Industrial output, retail sales, investment all rise in September: data

South Korea's industrial output rose for the second consecutive month in September on the back of the turnaround in the semiconductor sector, data showed Tuesday. Retail sales, a gauge of private spending, and facility investment also logged an on-year growth last month, signaling a gradual economic recovery, according to Statistics Korea. It was the first time since May that the country reported an increase in the three major indicators on industrial activities. Industrial output advanced

Oct. 31, 2023

Retail sales up 9.5 pct in Sept. on strong online demand

Retail sales in South Korea advanced 9.5 percent on-year in September amid the strong performance of online platforms coupled with the Chuseok holiday, data showed Monday. The combined sales of 25 major offline and online retailers came to 15.3 trillion won ($11.2 billion) last month, compared with 13.9 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Online platforms saw their sales advance 12 percent to 7.46 trillion won on the back of

Oct. 30, 2023

Exports of passenger cars up 16 pct in Q3 on eco-friendly models

Exports of passenger cars moved up 16 percent in the third quarter of 2023 from a year earlier following robust demand for eco-friendly models, data showed Monday. South Korean carmakers shipped $14.6 billion worth of passenger cars over the July-September period, rising from $12.6 billion tallied a year earlier, according to the Korea Customs Service. The number of cars shipped reached 610,000, also advancing 2.9 percent over the period. Exports of eco-friendly models especially shot up 35.6 pe

Oct. 30, 2023

Asiana Airlines deliberating on sale of cargo biz for EU approval of Korean Air's takeover

The board of Asiana Airlines Inc., South Korea's second-largest air carrier, convened Monday to decide whether to sell its cargo business, as Korean Air Co. seeks to win antitrust approval from European Union regulators for its takeover of the rival. The EU antitrust regulators have raised concerns that Korean Air's acquisition of Asiana may restrict competition in the markets for passenger and cargo air transport services between the EU and South Korea. The board meeting, which has co

Oct. 30, 2023

Korean economy continues slow, steady recovery in Q3

The Korean economy grew 0.6 percent in the third quarter from the previous three months, continuing a slow yet steady recovery with both exports and private consumption inching up. The country’s gross domestic product, a key measure of economic growth, grew 0.6 percent on-quarter in the July-to-September period, according to the Bank of Korea's preliminary data released Thursday. The local economy has been on a recovery path since its lowest when it contracted by 0.3 percent in the fo

Oct. 26, 2023

Eximbank holds workshop on development financing

The 27th Economic Development Cooperation Fund Annual Workshop, hosted by the state-run Export-Import Bank of Korea (Eximbank), kicked off Tuesday, inviting a total of 15 government officials from 14 developing countries. The EDCF Annual Workshop, a four-day event, aims to introduce South Korea’s EDCF financing to public officials around the world. The EDCF, an aid loan funded by the Korean government, was launched in 1987 under an official development assistance initiative. Eximbank is in

Oct. 25, 2023

Business sentiment falls in S. Korea over Middle East tensions: poll

South Korea's business sentiment index fell in November amid concerns that tensions in the Middle East stemming from the Israel-Hamas conflict may add to inflationary pressure and production costs here, a poll showed Wednesday. The business survey index for 364 out of the country's top 600 companies by sales stood at 90.1 for next month, down 0.5 point from October, according to the monthly poll by the Federation of Korean Industries. A reading below 100 means pessimists outnumber opti

Oct. 25, 2023

Consumer sentiment slides for 3rd month in October amid slowdown woes

South Korea's consumer sentiment slid for the third straight month in October amid woes over an economic slowdown, slumping exports and weakened spending power, a central bank poll showed Wednesday. The composite consumer sentiment index stood at 98.1 in October, down from 99.7 the previous month, marking the lowest since May this year, when the comparable figure was 98, according to the survey conducted by the Bank of Korea. A reading below 100 means pessimists outnumber optimists. The cen

Oct. 25, 2023

S. Korea formally accepts WTO deal on fisheries subsidies

South Korea's industry ministry said Tuesday the government has formally accepted an agreement by the World Trade Organization aimed at banning subsidies for illegal fishing. The agreement centers on prohibiting subsidies that contribute to overfishing and other illegal, unregulated fishing so as to ensure the sustainability of fish stocks and the industry. Following South Korea's approval, the total number of WTO members that have formally endorsed the rule reached 51, taking up 46 pe

Oct. 24, 2023

AmCham delegation to visit Washington this week

The American Chamber of Commerce in Korea said Monday its delegation will travel to Washington this week to meet with key US government officials and lawmakers. The three-day trip to the United States starting Tuesday is part of the annual business-promotion program it calls “Doorknock.” The delegation will meet with officials of the Joe Biden administration as well as members of the US Congress to share insights about US-South Korea economic ties. The AmCham Korea delegation is expe

