Moon, Trump to face showdown on FTA renegotiation

South Korean President Moon Jae-in is expected to pitch for the benefits of the two countries' bilateral free trade pact during his upcoming trip to the US, but may face some tough challenges in talks with his counterpart Donald Trump who has been calling for the renegotiation of the landmark deal, industry watchers said Sunday.There have been growing concerns here over a possible renegotiation of the Korea-US Free Trade Agreement, dubbed KORUS FTA, as Trump has denounced the free trade agreemen

June 25, 2017

Korea’s top 52 business leaders to join Moon in US summit

CEOs and business leaders from some of the country’s top conglomerates are heading to the United States alongside President Moon Jae-in for a two-day Korea-US Business Summit with President Donald Trump next week, the Korea Chamber of Commerce and Industry announced Thursday. 　In Moon’s first international trip as the new president, he will be joined by a 52-person Korean business delegation, which includes Hyundai Motor Company Vice Chairman Chung Eui-sun, SK Group Chairman Chey Tae

June 23, 2017

[Monitor] More people out of job for over 6 months

The number of people unemployed for six months, who are classified as long-term unemployed, reached a 13-year high in May this year, according to Statistics Korea on Thursday.Some 120,000 were long-term unemployed, accounting for 11.96 percent of the jobless population. It marked the highest since 2004.Companies in South Korea usually hire in August or September, when the respective number slightly declines. Employment by such firms, however, has been lackluster due to weak business performances

June 22, 2017

Number of property rental biz workers up sharply amid market boom: data

The number of people earning a living by renting property has risen sharply in recent years, government data showed Thursday, amid a market boom brought on by policy measures to prop up the housing market.The total number in the rental and leasing businesses surged to 1,452,000 people as of the end of 2015 from 882,000 in 2006 and 1,340,000 in 2014, according to data by the National Tax Service.The number accounts for 21.7 percent of the total registered businessmen in the country, which stood a

June 22, 2017

Korean workers earn average W3.29m monthly in 2015

South Korean employees were paid an average 3.29 million won ($2,885) per month in 2015, with male workers earning 1.7 times more than their female colleagues, government data showed Thursday.According to the data by Statistics Korea, the median monthly wage of South Korea's employees was 2.41 million won.The statistics agency said the data is based on a survey of 15 million workers hired by local businesses, but some 9 million self-employed people and part-timers were excluded from the list.The

June 22, 2017

Korea spends 48% of 2017 budget through May

The South Korean government has used nearly half of its planned budget in the first five months of the year as part of its efforts to frontload spending to prop up the economy, the finance ministry said Thursday.Budget spending by the government and public institutions for the January-May period stood at 135.3 trillion won ($118.7 billion), up 5.5 trillion won from the earlier target of 129.8 trillion won, according to the Ministry of Strategy and Finance.It accounted for 48 percent of the 281.7

June 22, 2017

Whisky sales drop amid change in drinking culture

Sales of whisky products in South Korea continued to fall in the first five months of this year, mainly due to a protracted economic slump and a change in the drinking culture, industry data showed Thursday.According to the data, whisky product sales in the January-May period fell 6.8 percent to 619,341 boxes from 664,310 tallied in the same period last year. A box contains 18 0.5-liter bottles. Sales of whisky in the Korean market reached their peak in 2008 with 2.84 million boxes and have sinc

June 22, 2017

Korea's economic policymakers vow to create more jobs, spur investment

South Korea's top economic leaders vowed on Wednesday that they will make concerted efforts to create quality jobs and stir up investment and innovation in the private sector.Finance Minister Kim Dong-yeon, Fair Trade Commission Chairman Kim Sang-jo and presidential chief of staff for policy Jang Ha-sung had trilateral talks in Seoul earlier in the day, their first since the inauguration of President Moon Jae-in on May 10, according to the Ministry of Strategy and Finance.The three policymakers

June 21, 2017

Most Koreans who live alone are married: survey

The number of single households is continuing to spike as more Koreans live away from their families, while the country’s marriage rate continues to nose-dive. 　According to a survey released by Statistics Korea on Wednesday, the number of single-person households in the second half of 2016 reached roughly 5.27 million as of October last year, up 3.3 percent from the previous year. 　The data showed that the number of married people living alone hit 3.12 million or 59.1 percent of all singl

June 21, 2017

Public sector net lending hits record W44tr in 2016

South Korea's public sector net lending hit a record high last year, thanks to a robust gain in tax revenues and lower oil prices, data showed Wednesday. Net lending, which refers to total revenue minus total expenditures, came to 43.9 trillion won ($38.4 billion) in 2016, compared with 32.9 trillion won from a year earlier, according to preliminary data from the Bank of Korea.It was the highest annual net lending since the central bank began compiling statistics on the public sector account. La

