[Newsmaker] Egg prices expected to soar 68% in March-May: think tank

Prices of eggs in South Korea may jump by up to 68 percent in the March-May period this year, as the spreading avian influenza is expected to further exacerbate the supply shortage, a state-funded think tank said Sunday. In the three-month period, the supply price of a large-size 10-egg carton is estimated at 1,600 won ($1.41) to 1,800 won, considerably higher than the 1,069 won-1,158 won per carton a year ago, according to the forecast by the Korea Rural Economic Institute (KREI). As of Frida

March 14, 2021

China's imports of S. Korean goods unfazed by pandemic: data

China's imports of South Korean products last year stayed nearly the same as the previous year despite the novel coronavirus pandemic, a report showed Sunday, as the world's second-largest economy bought more consumer goods like cosmetics. China imported $173.5 billion worth of goods from South Korea in 2020, only 0.03 percent down from 2019, according to the report from the Korea Trade-Investment Promotion Agency (KOTRA). South Korea was the third-largest exporter to China last year behind

March 14, 2021

S. Korea to accelerate post-virus recovery with intellectual property

South Korea’s plans to develop its digital intellectual property system this year will be the driving force behind the post-coronavirus pandemic recovery, the nation’s IP office said. In its 2021 policy plan announced Thursday, the Korean Intellectual Property Office revealed 10 tasks under four key strategies that would give impetus to South Korea’s road to a digital economy and recovery. The four strategies are: development of a new digital intellectual property system, exp

March 12, 2021

S. Korea's consumer price growth likely to pick up in Q2: official

South Korea's vice finance minister said Friday that the growth of the country's consumer prices is likely to temporarily pick up in the second quarter, affected by hikes in food and oil prices. First Vice Foreign Minister Kim Yong-beom said prices of crude oil, raw materials and grains are showing signs of rising amid a global economic recovery. "Conditions for consumer prices trends in the second quarter look tough," Kim said at a meeting with government officials on inflation. Th

March 12, 2021

Land minister says will take responsibility for LH employees' land speculation

Land Minister Byeon Chang-heum said Friday he will come up with measures to prevent employees at public developers from making speculative land purchases and could step down if his role falls behind public expectations. Byeon made the remark after a joint investigation team found that Korea Land and Housing Corp. (LH) employees allegedly bought land for speculation in two cities, south of Seoul, before it announced a major public housing development project. The minister has faced criticism as

March 12, 2021

[News Focus] Seoul area, Sejong, Jeju lead surge in unemployment benefits

SEJONG -- South Korea saw the number of recipients of unemployment benefits reach an all-time high of 1.78 million in 2020 in the wake of the novel coronavirus, data from a state-run agency showed. According to the Korea Employment Information Service, this marked an increase by 16.8 percent, 257,510 people, from 1.52 million a year earlier. By region, Greater Seoul -- including Gyeonggi Province and Incheon -- ranked top five, alongside Sejong and Jeju Province, among the nation’s 17 ma

March 11, 2021

S. Korean health care exports hit record high in 2020 amid pandemic

South Korea's health care and cosmetics exports soared more than 38 percent to an all-time high in 2020 amid the coronavirus pandemic, industry data showed Thursday. The country's overseas shipments of pharmaceuticals, cosmetics and medical devices stood at $21.70 billion last year, up 38.3 percent from the previous year and a fresh high, according to the data from the Korea Health Industry Development Institute. The new record came as the pandemic led to a surge in exports of biopharmaceutic

March 11, 2021

S. Korea's economy to show modest recovery: BOK

South Korea's economy is expected to stage a modest recovery from the coronavirus pandemic and the Bank of Korea (BOK) will continue monetary easing to prop up an economic recovery, the BOK said Thursday. In a regular monetary report, the BOK said it will pay close attention to household debts and financial imbalances as companies and households take advantage of cheap credit. "As the pace of the local economic recovery is expected to be modest, (the BOK) will keep monetary easing,"

March 11, 2021

Home meal replacement market valued at w4.2tr in 2019

South Korea's home-meal replacement product market was estimated at 4.2 trillion won ($3.68 billion) in 2019, data showed Thursday, with the sector expected to continue to grow down the road on the growing number of single-member households. The annual average growth of the segment was 16 percent since 2010, according to the Korea Rural Economic Institute (KREI). The proportion of single-member households in South Korea surpassed 30 percent of the total for the first time in 2019. (Yonhap)

March 11, 2021

S. Korea's exports jump 25.2% in first 10 days of March

South Korea's exports jumped 25.2 percent on-year in the first 10 days of March despite the new coronavirus pandemic on strong shipments of chips, customs data showed Thursday. The country's outbound shipments stood at $16.3 billion in the March 1-10 period, compared with $13 billion a year earlier, according to the data from the Korea Customs Service. Imports climbed 31.4 percent over the period to reach $17.4 billion, resulting in a trade deficit of $1.1 billion. By segment, exports of ch

March 11, 2021

Household spending on food, hospitality services dips in Q4 amid pandemic

South Korean households' spending on restaurants and hotels dropped in the fourth quarter of last year amid a resurge of coronavirus infections, central bank data showed Thursday. Household spending on eating out and hospitality services came to 18.9 trillion won ($16.6 billion) in the October-December period, dropping below the 20 trillion-won mark for the first time in five years, according to the data from the Bank of Korea. The corresponding figure amounted to 19.9 trillion won in the firs

March 11, 2021

Imports of Japanese beer rise for 5th month in Jan.

