Exports of passenger cars hit record high in 2022

South Korea's exports of passenger cars rose 15 percent on-year in 2022 to reach a record high, data showed Monday, on the back of robust shipments of eco-friendly models. Carmakers shipped passenger cars worth a combined $49 billion in 2022, up from $42.6 billion tallied a year earlier, according to the data compiled by the Korea Customs Service. The number of cars shipped reached 2.31 million units, also rising 10.1 percent on-year, the agency added. South Korea's imports of passenge

Jan. 30, 2023

Transport costs to climb after steep rise in utility bills

As South Koreans are still trying to process the shocking heating bills they received this month, taxi and public transport fare hikes await. In some regions, water and sewer fees, as well as volume-based waste disposal fees, are also slated to rise. In Seoul, the base fare for a midsized sedan cab will jump by 1,000 won (81 cents) to 4,800 won from 4 a.m. on Wednesday, the first hike in four years. The distance covered with the initial fare will be reduced from the current 2 kilometers to 1.6 k

Jan. 29, 2023

Hana to seek more M&As overseas

Hana Financial Group has announced plans to strengthen the company's global and digital sectors, while improving financial services in 2023. The financial holding firm, whose business spans from bank and card services to securities, shared its vision for the new year at an event held at Kyung Hee University in Seoul on Saturday. More than 4,000 employees from 15 affiliates -- including Hana Bank, Hana Securities, Hana Card and Hana Capital -- took part in the event, with Chairman Ham Young-

Jan. 29, 2023

Banks' working hours to return to normal

With the Korean government lifting the indoor mask mandate, major banks are to normalize their operating hours to 9 a.m. to 4 p.m. from Monday. Major commercial banks, including KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH NongHyup, are to normalize their operating hours from the current 9:30 a.m. to 3:30 p.m. to 9 a.m. to 4 p.m. as the government has lifted the indoor mask mandate, one of the last remaining pandemic restrictions. Major savings banks have also joined the move. Ban

Jan. 29, 2023

Inflation expectations inch up in January amid continued monetary tightening

South Korea's inflation expectations inched up in January from a month earlier amid the Bank of Korea's continued monetary tightening to bring price growth under control, a central bank survey showed Thursday. Ordinary people predicted that consumer prices will grow 3.9 percent over the next one year, up 0.1 percentage point from what was surveyed the previous month, according to the poll conducted by the BOK early this month. It was the first on-month rise since November 2022. The fig

Jan. 26, 2023

New NPS CIO on mission to make critical shift

NPS In Action is a series of articles and interviews on South Korea’s largest investor National Pension Service to analyze its current state and identify tasks that lie ahead. This is the first installment. -- Ed. Seo Won-joo took the reins as the new chief investment officer of the National Pension Service in the time when he has to wear multiple hats to run the world’s third largest pension fund. With a career path that wound through life insurance companies and a pension fund

Jan. 25, 2023

Seoul subway, bus fares to rise by W300 or W400

The Seoul city government will additionally consider raising its subway and city bus fares by 400 won ($0.32), besides its earlier 300-won hike proposal, city officials said Wednesday. The municipal government plans to hold a public hearing next month with the goal of raising public transportation fares in April after a freeze for eight years. It will prepare two fare hike proposals -- 300 won or 400 won -- to listen to the opinions of various public hearing participants, including experts, city

Jan. 25, 2023

Exports fall 2.7% during first 20 days of January

South Korea's exports fell 2.7 percent on-year in the first 20 days of January, data showed Saturday, due mainly to weak semiconductor shipments. The country's outbound shipments stood at US$33.6 billion in the Jan. 1-20 period, compared with $34.5 billion a year earlier, according to the data from the Korea Customs Service. Imports rose 9.3 percent on-year to $43.8 billion during the cited period, resulting in a trade deficit of $10.2 billion. Outbound shipments of chips, a mainstay e

Jan. 21, 2023

Korea rolls up sleeves for global bond index inclusion

The Korean government will make a fresh attempt to get its sovereign bond to be included in the top grade of global market indices, the country’s top economic policymaker told global investors Friday. Finance Minister Choo Kyung-ho revamped local financial rules to adhere to “global standards” so that Asia’s fourth-largest economy could attract more foreign investors. “Starting this year, we will reform the Korean capital market in a way that is foreign investor-f

Jan. 20, 2023

KB Financial recognized as global sustainability leader

KB Financial Group on Thursday announced that it has made the Global 100 Most Sustainable Corporations in the World list in recognition of its environmental, social, and corporate governance (ESG) efforts. It was ranked 68th on the list by Canada-based global research firm Corporate Knights. “Making the top 100 global sustainable companies list is the result of all executives and employees putting their minds into practicing ESG management for a sustainable future,” a KB Financial Gr

