2nd-tier cities suffer extended job slump amid pandemic

The employment rates for minor cities and counties in South Korea fell in the six-month period ending in October last year as the job market was hit by the pandemic, data showed Tuesday. The employment rate for smaller cities in nine provinces came to 59.5 percent in the May-October period, down 1 percentage point from a year earlier, according to the data compiled by Statistics Korea. The corresponding rate for counties across the nation declined 0.3 percentage point on-year to 67 percent. T

Feb. 23, 2021

Household credit growth slightly slows in Q4 last year

South Korea's household credit grew at a slightly slower pace in the fourth quarter of last year, as banks tightened rules on unsecured loans, central bank data showed Tuesday. Household credit reached a record high of 1,726.1 trillion won ($1.55 trillion) as of December last year, up 44.2 trillion won from three months earlier, according to the data from the Bank of Korea (BOK). Household credit refers to credit purchases and loans for households that have been extended by financial institut

Feb. 23, 2021

S. Korea's imports of onions more than quadruple on weak output

South Korea's imports of onions grew more than fourfold in the first two months of 2021 from a year earlier, as the long rainy season and a series of typhoons have dealt a harsh blow on the production. Imports of onions came to 13,715 tons this year through Wednesday last week, rising sharply from 3,027 tons posted over the January-February period of 2020, according to the Ministry of Agriculture, Food and Rural Affairs. Of the import volume, those from China accounted for 63 percent, trailed

Feb. 23, 2021

S. Korea's economy tipped to stage modest recovery: BOK chief

South Korea's economy is expected to stage a modest recovery, supported by exports and investment, but its job markets would recover at a slow pace as the coronavirus pandemic continues to hit the service sector, the head of the Bank of Korea (BOK) said Tuesday. In a report to the National Assembly, BOK Gov. Lee Ju-yeol repeated that the central bank will continue its easing of the monetary policy to prop up the pandemic-hit economy. "The domestic economy continues to show a trend of mo

Feb. 23, 2021

S. Korea's 2020 growth ranks 3rd among major nations

South Korea's economic growth rate ranked third among major economies across the globe in 2020 despite an on-year contraction due to the coronavirus pandemic, data showed Tuesday. Asia's fourth-largest economy contracted 1 percent last year from a year earlier, but it posted the third-best performance among 15 major nations, according to the data from the Organization for Economic Cooperation and Development (OECD). China, the world's No. 2 economy, was the top performer with a 2.3 percent on-

Feb. 23, 2021

S. Korea's consumer sentiment rises for 2nd month in February

South Korea's consumer sentiment gained for a second straight month in February as a third wave of coronavirus infections showed signs of slowing down, central bank data showed Tuesday. The composite consumer sentiment index (CCSI) came in at 97.4 for February, up 2 points from the previous month, according to the data from the Bank of Korea (BOK). A reading below 100 means pessimists outnumber optimists. The latest reading marks the second on-month gain following a drop in December last yea

Feb. 23, 2021

Corporate direct financing gains 12% in January

South Korea's corporate direct financing rose 12 percent in January from the previous month due to a modest gain in bond sales, data showed Tuesday. Local companies raised a combined 15.4 trillion won ($13.8 billion) by selling stocks and bonds last month, up 1.66 trillion won from a month ago, according to the data from the Financial Supervisory Service (FSS). Corporate stock sales sank 40.8 percent on-month to 1.31 trillion won, with the value of initial public offerings declining 11.1 perc

Feb. 23, 2021

Seoul city supports flower farmers hit by COVID-19 slump

Seoul city government has launched a campaign to support flower farmers struggling to survive the impact of the coronavirus pandemic. The floral industry has been suffering from a sharp decrease in demand, with special events cancelled and scaled down, since the onset of the new coronavirus pandemic early last year. To assist growers, the city has rolled out a campaign, from promoting flower purchases to floral decoration of the city hall and the expansion of its plant donation program. "

Feb. 22, 2021

ADB appoints Korean expert as new director for first time in 15 years

The Asian Development Bank has appointed a Korean international development expert who has been working at the multilateral institution for 27 years, as managing director general, the Finance Ministry said Monday. Um Woo-chong, who has served as director general and concurrently chief compliance officer of ADB’s Sustainable Development and Climate Change Department, will assume office immediately. It is the second time that a South Korean has taken up the post since the ADB was establ

Feb. 22, 2021

BOK likely to freeze key rate at record low: experts

South Korea’s central bank is widely expected to freeze its base rate at a record low of 0.5 percent this week over lingering economic uncertainty with a flare-up in new coronavirus cases, experts said Monday. The Bank of Korea is slated to hold its monetary policy board meeting slated for Thursday. “Affected by the virus resurgence, the nation’s job market and private spending have remained sluggish. So, there’s a high chance for the central bank to maintain its base r

