Exports of cars, oil products forecast to be brisk this year

South Korea's exports of cars and petroleum products are expected to grow solidly this year, but the outlook for steel, ships and other key items is gloomy, a poll showed Thursday. According to the survey taken by the Federation of Korean Industries (FKI), outbound shipments of cars are projected to expand 6.2 percent this year from last year's $46.5 billion. The lobby for South Korea's family-controlled conglomerates attributed its upbeat prediction to improving consumer confidence across the

Jan. 27, 2022

Manufacturers' biz sentiment down for February

South Korean manufacturers' business sentiment worsened for February amid worries over sluggish demand from video, communication and equipment sectors, central bank data showed Thursday. The business sentiment index (BSI) for local manufacturers came to 90 for February, down from 92 for this month, according to the data from the Bank of Korea (BOK). The index measures manufacturers' prospects for business conditions in the following month. A reading below 100 means pessimists outnumber optimis

Jan. 27, 2022

Court blocks Namyang Dairy boss from pursuing side deal

The Seoul Central District Court on Wednesday granted an injunction to local private equity firm Hahn & Co. to stop Namyang Dairy Products from selling a majority stake to a third company. 　 The court ruled that Namyang should cut all ties to Dayou Winia Group. It had attempted to sell a majority stake in a deal reached with Dayou in November last year, effectively freezing out Hahn & Co., with which it had previously agreed to sell the stake. Namyang had tried to fill its key position

Jan. 26, 2022

Natural decline in population hits all-time high in November

SEJONG -- South Korea’s monthly decline in population reached the record-high of more than 8,000 in November, with the demographic tally losing by more than 40,000 for the first 11 months of 2021, state data showed Wednesday. This suggests that government policies to promote marriages and births have lacked efficacy in terms of easing worries over the so-called demographic cliff. According to Statistics Korea, the number of births stayed at 19,800 in November. This marked the second-lowe

Jan. 26, 2022

Growth of S. Korean exports forecast to slow in Q1

South Korea's exports will likely lose some growth momentum in the first quarter of the year due to a string of unfavorable external factors, a state bank said Wednesday. Overseas shipments by Asia's fourth-largest economy are expected to climb 15-16 percent on-year to $169 billion in the January-March period, according to the Export-Import Bank of Korea (Exim Bank). "South Korea's exports are likely to keep expanding in the first quarter, but their growth pace may lose some steam,"

Jan. 26, 2022

Biz sentiment for Feb. stays below par for 2nd month: poll

South Korea's business sentiment edged up for February but remained below par for the second consecutive month amid high raw material prices and global supply chain disruptions, a poll showed Wednesday. The business survey index (BSI) of the country's top 600 companies by sales came to 99.7 for next month, up 3.2 points from January, the Federation of Korean Industries (FKI) said. Yet February represents the second month in a row that the monthly yardstick of business sentiment has been below

Jan. 26, 2022

Consumer sentiment up in January amid toughened virus curbs

South Korea's consumer sentiment improved in January as health authorities' tough antivirus rules mitigated worries over the spread of the coronavirus, the central bank said Wednesday. The composite consumer sentiment index (CCSI) came to 104.4 in January, up 0.6 point from the previous month, according to data from the Bank of Korea. The rise followed a 3.8 point on-month decline tallied in December. A reading above 100 means optimists outnumber pessimists. The rise is ascribed to health aut

Jan. 26, 2022

S. Korea’s GDP growth hits 11-year high in 2021

South Korea’s economy grew at an estimated 4 percent on-year in 2021, posting the highest growth rate in 11 years despite omicron woes, central bank data showed Tuesday. The export-reliant economy’s strong recovery in outbound shipments, stable private consumption amid the COVID-19 pandemic, the government’s eased quarantine rules and supplementary budgets drawn up to cushion the blow to the economy worked as key catalysts, Hwang Sang-pil, head of the economic statistics burea

Jan. 25, 2022

Population mobility falls by most in nine years in 2021

The number of South Koreans who moved to different residences in the country declined by the most in nine years last year amid fewer housing transactions, data showed Tuesday. The number of people who changed their residences fell 6.7 percent on-year to 7.21 million in 2021, according to the data compiled by Statistics Korea. It marked the sharpest on-year fall since 2012, when population mobility declined 7.6 percent. The decline was mainly blamed on the base effect as people's mobility shot

Jan. 25, 2022

S. Korean trade minister to visit US for talks on global supply chains

South Korean Trade Minister Yeo Han-koo will visit the United States from this week to discuss bilateral cooperation on global supply chains and other trade issues, the ministry said Tuesday. During his weeklong visit from Tuesday (US time), Yeo will meet his US counterpart Katherine Tai, lawmakers and governors to bolster economic ties between the countries. Yeo is scheduled to hold talks with Tai on Thursday to exchange views on the 10-year-old bilateral free trade agreement, the US-led Indo

