S. Korea to back exports amid signs of recovery: finance minister

South Korea's finance minister said Wednesday the country will spare no efforts to support exports amid signs they are recovering. "Despite some volatility every month, exports are showing signs of improvement," Finance Minister Choo Kyung-ho said during a meeting with economy-related ministers. South Korea's exports fell for the 10th consecutive month in July due mainly to weak demand for semiconductors, but the country reported a trade surplus for the second straight month.

Aug. 9, 2023

S. Korea's on-year job additions slow for 4th month in July

South Korea's on-year job additions slowed for the fourth consecutive month in July, data showed Wednesday, with employment remaining challenging for those in their 20s. The number of employed people came to 28.68 million in July, up around 211,000 from a year earlier, according to the data compiled by Statistics Korea. Last month, the country's jobless rate came to 2.7 percent, down 0.2 percentage point over the period. South Korea's on-year job additions slowed for nine consecut

Aug. 9, 2023

Trade, overseas dividends bring current account surplus expansion

#Current account surplus for first 6 months shrink 90% compared to a year ago South Korea logged a current account surplus for two consecutive months in June due to a trade surplus and increased dividends from overseas, central bank data showed Tuesday. The country's current account gained $5.87 billion in June, following the $1.93 billion surplus from a month earlier, according to preliminary data from the Bank of Korea. Prime Minister Han Duck-soo assessed that Korea was showing a sound p

Aug. 8, 2023

S. Korea vigilant on ensuring stable power supply amid scorching heat

South Korea's industry ministry said Tuesday it is focusing on ensuring a stable power supply amid the soaring demand in the face of sweltering heat. The maximum electricity demand reached 93.6 gigawatts the previous day, the highest ever for a summer season, above the ministry's estimate of 92.9 GW. "We will stay vigilant and closely manage the electricity supply situation throughout the summer season, as uncertainties can arise at any time," Second Vice Industry Minister Ka

Aug. 8, 2023

S. Korea logs current account surplus for 2nd month in June

South Korea logged a current account surplus for the second straight month in June on the back of a trade surplus and increased dividend payments from overseas, central bank data showed Tuesday. The country's current account surplus reached $5.87 billion in June, following the $1.93 billion surplus a month earlier, according to preliminary data from the Bank of Korea. June's surplus came as the country logged a trade surplus and dividend income increased. The country's goods accou

Aug. 8, 2023

S. Korea's cathode exports to US nearly triple this year on EV battery demand, IRA effects

South Korea's export of cathodes, a key secondary battery material, to the United States surged almost threefold in the first seven months from a year earlier, on growing demand for electric vehicle cells and the new US law on promoting green technologies, data showed Monday. Outbound shipments of cathode materials to the US amounted to $1.83 billion in the January-July period, up 177.8 percent from $661 million the previous year, according to the data by the Korea International Trade Assoc

Aug. 7, 2023

Korean battery makers see market share fall in H1 despite solid growth

Three major South Korean battery makers saw their market share fall in the first half of the year from a year earlier despite solid growth, as bigger Chinese rivals further expanded their overseas foothold, a report said Thursday. The combined market share of the three -- LG Energy Solution Ltd., Samsung SDI Co. and SK On Co. -- came to 23.9 percent in the January-June period, compared with 26.1 percent from the previous year, according to the latest data from industry tracker SNE Research. LGES

Aug. 3, 2023

Imported car sales fall 1.3% in July on lack of supply

Imported vehicle sales in South Korea fell 1.3 percent last month from a year earlier due to the end of tax cuts and lack of supplies in some brands, an industry association said Thursday. The number of newly registered imported cars came to 21,138 units in July, down from 21,423 units a year ago, the Korea Automobile Importers & Distributors Association said in a statement. The three bestselling models last month were BMW's 520 sedan, Mercedes-Benz's E 250 sedan and Lexus' ES

Aug. 3, 2023

Foreign reserves up for 2nd month in July on weak dollar

South Korea's foreign reserves increased for a second straight month in July as the US dollar's fall boosted the conversion value of holdings in other currencies and increased investment returns, central bank data showed Thursday. The country's foreign reserves came to $421.80 billion as of end-July, up $350 million from the previous month, according to the data from the Bank of Korea. The dollar's slide last month boosted the converted value of holdings denominated in other

Aug. 3, 2023

Consumer inflation falls to 25-month low

BOK predicts inflation to rebound from August, coming in at 3 percent by year-end Korea's consumer prices showed slowed growth, rising by 2.3 percent in July on-year, mainly due to the decline in international oil prices and base effect from last year, data showed Wednesday. According to Statistics Korea, consumer price growth, a key gauge of inflation, stood last month at 2.3 percent more than a year earlier. It is the lowest increase in 25 months since June 2021. Inflation has been showin

