Online shopping hits record high in 2021 amid pandemic

Online shopping in South Korea hit a record high in 2021, led by strong demand for food delivery services and electronics amid the pandemic, data showed Thursday. The value of online shopping transactions stood at 192.9 trillion won ($160 billion) last year, up 21 percent from the previous year, according to the data from Statistics Korea. It marked the largest value since the statistics agency began compiling related data in 2001. Purchases made through smartphones, tablets and other mobile

Feb. 3, 2022

S. Korean builder sentiment hits 17-month low in Jan.

South Korean builders' business sentiment hit the lowest level in one year and five months in January due to seasonal and several negative factors, a poll showed Thursday. The country's construction business survey index (CBSI) stood at 74.6 last month, down 17.9 points from the previous month, according to the survey by the Construction and Economy Research Institute of Korea. The January figure was the lowest mark in 17 months and represented the first on-month decline in three months. The i

Feb. 3, 2022

S. Korea's air passenger traffic falls 7.7% in 2021

South Korea's air passenger traffic fell 7.7 percent in 2021 from a year earlier due to the prolonged COVID-19 pandemic, the transport ministry said Thursday. A total of 36.36 million passengers, including 3.21 million on international routes, flew with full-service and low-cost carriers in 2021 mainly for business purposes, according to the Ministry of Land, Infrastructure and Transport. The number of passengers on international routes plunged 78 percent on-year last year as countries maintai

Feb. 3, 2022

S. Korea earmarks W841b for key materials, parts development

South Korea will earmark 841 billion won ($697.4 million) for research and development of key materials and parts this year in a move to reduce dependency on foreign supplies and boost competitiveness of local industries, the industry ministry said Thursday. It is up 22 percent from last year's budget, as the country has been ramping up efforts to nurture the materials and parts industry, particularly after Japan's control on exports of key products in 2019. Of the budget, 321.8 billion won wi

Feb. 3, 2022

BOK calls for vigilance on market volatility following holiday

South Korea should stay vigilant on the possibility of heightening financial market volatility amid persistent worries over inflation in major economies and other risk factors, though the markets showed signs of stability in recent days, a senior central bank official said Thursday. The Bank of Korea (BOK) held a meeting to monitor global financial market situations following the five-day Lunar New Year holiday that ended on Wednesday during which local stock and currency markets were closed. T

Feb. 3, 2022

Housing price decline expected to accelerate: finance minister

Finance Minister Hong Nam-ki said Thursday the country's housing prices are expected to pick up their declining pace amid the central bank's rate hike and tighter lending rules. Hong said the government is committed to implementing its current real estate policy with a focus on increasing the home supply in a bid to stabilize housing prices. "We think housing prices need to undergo a downward correction to some degree, given that home prices have excessively risen. The government plans to

Feb. 3, 2022

Ratio of nonwage workers hits record low in 2021

The ratio of the self-employed and other nonwage workers in South Korea touched an all-time low in 2021 amid the coronavirus pandemic, government data showed Thursday. Asia's fourth-largest economy had 6.52 million unsalaried workers as of the end of December last year, marking the 23rd consecutive year of decline, according to the data compiled by Statistics Korea. The number accounted for 23.9 percent of the country's total employed people, the lowest tally since data tracking began in 1963.

Feb. 3, 2022

Vehicle registrations fall 9% in 2021

South Korea's new vehicle registrations fell 9 percent last year from a year earlier as chip shortages affected vehicle production and sales, the transport ministry said Wednesday. The number of newly registered vehicles declined 173,000 units to 17.43 million in 2021 from 19.16 million a year ago, the Ministry of Land, Infrastructure and Transport said in a statement. Of the annual total, registrations of locally produced passenger cars fell 11 percent to 14.29 million last year from 1.60 mil

Feb. 2, 2022

S. Korea faces reduced import curbs in 2021 amid pandemic

South Korea faced a reduced number of import curbs from trade partners last year for the first time in a decade amid the pandemic, a trade body said Wednesday. The country was subject to 206 import regulations from 28 countries as of end-December, down 22 from a year earlier amid a decline in global trade during the pandemic, according to a report from the Korea Trade-Investment Promotion Agency (KOTRA). It marks the first on-year decline from the largest-ever number of import restrictions tar

Feb. 2, 2022

Number of full-time workers shrinks amid prolonged pandemic

　 The employment rate of the nation’s full-time employees working 40 hours a week has remained in the 50 percent rage for two consecutive years, raising concerns over deteriorating labor market amid the prolonged COVID-19 pandemic, a lawmaker said Monday.  The “full-time equivalent” employment rate for 2021 posted 58.8 percent, nearly unchanged from 58.6 percent estimated a year earlier, according to Rep. Yoo Gyeong-joon of the main opposition People Power Party, citing