Jan. 25, 2022

S. Korea eyes bigger low-rate loans for emerging countries' projects

South Korea said Tuesday it will seek to provide low-rate loans up to 11.4 trillion won ($9.5 billion) to emerging countries for their projects by 2024. The government plans to set the yearly approval ceiling of the Economic Development Cooperation Fund (EDCF) at 3.6 trillion won this year, and raise it to 3.8 trillion won next year and 4 trillion won in 2024, according to the finance ministry. The government also plans to set the implementation goal of the EDCF at 4.5 trillion won over the ne

Jan. 25, 2022

S. Korea's economy grows 4% in 2021, highest in 11 years

South Korea's economy posted the highest growth rate in 11 years as consumption and exports bounced back from the pandemic-caused slump, central bank data showed Tuesday. The gross domestic product is estimated to have grown 4 percent in 2021, marking a turnaround from a year earlier when the economy contracted 0.9 percent, the worst performance since 1998, according to the data from the Bank of Korea (BOK). The 2021 growth rate marked the highest tally since 2010, when the economy expanded 6.

Jan. 25, 2022

Corporate direct financing up 19% in 2021

Corporate direct financing by firms in South Korea jumped 19 percent on-year in 2021 driven by multiple massive initial public offerings (IPOs), data showed Tuesday. Local companies raised a combined 231.48 trillion won ($194 billion) by selling stocks and bonds last year, up 37 trillion won from the previous year, according to the data from the Financial Supervisory Service. Direct financing refers to raising funds directly from the stock and bond markets without borrowing from banks and othe

Jan. 25, 2022

Prices growth in groceries, car fuel hits 10-year high

SEJONG -- Consumer prices of groceries and transportation in Korea climbed fastest in a decade in 2021, which have posed aggravated burden on households amid the pandemic, state data showed Monday. These two items were found to have led the instability in overall consumer prices last year, despite the Bank of Korea’s interest rate hikes twice in August and November. According to Statistics Korea, consumer prices of groceries rose 5.9 percent in 2021, compared to the previous year -- 6.2

Jan. 24, 2022

Biz hour curbs cause largest drop in in-person spending among all measures: BOK report

Curbs on business operation hours have resulted in the biggest shrinkage in the "consumption of in-person services" among various antivirus measures introduced to combat the coronavirus pandemic, an internal central bank report showed Monday. The report suggests that easing a curfew on business operations while imposing a stricter ceiling on the number of people at private gatherings could be more conducive to consumption than the current measures at a time when the government has bee

Jan. 24, 2022

Public firms to hire over 26,000 new regular workers this year: govt.

South Korea's public institutions plan to hire more than 26,000 new regular workers this year in an effort to help buttress job creation, the finance minster said Monday. The move is aimed at meeting growing demand in the public service sector, including public health, safety and New Deal policy initiatives, according to Finance Minister Hong Nam-ki. He said the public firms also plan to hire around 22,000 interns to help them build work experience. "The government will spare no effort t

Jan. 24, 2022

Exports of red pepper paste surge 63% in 4 years on K-pop popularity

South Korean exports of red pepper paste soared nearly 63 percent in the past four years thanks to the global popularity of Korean pop culture, data showed Sunday. Overseas shipments of red pepper paste, called "gochujang" in Korean, came to $50.93 million in 2020, up 62.6 percent compared with 2016 and 35.2 percent from 2019, according to the data from Korea Agro-Fisheries & Food Trade Corp. and the agriculture ministry. Exports of red pepper paste seem to have soared in recent

Jan. 23, 2022

S. Korea to raise supply of beef, pork ahead of holiday to tame inflation

South Korea plans to increase the supply of beef and pork by around 50 percent on-year ahead of the Lunar New Year holiday in an effort to help stabilize consumer prices, a senior government official said Friday. The government plans to increase the supply of beef and pork, key foodstuff needed to prepare for holiday meals, to 18,700 tons and 67,200 tons, respectively, according to Vice First Finance Minister Lee Eog-weon. South Korea began providing a record amount of 204,000 tons of holiday-

Jan. 21, 2022

Fiscal deficit, national debt to increase from extra budget

SEJONG – South Korea’s national debt and the national debt per capita will likely reach an all-time high of 1,075.7 trillion won ($901.6 billion) and 20.83 million won, respectively, in the wake of the recent extra budget fostered by the government, with planned state funds aggravating the fiscal deficit. The fiscal deficit from the supplementary budget will be widened to 68.1 trillion won, compared to the government’s earlier estimate of 54.1 trillion won under the 2022 regul

Jan. 21, 2022

Exports rise 22% in first 20 days of Jan.

South Korea's exports grew 22 percent on-year in the first 20 days of January on the back of solid demand for chips and petroleum products, customs data showed Friday. The country's outbound shipments stood at $34.4 billion in the Jan. 1-20 period, compared with $28.22 billion a year earlier, according to the data from the Korea Customs Service. (Yonhap)

Jan. 21, 2022