Vehicle registrations fall 9% in 2021

South Korea's new vehicle registrations fell 9 percent last year from a year earlier as chip shortages affected vehicle production and sales, the transport ministry said Wednesday. The number of newly registered vehicles declined 173,000 units to 17.43 million in 2021 from 19.16 million a year ago, the Ministry of Land, Infrastructure and Transport said in a statement. Of the annual total, registrations of locally produced passenger cars fell 11 percent to 14.29 million last year from 1.60 mil

Feb. 2, 2022

S. Korea faces reduced import curbs in 2021 amid pandemic

South Korea faced a reduced number of import curbs from trade partners last year for the first time in a decade amid the pandemic, a trade body said Wednesday. The country was subject to 206 import regulations from 28 countries as of end-December, down 22 from a year earlier amid a decline in global trade during the pandemic, according to a report from the Korea Trade-Investment Promotion Agency (KOTRA). It marks the first on-year decline from the largest-ever number of import restrictions tar

Feb. 2, 2022

Number of full-time workers shrinks amid prolonged pandemic

　 The employment rate of the nation’s full-time employees working 40 hours a week has remained in the 50 percent rage for two consecutive years, raising concerns over deteriorating labor market amid the prolonged COVID-19 pandemic, a lawmaker said Monday.  The “full-time equivalent” employment rate for 2021 posted 58.8 percent, nearly unchanged from 58.6 percent estimated a year earlier, according to Rep. Yoo Gyeong-joon of the main opposition People Power Party, citing

Jan. 31, 2022

Slowdown forecast after brisk 2021

SEJONG -- The nation’s growth in industrial output marked the highest in 11 years in 2021 on the back of both economic recovery and the base effect, or rapid bounce-back from sagging performance in the pandemic-hit 2020, Statistics Korea data showed Friday But indexes unveiled by the state-run agency suggest possible slowdown in the growth of production, retail sales and facilities investment for the coming months in 2022. Korea saw industrial output grow 4.8 percent on-year in 2021, the

Jan. 28, 2022

Bank mortgage rates hit highest in 7 1/2 years in December

South Korean banks' mortgage rates hit the highest level in about 7 1/2 years in December amid rising borrowing costs, central bank data showed Friday. Banks' mortgage loan rate averaged 3.63 percent a year in December, 0.12 percentage point higher from a month earlier and the highest since May 2014, according to the data by the Bank of Korea (BOK). Mortgage rates have been on the rise as the BOK has raised the policy rate in recent months as part of efforts to tighten its long accommodative p

Jan. 28, 2022

Inflationary pressure could further rise on Russia-Ukraine tension: official

South Korea's consumer prices could be further under upward pressure as oil prices have spiked amid increased geopolitical tensions between Russia and Ukraine, a senior government official said Friday. The government will step up its monitoring of prices of petroleum products and consider whether to extend fuel tax cuts, depending on oil price movements, according to Vice First Finance Minister Lee Eog-weon. "A spike in oil prices, caused by Russia-Ukraine tensions and risks from oil prod

Jan. 28, 2022

Imports of leisure goods up 36.5% last year amid pandemic

South Korea's imports of leisure goods rose 36.5 percent last year from a year earlier as the COVID-19 pandemic boosted demand for indoor activities, customs data showed Friday. Imports of goods used for leisure activities, including tablets and TVs, came to $9.56 billion last year, compared with $7 billion a year earlier, according to the data from the Korea Customs Service. The 2021 reading accelerated from a 17.3 percent on-year gain in 2020. Compared with 2019, the value of imports almost

Jan. 28, 2022

S. Korea activates task force for emergency economic responses over Ukraine tension

South Korea has launched a task force to prepare for potential economic impacts of ongoing tensions between Russia and Ukraine on the local economy and the financial market, the finance ministry said Friday. Tensions have escalated near Ukraine's border areas as the United States and its European allies have failed to reach an agreement with Russia to avert a potential military conflict. Finance Minister Hong Nam-ki held a meeting with related ministers to assess the situation Friday, and anno

Jan. 28, 2022

Industrial output grows by most in 11 years in 2021

South Korea's industrial output increased by the most in 11 years in 2021 due largely to a low base effect and robust exports, data showed Friday, in a sign that the country's economy has extended recovery momentum. Industrial output increased 4.8 percent in 2021 from the previous year, a turnaround from a 1.2 percent on-year fall in 2020, according to the data compiled by Statistics Korea. It marked the largest growth since 2010, when industrial output gained 6.5 percent. Service output, onc

Jan. 28, 2022

S. Korea's rice consumption hits another low in 2021

South Koreans' consumption of rice hit an all-time low in 2021, but the decreasing rate slowed on the back of a growing demand for home meals amid the COVID-19 pandemic, data showed Thursday. The average South Korean consumed 56.9 kilograms of rice last year, down 1.4 percent or 0.8 kilograms from the previous year, according to the data compiled by Statistics Korea. Rice is a key staple food for Koreans, but its consumption has been on a steady decline since 1980 due mainly to changes in diet

