Korea to remove tariff on rare gases for chip manufacturing amid Ukraine war

SEJONG -- The Korean government will lower tariffs on a portion of imports for three major rare gases -- neon, xenon and krypton -- which are used during the process of manufacturing semiconductors down to zero percent, starting from next month. The action of slashing tariffs for a certain portion of imports of the three gases, but not for all, comes as part of the government’s countermeasures against the Ukraine-Russian war, the Ministry of Finance and Economy said Thursday. Deputy Prim

March 17, 2022

More Koreans end marriage at older age: data

More South Koreans are choosing to divorce at an older age, government data showed Thursday, with divorce rates among people 60 and older increasing as the nation rapidly approaches a super-aged society. The average age for males and females going through divorce here both rose 0.8 year on-year to 50.1 and 46.8, respectively, last year, according to data compiled by Statistics Korea. In the last decade, the average age for males rose 4.7 years, while the age for females rose 5.2 years. While

March 17, 2022

S. Korea's tax revenue up 10.8tr won in Jan.

South Korea's tax revenue increased 10.8 trillion won ($8.8 billion) in January from a year earlier amid the economic recovery and the collection of deferred taxes over the pandemic, the finance ministry said Thursday. The government collected 49.7 trillion won in taxes in January, compared with 38.8 trillion won the previous year, according to the Ministry of Economy and Finance. The higher tax revenue came as the South Korean economy is on a recovery track and the government collected deferred

March 17, 2022

Fed's rate hike to have limited impact on financial market: official

The US central bank's decision to deliver its first rate hike since 2018 is expected to have a limited impact on South Korea's financial market as the move is in line with market expectations, a senior government official said Thursday. The Federal Reserve on Wednesday (local time) raised the federal funds rates by a quarter percentage point to 0.25-0.5 percent to fight high inflation, after freezing borrowing costs at near zero since March 2020 to cushion the fallout of the COVID-19 pandemic.

March 17, 2022

S. Korean battery makers to present latest technologies, future visions at Seoul exhibition

Major South Korean battery makers are showcasing their latest technologies and visions for future growth during an international battery exhibition in Seoul this week, the companies said Thursday. SK On Co., LG Energy Solution Ltd. and Samsung SDI Co. were among some 250 battery and battery parts manufacturers and automotive companies around the globe participating in the three-day InterBattery 2022, taking place in the Convention and Exhibition Center (COEX) through Saturday. The InterBattery

March 17, 2022

S. Korea to stabilize FX market if won's fall is excessive: finance minister

Finance Minister Hong Nam-ki said Thursday the government will step up its efforts to stabilize the foreign exchange market if the South Korean currency's slide against the U.S. dollar is deemed excessive. Hong's verbal intervention came as the Korean won has sharply weakened against the dollar because Russia's invasion of Ukraine prompted investors to chase safer assets. The Korean won fell to end at the 1,240 level against the greenback for the first time in nearly two years Monday. "If w

March 17, 2022

Price of imported grains hits 8-year high

SEJONG -- The price of imported grains reached the highest in more than eight years, fanning hikes in the price tags of processed food and fodder in the nation, state data showed Wednesday. According to the Korea Customs Service, the nation’s monthly grain imports came to 1.96 million metric tons, which is worth $758 million in February. This indicates that the price per ton came to $386, up 26 percent from $306 a year earlier. Compared to $262 in February 2020, the growth posted 47.4 pe

March 16, 2022

S. Korea's auto exports up 5.1% in February

South Korea's car exports expanded more than 5 percent in February on increased production capacity, despite a global shortage of automotive chips, data showed Wednesday. Outbound shipments of automobiles stood at 167,682 units last month, up 5.1 percent from a year earlier, according to the data from the Ministry of Trade, Industry and Energy. In terms of value, auto exports also increased 9.1 percent on-year to US$3.84 billion last month. Industry watchers attributed the solid gain in exports

March 16, 2022

Banks' 2021 net profit jumps 40% amid rate hikes

Banks in South Korea saw their combined net profit surge about 40 percent in 2021 thanks to increased interest income from the central bank's rate hikes, data showed Wednesday. The combined net profit of 20 local banks came to 16.9 trillion won ($13.6 billion) in 2021, up 39.4 percent from 12.1 trillion won tallied a year earlier, according to the preliminary data from the Financial Supervisory Service (FSS). The rise stemmed mostly from increased interest income in line with the central bank'

March 16, 2022

Airlines to sharply hike fuel surcharges on int'l routes in April

South Korean airlines are set to sharply raise fuel surcharges on international routes in April due to soaring jet fuel prices, industry sources said Wednesday. Starting April 1, the surcharge for one-way tickets on international routes will range from 28,600 won ($23) to 211,900 won, depending on the routes, according to them. The planned increase will raise the surcharges to the highest Level 14 from the current Level 10, which ranges from 18,000 won to 138,200 won. In April 2021, rising jet f

