Instant noodle exports break records again

  Korean instant noodle exports in the first 11 months of last year set a new record amid the prolonged pandemic and the popularity of “chapaguri,” a mix of two different instant noodle products featured in the Oscar-winning film “Parasite.” Exports of ramen, known locally as “ramyeon,” in January-November 2021 hit $607.9 million, up 10.6 percent from the same period a year prior. The 2020 total, which was then the highest ever annual figure, was $603.6

Jan. 10, 2022

S. Korea to hold annual meeting with IMF on economy, financial policy

South Korea will begin its annual meeting with the International Monetary Fund (IMF) this week on the country's overall economic situation as well as the response to the COVID-19 pandemic, the finance ministry said Monday. An IMF team, led by Martin Kaufman, Korea missions chief at the Washington-based organization, will hold a video conference with the Ministry of Economy and Finance on Tuesday before holding similar virtual meetings with officials of the central bank, and other financial and

Jan. 10, 2022

Korea outstrips OECD average in per capita GDP for 1st time

SEJONG -- South Korea has surpassed the average of members of the Organization for Economic Cooperation and Development in gross domestic product per capita, for the first time, data showed Monday. According to the French-based organization, Korea ranked 18th among the 38 members in GDP per capita with $45,363 in 2020. This exceeded the estimate of the OECD average at $45,182, while the nation had continued to stay under the average for decades. Figures for Korea and the OECD average were $18,

Jan. 10, 2022

Sales of short-term bonds swell 20.6% in 2021

Sales of short-term corporate bonds in South Korea jumped more than 20 percent in 2021 from a year earlier amid the coronavirus pandemic, data showed Monday. Local companies issued 1,243.7 trillion won ($1.04 trillion) worth of short-term bonds, up 20.6 percent from a year earlier, according to the data from the Korea Securities Depository (KSD). Short-term bonds refer to those that come due within one year, with the minimum amount of 100 million won or more per issue. Sales of general short-

Jan. 10, 2022

FDI pledges made to S. Korea hit all-time high in 2021

Foreign direct investment (FDI) pledges made to South Korea surged 42.3 percent in 2021 from a year earlier to reach an all-time high, data showed Monday. Foreigners pledged to invest $29.51 billion in South Korea in 2021, compared with $20.7 billion a year earlier, according to the data by the Ministry of Trade, Industry and Energy. The 2021 figure hit an all-time high, beating the previous record of $26.9 billion logged in 2018, it added. The amount of investment that actually arrived in So

Jan. 10, 2022

Experts divided on timeline of BOK's first rate hike of the year

Experts remain divided over whether Korea’s central bank will carry out a rate hike at its first rate-setting meeting of the year set for Friday. The upcoming monetary policy board meeting comes as the Korean economy continues to struggle with high inflationary pressure and the US Federal Reserve’s recent signal of a sooner-than-expected rate hike. A majority of experts see a rate hike coming Friday or next month, and the Bank of Korea is expected to raise its benchmark interest

Jan. 9, 2022

S. Korea's kimchi exports hit new high in 2021

South Korea's exports of kimchi hit an all-time high last year thanks to its growing popularity, data showed Sunday. Outbound shipments of the spicy Korean traditional side dish came to a record $159.9 million in 2021, resulting in a trade surplus of $19.2 million in the sector, according to the data from the Ministry of Agriculture, Food and Rural Affairs. It is the first time in 12 years that South Korea registered a surplus in the kimchi trade. Kimchi is a traditional Korean side dish norm

Jan. 9, 2022

S. Korean economy faces heightened downside risks: KDI

The South Korean economy faces heightened downside risks, as the country has tightened antivirus measures to curb the spread of COVID-19 cases and the global economic recovery has slowed down, a state-run think tank said Sunday. Since December, the recovery of private spending has been constrained by tighter social distancing measures to tackle the spike in COVID-19 infections, the Korea Development Institute (KDI) said in a monthly economic assessment report. "On the external side, globa

Jan. 9, 2022

Seoul bourse to provide capital market info in English

South Korea's bourse operator said Sunday that it will launch a domestic capital market information portal in English this week to provide more information to foreign investors. The service, dubbed Market Data System, will be provided through the website (http://global.krx.co.kr) starting Monday, the Korea Exchange (KRX) said. The KRX said the website will improve information accessibility and convenience for foreign investors whose influence in the domestic capital market has continuously inc

Jan. 9, 2022

Internet-only bank K-Bank begins process of going public

K-Bank, a South Korean internet-only bank, said Friday it has begun the process of an initial public offering (IPO) as part of efforts to raise funds to strengthen its foothold as a major digital financial platform. K-Bank sent a request for proposal to local and foreign securities firms earlier in the day, the first step of a company going public. It also plans to select a lead manager for an IPO by next month, according to company officials. "Details on IPO timelines will be determine