Aug. 2, 2023

Deep contraction in imports leads to trade surplus in July

Korea narrowly avoided a trade deficit in July as falling prices of energy and raw materials pulled imports down faster than exports. Outbound shipments fell 16.5 percent on-year to $50.33 billion last month, while inbound shipments fell 25.4 percent to $48.7 billion, according to the data compiled by the Ministry of Trade, Industry and Energy and Korea Customs Service released Tuesday. Accordingly, Korea logged a trade surplus of $1.63 billion in July, marking a $500 million increase from a mon

Aug. 1, 2023

Exports of agro-fisheries products fall 3.8% in H1

South Korea's exports of farm and fisheries products fell 3.8 percent on-year in the first half of the year, data showed Monday. Outbound shipments of agricultural and fisheries goods came to $5.95 billion in the January-June period, down from $6.19 billion a year earlier, according to the data by the Korea Agro-Fisheries & Food Trade Corp. (aT). Last year's tally marked an all-time high for the first half of any year, and it was the first time that the figure surpassed the $6 bill

July 31, 2023

S. Korea's exports of ice cream achieve record high in H1

South Korea's exports of ice cream reached a record high in the first half of 2023, data showed Friday, on the back of the growing popularity of Korean entertainment content across the globe. Outbound shipments of ice cream reached $59 million in the January-June period, up 19.8 percent from a year earlier, according to the data compiled by the Korea Customs Service. The figure almost doubled South Korea's ice cream imports, which came to $30 million, up 7.5 percent over the period. &q

July 28, 2023

Industrial output, consumption, investment rise for 2nd month in June

South Korea's industrial output, private spending and investment rose for a second consecutive month in June amid an economic slowdown, data showed Friday. The country's industrial output increased 0.1 percent in June from a month earlier, according to the data from Statistics Korea. But the June growth slowed from a 1.1 percent on-month rise tallied in May. The output in the mining, manufacturing, gas and electricity industries decreased 1 percent due to a slump in the automobile indu

July 28, 2023

European Central Bank hikes interest rates for ninth time to combat inflation

The European Central Bank raised interest rates for the ninth straight time in its yearlong campaign to stamp out painfully high inflation, even as worries about recession fuel speculation that Thursday’s hike could be its last. ECB President Christine Lagarde had all but promised the quarter-percentage point increase. That puts the focus at her post-meeting news conference on whether the bank will raise rates again at its September meeting or hold off after a record series of rate hikes

July 27, 2023

Busan's Expo bid about progress not money

South Korea’s eagerness to host the World Expo 2030 in Busan goes far beyond the pursuit of a multi-trillion-won injection into the economy, and is instead seeking to become an important international platform that will contribute to humanity, according to SK Group Chairman Chey Tae-won on Wednesday. “People often talk about the economic impact ... of hosting the expo. … More importantly, I think Korea should take a responsible course of action towards (having an impact on)

July 27, 2023

Number of trading firms tumbles in 2022 amid economic uncertainties

The number of trading firms in South Korea moved down 0.7 percent in 2022 from a year earlier, data showed Thursday, as economic uncertainties hampered business activities. Asia's fourth-largest economy had 251,246 trading companies last year, down 1,812 from 2021, according to the data from the Korea Customs Service. The value of their trade, however, jumped to a record high of $132 billion, advancing 10.8 percent over the period. The number of exporters moved up 0.4 percent on-year to 95,

July 27, 2023

S. Korea's seaport cargo down 1.6% in Q2 amid global economic slowdown

Cargo processed at South Korean seaports fell 1.6 percent on-year in the second quarter on sagging global trade amid an economic slowdown, the oceans ministry said Thursday. Cargo handled at the country's ports nationwide came to 373.16 million tons during the April-June period, compared with 379.33 billion tons a year earlier, according to the Ministry of Oceans and Fisheries. Of them, export-import cargo came to 316.95 billion tons, down 0.5 percent on-year, it added. Container cargo proc

July 27, 2023

S. Korea to monitor volatility in finance sector amid Fed's rate hike

Finance Minister Choo Kyung-ho said Thursday he will closely monitor potential volatility in the financial sector following the latest US Federal Reserve rate hike, which pushed the gap between the two countries' key rates to an all-time high. The Fed raised its benchmark lending rate by a quarter percentage point Wednesday, sending it to the highest level since 2001. "The decision by the FOMC did not deviate from the market's expectations, with the global financial market remaini

July 27, 2023

US Fed raises key rate by 25 basis points to highest level since 2001

WASHINGTON -- The US Federal Reserve on Wednesday raised its benchmark lending rate by a quarter percentage point, sending it to the highest level since 2001. The rise increases the key rate to a range between 5.25 percent and 5.5 percent, while further widening the gap between the key rates of South Korea and the United States to an all-time high of 1.75-2.0 percentage points. South Korea's central bank kept its benchmark rate frozen at 3.5 percent earlier this month. Higher rates in the US are

July 27, 2023