Jan. 31, 2022

Slowdown forecast after brisk 2021

SEJONG -- The nation’s growth in industrial output marked the highest in 11 years in 2021 on the back of both economic recovery and the base effect, or rapid bounce-back from sagging performance in the pandemic-hit 2020, Statistics Korea data showed Friday But indexes unveiled by the state-run agency suggest possible slowdown in the growth of production, retail sales and facilities investment for the coming months in 2022. Korea saw industrial output grow 4.8 percent on-year in 2021, the

Jan. 28, 2022

Bank mortgage rates hit highest in 7 1/2 years in December

South Korean banks' mortgage rates hit the highest level in about 7 1/2 years in December amid rising borrowing costs, central bank data showed Friday. Banks' mortgage loan rate averaged 3.63 percent a year in December, 0.12 percentage point higher from a month earlier and the highest since May 2014, according to the data by the Bank of Korea (BOK). Mortgage rates have been on the rise as the BOK has raised the policy rate in recent months as part of efforts to tighten its long accommodative p

Jan. 28, 2022

Inflationary pressure could further rise on Russia-Ukraine tension: official

South Korea's consumer prices could be further under upward pressure as oil prices have spiked amid increased geopolitical tensions between Russia and Ukraine, a senior government official said Friday. The government will step up its monitoring of prices of petroleum products and consider whether to extend fuel tax cuts, depending on oil price movements, according to Vice First Finance Minister Lee Eog-weon. "A spike in oil prices, caused by Russia-Ukraine tensions and risks from oil prod

Jan. 28, 2022

Imports of leisure goods up 36.5% last year amid pandemic

South Korea's imports of leisure goods rose 36.5 percent last year from a year earlier as the COVID-19 pandemic boosted demand for indoor activities, customs data showed Friday. Imports of goods used for leisure activities, including tablets and TVs, came to $9.56 billion last year, compared with $7 billion a year earlier, according to the data from the Korea Customs Service. The 2021 reading accelerated from a 17.3 percent on-year gain in 2020. Compared with 2019, the value of imports almost

Jan. 28, 2022

S. Korea activates task force for emergency economic responses over Ukraine tension

South Korea has launched a task force to prepare for potential economic impacts of ongoing tensions between Russia and Ukraine on the local economy and the financial market, the finance ministry said Friday. Tensions have escalated near Ukraine's border areas as the United States and its European allies have failed to reach an agreement with Russia to avert a potential military conflict. Finance Minister Hong Nam-ki held a meeting with related ministers to assess the situation Friday, and anno

Jan. 28, 2022

Industrial output grows by most in 11 years in 2021

South Korea's industrial output increased by the most in 11 years in 2021 due largely to a low base effect and robust exports, data showed Friday, in a sign that the country's economy has extended recovery momentum. Industrial output increased 4.8 percent in 2021 from the previous year, a turnaround from a 1.2 percent on-year fall in 2020, according to the data compiled by Statistics Korea. It marked the largest growth since 2010, when industrial output gained 6.5 percent. Service output, onc

Jan. 28, 2022

S. Korea's rice consumption hits another low in 2021

South Koreans' consumption of rice hit an all-time low in 2021, but the decreasing rate slowed on the back of a growing demand for home meals amid the COVID-19 pandemic, data showed Thursday. The average South Korean consumed 56.9 kilograms of rice last year, down 1.4 percent or 0.8 kilograms from the previous year, according to the data compiled by Statistics Korea. Rice is a key staple food for Koreans, but its consumption has been on a steady decline since 1980 due mainly to changes in diet

Jan. 27, 2022

RCEP pact to take effect for S. Korea next month

The mega free trade pact of the Regional Comprehensive Economic Partnership (RCEP) will take effect for South Korea next month, the industry ministry said Thursday. In November 2020, South Korea inked the trade deal with 14 other countries -- 10 member nations of the Association of Southeast Asian Nations (ASEAN), China, Japan, Australia and New Zealand -- and the National Assembly ratified the pact in December last year. It will come into force on Feb. 1, 60 days after the government submitte

Jan. 27, 2022

Auto exports hit 7-year high in 2021

South Korea's exports of autos rose to the highest point in seven years last year due to the low base effect and strong demand for eco-friendly cars, customs data showed Thursday. The country's outbound shipments of cars came to $42.6 billion last year, up 23 percent from the previous year, according to the data compiled by the Korea Customs Service. It marked the largest amount since 2014, when auto exports were valued at $44 billion. The brisk exports came even as Korean automakers suffered

Jan. 27, 2022

S. Korea to take market-stabilizing steps if needed: official

South Korea plans to take measures to stabilize the country's financial market when needed, a senior government official said, after the Federal Reserve signaled at a rate hike in March to tame inflation. The finance ministry assessed the Fed's monetary policy stance as hawkish, but it said the outcome of the US central bank's latest rate-setting meeting is expected to have a limited impact on the South Korean market. Fed chief Jerome Powell said Wednesday (US time) that it has "quite a b

Jan. 27, 2022