Jan. 7, 2022

[Newsmaker] Woori Bank pulls back Osstem funds amid theft probe

Woori Bank, one of five major local banks, said Friday it had stopped selling funds involving Osstem Implant, whose shares were suspended from trading on the Kosdaq after an employee was arrested for having allegedly stolen funds equal to 91 percent of the company’s equity as of last year. “It’s a precautionary measure to protect our investors and we do not know at this point when we will begin selling the funds again,” a Woori Bank official said, adding five funds

Jan. 7, 2022

Korea ranks 2nd in property tax-to-GDP among OECD members

SEJONG -- South Korea ranked second among members of the Organization for Economic Cooperation and Development in the ratio of property tax to gross domestic product in 2020, with its on-year growth posting No. 1 and ranking in terms of the ratio climbing by four notches from a year earlier. According to a recent analysis by the Paris-based organization, Korea recorded 3.97 percent in the ratio of property tax -- in which the capital gains tax on trading of homes and land takes up a dominant po

Jan. 7, 2022

S. Korea to boost domestic reserves of economic security-related items

South Korea plans to announce measures to boost the domestic reserves of key items related to economic security in the first quarter in a bid to cope with risks from strains on the global supply chain, a senior government official said Friday. In a related move, the country plans to boost the stockpile of rare metals to 100 days of use from the current 57 days and raise the reserves of some rare metals to a maximum of 180 days of use in case their supply faces instability, according to First Vi

Jan. 7, 2022

S. Korea-Britain trade volume grows 33% on bilateral FTA

Trade volume between South Korea and Britain grew 33 percent for about one year after the implementation of a bilateral free trade deal, the industry ministry said Friday. Seoul and London clinched the bilateral free trade agreement (FTA) in August 2019, and the pact went into effect in January 2021 following Britain's departure from the European Union. During the first 11 months of last year, their trade volume came to $10.6 billion, up 33 percent from the same period a year earlier, accordin

Jan. 7, 2022

S. Korea to boost supply of foodstuff ahead of Lunar New Year

South Korea plans to increase the supply of key foodstuff needed to prepare for the Lunar New Year holiday starting next week in a bid to help tame inflationary pressure, a senior government official said Friday. The government will begin to supply a record amount of 204,000 tons of holiday-related foodstuff, such as napa cabbages, beef and pork, on Monday for three weeks in the runup to the traditional holiday set for Jan. 31-Feb. 2, according to First Vice Finance Minister Lee Eog-weon. Dema

Jan. 7, 2022

K Auction to make stock debut this month

K Auction, South Korea’s second-largest auction house by revenue, said Thursday that it plans to go public on Jan. 24, in what its chief said will be the first step to take on its bigger rival Seoul Auction. “A transparent platform that will maximize the positive impact of art and outcompete our rival, that’s what we have in mind,” K Auction CEO Do Hyun-soon said at an online conference. Seoul Auction began trading on the junior Kosdaq exchange in 2008. K Auction, whic

Jan. 6, 2022

Investors seek suit over Osstem theft case

Individual investors are seeking legal action for damages caused by an employee at Osstem Implant who was arrested Wednesday for having allegedly stolen 188 billion won ($156 million) from the Kosdaq-listed company. The stolen money accounted for 91 percent of the company’s equity as of last year. The shares of the implant maker, worth a little over 2 trillion won in market value, were suspended from trading Monday after the company reported the massive theft to police. “There is

Jan. 6, 2022

S. Korea to take steps to stabilize FX market if needed: official

South Korea is ready to take measures to stabilize the foreign exchange market, if needed, a senior government official said Thursday, as the Korean currency has sharply weakened against the US dollar in recent weeks. First Vice Finance Minister Lee Eog-weon said the government plans to closely monitor the forex market amid the prospects for the won's further descent as the US Federal Reserve would raise its policy rate at a faster-than-expected pace. "The government plans to step up effo

Jan. 6, 2022

Top financial regulators vow to bolster measures against lingering COVID risks

Heads of the nation’s financial policymaker and watchdog held their first meeting of the year on Thursday and vowed to cooperate on adopting stronger preemptive measures to counter lingering pandemic risks. Financial Services Commission Chairman Koh Seung-beom and Financial Supervisory Service Gov. Jeong Eun-bo agreed to make risks tied to the nation’s household debt growth, accumulating debt of the self-employed and small business owners and the non-banking sector their top priori

Jan. 6, 2022

Korean shipbuilders' new orders hit 8-year high in 2021

South Korean shipbuilders received the largest orders in eight years in 2021, and the country ranked the world's No. 1 in terms of the construction of high value-added vessels, the industry ministry said Thursday. Local shipbuilders won new orders totaling 17.44 million compensated gross tons (CGTs) last year, more than doubling from the previous year's 8.23 million CGTs, according to the data compiled by the Ministry of Trade, Industry and Energy. It is the largest since 2013 when the figure

Jan. 6, 2022