S. Korea to hike Q2 electricity, gas rates on high costs, losses

South Korea will raise second-quarter electricity rates and gas prices on high global energy costs and mounting losses of the state utility companies, the industry ministry said Monday. The government will jack up the electricity rates for consumer and industrial use by 8 won ($0.01) per kilowatt hour for the April-June period, compared with a 13.1 won increase per kWh in the first quarter of this year, according to the Ministry of Trade, Industry and Energy. The fee hike is estimated to cost a

May 15, 2023

Jobs for 40-somethings fall for 10th month amid manufacturing slump

The number of jobs for people in their 40s in South Korea decreased for the 10th consecutive month in April, data showed Sunday, amid the protracted slump in the country's manufacturing industry. Jobs for the age group have been falling on-year since July, with the positions decreasing 22,000 from a year earlier in April, according to the data compiled by Statistics Korea. South Korea added 816,000 jobs annually in 2022, with the addition maintaining growth through April on the back of the

May 14, 2023

Choo highlights role of MDBs in tackling poverty in developing nations

South Korean Finance Minister Choo Kyung-ho emphasized the importance of multilateral development banks' role in tackling poverty in developing nations at a Group of Seven ministerial meeting, the ministry said Saturday. Choo made the remark during a session at the G-7 Finance Ministers and Central Bank Governors' Meeting in Niigata, northwest of Tokyo, which closed Saturday after a three-day run, according to the Ministry of Economy and Finance. Asia's No. 4 economy participate

May 13, 2023

Economic slowdown continues on weak exports, manufacturing performance: govt.

South Korea's finance ministry said Friday the country's domestic consumption has been showing a steady recovery, but the economy has continued to slow due to sluggish exports and facility investment. "Recently, inflation has been slowing in South Korea, with the domestic consumption also posting a rebound," the Ministry of Economy and Finance said in a report. In April, the country's inflation grew 3.7 percent on-year, marking its slowest pace in over a year. The minist

May 12, 2023

S. Korea to issue travel coupons to boost domestic consumption

South Korea's finance ministry said Friday the government will issue a set of coupons for local accommodations and tour packages in line with efforts to boost domestic consumption. The move came a day after President Yoon Suk Yeol declared an end to almost all COVID-19 restrictions in the latest step to return to pre-pandemic normalcy. Under the measure, the government plans to offer 30,000-won ($22.50) coupons that can be used at local accommodations, along with a 30 to 50 percent discount

May 12, 2023

KDI slashes Korean economy's growth rate to 1.5% for 2023

The Korea Development Institute, a South Korean state-run think tank, lowered the nation’s growth rate for 2023 to 1.5 percent from 1.8 percent in its previous outlook due to weak exports. The KDI projected Korea's economy will grow by 0.9 percent in the first half of 2023. It is expected to see 2.1 percent growth in the latter half of the year provided that the Chinese economy picks up and the semiconductor industry recovers from its slump. In the previous projection given in Febru

May 11, 2023

Exports down 10.1 % during first 10 days of May

South Korea's exports fell 10.1 percent on-year in the first 10 days of May, data showed Thursday, amid the prolonged downcycle of the global semiconductor industry. The country's outbound shipments stood at $14.5 billion in the May 1-10 period, compared with $16.1 billion a year earlier, according to the data from the Korea Customs Service. Imports shed 5.7 percent on-year to $18.7 billion during the cited period, resulting in a trade deficit of $4.2 billion. In April, South Korea

May 11, 2023

S. Korea's current account logs first Q1 deficit in 11 years

South Korea’s current account balance in the first three months of 2023 posted a deficit for the first time in 11 years due to sluggish exports, Bank of Korea data showed Wednesday. Though the country posted a current account surplus in March, the first quarter recorded a deficit of $4.46 billion due to a record-high deficit of $4.21 billion in January, followed by $520 million in February. It was the first time the quarterly figure went into the red since the first quarter of 2012. The sl

May 10, 2023

Job additions slow in April amid higher borrowing rate, economic slowdown

SEJONG -- South Korea's job additions slowed in April after a brief rebound a month earlier, data showed Wednesday, amid higher borrowing costs and an economic slowdown, with most new positions taken by seniors. The number of employed people came to 29.23 million in April, up around 354,000 from a year earlier, according to the data compiled by Statistics Korea. In April 2022, the country added 865,000 jobs on-year. South Korea's monthly job additions had been slowing for nine consecut

May 10, 2023

S. Korea logs current account surplus in March

South Korea logged a current account surplus in March as a goods account deficit and dividend payments overseas narrowed amid an extended slump in exports, central bank data showed Wednesday. The country's current account surplus reached $270 million in March, swinging from a shortfall of $520 million, according to the preliminary data from the Bank of Korea. In January, the country also suffered a record deficit of $4.21 billion amid an extended decline in outbound shipments. Consequently, the

