Contactless payments surge 17% amid pandemic: BOK

Non-face-to-face payments have surged 17 percent on-year since the outbreak of COVID-19, a report released by the central bank on Tuesday showed. Contactless payments made via electronic devices and other noncash methods inched up by 1.4 percent on-year in the first nine months of this year, the Bank of Korea said in a report.　 “Contactless payment transactions have expanded as usage of mobile payments have increased compared with actual credit or debit card payments,” the report

Nov. 3, 2020

Doosan Infracore produces 200,000th excavator in China

Doosan Infracore Co. said Tuesday its Chinese unit has produced its 200,000th excavator in the country. The accumulated output came 26 years after South Korea's leading construction equipment maker entered the Chinese market in October 1994, the company said in an emailed statement. The Chinese excavator market is expected to grow by 275,000 units this year, surpassing last year's overall sales of 200,000 units, Doosan Infracore said. Sales of excavators by the company rose 21 percent to 14

Nov. 3, 2020

[Contribution] OECD recognizes Korea’s competitiveness in digital government

At the recent e-Leaders 2020 meeting of the Organization for Economic Cooperation and Development, Korea ranked first in the Digital Government Index, which the OECD conducted for the first time. The latest result, a consecutive achievement after the OECD ranked Korea first in the OUR (Open-Useful-Reusable) Data Index in 2019, showed that Korea is leading the world’s digital government transition and innovation. The Digital Government Index measures the level of digital transformation an

Nov. 3, 2020

S. Korea's H1 exports to China fare relatively well despite pandemic

Despite the coronavirus pandemic, South Korea's exports to China fell at a slower rate than its overall overseas shipments in the first half thanks to brisk Chinese demand for consumer goods and electronics parts, a report showed Tuesday. South Korea's exports to the world's second-largest economy came to $61.4 billion in the January-June period, down 6.4 percent from a year earlier, according to the report from the Korea Trade-Investment Promotion Agency (KOTRA). The decline is much lower tha

Nov. 3, 2020

S. Korea's inflation grows at slowest pace in 4 months in Oct.

South Korea's consumer prices grew at the slowest pace in four months in October due largely to one-off state subsidies for mobile phone bills, data showed Tuesday, underscoring the country's low inflationary pressure. The consumer price index inched up 0.1 percent on-year last month, sharply slowing from a 1 percent on-year gain in the previous month, according to the data from Statistics Korea. It marked the slowest on-year growth since June, when the price index stayed flat, and the fourth

Nov. 3, 2020

Economy will recover from fallout, return to normal trajectory in H1 2021: Moon

President Moon Jae-in predicted Monday that South Korea’s economy will be able to return to a normal track in the first half of next year if the current trend of economic rebound from the new coronavirus pandemic continues in the fourth quarter. “When reviewing recent indicators, we can see that the economy is rapidly recovering by overcoming the recent difficulties,” Moon said during a weekly meeting with his senior Cheong Wa Dae aides. “If the trend of economic reboun

Nov. 2, 2020

[News Focus] De facto jobless increases 60,000 in a month

SEJONG -- The Korean government was pinning hopes on recovery in employment in the second half of the year, though the tally of the jobless increased sharply between March and May in the wake of the COVID-19 pandemic. Though the number of “unemployed plus underemployed” showed signs of gradually falling during the summer, the monthly figure bounced back in September. According to the Supplementary Index III for Employment, as determined by Statistics Korea, the number of “de

Nov. 2, 2020

S. Korea to allow people to exchange foreign bills at convenience stores

SEJONG -- South Korea's finance ministry said Monday it will allow people to exchange the Korean currency for foreign currency banknotes at convenience stores starting next year, as part of its efforts to ease regulations in the foreign exchange market. Under the move, people can ask banks to exchange the Korean won for foreign bills via smartphone applications, according to the Ministry of Economy and Finance. They can then get the foreign bills at automated teller machines in convenience s

Nov. 2, 2020

BOK to take market-stabilizing measures if needed over US election: governor

South Korea's central bank will take measures to stabilize the financial markets in a timely manner when needed as the outcome of the US presidential election could increase market volatility, its head said Monday. Bank of Korea (BOK) Gov. Lee Ju-yeol said that volatility in the financial markets at home and aboard could increase, depending on the outcome of the US election, set for Tuesday, amid concerns about a resurgence in COVID-19 cases in Europe, according to the central bank. "The

Nov. 2, 2020

S. Korean manufacturing just above par in Oct.: IHS Markit

South Korea's manufacturing activity entered an expansionary phase for the first time this year in October on increased new orders, a global market researcher said Monday. The purchasing managers' index (PMI) of the country's manufacturing sector stood at 51.2 last month, up 1.4 points from the previous month, according to a survey by IHS Markit. It represents the first time this year for South Korea's PMI, a key measure of factory activity in a country, to surpass the 50-point mark that separ

