyundai Motor Group will receive an award for contributing to boosting bilateral economic ties with China, trade and economic associations from the two countries said Wednesday.The companies, also including SK Networks, LG Display and LS Group, were picked for the grand award granted jointly by the China Council for the Promotion of International Trade and three other trade organizations.They were chosen based on a comprehensive evaluation of their contributions t

April 20, 2016

Struggling economy faces resurging economic democratization

President Park Geun-hye and her economic aides have suggested the ruling party’s crushing defeat in last week’s general election will not weaken their efforts to accelerate structural reforms, deregulation and industrial renovation.They say that completing such tasks are crucial to create more jobs for young people and boost the country’s growth potential over the long term.At a meeting with her senior secretaries Monday, Park said she would humbly respect voters’ will reflected in the election

April 20, 2016