Oct. 23, 2023

BOK chief says to keep restrictive policy for considerable time

The chief of South Korea's central bank said Monday that the bank needs to maintain its restrictive monetary policy for a considerable time as uncertainties over inflation are rising. During a parliamentary inspection, Bank of Korea Gov. Rhee Chang-yong said consumer price growth is expected to slow, but remain above the target rate of 2 percent amid increased volatility in global oil prices and currency rates following the Israel-Hamas conflict. "Given these situations, uncertainties

Oct. 23, 2023

Economy set for mild recovery, but bumpy road still ahead: BOK

South Korea's economy will post a mild recovery amid a slowdown in inflation but face heightened uncertainties amid geopolitical tensions and higher rates in major economies, the central bank said Monday. In a report to lawmakers for parliamentary inspection, the Bank of Korea said the economy will post a mild recovery into next year as a slump in exports eases, while private spending remains relatively weak. In May, the bank cut its growth projection for Asia's fourth-largest economy

Oct. 23, 2023

Exports up 4.6% during first 20 days of October

South Korea's exports rose 4.6 percent on-year in the first 20 days of October on robust shipments of cars and petroleum products, data showed Monday. The country's outbound shipments reached $33.8 billion in the Oct. 1-20 period, compared with $32.3 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports rose 0.6 percent on-year to $37.6 billion during the period, resulting in a trade deficit of $3.74 billion. Exports fell for the 12th month in a

Oct. 23, 2023

BOK’s hands tied amid heightened uncertainties

Central bank holds key rate at 3.5 percent for 6th consecutive time The Bank of Korea maintained its benchmark interest rate at 3.5 percent on Thursday, amid mounting economic uncertainties provoked by tensions from the conflict between Israel and the Hamas militants. The six-member Monetary Policy Board unanimously voted to carry out its sixth rate freeze, keeping the benchmark rate steady since February. “The biggest reason behind the rate hold was the high uncertainties surrounding the

Oct. 19, 2023

BOK holds key rate steady at 3.5%

The Bank of Korea maintained its benchmark interest rate at 3.5 percent on Thursday, amid heightened economic uncertainties provoked by tension in the Middle East. Falling in line with market expectations, the central bank held the rate once again, keeping it steady since February. The BOK was pressured by rebounding inflation. Consumer prices growth in Korea stood at 3.7 percent in September and 3.4 percent in August, surging from how the figure stayed in the 2 percent range in the previous t

Oct. 19, 2023

S. Korea, Latin America to discuss ways to boost trade, ICT cooperation

Some 200 corporate and government officials from South Korea and Latin American countries will gather in Mexico this week to discuss ways to enhance bilateral trade and cooperation on advanced technology sectors and explore new business chances, Seoul's finance ministry said Wednesday. The inaugural Korea-Latin America and the Caribbean Innovation and Trade Forum will take place in Mexico City on Wednesday for a two-day run, which will be hosted by the Ministry of Economy and Finance and th

Oct. 18, 2023

S. Korean industries to see modest recovery in 2024: think tank

Most South Korean industries are likely to see a modest recovery next year, with rechargeable batteries, automobile and shipbuilding sectors expected to show robust growth, according to a think tank Wednesday. The Hana Institute of Finance stressed the need to prepare for China's slowing growth, strengthening of global environmental regulations and new technological advances that it said will have mid- and long-term effects on local industries. "Local industries are generally expected

Oct. 18, 2023

US toughens rules on exports of advanced computing chips to China

The US Department of Commerce announced a set of rules Tuesday to update and strengthen its restrictions on the export of advanced computing semiconductors to China in an apparent move to further curb China's technological advancement. The department's Bureau of Industry and Security released the rules to reinforce the export controls, which were published about a year ago to restrict China's ability to purchase and manufacture certain high-end chips critical for military advantag

Oct. 18, 2023

Fitch keeps S. Korea's credit rating at 'AA-,' outlook stable

Global credit appraiser Fitch Ratings has reaffirmed South Korea's sovereign rating at "AA-" with a stable outlook, the finance ministry said Tuesday. It is the fourth-highest level on the agency's table, and Fitch has maintained the rating of AA- since September 2012.

Oct. 17, 2023

Import prices rise for 3rd month on higher oil costs

Volatility in oil prices, currency add pressure on Korean economy South Korea's import prices climbed for a third consecutive month, increasing inflationary pressure on the economy, central bank data showed Wednesday. Export prices rose as well, but at a slower pace. The import price index for September stood at 139.67, up 2.9 percent from a month before. The figure has been on the rise for three straight months, following 4.2 percent and 0.2 percent increases in August and July, respective

Oct. 17, 2023