Finance minister says September job data may be disappointing

South Korea's employment conditions in September may remain disappointing, the country's top economic policymaker said Tuesday, adding that he does not rule out the possibility of a contraction.In a parliamentary interpellation session, Finance Minister Kim Dong-yeon expressed concerns that job creation remains in the doldrums and said last month's data took a hit due to ongoing corporate restructuring moves and various policy uncertainties."(Job conditions) are not good, and we are not rul

Oct. 2, 2018

Govt., ruling party to meet next week on inter-Korean summit, economy

Officials from the presidential office, ministries and the ruling Democratic Party will meet next week to discuss follow-up measures regarding the latest inter-Korean summit in Pyongyang, party officials said Tuesday.The three-way meeting will be held Monday to discuss how to implement the agreement reached during the September summit between President Moon Jae-in and North Korean leader Kim Jong-un, according to DP officials. Moon visited Pyongyang from Sept. 18-20 for his third summit with the

Oct. 2, 2018

Korea's industrial output rises 1.4% in August

South Korea's industrial output advanced in August from a month earlier, helped by a rise in auto production, government data showed Tuesday. Production in the mining, manufacturing, gas and electricity industries rose 1.4 percent on-month in August, following a revised 0.5 percent on-month gain in the previous month.From a year earlier, industrial output also climbed 2.5 percent, following a revised 1.0 percent on-year rise tallied for July.Production in the service sector rose 0.1 percent on-m

Oct. 2, 2018

Concerns rising over weakening manufacturing sector

Concerns are rising over the weakening of the country’s manufacturing industries, which are suffering the effects of deteriorating conditions at home and abroad.Data released last week by Statistics Korea showed that the manufacturing capacity index -- which measures the maximum possible level of production through the full use of manpower, facilities and other input factors -- had declined for five consecutive months as of July, from 102.9 to 102.6. The annual average figure for 2015 is s

Oct. 1, 2018

Korea spends 76% of state budget through August

South Korea spent some 76 percent of its state budget earmarked for 2018 in the first eight months as it moves to maintain its recovery pace and create more jobs, the finance ministry said Monday.Some 212.8 trillion won ($191 billion) was spent through August, 12.6 trillion won, or 4.5 percentage points, more than the expected outlay of 200.3 trillion won, according to the Ministry of Strategy and Finance.It earlier said efforts were under way to front-load its budget spending to minimize any fa

Oct. 1, 2018

Dairy exports to China making recovery

Dairy exports to China are recovering quickly this year after a steep dive in 2017 due to a diplomatic spat, industry officials said Monday.Maeil Dairies Co. is estimated to have increased its exports to China by 20 to 30 percent in the first six months of this year compared to the same period last year."The exports would be similar to the total in the first half of 2016," a company official said. "Our China exports last year dropped 30 to 40 percent from 2016 due to the diplomati

Oct. 1, 2018

Korea's exports down 8.2% in Sept.

South Korea's exports slipped in September compared with a year ago due to fewer working days and a high base effect, despite the high daily volume of products shipped abroad, government data showed Monday.Outbound shipments reached $50.58 billion last month, down 8.2 percent from a year ago, according to the data compiled by the Ministry of Trade, Industry and Energy. Average daily exports reached $2.69 billion in September, constituting a record high.Imports fell 2.1 percent on-year to $40.83

Oct. 1, 2018

[Newsmaker] Number of jobless highest since 1999

The number of jobless people last month reached its highest level since 1999, while the government’s unemployment allowance payments also hit a record high, government data showed Sunday.According to data compiled by the Korea Employment Information Service, the monthly average number of South Koreans without a job -- referring to those who have been out of job for four weeks or longer -- stood at 1.13 million as of end-August this year, up 45,000 from a year earlier and marking the highes

Sept. 30, 2018

Korea's consumer sentiment rebounds in Sept.

South Korea's consumer confidence rebounded after a three-month slide in September on the back of brisk exports and low inflationary pressure, central bank data showed Friday.The composite consumer sentiment index for this month stood at 101.7, up 2.5 points from the previous month, according to the survey by the Bank of Korea.The figure had skidded since May to come to below the breakeven point of 100 in August due mainly to unsatisfactory employment data and the soaring prices of everyday good

Sept. 28, 2018

Korea's air passenger traffic hits new high in Aug.

