Foreign investors remain net sellers of Korean stocks in July

Foreign investors remained net sellers of South Korean stocks last month, extending their selling spree for a third consecutive month, data showed Friday. Foreigners sold a net 3.77 trillion won ($3.26 billion) worth of local stocks in July, according to the data from the Financial Supervisory Service (FSS). British investors sold a net 2.3 trillion won of stocks last month, while investors from Middle Eastern nations net purchased 500 billion won worth of stocks, according to the FSS. As of

Aug. 13, 2021

Export prices up for 8th month in July

South Korea's export prices rose in July, marking the eighth straight monthly gain amid a strong recovery in exports, central bank data showed Friday. The country's export price index, in terms of the local currency, rose 3.5 percent in July from the previous month, according to the preliminary data from the Bank of Korea (BOK). The reading marked the eighth consecutive month of an on-month rise. In June, the index rose 0.7 percent on-month. From a year earlier, the index jumped 16.9 percent

Aug. 13, 2021

Volume of damaged banknotes dips in H1 amid pandemic

Both volume and face value of damaged banknotes found in South Korea dipped in the first half of this year as people used cash less amid a non-contact consumption trend due to the COVID-19 pandemic, the central bank said Friday. In the January-June period, the face value of damaged banknotes discarded by the Bank of Korea came to 1.03 trillion won ($890 million), compared with 2.69 trillion won for the same period last year, according to the BOK. The volume of damaged banknotes also plunged 36

Aug. 13, 2021

Fiscal chief says new COVID-19 wave will ‘inevitably’ dent economy

After showing modest signs of recovery, South Korea’s economy is going to face pressure from the ongoing fourth wave of COVID-19 starting from this month, the country’s top economic policymaker said Thursday. “As the ripple effect of the fourth wave of the pandemic seems to be inevitable to some extent from August, it is necessary to stay alert to minimize the shock and to maintain the recovery trend,” Finance Minister Hong Nam-ki said during an economic meeting at the

Aug. 12, 2021

S. Korea to offer more shipping services amid freight price hike

South Korea's trade ministry said Thursday it plans to add more chartered shipping services for exporters as the global freight costs hit yet another record high level amid strong demand. Under the plan, the country will begin operating at least six new shipping services monthly in September, rising sharply from around two to three ships operated prior to June, according to the Ministry of Trade, Industry and Energy. A record high number of 18 ships will be added in August as well. "It i

Aug. 12, 2021

S. Korea, Turkey sign first currency swap

South Korea and Turkey have signed their first currency swap agreement, in a move to boost trade between the two nations, the Bank of Korea (BOK) said Thursday. The three-year agreement, signed by the BOK and the Central Bank of the Republic of Turkey, allows for the exchange of local currencies between the two countries of 2.3 trillion won ($2 billion), the BOK said in a statement. "This agreement is designed to promote bilateral trade through a swap-financed trade settlement facility an

Aug. 12, 2021

GM, LG to win Van Fleet Award for battery partnership

General Motors Co. and South Korean company LG Corp. will receive the 2021 Van Fleet Award for their contribution to strengthening ties between South Korea and the United States, a non-profit business organization said Thursday. The Korea Society, a nonprofit organization established to promote Korea-US relations, has annually given the Van Fleet Award since 1992 to individuals and organizations that helped strengthen the bilateral ties. The organization said it will deliver the award to the c

Aug. 12, 2021

S. Korea to speed up FTA talks with Mercosur

South Korea said Thursday it seeks to speed up its free trade negotiation with a group of South American countries, as the country aims to further expand its export portfolio. South Korea launched its negotiations with Mercosur -- Brazil, Argentina, Paraguay and Uruguay -- in 2018. The four countries make up around 70 percent of the population in South America and 68 percent of the region's economy. The seventh round of negotiations is slated to be held later this month. "The trade agree

Aug. 12, 2021

Online food market soars 45% in H1 amid pandemic

South Korea's online food market jumped more than 45 percent in the first half of the year from a year earlier due to the fallout from the coronavirus pandemic, data showed Thursday. The value of online food transactions in Asia's fourth-largest economy stood at 27.8 trillion won ($24 billion) in the January-June period, up 45.4 percent from a year earlier, according to the data from Statistics Korea and industry sources. It was the largest half-year tally that breached the previous record of

Aug. 12, 2021

FSC introduces new COVID recovery support program, advises financial firms not to share late payment records

  South Korea’s top financial regulator on Wednesday encouraged local financial institutions to refrain from penalizing individual borrowers who have missed mortgage payments due to the economic fallout from the coronavirus pandemic, but caught up later. Financial Services Commission Chairman Eun Sung-soo advised the heads of financial institutions -- including the Korea Federation of Banks, the Korea Credit Information Services and the Korea Federation of Savings Banks -- not to s

