BOK injects W4.75tr into financial sector ahead of holiday

South Korea's central bank said Wednesday it has provided a net 4.75 trillion won ($4.25 billion) in liquidity to the financial sector to help the flow of money ahead of the Lunar New Year holiday. The Bank of Korea (BOK) said it decreased its money injection by 15.7 percent this year from a year earlier because of social distancing rules amid the coronavirus pandemic. Health authorities have called on people to refrain from traveling for family gatherings to contain the spread of the virus. A

Feb. 10, 2021

Job loss largest in over 2 decades in January amid pandemic

South Korea reported the largest job loss in January since 1998 as a flare-up in new coronavirus cases, along with continued virus curbs, dealt a heavy blow to jobs in the service sector, data showed Wednesday. The number of employed people reached 25.8 million last month, 982,000 fewer than a year earlier, according to the data compiled by Statistics Korea. It marked the sharpest on-year fall since December 1998, when the country lost 1.28 million jobs in the wake of the 1997-98 Asian financi

Feb. 10, 2021

S. Korea's tax revenue down W7.9tr last year

South Korea's tax revenue fell 7.9 trillion won ($7.1 billion) in 2020 from a year earlier as corporate tax earnings declined amid the pandemic, the finance ministry said Tuesday. The country collected 285.5 trillion won in taxes last year, compared with 293.5 trillion won the previous year, according to the Ministry of Economy and Finance. Last year, the collection of corporate taxes declined 16.7 trillion won on-year to a four-year low of 55.5 trillion won, as business activity remained slug

Feb. 9, 2021

Service output in 15 provinces, cities falls in Q4 amid pandemic

Combined service output declined in 15 provinces and major cities in South Korea in the fourth quarter of last year as the pandemic hit the segments providing face-to-face services, data showed Tuesday. Except for Seoul, six cities and nine provinces posted an on-year fall in service output in the October-December period, according to Statistics Korea. Service output in Seoul -- home to about one-fifth of the country's 51.6 million population -- rose 0.9 percent on-year in the fourth quarter,

Feb. 9, 2021

Banks' loan delinquency rate falls in December

The delinquency rate for South Korean banks' won-denominated loans fell in December last year from the previous month, the financial regulator said Tuesday. The rate for bank loans more than 30 days overdue stood at 0.28 percent at the end of December, down 0.07 percentage point from the previous month, according to the Financial Supervisory Service (FSS). Compared with a year earlier, the bank loan delinquency rate was also down 0.09 percentage point. Banks' loan delinquency rate remains sta

Feb. 9, 2021

Shipyards get off to robust start in new orders in Jan.

South Korean shipbuilders held on to their global No. 1 status in terms of new orders of ships in January, outpacing their Chinese rivals for the seventh straight month, industry data showed Tuesday. According to the data provided by global market researcher Clarkson Research Service, South Korean shipyards bagged new orders totaling 910,000 compensated gross tons (CGTs), representing 54 percent of the 1.7 million CGTs ordered globally in January, or 24 of 66 ships. The South Korean shipbuilde

Feb. 9, 2021

S. Korean ad market edges down in 2020 amid coronavirus impact

South Korea's overall advertising expenditure inched down in 2020 due to the coronavirus pandemic, but the digital ad market expanded at a double-digit rate, a report showed Tuesday. Advertising expenses in Asia's fourth-largest economy amounted to 11.99 trillion won ($10.7 billion) last year, down 0.8 percent from a year earlier, according to the report from Cheil Worldwide Inc. The country's leading advertising agency attributed last year's sluggish market growth to the COVID-19 outbreak tha

Feb. 9, 2021

Financial authorities defend dividend cap on banks

The nation’s top financial regulators said Monday that their recommendation for lenders to limit dividend payouts was in line with global standards, rebutting criticism that it constituted excessive government intervention. The Financial Services Commission and the Financial Supervisory Service have urged local banks to curb their dividends, saying the prolonged pandemic could hurt local banks’ financial soundness.　 “The recommendation for a dividend reduction is a tempora

Feb. 8, 2021

Finance minister calls for efforts to activate new housing supply plan

South Korea's finance minister instructed his officials Monday to spare no effort to thoroughly implement the government's latest massive housing supply plan in a bid to stabilize rising home prices. The government said last week it will ease construction regulations and support redevelopment projects in urban areas to increase the number of new homes by up to 836,000 nationwide in the next four years. "Now the key to stabilizing the housing market is to thoroughly implement the latest ho

Feb. 8, 2021

Vietnamese apparel made with S. Korean fabric to enjoy lower tariffs in Europe

Apparel and clothing items produced in Vietnam with South Korea-made fabrics will be allowed to enjoy lower tariffs in the European Union, the trade ministry said Monday. Previously, clothes needed to be made with locally produced fabrics in order to enjoy the benefits of the Vietnam-EU free trade agreement, according to the Ministry of Trade, Industry and Energy. "With South Korea being the second-largest supplier of fabric in Vietnam, the latest policy will lead to stronger demand for S

