[Editorial] Crumbling exports

South Korea logged the sharpest drop in exports among the world’s 10 largest economies in terms of outbound shipments, according to data compiled by the World Trade Organization. The countries include China, United States, Japan, Germany, France, the Netherlands, Hong Kong, Italy, United Kingdom and Korea.Korea’s exports plunged to $317.3 billion in the January-July period, 8.94 percent down from a year earlier.Except China which saw a growth of 0.59 percent, the other countries also

Oct. 8, 2019

[Editorial] No progress

When North Korea declared the breakdown of last week’s working-level denuclearization talks with the US, the move appeared to be premeditated.In a statement issued shortly after the talks ended, the North’s top nuclear envoy, Kim Myong-gil, said that the “negotiations have not fulfilled our expectations and finally broke off.” He blamed the US for failing to offer new proposals.But his remarks were contradicted by the US State Department, which said the comments from the

Oct. 7, 2019

[Editorial] Decide on Cho

President Moon Jae-in’s self-righteousness and obstinacy and Justice Minister Cho Kuk’s hypocrisy and injustice are intensifying popular rage and conflicts.A large rally was held in central Seoul on Thursday to call on Cho to resign and condemn Moon for appointing him as justice minister despite a pile of allegations against his family.People filled the wide streets over a distance of about 2 kilometers from Sungnyemun Gate near Seoul Station to Gwanghwamun Gate near the presidential

Oct. 6, 2019

[Editorial] Suicide prevention

In yet more gloomy news for Korea, already troubled by an economic slump and social division, recent government data showed that the suicide rate rose again last year, ending five years of improvement.The rate, defined as the number of suicides per 100,000 people in a year, was up 9.5 percent from a year earlier to 26.6 in 2018. The number of people who died by suicide last year reached 13,670, a 9.7 percent increase from 2017. The figures had been declining since 2013, when the suicide rate sto

Oct. 3, 2019

[Editorial] Dwindling middle class

It is an irony that South Korea’s middle class has dwindled at a steep pace since President Moon Jae-in’s administration assumed office two years ago with a pledge to boost growth by increasing household income, particularly of working families.A widely accepted definition of the middle class is households that earn 50 percent to 150 percent of the median income. Based on this definition, the proportion of the country’s households who are middle class has dropped from 63.8 perc

Oct. 1, 2019

[Editorial] Investment exodus

Overseas direct investments reached a record high in the second quarter, according to the latest government data.Investments made abroad by South Korean companies rose to $15.01 billion in the April-June period, the highest since 1981 when the government began to compile related data.The figure surpassed the first-quarter ODI, which hit a 38-year-high of $14.1 billion.Overseas investments are not necessarily bad. If they are made to acquire foreign businesses that possess advanced technologies o

Sept. 30, 2019

[Editorial] Improper intervention

When Cheong Wa Dae informed reporters covering the presidential office that President Moon Jae-in would soon release a special message Friday, some guessed it would be intended to announce the departure of embattled Justice Minister Cho Kuk.A day before, it was disclosed that the minister talked to a prosecutor over the phone earlier last week, who was leading a prosecution raid on his house to seize evidence in connection with a probe into a string of fraud and corruption cases involving his fa

Sept. 29, 2019

[Editorial] Fruitless trip

President Moon Jae-in’s latest trip to the US for the UN General Assembly ended with no results to speak of. His calls for peace with North Korea sounded hollow and naive.His summit with US President Donald Trump, held on the sidelines of the assembly in New York on Monday, was pointless. “Both leaders evaluated North Korea’s will to resume dialogue positively, and reaffirmed that the spirit of the agreements of the US-North Korea Singapore summit is still valid,” Cheong

Sept. 26, 2019

[Editorial] Slumping exports

South Korea’s exports are set to record an on-year decrease for the 10th consecutive month. Customs data released this week showed that outbound shipments fell 21.8 percent from a year earlier to $28.5 billion in the first 20 days of September.The decrease is attributed partly to the reduced number of working days, since the Chuseok holiday fell in the second week of the month. On the basis of the working-day average, Asia’s fourth-largest economy still saw its exports drop 10.3 perc

Sept. 25, 2019

[Editorial] Cho has to go

The prosecution raided the residence of Justice Minister Cho Kuk. It is a shame for the country, citizens and President Moon Jae-in.　As a matter of principle, his home should have been searched at the very beginning. The prosecution is giving the impression that it was considerate to Cho. However, with fresh allegations and new evidence coming to light almost every day, the important thing now is to find out the truth from the bottom. 　The issuance of a search warrant indicates that the court fi

