Trade minister considering ‘all possibilities’ before US FTA talks

South Korea's trade minister said Friday that he will consider all possibilities when renegotiating the terms of the free trade agreement with the United States, so as to protect the country's interests and not give in to unilateral demands. Last week, the two nations agreed to begin the long-anticipated process of amending the FTA at Washington's request. US President Donald Trump has blamed the five-year-old deal for America's growing deficit in goods trade with South Korea. But Seoul has argu

Oct. 13, 2017

Korea's tax earnings rise through Aug.

South Korea's national tax revenue continued to increase in the first eight months of this year on a modest recovery pace of Asia's fourth-largest economy, the finance ministry said Friday.The government collected 189.5 trillion won ($167.4 billion) in taxes in the January-August period, up 17.1 trillion won from the same period last year, according to the Ministry of Strategy and Finance. The amount collected is equal to 75.5 percent of this year's tax revenue target of 251.1 trillion won, incl

Oct. 13, 2017

[Monitor] Korea eyes lead in ‘4th industrial revolution’

The South Korean government is gearing up to expand and systemize support for industries to lead in the “fourth industrial revolution” that is anticipated to bring about some 40 trillion won ($35.3 billion) in economic effects. On Tuesday, President Moon Jae-in attended the first session of the presidential Commission on the Fourth Industrial Revolution, during which he pledged to introduce a “regulatory sandbox” for new industries, allowing companies to test innovative i

Oct. 12, 2017

Korea's domestic demand slows down, offsets recovery in exports, production: KDI

The South Korean economy is enjoying a steady uptick in overseas sales and a modest improvement in manufacturing production in recent months, but the pace of recovery is being hurt by lukewarm private consumption caused by rising uncertainties, a state-run think tank said Thursday.In the latest monthly economic report, the Korea Development Institute said that Asia's fourth-largest economy is being led by brisk exports and output of semiconductors.Industrial output rose 2.6 percent in August fro

Oct. 12, 2017

Banks likely to keep tougher screening for household loans in Q4: BOK

Banks in South Korea are likely to maintain strict rules on extending loans to households in the fourth quarter, central bank data showed Thursday, amid the government's efforts to stabilize the overheated housing market.The overall index measuring banks' "attitude" in extending loans to households came to minus 20 for the October-December period, compared with minus 7 a quarter earlier, the Bank of Korea said in a statement.A reading below zero means banks will tighten rules in extend

Oct. 12, 2017

Agro-fishery products smuggling rises sharply in recent years: KCS

The amount of agricultural and fishery products smuggled into the country has risen sharply in recent years, with nearly half of them coming from China, customs data showed Thursday.The amount rose to 123.9 billion won ($109.3 million) last year from 40.3 billion won in 2014 and 67.7 billion won in 2015, according to findings released by the Korea Customs Service. By country, China accounted for 108.5 billion won, or 46.8 percent, of the 231.9 billion won worth of goods smuggled into the country

Oct. 12, 2017

Korea's economy unlikely to achieve 3% growth this year: foreign IBs

Foreign investment banks predicted South Korea's economy will not be able to achieve 3 percent growth this year, according to a report released Thursday by a South Korean institute.Nine foreign investment banks, including Goldman Sachs, Nomura and Barclays, said that Asia's fourth-largest economy could grow by 2.8 percent on average, according to the Korea Center for International Finance. The center -- set up under the auspices of the South Korean government and the Bank of Korea -- closely mon

Oct. 12, 2017

Electricity cost to rise with shift to eco-friendly energy: lawmaker

The electricity production cost will surge sharply in the coming decades as the Moon Jae-in administration's plans to halt construction of new nuclear power plants in pursuit of eco-friendly energy, an opposition lawmaker said Thursday.The liberal Moon government has announced plans to decommission several aging nuclear power plants earlier than expected and scrapped plans for the construction of several nuclear power plants.Moon also pledged to close several coal-fired power plants so the count

Oct. 12, 2017

Korea's median income $1,515 in 2015

About half of South Koreans who file tax returns earn an average 1.72 million won ($1,515) a month, data from the tax agency said Thursday, an amount which is just enough to sustain a single temporary worker.The median income in 2015, is derived by dividing the income distribution into equal halves, compared with a monthly average income of 2.69 million won, according to the data provided by the National Tax Service to Rep. Park Joo-hyun for a parliamentary audit. The records cover the years 200

Oct. 12, 2017

S. Korea’s financial chiefs off to Washington for G-20 summit

Deputy Prime Minister and Finance Minister Kim Dong-yeon on Wednesday left for Washington to attend a series of economic meetings including the Group of 20 summit of financial ministers and central bank governors.During his six-day visit, the top financial policymaker is expected to seek progress in key US-related issues, such as the renegotiation of the Korea-US Free Trade Agreement, and reiterate bilateral partnership in responding to North Korea’s military threats. Accompanied by Bank o