Feb. 8, 2021

Manufacturers' domestic supply down for 3rd straight quarter amid pandemic

South Korean manufacturers' domestic supply fell for the third consecutive quarter in the fourth quarter of last year amid the fallout of the prolonged pandemic, data showed Monday. The manufacturing domestic supply index stood at 108.3 in the October-December period, down 1.1 percent from a year earlier, according to the data compiled by Statistics Korea. Amid the COVID-19 pandemic, the quarterly index has fallen since the second quarter of 2020, when it declined 4.5 percent on-year, the shar

Feb. 8, 2021

S. Korea's kimchi exports hit record high in 2020

South Korea's exports of kimchi reached a new all-time high in 2020 thanks to its popularity amid the coronavirus pandemic, data showed Monday. Overseas shipments of kimchi came to $144.51 million last year, up 37.6 percent from a year earlier, according to the data from the Korea Customs Service and industry sources. The amount breaks the previous yearly record of $106.61 million registered in 2012. Kimchi is a traditional Korean side dish normally made of fermented cabbage, salt and hot pep

Feb. 8, 2021

[News Focus] 3 in 5 Koreans question real estate tax hikes

SEJONG -- The Moon Jae-in administration had been active in raising property taxes, claiming that the aggravated tax burden for multiple home-owners would eventually curb apartment prices. But housing prices in Seoul and some other major cities have continued to climb to record-highs. The government still maintains the policy of higher taxation on real estate, while more and more people have become skeptical about it in terms of efficacy. A recent survey suggests a dominant portion of people&

Feb. 7, 2021

Robust exports partly buffer economic slowdown amid weak domestic demand: KDI

South Korea's domestic demand is faltering amid a flare-up in new coronavirus cases, but the country's improving exports have partially buffered an economic slowdown, a state-run think tank said Sunday. As consumption and employment took a beating amid the third wave of the COVID-19 pandemic, economic activity has remained sluggish, led by domestic demand, according to a monthly economic assessment report by the Korea Development Institute (KDI). "The Korean economy saw its domestic deman

Feb. 7, 2021

S. Korea's exports set to expand up to 12% over Q1: Exim Bank

The state-run Export-Import Bank of Korea (Exim Bank) said Sunday the country's exports are expected to expand up to 12 percent on-year over the first quarter on strong demand for chips and cars. Outbound shipments over the January-March period are estimated to reach around $145 billion won, according to the estimate provided by the bank. "The economic recovery of major export destinations, including China, the United States and the European Union, is expected to lend a hand to the recove

Feb. 7, 2021

Prices of poultry products on rise amid bird flu outbreaks, total now at 87

South Korea's consumer prices of poultry goods continued to gather ground as the country destroyed more birds in a preventive measure against the highly pathogenic bird flu, data showed Sunday, with the caseload reaching 87. The average price of eggs shot up 43.8 percent over the past week from the previous year, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. Those of chicken and duck meat also increased 16.6 percent and 26.2 percent, respectively. South

Feb. 7, 2021

Current account surplus hits two-year high last year

South Korea’s current account surplus rose to a two-year high last year amid the prolonged economic fallout from the COVID-19 pandemic, mainly due to a sharp fall in imports and overseas trips, central bank data showed Friday.  The country’s current account surplus for 2020 amounted to $75.28 billion -- up $15.6 billion, or 26.1 percent, from the previous year -- according to preliminary figures released by the Bank of Korea.  This marked the highest current account sur

Feb. 5, 2021

Consumer price of poultry goods on rise amid bird flu outbreak

South Korea plans to inject 50,000 tons of tariff-free imported egg products through June to help stabilize the price. Meanwhile, no additional confirmed cases of the H5N8 strain of avian influenza were reported Friday, with the total caseload standing at 85. Authorities said they are currently investigating a suspected infection from a duck farm that is raising 8,000 ducks in Yeongam, 384 kilometers south of Seoul. Of the confirmed cases from farms, Gyeonggi Province that surrounds Seoul acc

Feb. 5, 2021

S. Korea's current account surplus widens in December

South Korea's current account surplus widened on-month in December last year, mainly due to a modest recovery in exports, the central bank said Friday. The current account surplus reached $11.51 billion in December, widening from a surplus of $9.18 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade. Since the country logged a deficit of $3.33 billion in April 2020, the largest in almost a decade, on faltering expo

Feb. 5, 2021

S. Korea's exports of sauces hit all-time high in 2020

South Korea's exports of sauces reached an all-time high in 2020 as more people enjoyed cooking at home around the globe amid the new coronavirus pandemic, data showed Friday. Outbound shipments of sauces rose 25.8 percent on-year in 2020 to reach $301.7 million, according to the data compiled by the Korea International Trade Association (KITA). KITA said the growth also came as global consumers became more aware of Korean-style foods following the popularity of Korean cultural content oversea

Feb. 5, 2021