Korea's money supply up 5.1% in July: BOK

The money supply in South Korea jumped 5.1 percent in July from a year earlier, the central bank said Tuesday.The nation's M2 totaled 2,472.1 trillion won ($2.18 trillion) in July, compared with 2,352.2 trillion won a year earlier, the Bank of Korea said in a statement. The money supply fell 0.2 percent on-month, the statement said.The growth rate of the money supply has been on the decline since October 2015 as companies decreased domestic credit.M2 is a measure of the money supply countin

Sept. 12, 2017

Household loans up 9% in August

South Korea's household loans extended by banks rose 9 percent in August from a year earlier due to increased mortgages and other bank loans, central bank data showed Tuesday.Outstanding household loans from lenders came to 744.2 trillion won ($658 billion) as of the end of last month, vis-a-vis 682.4 trillion won from a year earlier, according to the data by the Bank of Korea.Compared with July, the amount rose by 6.5 trillion won. Mortgages climbed 3.1 trillion won on-month to 557.7 trill

Sept. 12, 2017

Korea aims to export more than $1b worth of seaweed annually by 2024

South Korea said Tuesday that it aims to export more than $1 billion worth of seaweed products annually by 2024 as part of its effort to diversify its overseas shipment portfolio.According to the report submitted to the Cabinet, the Ministry of Oceans and Fisheries said the country is expected to ship 380,000 tons of dried laver and other seaweed products in 2024, up from the 250,000 tons -- worth $350 million -- sold overseas in 2016.Dried laver, called "gim" in Korean, is usually roa

Sept. 12, 2017

Nearly 40% of province-based public agency staff live alone

Nearly 40 percent of workers at public institutions based in provincial cities in South Korea live away from their families, a report said Tuesday, while calling for measures to help more live with their families.A decade ago, South Korea designated 10 "innovation cities" across the nation and relocated the headquarters of 115 public organizations to those cities to promote balanced regional growth.According to the report from the office of Rep. Song Ki-heon of the ruling Democratic Pa

Sept. 12, 2017

Korea's tax revenue continues to grow in 2017

South Korea's national tax revenue continued to grow in the first seven months of 2017 amid a steady growth pace of Asia's fourth-largest economy, the finance ministry said Tuesday.The government collected 168.7 trillion won ($149.2 billion) in taxes in the January-July period, up a solid 13.4 trillion won from a year earlier, according to the Ministry of Strategy and Finance.The amount collected is equal to 67.2 percent of this year's tax revenue target of 251.1 trillion won, including some 11

Sept. 12, 2017

Korea’s export industry outperforming domestic businesses: BOK

Despite ongoing disparities in Korea’s export market concerning China’s business blackballing tactics and continued ambiguity regarding the Korea-US Free Trade Agreement, the BSI for the export industry reached 84 points last month, according to the Bank of Korea’s Business Survey Index on Monday. 　The index shows that the export industry outperformed domestic companies by nine points.　The BSI is an economic indicator compiled to grasp business conditions for the current month

Sept. 11, 2017

S. Korean economic prospects bright despite external challenges: IMF chief

Christine Lagarde, managing director of the International Monetary Fund, on Monday expressed optimism on South Korea’s economy for the upcoming years, despite external challenges including the North Korean military provocations.While assenting to President Moon Jae-in’s economic drive for inclusive growth, the IMF chief also raised some concerns that the nation’s structural reform should take guard against overpacing.“(The IMF) has a good and strong impression on the Kore

Sept. 11, 2017

THAAD reprisals undermine China FTA

China has shown no hesitation in disregarding its obligations under the free trade agreement with South Korea to take retaliatory measures against the deployment of a US missile defense system here.This behavior is reinforcing the perception that Beijing cannot be expected to abide by international norms, such as the separation of politics from economic affairs, when it feels the need to advance or defend its interests.China is threatening to intensify retaliation against South Korea after addit

Sept. 11, 2017

Moon meets with IMF chief, stresses importance of income-led growth

President Moon Jae-in said Monday he aims to realize "income-led" economic growth that spreads its benefits across all sectors.Moon made the remark as he outlined his economic policy during a meeting with International Monetary Fund Managing Director Christine Lagarde, saying the policy is in line with the IMF's call for a balance between domestic demand and exports, according to spokesman Park Soo-hyun."President Moon Jae-in explained that the South Korean government has made a h

Sept. 11, 2017

Korea spending on families among lowest in OECD states: data

South Korea was one of the smallest investors in families among member states of the Organization for Economic Cooperation and Development in 2013, a report showed Monday.The country allocated 1.13 percent of its gross domestic product to family benefits spending, and therefore ranks 32nd among 35 OECD member states surveyed, according to the OECD report.The family benefits cited by the report consist of public money allocated to enhance family units, including financial support that is exclusiv