Sept. 24, 2019

[Editorial] Risky approach

Momentum is building toward the resumption of denuclearization talks between the US and North Korea. At the same time, concerns are rising that US President Donald Trump might be willing to settle for a half-baked deal that could effectively grant the recalcitrant regime the status of a nuclear-armed state.Trump said last week that a “new method would be very good” in breaking the impasse in negotiations with the North. He did not elaborate, but his remarks came as he criticized John

Sept. 23, 2019

[Editorial] Rage at injustice

Calls for Justice Minister Cho Kuk’s resignation are growing.More than 3,000 professors have urged President Moon Jae-in to replace him quickly. About 80 members of a group of professors “hoping for social justice” held a press conference in front of Cheong Wa Dae on Thursday.The group released a statement condemning the appointment of Cho as justice minister a week earlier. It also claims to have collected signatures from 3,396 former and current professors from 290 universiti

Sept. 22, 2019

[Editorial] OPCON transfer

Retired South Korean generals recently proposed delaying the country’s retaking of wartime operational control of its troops from the US and relocation of the South Korea-US Combined Forces Command’s headquarters until North Korea’s denuclearization is completed.Confirming the proposal had been made to Cheong Wa Dae, a presidential spokesperson said Monday that it was “just one of many opinions.” But the view expressed by nearly all former generals who served as dep

Sept. 19, 2019

[Editorial] Uphold soldier’s honor

President Moon Jae-in effectively instructed the Ministry of Patriots and Veterans Affairs to reconsider its decision on veteran entitlements accorded to retired Sgt. 1st Class Ha Jae-heon, who lost both legs in blasts from North Korean land mines.“I hope the ministry will examine if there is leeway to interpret related legal provisions flexibly,” Moon said Tuesday.On Aug. 7, the Patriots and Veterans Entitlement Commission of the ministry decided to grant veteran eligibility to Ha a

Sept. 18, 2019

[Editorial] Misguided target

It is certainly necessary for the country to step up efforts to diversify its export markets in the face of a prolonged slump in outbound shipments.But the government’s plan for restructuring export markets, which was unveiled last week, is unreasonable and could erode the global competitiveness of South Korea’s export-oriented companies.Under the plan, the proportion of four major markets -- the US, China, Japan and the EU -- in the country’s total exports is set to decrease f

Sept. 17, 2019

[Editorial] Do not obstruct probes

The Justice Ministry is showing signs of attempting to obstruct the prosecution’s investigations into allegations surrounding Minister Cho Kuk.The vice minister and inspector general of the ministry reportedly called the Supreme Prosecutors’ Office and proposed setting up a team to investigate the suspicions without receiving commands from Prosecutor General Yoon Seok-youl. The proposal was made on Sept. 9 when Cho was inaugurated as justice minister.Such an act intervenes in investi

Sept. 16, 2019

[Editorial] No encouraging signs

Data released last week by the state statistics agency showed that on-year job additions in August recorded the largest increase in 29 months. The number of employed people in the country reached 27.35 million last month, a rise of 452,000 from the same month in 2018.The unemployment rate also dropped 1 percentage point on-year to 3 percent in August, marking the lowest level for the month since 2013, according to figures from Statistics Korea.Hong Nam-ki, the minister of economy and finance, sa

Sept. 15, 2019

[Editorial] Anxious prospect

North Korea fired at least two short-range projectiles Tuesday, just a day after it expressed willingness to resume denuclearization talks with the US in late September.The firings -- the 10th such launch by the North this year -- seem designed to strengthen its negotiating hand ahead of the resumption of talks that have stalled since February’s rupture of a summit between US President Donald Trump and North Korean leader Kim Jong-un.Trump and Kim agreed to resume working-level discussions

Sept. 11, 2019

[Editorial] Investigate to the end

It is disappointing and worrisome. President Moon Jae-in appointed Cho Kuk as justice minister, turning his back on overwhelming public opposition. The prevailing view was that Cho must undergo investigation by the prosecution, rather than administer judicial affairs. But Moon smothered the people’s will. The appointment demonstrates Moon’s self-righteousness and obstinacy. He threw away his governance philosophy -- “equal opportunities, fair procedures and righteous outcomes&r

Sept. 10, 2019

[Editorial] Deeper in the red

Alarm bells are ringing about the deteriorating profitability of most public companies, which have been compelled to take the lead in implementing the ill-conceived policies of President Moon Jae-in’s administration over the past two years.Data released by the Bank of Korea last week has heightened concerns.The country’s nonfinancial public firms recorded a combined deficit of 10 trillion won ($8.3 billion) last year, representing a 25-fold increase from the previous year, when the c

Sept. 9, 2019