Aug. 11, 2021

Job growth slows for 3rd month on toughest social distancing

The pace of recovery in South Korea’s job market has slowed down for the third consecutive month in July due to the kickoff of the toughest social distancing rules adopted to combat the fourth wave of the COVID-19 pandemic, data showed Wednesday. While employers added 542,000 more jobs on-year last month, extending gains for the fifth consecutive month, its growth momentum has been slowing since May, data compiled by Statistics Korea showed. The overall number of those employed amounted

Aug. 11, 2021

S. Korea's 10th budget carrier begins services

South Korea's 10th budget carrier Air Premia Co. on Wednesday began services on the Gimpo-Jeju route to meet local travel demand amid the extended COVID-19 pandemic. Last month, the Ministry of Land, Infrastructure and Transport issued an air operator certificate to Air Premia to allow the carrier to use aircraft for commercial purposes. On Wednesday, Air Premia started daily flights connecting Gimpo to the country's southern resort island of Jeju with the 309-seat B787-9 passenger jet, the co

Aug. 11, 2021

S. Korea's fishery output up 5% in H1

South Korea's fisheries output rose 5.2 percent on-year in the first half of this year on the back of improved production from the aquaculture sector, data showed Wednesday. The total fisheries output amounted to 2.3 million tons in the January-June period, compared with 2.2 million tons tallied a year earlier, according to the data compiled by the Ministry of Oceans and Fisheries. In terms of value, the output came to 4.45 trillion won ($3.86 billion), up 8.7 percent on-year. The aquaculture

Aug. 11, 2021

Budget carrier Air Premia begins services on Jeju route

South Korean budget carrier Air Premia Co. has begun services on the Gimpo-Jeju route to meet travel demand amid the extended COVID-19 pandemic, the company said Wednesday. Last month, the Ministry of Land, Infrastructure and Transport issued an air operator certificate to Air Premia to allow the carrier to use aircraft for commercial purposes. On Wednesday, Air Premia started daily flights connecting Gimpo to the country's southern resort island of Jeju with the 309-seat B787-9 passenger jet,

Aug. 11, 2021

Exports up 46.4% in first 10 days of August

South Korea's exports rose 46.4 percent on-year in the first 10 days of August on the back of robust demand for chips and petroleum products, customs data showed Wednesday. The country's outbound shipments stood at $12.7 billion in the Aug. 1-10 period, compared with $8.69 billion a year earlier, according to the data from the Korea Customs Service. Imports jumped 63.1 percent on-year to $17.4 billion, resulting in a trade deficit of $4.69 billion during the cited period, the data showed. By

Aug. 11, 2021

Job growth slows in July amid 4th wave of pandemic

South Korea reported job additions for the fifth straight month in July, but the growth pace slowed as employment in face-to-face service segments was hit hard by the fourth wave of the pandemic, data showed Wednesday. The number of employed people reached 27.65 million last month, 542,000 more than a year earlier, according to the data compiled by Statistics Korea. The July additions were lower than an on-year increase of 582,000 the previous month. Amid an economic recovery, the country has

Aug. 11, 2021

71 listed firms received 'adverse' audit opinions in 2020

A total of 71 listed firms in South Korea received "adverse" audit opinions in 2020, up from 65 the year prior, as the COVID-19 pandemic increased business uncertainties, government data showed Tuesday. An "adverse" opinion suggests that a company may have violated accounting standards or significantly misstated their financial records. According to a survey of 2,293 listed firms by the Financial Supervisory Service (FSS), 97 percent of the firms received clean opinions in

Aug. 10, 2021

Manufacturers' Q2 domestic supply rises at fastest-ever pace

South Korean manufacturers' domestic supply rose at the fastest-ever pace in the second quarter as the country's economy is on a recovery track on brisk exports, data showed Tuesday. The manufacturing domestic supply index stood at 111.1 in the April-June period, up 9.2 percent from a year earlier, according to the data from Statistics Korea. It marked the sharpest on-year gain since the first quarter of 2010 when the statistics agency began compiling related data. The index, which measures b

Aug. 10, 2021

S. Korea on recovery from fallout of avian influenza

SEJONG -- South Korea's agricultural ministry said Tuesday local chicken farms have gradually normalized their operations from avian influenza, a move that could stabilize the market price of eggs. The number of chickens supplied to the disease-hit egg farms came to around 18 million as of end of June, more than the 16 million chickens culled as a preventive measure, according to data compiled by the Ministry of Agriculture, Food and Rural Affairs. South Korea has been normalizing the operatio

Aug. 10, 2021

S. Korea closely assesses potential fallout from Europe's new carbon policy

SEJONG -- South Korea's trade ministry said Tuesday it is closely reviewing the potential impact from Europe's toughened carbon restrictions set to be implemented in 2023, as the move is expected to weigh down the country's outbound shipments of steel products. "The country is currently assessing the impact of the carbon border adjustment mechanism (CBAM) and plans to come up with measures to cope with the new policy," an official from the Ministry of Trade, Industry and Energy said.

Aug. 10, 2021