March 16, 2022

Job growth extended for 12th month in Feb. amid economic recovery

The number of employed people in South Korea increased by more than 1 million on-year for the second straight month in February due to a low base effect and the economic recovery, data showed Wednesday. The number of employed people came to 27.4 million last month, up 1.04 million from a year earlier, according to the data compiled by Statistics Korea. The tally was lower than an on-year increase of 1.14 million in January, the largest in almost 22 years, but the number of employed people grew m

March 16, 2022

Grain import prices soar 47% over 2 years

South Korea's import prices of grains have jumped nearly 50 percent over the past two years to a near nine-year high amid the prolonged coronavirus pandemic, data showed Wednesday. Prices of imported grains came to $386 per ton in February, up 26 percent from a year earlier and 47.4 percent from two years earlier, according to the data from the Korea Customs Service and industry sources. The February per-ton import price represented the highest level since it reached $388 in May 2013. Last month

March 16, 2022

Gen MZ in heavier debt than people at same age in 2000

Young Koreans born between 1980 and 1995, called “Gen MZ” to refer to both millennials and Generation Z, earned a little more but faced bigger debt in 2018 than people at the same age in 2000, the Bank of Korea said in a report. In 2018, Gen MZ -- aged between 23 and 38 -- earned 1.4 times more than what was earned by the same-age peers in 2000. But debts were 4.3 times greater in 2018 than 2000 among people who were identified as Gen MZ at the time. Meanwhile, &ldqu

March 15, 2022

Market keen on Yoon’s pledge to ease capital gains tax

SEJONG -- A key issue in the real estate market this year is whether the coming Yoon Suk-yeol administration will follow up on his promise to grant a reprieve for a capital gains tax surchargers on owners of multiple homes in Seoul. President-elect Yoon had pledged to delay the application of extra taxation on owners of multiple homes for up to two years. His pledge came amid criticism that multiple homeowners had declined to sell their properties due to the high rate of capital gains tax. In

March 15, 2022

Import prices up for 2nd straight month in February on higher crude oil prices

South Korea's import prices grew for the second straight month in February as crude oil and other commodity prices jumped, central bank data showed Tuesday. The import price index gained 3.5 percent in February from a month earlier, according to the preliminary data from the Bank of Korea. The rise followed a 4.4 percent rise in January. The rise came as the ongoing war between Russia and Ukraine has sent oil and other commodity prices even higher. The average monthly import prices of Dubai crud

March 15, 2022

S. Korea's ICT exports surge 24% in Feb. on robust chip demand

South Korea's exports of information and communication technology (ICT) products soared 24 percent in February on the back of strong global demand for chips and displays, data showed Monday. Outbound shipments of ICT products reached $18.88 billion last month, up 23.7 percent from a year earlier, according to the data from the Ministry of Science and ICT. The figure represents the largest ever for any February and the 11th consecutive month of on-year gains since April last year. ICT imports sto

March 14, 2022

6 in 10 firms pick job creation as top policy priority for new govt.: poll

Six out of 10 South Korean companies want the incoming government of President-elect Yoon Suk-yeol to focus on creating jobs to support the economic recovery, a survey showed Sunday. Of 157 local companies, 95, or 60.5 percent, picked job creation as the top policy priority for the new government, according to the Mono Research poll commissioned by the Federation of Korean Industries (FKI), the country's top business lobby. The Feb. 18-March 1 survey also showed resolving social conflicts ranked

March 13, 2022

Yoon’s pledge to ease mortgage rules draw attention

SEJONG -- The real estate market could see a boost in the second half of this year, as the coming Yoon Suk-yeol administration is seeking to ease mortgage rules for homebuyers. President-elect Yoon had pledged to raise the loan-to-value ratio up to 70 percent in Seoul and other regions, which is the same level during the Park Geun-hye administration from 2013-2017. But skyrocketing apartment prices have also put into question the proposal’s feasibility. Under a 70 percent loan-to-value c

March 11, 2022

10 years after KORUS FTA, bilateral trade soars nearly 70 percent

Trade volume of goods between South Korea and the United States grew nearly 70 percent, and bilateral investment more than doubled over the past decade since their free trade agreement, Seoul's industry ministry said Friday. The Korea-US Free Trade Agreement (KORUS FTA) marked its 10th anniversary this month, as the trade deal came into force in March 2012. The bilateral trade of goods stood at $169.1 billion last year, up 67.8 percent from $100.8 billion logged in 2011, according to the Ministr

March 11, 2022

Exports grow 15% in first 10 days of March

South Korea's exports rose 14.9 percent in the first 10 days of March from a year earlier on the back of demand for chips and petroleum products, customs data showed Friday. The country's outbound shipments stood at $18.7 billion in the March 1-10 period, compared with $16.3 billion a year earlier, according to the data from the Korea Customs Service. Imports gained 15.3 percent on-year to $20.1 billion, resulting in a trade deficit of $1.39 billion during the cited period, the data showed. By s

March 11, 2022