May 10, 2023

S. Korea eyes stronger ties with US in chip industry

South Korea's finance minister said Monday the government will make efforts to utilize the outcome of President Yoon Suk Yeol's recent visit to the United States and build a stronger alliance in the chip sector. South Korea and the US agreed to cooperate in the fields of next-generation semiconductors, as well as global supply chains, during Yoon's state visit to Washington. "The recent state visit has built the ground for establishing a firm cutting-edge technology and cultu

May 8, 2023

Number of rail passengers above pre-pandemic level in Q1

The number of rail passengers in South Korea shot up 44 percent on-year in the first quarter, data showed Sunday, as the country returned to pre-pandemic normalcy. Around 39.2 million people traveled on railways in the January-March period, rising sharply from 27.2 million tallied a year earlier, according to the data compiled by the Ministry of Land, Infrastructure and Transport. The figure excludes passengers of subways or their equivalent. The figure represents a 0.7 percent rise from the fir

May 7, 2023

20-somethings feeling the pinch from 'family month': survey

May is traditionally a month for a slew of family-oriented celebrations that involve gift-giving and outdoor dining. Regarding the holidays that are concentrated in early May, more than 80 percent of Koreans in their 20s said they feel pressured about having to spend money on holidays in "family month," according to a recent survey. The survey, conducted by job seeking site AlbaChunkuk on 615 Koreans in their 20s, showed that 85 percent of the respondents had replied they felt "st

May 5, 2023

Taming inflation still in focus, extra budget not under consideration: Choo

South Korea's finance minister said Thursday taming inflation remains the top priority for the country's economic policy, noting a hasty transition may reignite inflationary pressure. Finance Minister Choo Kyung-ho made the remark during a press conference on the sidelines of the 56th Annual Meeting of the Board of Governors of the Asian Development Bank in Incheon, 27 kilometers west of Seoul. "Unstable factors from home and abroad still linger here and there," Choo said.

May 4, 2023

Choo warns of market volatility as Korea-US gap hits record

The rate gap between South Korea and the United States has reached an all-time high, raising concerns over the local financial market due to higher volatility and uncertainty, Finance Minister Choo Kyung-ho said on Thursday. The US Federal Reserve lifted its base rate by 25 basis points on Thursday, widening the rate gap between Korea and the US up to an unprecedented figure of 1.75 percentage points. "In a situation where the interest rate gap is widened, there is a possibility of increasi

May 4, 2023

Yoon calls for Indo-Pacific solidarity to ride out economic troubles

President Yoon Suk Yeol pledged that Korea will contribute to building cooperative supply chains in the Indo-Pacific region through “partnership and solidarity” during an event held by the Asian Development Bank in Songdo, Incheon, on Wednesday. "The pandemic has pushed the global economy into tremendous hardship,” Yoon said in his congratulatory address for the ADB’s 56th Annual Meeting of the Board of Governors, citing Russia's invasion of Ukraine and the frag

May 3, 2023

Korea, ADB to launch climate tech hub in 2024

South Korea and the Asian Development Bank announced Wednesday that they would launch a joint organization to facilitate climate change talks and networking. Finance Minister Choo Kyung-ho and ADB President Masatsugu Asakawa signed an agreement to set up the organization called ADB-Korea Climate Technology Hub, or K-Hub, in Seoul next year. The deal was made during the 56th Annual Meeting of the Board of Governors of the Asian Development Bank, taking place in Incheon’s Songdo district. Ac

May 3, 2023

Finance minister urges Japan to restore Korea's trade status

INCHEON -- Finance Minister Choo Kyung-ho called for Japan to put South Korea back on its "white list" of trusted trading partners in a swift manner and expand cultural and educational exchange between the two countries during his meeting with his Japanese counterpart, Shunichi Suzuki. The two met on the sidelines of the 56th Annual Meeting of the Board of Governors of the Asian Development Bank which kicked off Tuesday for a four-day run in Incheon’s Songdo district. On April 24

May 2, 2023

Central bankers, finance ministers flock to Songdo for ADB meeting

Some 5,000 policymakers and finance experts from 68 Asia-Pacific nations and beyond have flocked to Incheon to attend an annual meeting of the Asian Development Bank that was set to kick off Tuesday. The 56th Annual Meeting of the Board of Governors of the Asian Development Bank will run for four days in Incheon’s Songdo district under the slogan, “Rebounding Asia: Recover, Reconnect and Reform.” The ADB is a social development organization that calls for cooperation among Asia

May 1, 2023

Debt among those in 20s, 30s jumps most during pandemic

Debt among those in their 20s and 30s jumped more than 27 percent over the past three years since the COVID-19 pandemic hit, indicating they suffered financial difficulties due to rising home prices and an economic slowdown, central bank data showed Sunday. In the fourth quarter of 2022, overall loans extended to those in the age bracket soared 27.4 percent to 514.5 trillion won ($383.96 billion) from 404 trillion won in the fourth quarter of 2019, according to a report submitted by the Bank of

April 30, 2023