Jan. 27, 2022

RCEP pact to take effect for S. Korea next month

The mega free trade pact of the Regional Comprehensive Economic Partnership (RCEP) will take effect for South Korea next month, the industry ministry said Thursday. In November 2020, South Korea inked the trade deal with 14 other countries -- 10 member nations of the Association of Southeast Asian Nations (ASEAN), China, Japan, Australia and New Zealand -- and the National Assembly ratified the pact in December last year. It will come into force on Feb. 1, 60 days after the government submitte

Jan. 27, 2022

Auto exports hit 7-year high in 2021

South Korea's exports of autos rose to the highest point in seven years last year due to the low base effect and strong demand for eco-friendly cars, customs data showed Thursday. The country's outbound shipments of cars came to $42.6 billion last year, up 23 percent from the previous year, according to the data compiled by the Korea Customs Service. It marked the largest amount since 2014, when auto exports were valued at $44 billion. The brisk exports came even as Korean automakers suffered

Jan. 27, 2022

S. Korea to take market-stabilizing steps if needed: official

South Korea plans to take measures to stabilize the country's financial market when needed, a senior government official said, after the Federal Reserve signaled at a rate hike in March to tame inflation. The finance ministry assessed the Fed's monetary policy stance as hawkish, but it said the outcome of the US central bank's latest rate-setting meeting is expected to have a limited impact on the South Korean market. Fed chief Jerome Powell said Wednesday (US time) that it has "quite a b

Jan. 27, 2022

Exports of cars, oil products forecast to be brisk this year

South Korea's exports of cars and petroleum products are expected to grow solidly this year, but the outlook for steel, ships and other key items is gloomy, a poll showed Thursday. According to the survey taken by the Federation of Korean Industries (FKI), outbound shipments of cars are projected to expand 6.2 percent this year from last year's $46.5 billion. The lobby for South Korea's family-controlled conglomerates attributed its upbeat prediction to improving consumer confidence across the

Jan. 27, 2022

Manufacturers' biz sentiment down for February

South Korean manufacturers' business sentiment worsened for February amid worries over sluggish demand from video, communication and equipment sectors, central bank data showed Thursday. The business sentiment index (BSI) for local manufacturers came to 90 for February, down from 92 for this month, according to the data from the Bank of Korea (BOK). The index measures manufacturers' prospects for business conditions in the following month. A reading below 100 means pessimists outnumber optimis

Jan. 27, 2022

Court blocks Namyang Dairy boss from pursuing side deal

The Seoul Central District Court on Wednesday granted an injunction to local private equity firm Hahn & Co. to stop Namyang Dairy Products from selling a majority stake to a third company. 　 The court ruled that Namyang should cut all ties to Dayou Winia Group. It had attempted to sell a majority stake in a deal reached with Dayou in November last year, effectively freezing out Hahn & Co., with which it had previously agreed to sell the stake. Namyang had tried to fill its key position

Jan. 26, 2022

Natural decline in population hits all-time high in November

SEJONG -- South Korea’s monthly decline in population reached the record-high of more than 8,000 in November, with the demographic tally losing by more than 40,000 for the first 11 months of 2021, state data showed Wednesday. This suggests that government policies to promote marriages and births have lacked efficacy in terms of easing worries over the so-called demographic cliff. According to Statistics Korea, the number of births stayed at 19,800 in November. This marked the second-lowe

Jan. 26, 2022

Growth of S. Korean exports forecast to slow in Q1

South Korea's exports will likely lose some growth momentum in the first quarter of the year due to a string of unfavorable external factors, a state bank said Wednesday. Overseas shipments by Asia's fourth-largest economy are expected to climb 15-16 percent on-year to $169 billion in the January-March period, according to the Export-Import Bank of Korea (Exim Bank). "South Korea's exports are likely to keep expanding in the first quarter, but their growth pace may lose some steam,"

Jan. 26, 2022

Biz sentiment for Feb. stays below par for 2nd month: poll

South Korea's business sentiment edged up for February but remained below par for the second consecutive month amid high raw material prices and global supply chain disruptions, a poll showed Wednesday. The business survey index (BSI) of the country's top 600 companies by sales came to 99.7 for next month, up 3.2 points from January, the Federation of Korean Industries (FKI) said. Yet February represents the second month in a row that the monthly yardstick of business sentiment has been below

Jan. 26, 2022

Consumer sentiment up in January amid toughened virus curbs

South Korea's consumer sentiment improved in January as health authorities' tough antivirus rules mitigated worries over the spread of the coronavirus, the central bank said Wednesday. The composite consumer sentiment index (CCSI) came to 104.4 in January, up 0.6 point from the previous month, according to data from the Bank of Korea. The rise followed a 3.8 point on-month decline tallied in December. A reading above 100 means optimists outnumber pessimists. The rise is ascribed to health aut

Jan. 26, 2022