Oct. 11, 2017

Korea short on precautions for financial crisis

Calls are rising for South Korea to take full precautions against a possible exodus of foreign capital in the course of tensions escalating over North Korea’s missile and nuclear weapons programs.Government officials have said the impact of the North Korea risk on the local financial market will be limited. Their measured remarks might be intended to avoid exacerbating volatile market sentiment. But many experts including former economic policymakers worry that the government lacks a sense

Oct. 11, 2017

FTA ambiguity impacts daily business decisions: council

Korean and American business leaders met in Washington on Tuesday to voice concerns over pending modifications and revisions to the Korea-US Free Trade Agreement, as per the US Trump administration’s move to tackle the US’ growing trade deficit.    　During the 29th Joint Conference of Korea-US Business Councils, 30 leaders from Korea and 40 from the US gathered to discuss potential bilateral relationship damages that may result from FTA revisions, as well as voicing di

Oct. 11, 2017

Agro-food exports to China rebound in September

South Korea's food and agricultural exports to China rebounded for the first time in six months in September, thanks to strong sales of gingseng, ramyeon and beer, the government said Wednesday. Outbound shipments of food and agricultural products to China was estimated at $108 million in September, up 1.1 percent from a year earlier, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. Sea food products, such as dried laver, were not included on the list. Sales

Oct. 11, 2017

Chinese medical tourist numbers dip amid THAAD row

The number of Chinese medical tourists to South Korea declined sharply in the first half of this year, mainly due to the diplomatic row with China over the deployment of a US anti-missile system here, government data showed Wednesday.According to the data compiled by the Ministry of Health and Welfare, the number of Chinese people arriving South Korea for medical purposes declined 24.7 percent on-year during the January-June period. China has been banning package tours to South Korea since

Oct. 11, 2017

Customs office eases regulations on small duty-free shops

South Korea's customs office said Wednesday it will ease regulations on small and medium-sized duty-free shops to allow them to more freely relocate within the same administrative district. The Korea Customs Service has limited small and medium- sized duty-free shops from moving to other locations as it grants license to operators as a way to attract foreign travelers and boost the local economy. The local duty-free industry had benefited from the influx of Chinese travelers over the past severa

Oct. 11, 2017

Korea stays mum on China's service trade barriers at WTO

South Korea didn't raise issue with China's trade barriers against South Korean companies during a World Trade Organization meeting earlier this month, sources familiar with the matter said Wednesday, a decision that may reflect a rise in tension with North Korea and talks to extend the bilateral currency swap deal. During a meeting of the WTO Council for Trade in Services in Geneva on Friday, the South Korean officials did not point out Beijing retaliatory actions in the tourism and retail indu

Oct. 11, 2017

Highest average salary equal to income of 3 million people in bottom tier: report

The monthly salary for the country's top 0.1 percent earners averages 54.58 million won ($48,088), a sum equal to the total earned income by 2.95 million people in the bottom 27 percent, statistics from the tax agency showed Wednesday. The annual salary for the top 0.1 percent, fewer than 20,000 people in number, totaled 11.35 trillion won last year, accounting for 2.02 percent of the 562.59 trillion won paid to all workers. These figures were provided by the National Tax Service to ruling party

Oct. 11, 2017

Korea-China currency swap expires, negotiations continue

The 64 trillion won ($56 billion) currency swap deal between South Korea and China ended on Tuesday as the two countries failed to agree on terms of deal extension within due time.While tension remained up to the last minute, neither country came up with an official announcement after midnight, which was the expiration point.But possibilities remain that the two countries will carry on with their negotiations and resume the swap at a later stage.South Korea's currency swap with the United A

Oct. 10, 2017

Korea to highlight its solid fundamentals in key meetings in US

South Korea's finance minister plans to stress the country's solid fundamentals and financial stability during the upcoming global economy conference in Washington, officials said Tuesday.Finance Minister Kim Dong-yeon is set to deliver the message later this week when he meets with his counterparts and central bankers from the Group of 20 leading economies.Geopolitical tensions have heightened on the Korean Peninsula in recent months as North Korea has fired intercontinental ballistic missiles

Oct. 10, 2017

KORUS FTA amendment battle heading to National Assembly

Following the decision to begin talks of amending the Korea-US free trade agreement last week, South Korea’s political parties are bracing for a full-fledged debate during an audit beginning this week, with the opposition lambasting the government for “failing to dodge” the US’ calls.　The National Assembly’s Trade, Industry, Energy, SMEs and Startups Committee is set to open its audit and inspection session Friday, focusing on the overall effects of the now five-yea

Oct. 10, 2017