South Korea's air passenger traffic reached a new record high in August on increased overseas travel demand, the government said Thursday. The number of air passengers came to 10.58 million in August, up 6.1 percent from a year earlier, making it a new monthly record, according to a tally from the Ministry of Land, Infrastructure and Transport.It is the second time that the country's monthly number of air passengers has surpassed the 10 million mark. In January this year, the figure was 10.06 mi

Sept. 27, 2018

Korea's senior employment rate constantly rising: data

The employment rate of senior citizens has been rising steadily, with such individuals actively seeking jobs to avoid falling through the country's weak social safety net, official data showed Thursday.According to the data compiled by Statistics Korea, the number of people aged 65 years or older reached 7.38 million in 2018, accounting for 14.3 percent of the country's total population.The employment rate for those aged between 55 and 59 was 72.6 percent in 2017, compared to 70.6 percent in 201

Sept. 27, 2018

Leaders of Korea, Chile agree to improve ties, boost trade

NEW YORK,  -- South Korean President Moon Jae-in and Chilean President Sebastian Pinera agreed Wednesday to further develop their countries' bilateral relationship and also boost their trade by seeking to revise their free trade agreement.In a bilateral summit held here on the sidelines of the United Nations General Assembly, the leaders noted the South Korea-Chile FTA has greatly contributed to boosting the countries' bilateral trade since it went into effect in 2004. "The two leaders

Sept. 27, 2018

US rate hike to have limited impact on Korea: finance minister

The latest rate hike by the US Federal Reserve will have a limited impact on South Korea, with authorities here ready to take actions if the need arises, the country's chief economic policymaker said Thursday.As widely expected, the US Federal Reserve raised interest rates by a quarter of a percentage point to a range of 2 percent to 2.25 percent Wednesday and signaled one more rate hike within this year. The US central bank said it foresees three more rate hikes in 2019. "Given our sound e

Sept. 27, 2018

Cashable assets piling up at Korean firms

The country’s large companies have been piling up growing amounts of cashable assets as they remain reluctant to expand investments in the face of what they perceive as anti-business policies at home and increasing uncertainty in the global economic environment.According to data from the Financial Supervisory Service, Korea’s top 30 companies in terms of turnover had 88.48 trillion won ($79.24 billion) in cashable assets in the first half of this year, up 11.5 percent from a year ear

Sept. 26, 2018

Record number of people give up on job seeking: data

A record-high number of job-seekers have given up on finding a job, amid a feeble employment market and slowing economic growth, government data showed Sunday.The monthly average number of “discouraged job-seekers” -- referring to those with no signs of job seeking for at least four weeks over the past year -- stood at 510,000 as of end-August, up 5.4 percent from the same period last year, according to Statistics Korea. This was also the highest figure since the government started c

Sept. 23, 2018

S. Korea’s economic uncertainty hits highest in 15 months: data

The uncertainty concerning South Korea’s economic growth and economic policies reached the highest level in 15 months, global data showed Sunday.According to the Economic Policy Uncertainty Index, Asia’s fourth-largest economy recorded 155.15 in July, the highest since 165.4 in April last year.The global index, conducted on 20 key economies across the world, also reached the highest since March last year, standing at 227.77, data showed. The index, developed by three US-based ec

Sept. 23, 2018

Opposition, energy minister nominee battle over nuclear phaseout plan

The confirmation hearing held Wednesday for Sung Yun-mo, the nominee for minister of trade, industry and energy, pivoted mostly on the government’s plan to phase out nuclear energy and the potential impact of that plan on the nation’s electricity rates.While Sung and the ruling Democratic Party advocated major changes to the current energy-supply paradigm, the largely conservative opposition camp accused the nominee of flip-flopping from his earlier support for nuclear power.“T

Sept. 19, 2018

Economists warn of increasing downside risks facing Korea’s exports

A protracted slump in South Korea’s exports might set in next year and jolt the country’s economy, which has relied on outbound shipments for growth amid sluggish domestic demand, economists say.Reports released last week by the Ministry of Economy and Finance and the state-run Korea Development Institute cited robust exports as a key factor in keeping the economy on the path to recovery and preventing it from taking a sharp downturn.In the first eight months of this year, Korea&rsqu

Sept. 19, 2018

Expressway rest stops to provide drive-through, mobile preorder services

Starting next year, expressway rest stops will have drive-through stores, as well as mobile preorder and pickup services, as part of the government’s plan to support small businesses and revitalize regional economies.The Ministry of Land, Infrastructure and Transport and Korea Expressway Corp. on Tuesday unveiled a mid- and long-term innovation plan for expressway service facilities, in a bid to foster the rest areas into business hubs for young entrepreneurs by 2022.Under a road map to cr

Sept. 18, 2018

Government, central bank lock horns over rate hike timing

The tension concerning the country’s key interest rate hike is expected to peak this week, in the wake of the government‘s latest set of additional measures to curb real estate speculation.While the government seeks to tighten the money market through a possible policy rate hike within the year, the central bank continued to dither over the decision, citing sluggish economic indexes.Further unnerving the hawkish observers here is the largely anticipated rate hike of the US Federal Re

Sept. 16, 2018