June 21, 2017

Korea's exports soar 24.4% so far in June

South Korea's exports jumped 24.4 percent in the first 20 days of June from a year earlier on robust overseas demand for semiconductors and ships, customs data showed Wednesday.Total outbound shipments reached $31.9 billion in the June 1-20 period, up from $25.7 billion tallied over the same period last year, according to numbers compiled by the Korea Customs Service. The increase was led by a 111.4 percent on-year surge in exports of vessels and a 51.1 percent gain in semiconductors.Exports to

June 21, 2017

Exports of functional foods to China surge: report

The exports of South Korean functional foods to China have grown at an annual rate of 41 percent for the past four years, with their market share doubling over the cited period, a report showed Wednesday.According to the report compiled by the Korea International Trade Association, a total of $90 million worth of South Korean health functional foods were shipped to China in 2016. This made up 6.2 percent of China's imported health functional food market. The US came in first with 23.4 percent, f

June 21, 2017

SME loans from nonbank lenders grow at fast pace

South Korean nonbank financial institutions' lending to smaller firms surged nearly 10 trillion won ($8.8 billion) in the first four months of the year amid tighter government control on household loans, data showed Wednesday.Nonbank lenders' outstanding loans to small and medium enterprises came to 90.7 trillion won as of the end of April, up 9.9 trillion won from the end of last year, according to according to the data from the Bank of Korea.  It marks the first time in history that the a

June 21, 2017

[Herald Interview] ‘Stronger, flexible IP protection system needed'

A forum of the world’s five largest intellectual property offices, known as IP5, emphasized its new vision for a stronger and more flexible intellectual property system that can adapt to the fourth industrial revolution at an event marking 10 years of global cooperation.The heads of IP5, including Lee Young-dae, acting commissioner of the Korean Intellectual Property Office, gathered together in Valletta, Malta on May 31 and June 1 to take stock of all the achievements made by the offices

June 20, 2017

Korea firms urged to expand presence in Africa

South Korean companies are urged to redouble efforts to expand into Africa's rapidly growing consumer goods markets to secure a new growth driver, a state-run trade promotion agency said Tuesday.In a report, the Korea Trade-Investment Promotion Agency said domestic trading companies need to forge ties with African sales networks and online shopping malls to develop localized products and promote them to woo local customers.  "The African population, currently at 1.2 billion, will likel

June 20, 2017

Exporters upbeat on Q3 business outlook: poll

A majority of South Korean exporters expect their business conditions to improve in the third quarter from three months earlier thanks to a global economic recovery, a poll showed Tuesday.The Korea International Trade Association said its export business survey index of 833 exporting companies reached 116.6 for the July-September period, up from 106 for the current quarter.It marks the second consecutive quarter that the EBSI has exceeded the benchmark 100 level. A reading above 100 means optimi

June 20, 2017

Korea's current account surplus declined in 2016

South Korea's current account surplus dropped slightly in 2016 from a year earlier due mainly to decreased exports, data by the central bank showed Tuesday.The current account surplus came to $98.68 billion in 2016, compared with $105.94 billion a year earlier, according to preliminary estimates released by the Bank of Korea.By country, South Korea's current account surplus with the United States fell to $31.15 billion in 2016 from $33.03 billion a year earlier. The 2016 figure marked the lowest

June 20, 2017

Creditors issue ultimatum over Kumho Tire brand dispute

South Korea's state-controlled banks issued an ultimatum Tuesday urging Kumho Asiana Group to make a concession to resolve a dispute over the usage fee of the Kumho Tire brand with China's Qingdao Doublestar Co. At a meeting of shareholders, creditors threatened to "reconsider" financial ties with the group if a deal to sell Kumho Tire to the Chinese company falls through. Creditors, including the Korea Development Bank, also plan to force Kumho Asiana Chairman Park Sam-koo to revoke t

June 20, 2017

Fruit prices rise to highest level in 4 yrs amid sweltering heat: data

The fruit price index soared to the highest level in four years last month, government data showed Tuesday, caused by unseasonably high temperatures that affected output.The index of the prices of 15 major fruits, including apples, pears, grapes, strawberries and tangerines, surged to 118.15 in May, the highest since May 2013, when the figure stood at 118.18, data by Statistics Korea showed. The index is calculated by comparing the prices with a base figure of 100 set in 2015. The number has mov

June 20, 2017