Feb. 22, 2021

Finance minister calls for preparations to submit extra budget

Finance Minister Hong Nam-ki instructed officials Monday to thoroughly prepare to submit an extra budget proposal next week in a bid to buttress smaller merchants hit hard by the pandemic. The finance ministry is working on details about this year's first supplementary budget to provide another round of emergency relief funds to merchants and shop owners battered by the pandemic and virus restrictions. The ruling Democratic Party and the government are in consultations over the size of an extr

Feb. 22, 2021

Service output in 15 provinces, cities dips last year amid pandemic

Service output in 15 provinces and major cities declined last year as the new coronavirus outbreak dealt a blow to the face-to-face service segments, data showed Monday. The country's service output fell 2 percent last year, according to Statistics Korea. Excluding Seoul, six cities and nine provinces posted an on-year fall in service output in 2020. Service output in Seoul -- home to about one-fifth of the country's 51.6 million population -- gained 1.1 percent in 2020 on the back of robust g

Feb. 22, 2021

S. Korea's exports grow 16.7% in first 20 days of Feb.

South Korea's exports rose 16.7 percent on-year in the first 20 days of February on strong shipments of chips and autos amid the pandemic, customs data showed Monday. The country's outbound shipments stood at $30.4 billion in the Feb. 1-20 period, compared with $26 billion a year earlier, according to the data from the Korea Customs Service. Imports advanced 24.1 percent on-year to $31.6 billion, resulting in a trade deficit of $1.21 billion, the data showed. By sector, outbound shipments of

Feb. 22, 2021

S. Korean drug firms enjoy bumper year in 2020 despite pandemic

Major South Korean drug and biopharmaceutical companies saw their sales surge in 2020 from a year earlier despite the coronavirus pandemic, industry sources said Monday. Eleven local pharmaceutical companies in Asia's fourth-largest economy, including Green Cross Corp. and biopharmaceutical behemoth Celltrion Inc., registered sales of more than 1 trillion won ($910 million) last year. The remainder are Kolmar Korea Co., Celltrion Healthcare Co., Chong Kun Dang Pharmaceutical Corp., Yuhan Corp.

Feb. 22, 2021

2 concrete pipe producers fined W313m over price collusion

South Korea's antitrust regulator said Sunday it has decided to fine two small concrete pipe producers a combined 313 million won ($282,000) for colluding to fix prices of industrial pipes. Buyang Industry Co. and Shinhung Hume Pipe Co. colluded to fix their quotations between  2012 and 2016 for 38 rounds of concrete pipe purchase bidding put forward by government agencies and public firms, according to the Korea Fair Trade Commission (KTFC). The deals were worth an estimated 10.6 billion

Feb. 21, 2021

Cargo handling at seaports down 1.6% in Jan.

The amount of cargo processed at South Korea's seaports moved down 1.6 percent in January from a year earlier amid the new coronavirus pandemic, data showed Sunday. The volume of cargo handled at local sea ports came to 128.9 million tons last month, compared with 131 million tons posted a year earlier, according to the data compiled by the Ministry of Oceans and Fisheries. Handling of export-import cargo also shrank 1 percent on-year to 111.1 million tons last month. The ministry attributed

Feb. 21, 2021

S. Korea to introduce contact-free boarding at airports

Contactless, airport check-in systems will be set up across the country by next year, South Korea’s Vice Finance Minister said on Friday, in a bit to digitalize the nation’s social infrastructure. “By 2022, (the government) will implement a contactless check-in system at 15 airports across the nation, which automatically confirms identification of passengers via biometric data, in order to increase convenience of residents using local airports,” Vice Finance Minister K

Feb. 19, 2021

S. Korea's overseas financial assets touch new high in 2020

South Korea's overseas financial assets hit a new high in 2020, mainly due to increased stock investments, central bank data showed Friday. The nation's external financial assets came to $1.93 trillion at the end of December last year, up $236.3 billion from a year earlier, according to preliminary data from the Bank of Korea (BOK). The net international investment position came to $441.4 billion as of the end of December, down $59.5 billion from a year earlier, the data showed. The position

Feb. 19, 2021

S. Korea closely watching prices of food, oil

South Korea is closely monitoring rising prices of agricultural and oil products, the vice finance minister said Friday, amid concerns that inflation may pick up amid an economic slowdown. First Vice Finance Minister Kim Yong-beom said the government plans to draw up measures to respond to a potential surge in such prices, if needed. "Not only prices of agricultural and livestock products but also those of raw materials, including crude oil and nonferrous metal, have continued to stay fir

Feb. 19, 2021

Economic uncertainty persists amid protracted pandemic: finance ministry

The South Korean economy faces lingering uncertainty as domestic demand and the job market remain sluggish amid a flare-up in new coronavirus cases, the finance ministry said Friday. The manufacturing sector and investment are improving amid robust exports, but the service segment is suffering setbacks amid the third wave of the pandemic, according to the Ministry of Economy and Finance. "The real economy faces persistent uncertainty as domestic demand remains sluggish and job data point

Feb. 19, 2021