Sept. 11, 2017

IMF chief says Korean economy likely to grow 3% this year

International Monetary Fund chief Christine Lagarde expressed optimism Monday about the future of the South Korean economy as she forecast Asia's fourth-largest economy to grow 3 percent this year.The assessment is in line with South Korea's growth outlook for 2017. In July, South Korea raised its target growth to 3 percent from 2.6 percent, citing export-led growth.She said the South Korean economy could also expand 3 percent growth in 2018."I believe the Korean economy is extremely resili

Sept. 11, 2017

Korea advised to limit smoking at public places, cigarette ads: WTO

The World Health Organization has recommended South Korea to adopt more stringent regulations to ban cigarette smoking in public places and restrict tobacco advertising and promotions.The WTO has been issuing the outcome of the MPOWER project assessing the implementation of monitoring, protecting, offering help, warning, enforcing bans and raising taxes every other year to support an anti-tobacco campaign around the world.South Korea was not properly implementing policies on protecting, enforcin

Sept. 11, 2017

Korea's exports fall 8.7% in first 10 days of Sept.

South Korea's exports fell 8.7 percent in the first 10 days of this month from a year earlier due to decreased business days, the latest customs data showed Monday.Total outbound shipments reached $12.3 billion from Sept. 1-10, down from $13.5 billion tallied over the same period last year, according to numbers compiled by the Korea Customs Service.The drop came as there were seven business days during the 10-day period, compared with the previous year's eight. Exports of semiconductors con

Sept. 11, 2017

Korea wage increase rate halved after financial crisis: report

South Korea's wage increase rate has been halved after the 2008 global financial crisis that rocked the country, a market report showed Sunday.The findings released in the Bank of Korea's latest foreign economic focus report showed that average wage gains dropped to 3.4 percent in the 2014-2016 period from 7.3 percent tallied in 2001-2007.It cited a drop in overall labor productivity and general aging of the population as causing the decrease. Data showed that in the wake of the financial crisis

Sept. 10, 2017

Asian trade ministers to meet in Korea in Oct. for regional FTA

INCHEON -- Trade ministers of 16 regional countries, including India and China, will meet in South Korea next month to discuss a regional mega free trade agreement, the Incheon Metropolitan City said Sunday. The Regional Comprehensive Economic Partnership is a proposed open trade pact between 10 member states of the Association of Southeast Asian Nations and six other countries with which ASEAN has free trade deals with.If the 16 countries agree to launch the regional FTA, it will form a huge ec

Sept. 10, 2017

Korea's agricultural exports drop amid THAAD row

Exports of South Korea's agricultural goods to China fell this year as diplomatic rows with its biggest trading partner deepen, a local agricultural agency said Sunday. The value of agricultural exports fell to $860 million in the January-August period from $920 million a year earlier. Exports to China accounted for 14.4 percent of all outbound shipments from 16.6 percent during the same period, according to the Korea Agro-Fisheries & Food Trade Corp.The slump came as Chinese consumers opted

Sept. 10, 2017

Korea's top 1% rich own 6.5 homes on average: data

South Korea's super rich, who make up the top 1 percent of the population, own on average 6.5 homes, while half of the people don't own their own houses, government data showed Sunday.The findings submitted by the tax office and ministry of interior to ruling Democratic Party lawmaker Park Kwang-on showed the number of homes the rich owned jumped twofold in the past nine years."The richest 139,000 people owned 906,000 homes last year," the official numbers showed. The total value of th

Sept. 10, 2017

S. Korea's central bank chief heads to Switzerland for BIS meeting

South Korea's central bank chief has left for Switzerland to attend a meeting of the Bank for International Settlements, the Bank of Korea (BOK) said Friday.   BOK Gov. Lee Ju-yeol also plans to discuss with his counterparts from major and emerging economies, global economic and financial market conditions, according to the bank.    Lee is set to return home Tuesday.   The BIS is an international financial institution that serves as a bank for central banks, providi

Sept. 8, 2017

Lagarde expects S. Korea's stable growth despite N. Korea risks

International Monetary Fund chief Christine Lagarde expected Friday South Korea's economy will continue to grow stably despite security risks stemming from North Korea, the foreign minister here said after their meeting in Seoul.   Top diplomat Kang Kyung-wha met Lagarde to discuss the economy of South Korea and the world as well as the country's cooperation with the IMF.     "Lagarde shared the point that South Korea's stable economic growth will be sustained in sp

Sept. 8, 2017

German investors in Korea voice concerns over new labor policies

　A number of German investors in Korea have voiced skepticism regarding the new Moon Jae-in administration’s income-led growth economic policies, and to what extent it will lead to increased labor productivity while adding fiscal burdens for businesses.　More than 100 representatives of the Korean-German Chamber of Commerce and Industry member companies gathered together in Seoul last week for the KGCCI half-year economic outlook seminar, according to the chamber’s statement on Thursd

Sept. 8, 2017