Jan. 19, 2023

Number of fake banknotes hits record low

The number of counterfeit South Korean banknotes touched a record low in 2022, amid a surge in cashless transactions fueled by the coronavirus pandemic, the Bank of Korea said Monday. The number of counterfeit banknotes identified stood at 150 last year, down from the previous record low of 176 a year before. Last year’s number was the lowest ever since the central bank started compiling related data in 1998. The BOK attributed the drop to a decline in face-to-face transactions via non-cas

Jan. 16, 2023

[NEWS ANALYSIS] Market expects near end of key rate hike cycle

After Korea’s central bank delivered yet another rate hike, market participants have begun to anticipate the end of the monetary tightening cycle is near. Seeking to fight inflation, the Bank of Korea continued a streak of seven consecutive rate hikes, jacking up the key rate by another 25 basis points on Friday. With the latest hike, the base rate has reached 3.5 percent, the highest figure in more than 14 years, since the rate stood at 4 percent in November 2008. The rate hike will lea

Jan. 15, 2023

BOK raises rate for 7th consecutive time to 3.5 percent

The Bank of Korea continued a streak of seven consecutive rate hikes, making the base rate stand at 3.5 percent. The central bank announced Friday it has raised the benchmark rate by 25 basis points, deeming that inflation has yet cooled down. With the hike, the base rate has reached 3.5 percent, the highest figure in more than 14 years, since the rate stood at 4 percent in November 2008. Prior to the bank’s aggressive policy cycle, the benchmark rate stood at 0.5 percent in July 2021. &ld

Jan. 13, 2023

Concerns loom for S. Korean economy on weak consumption, exports: Green Book

The South Korean economy is feared to face a bumpy road ahead on high inflation, slowing domestic consumption as well as sluggish exports, the finance ministry said Friday. "Recently, the South Korean economy's inflation continued to stay at a high plateau, and the recovery of domestic consumption has slowed. The weak economic sentiment has continued on weak exports as well, leading to concerns over an economic slowdown," the Ministry of Economy and Finance said. It was the eighth

Jan. 13, 2023

S. Korea's fiscal deficit widens through November

South Korea's fiscal deficit widened 21 trillion won ($16.8 billion) in the first 11 months of last year due to increased expenditures amid the pandemic. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 98 trillion won in the January-November period, larger than a shortfall of 77 trillion won a year earlier, the finance ministry's Monthly Public Finance report showed. The country's tax revenue came to 373.6 trillion won du

Jan. 12, 2023

'Economy will go down the rabbit hole,' survey finds

Concerns over deepening economic slowdown and a bleak outlook for global business conditions, experts predicted that this year the country’s economy would fall deep into a dark and chaotic situation as if it "goes down the rabbit hole." Korea Chamber of Commerce and Industry summarized the opinions of some 85 economics and management experts including university professors as "falling down the rabbit hole." The KCCI survey respondents said an unprecedented economic en

Jan. 11, 2023

BOK likely to continue rate hikes

With the Bank of Korea set to hold the first rate-setting meeting of the year Friday, the market is expecting it to raise the base interest rate 25 basis points to 3.5 percent. In the latest Monetary Policy Committee meeting held in November, the Bank of Korea raised its benchmark interest rate by 25 basis points, signaling a slowdown in its rate hikes following a twofold raise of 50 basis points. It is likely that the bank will announce another interest rate hike as inflation is yet to be tamed

Jan. 9, 2023

Imported car sales rise 24% in December despite chip shortage

Sales of imported vehicles in South Korea rose 24 percent last month from a year earlier despite the extended chip shortage, an industry association said Wednesday. The number of newly registered foreign vehicles stood at 29,640 units last month, up from 23,904 units a year ago, the Korea Automobile Importers & Distributors Association said in a statement. The three bestselling models last month were Mercedes-Benz's E 250 sedan and E 350 4MATIC sedan, and BMW's 520 sedan, the state

Jan. 4, 2023

S. Korea to expand food supply, offer discounts ahead of holiday

South Korea's finance ministry said Wednesday it plans to use around 30 billion won ($23.5 million) to offer discounts on major food products in line with efforts to stabilize their prices ahead of the Lunar New Year. The government also plans to increase the supply of 16 food items with high demand ahead of the four-day holiday that starts Jan. 21, according to the Ministry of Economy and Finance. In detail, the amount of popular agricultural products, including apples and pears, released

Jan. 4, 2023

S. Korea to spend at least 60% of budget in H1 amid economic fears

South Korea's finance ministry said Wednesday it aims to spend at least 60 percent of the annual budget in the first half of 2023 amid the slowdown in exports and employment. "Of the expenditure plan of 638.7 trillion won ($500 billion), we will seek to spend at least 60 percent, or 383.2 trillion won, in the first half," the Ministry of Economy and Finance said in a statement. In late December, the National Assembly passed the government budget for 2023. The final package was down 314

Jan. 4, 2023