Nov. 2, 2020

Exports of instant noodle, kimchi on rise amid pandemic

South Korea's exports of instant noodles and kimchi products rose sharply in the first nine months of the year on the back of rising demand for ready-to-eat meals and healthy foodstuffs amid the new coronavirus pandemic, data showed Monday. Outbound shipments of instant noodles jumped 36.3 percent on-year to $456 million during the January-September period, while those of kimchi jumped 38.5 percent to $109 million over the cited period, according to the data compiled by the Ministry of Agricult

Nov. 2, 2020

Jeonse supply measures stall amid housing market turbulence

The South Korean government is apparently caught in a real estate dilemma, as its aspiration to ease the supply shortage of “jeonse” apartments will likely contradict its efforts to cool the heated housing market. While policymakers are struggling for a breakthrough, the announcement of jeonse-related measures will probably not take place within this week, according to multiple officials of the Ministry of Economy and Finance and the Ministry of Land, Infrastructure, and Transpo

Nov. 1, 2020

8 units of SK Group to join global renewable energy campaign

Eight units of South Korea's third-largest conglomerate SK Group will participate in a global renewable energy campaign also joined by Google Inc. and Apple Inc., the group said Sunday. The SK firms will be the first South Korean companies to take part in the RE100 campaign that calls for companies to meet their entire electricity demand with renewable energy such as wind power and solar power by 2050. About 260 companies, including Google Inc., Apple Inc. and Ikea, have already joined the c

Nov. 1, 2020

Former presidential economy secretary tapped as FSC vice chairman

President Moon Jae-in’s former secretary for economic policy, Doh Kyu-sang has been tapped as new vice chairman of the Financial Services Commission, Cheong Wa Dae said Sunday. Doh, a 53-year-old veteran bureaucrat, is well known for his career and expertise in economic policymaking. He joined the Ministry of Economy and Finance in 1991 after passing the civil servant exam and built his career both at the ministry and the FSC while taking key roles. Doh served as the main spokesperson

Nov. 1, 2020

Exports decline again in Oct. on fewer days; virus lockdowns set to weigh down shipments

South Korea's outbound shipments dipped 3.6 percent in October from a year earlier on fewer working days and virus resurgence, snapping the previous month's brief rebound, data showed Sunday. Outbound shipments came to $44.9 billion last month, compared to $46.6 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports moved down 5.8 percent to $39 billion, resulting in a trade surplus of $5.9 billion. The latest figure roughly falls in line

Nov. 1, 2020

Cigarette sales rise 5.6% in Jan.-Sept. period

SEJONG -- Sales of cigarettes in South Korea rose 5.6 percent on-year in the first nine months of this year, data showed Friday, thanks to robust sales of traditional cigarettes. South Korean smokers purchased 2.75 billion 20-cigarette packs in the January-September period, compared with 2.6 billion packs in the same period last year, according to the data compiled by the Ministry of Economy and Finance. Still, the nine-month reading represented a 15.1 percent drop from the same period in 2014

Oct. 30, 2020

Bond market sentiment worsens slightly for Nov.: poll

South Korean bond market sentiment worsened slightly for November amid rising interest rates and concerns over a second wave of coronavirus infections, a poll showed Friday. The Korea Financial Investment Association said its bond market survey index (BMSI) inched down to 100.1 for the coming month from 104.1 in October. Yet the November figure is above par. A BMSI reading above 100 means more experts expect bond market conditions to take a turn for the better. The association's monthly survey

Oct. 30, 2020

S. Korea to build more EV charging stations, offer incentives for purchases

South Korea on Friday unveiled its master plan to further the electric vehicles (EV) and hydrogen fuel cell automobile sector by expanding the number of charging stations while making such cars more affordable for the people. Under the blueprint, the country will increase the number of accumulated sales of electric cars and hydrogen fuel cell automobiles to 1.13 million and 200,000, respectively, by 2025, according to the Ministry of Trade, Industry and Energy. As of September this year, the a

Oct. 30, 2020

S. Korea, Mongolia to lower tariffs starting 2021 under regional trade pact

SEJONG -- South Korea and Mongolia will lower tariffs on some products starting next year, as Ulaanbaatar joined a regional trade pact known as the Asia-Pacific Trade Agreement (APTA), Seoul's finance ministry said Friday. Under the deal, South Korea will reduce tariffs by an average 33.4 percent on 2,797 items, while Mongolia will cut tariffs by an average 24.2 percent on 366 items, the ministry said in a statement. Mongolia's accession to the APTA is expected to help the two nations expand

Oct. 30, 2020

S. Korea's industrial output rises 2.3% in September

SEJONG -- South Korea's industrial output, consumption and facility investment increased in September, in a sign that the nation's economy may be on a track toward a mild recovery from the coronavirus pandemic-caused slump, data showed Friday. The nation's overall industrial production gained 2.3 percent on-month in September, following a 0.8 percent on-month decline in August, according to data compiled by Statistics Korea. Compared with a year earlier, overall industrial production jumped 3

Oct. 30, 2020