South Korea's imports of Japanese beer climbed for the fifth straight month in January, data showed Thursday, amid signs of a weaker local boycott of goods from the neighboring country. Asia's fourth-largest economy brought in 1,072 tons of Japanese beer in January, up a whopping 670.3 percent from the same month last year, according to the data from the Korea Customs Service and the liquor industry. Industry watchers said the consecutive increase is due to weakening anti-Japan sentiment in So

March 11, 2021

South Korean mortgages surge in Feb.

South Korean banks’ total outstanding mortgages extended to households gained 6.4 trillion won ($5.6 billion) on-month in February, central bank data showed Wednesday, with the figure marking the second-largest increase for the month. Outstanding mortgages stood at 733.3 trillion won as of end-February, according to the Bank of Korea. The 6.4 trillion-won gain was the second-largest increase in the month of February the BOK has seen since it started compiling such data in 2004. Of the

March 10, 2021

S. Korea eyes annual exports of $700b by 2025

South Korea said Wednesday it plans to achieve annual exports of $700 billion by 2025 by expanding financial support for exporters while fostering new growth engines, particularly in the health care segment. To meet the goal, the country plans to spend 20 trillion won ($17.4 billion) on trade financing for exporters through 2025, according to the Ministry of Trade, Industry and Energy. "The global trade environment has been facing changes due to the rising awareness of carbon neutrality,

March 10, 2021

Banks' loan delinquency rate inches up in January

The delinquency rate for South Korean banks' won-denominated loans edged up in January from the previous month, the financial regulator said Wednesday. The rate for bank loans more than 30 days overdue stood at 0.31 percent at the end of January, up 0.03 percentage point from the previous month, according to the Financial Supervisory Service (FSS). Compared with a year earlier, the bank loan delinquency rate was down 0.1 percentage point. Banks' loan delinquency rate remains stable mainly bec

March 10, 2021

S. Korea to invest W200b in developing automotive chip technology

South Korea plans to invest more than 200 billion won ($176 million) in developing automotive chip-making technology by 2022 in an effort to nurture the next-generation vehicle sector, the finance minister said Wednesday. Finance Minister Hong Nam-ki said the government plans to cooperate with local automakers to find ways to ease a current supply shortage of automotive chips that may last until the third quarter. "As automotive chips are key parts of the car industry and demand for futur

March 10, 2021

BOK purchases W2tr worth of state bonds

The Bank of Korea (BOK) on Tuesday purchased 2 trillion won ($1.76 billion) worth of government bonds as part of its market-stabilizing efforts amid the coronavirus crisis.    According to an announcement posted on its website, an auction of the first batch of BOK's 7 trillion won bond purchase program within the first half was closed after attracting bids of more than 4.2 trillion won.    The bank bought three-year government bonds at 1.17 trillion won, five-year Treasury

March 9, 2021

OECD revises up its 2021 growth outlook for S. Korean economy to 3.3 percent

The Organization for Economic Cooperation and Development (OECD) on Tuesday revised up its 2021 growth outlook for the South Korean economy as the country's exports remain robust amid the pandemic.    The OECD expected Asia's fourth-largest economy to grow 3.3 percent this year, up from its December estimate of 2.8 percent. Still, the Paris-based organization revised down its 2022 growth forecast for South Korea to 3.1 percent from 3.4 percent.    The upward revision for

March 9, 2021

Inter-family asset inheritances, gifts jump to W113tr

The amount of lineally inherited and gifted assets has reached nearly 113 trillion won ($99 billion), surging about 42 percent in the last five years, according to data compiled by the National Tax Service Tuesday. The report, submitted to Rep. Yang Kyung-sook of the ruling Democratic Party, showed that the accumulated amount of inter-family asset inheritances and gifts came in at 112.98 trillion won in 2019. It was up by 33.27 trillion won or 41.8 percent from some 79.68 trillion won marked in

March 9, 2021

Rising US bond yields could pull down asset prices: vice minister

The recent surge in the US Treasury yields, if prolonged, could lead to a decline in asset prices, South Korea’s Vice Finance Minister said Tuesday, saying that the government would keep an eye on market volatilities. “If the US bond yields continue to rise, volatilities including change in asset prices over avoidance of risky investments and an outflow of emerging market capitals could materialize,” Vice Finance Minister Kim Yong-beom said during a macroeconomics meeting. &

March 9, 2021