S. Korea seeks to win major energy, industry projects in Azerbaijan

South Korea asked for Azerbaijan's support Wednesday for its companies seeking to take part in major energy and other industry projects in the European nation, the industry ministry said. Deputy Trade Minister Jeong Dae-jin made the request during their joint economic commission meeting in Seoul on the day, as the two nations explored ways to enhance bilateral economic and industry cooperation, according to the Ministry of Trade, Industry and Energy. South Korean companies are pushing to pa

June 7, 2023

Banks' Q1 net up 24 pct on higher interest income

South Korean banks saw their first-quarter net profit rise 24 percent from a year earlier on higher interest and non-interest income, preliminary data showed Friday. Their combined net profit came to 7 trillion won ($5.4 billion) in the January-March period, up from 5.6 trillion won tallied a year ago, according to data from the Financial Supervisory Service. The figure was up 55.9 percent from 4.5 trillion won three months ago. Local banks' interest income totaled 14.7 trillion won in the

June 2, 2023

S. Korea's economy grows 0.3% in Q1, unchanged from earlier estimate: BOK data

South Korea's economy grew 0.3 percent in the first quarter of this year, unchanged from an earlier estimate, largely thanks to a sustained recovery in private spending amid an extended slowdown in exports, central bank data showed Friday. The country's gross domestic product -- a key measure of economic growth -- increased 0.3 percent in the January-March period from three months earlier, according to the preliminary data from the Bank of Korea. The first-quarter expansion follows a 0

June 2, 2023

S. Korea showing signs of export recovery: finance minister

South Korean exports are showing some signs of a recovery on the back of rising demand from China and increasing outbound shipments of semiconductors, the finance minister said Friday. South Korea's exports fell for an eighth consecutive month in May, reaching $52.24 billion, down 15.2 percent on-year, government data showed this week. The decline mostly came as exports of semiconductors sank 36.2 percent on-year on falling demand and a drop in chip prices. "Exports for May fell by two

June 2, 2023

S. Korea's consumer prices slow for 4th month in May

South Korea's consumer prices growth slowed for the fourth consecutive month in May from a year ago, data showed Friday, in yet another signal that the country's inflation has passed its peak. Consumer prices, a key gauge of inflation, rose 3.3 percent last month from a year earlier, compared with a 3.7 percent on-year rise in April, according to the report from Statistics Korea. The growth fell below 4 percent for the first time in 14 months in April. The prices of utility services shot up 23.2

June 2, 2023

S. Korea's exports down for 8th month in May on sagging chip demand

South Korea's exports fell for an eighth consecutive month in May due mainly to weak demand for semiconductors amid an economic slowdown, the industry ministry said Thursday. Outbound shipments fell 15.2 percent on-year to $52.24 billion last month, according to the data compiled by the Ministry of Trade, Industry, and Energy. The decline came as exports of semiconductors, the country's key export item, sank 36.2 percent on falling demand and a drop in chip prices. Imports fell 14 percent on-yea

June 1, 2023

Tax revenue down W34t through April

SEJONG -- South Korea's tax revenue fell 33.9 trillion won ($25.7 billion) in the first four months of the year compared with a year earlier, data showed Wednesday, as an economic slump weighed down on business activities. Tax revenue amounted to 134 trillion won during the January-April period, down from 167.9 trillion won tallied a year earlier, according to the Ministry of Economy and Finance. Last month, the government collected 46.9 trillion won in taxes, down 9.9 trillion won from the

May 31, 2023

S. Korea's exports of tractors hit fresh record in 2022

South Korea's exports of agriculture tractors hit a record high in 2022 by advancing 23 percent on-year, data showed Wednesday, amid growing demand for small-sized models. The value of tractors shipped overseas came to $1.24 billion in 2022, rising from $1 billion tallied a year earlier, according to the data compiled by the Korea Customs Service. The amount also marked a sharp rise from $657 million posted in 2020, the data showed. The customs office said the increase was driven by rising

May 31, 2023

Foreign ownership of S. Korean land rises 1.8 % in 2022

Foreign ownership of South Korean land rose 1.8 percent in 2022 from a year earlier, the land ministry said Wednesday. Foreigners owned 264.01 square kilometers -- slightly more than four times the size of Manhattan -- at the end of December. It represents 0.26 percent of South Korea's total land area, the Ministry of Land, Infrastructure and Transport said in a statement. The value of land held by foreigners also increased 2.6 percent to 32.88 trillion won ($24.8 billion) over the cited pe

May 31, 2023

Industrial output dips most in over 1 year in April; inventories at record high

SEJONG-- South Korea's industrial output dropped by the most in over a year in April due to an extended slump in the chipmaking sector, data showed Wednesday, with the inventory level at a fresh high. Industrial output dropped 1.4 percent on-month last month, snapping two consecutive months of gains, and marked the sharpest drop since a 1.5 percent fall in February last year, according to the data from Statistics Korea. The output in the mining, manufacturing, gas, and electricity industr

May 31, 2023

Travel deficit widens as Koreans travel overseas in droves

South Korea's travel trade balance deficit widened to a three-year high in the first quarter of 2023, as the number of Koreans departing for overseas travel surged amid eased COVID-19 restrictions. According to numbers from the Bank of Korea on Tuesday, the country's travel trade balance marked a $3.23 billion deficit in the first three months of the year, with travel revenue coming in at $3.08 billion and expenditure at $6.32 billion. The figure hit its highest level since it stood a

May 30, 2023

[Contribution] Taxpayer support can serve as springboard for SMEs

By Kim Tae-ho National Tax Service vice commissioner Amid high inflation and elevated interest rates worldwide, the growth of the global economy is being hampered by sluggish domestic demand, as well as contractions in the manufacturing sector and trade. In an effort to overcome the global economic downturn, the Korean government has designated key industries such as semiconductors, secondary batteries and displays as national strategic technologies. This designation aims to expand tax ben

May 29, 2023

S. Korea's household debt to GDP at highest level among 34 economies

South Korea's household debt-to-gross domestic product ratio stood at the highest level among 34 major economies in the first quarter, global financial data showed Monday. The ratio stood at 102.2 percent in the January-March period, followed by Hong Kong with a ratio of 95.1 percent, Thailand with 85.7 percent, Britain with 81.6 percent, the United States with 73 percent, Malaysia with 66.1 percent, Japan with 65.2 percent and China with 63.6 percent, according to the Institute of Internat

May 29, 2023

S. Korea to seek tariff-rate quota on pork, mackerel

SEJONG -- South Korea plans to adopt tariff-rate quotas on imports of pork and mackerel in the near future in line with efforts to tame rising foodstuffs prices amid prolonged inflation, a senior official said Friday. The tariff-rate quota is a system under which products are imported with favorable duty conditions within a designated volume. The amount imported beyond the limit is applied with higher tariffs. "As there are price instabilities in some agriculture, livestock, and fishery p

May 26, 2023

[Herald 70th] 'Korea-US-Japan joint efforts on trade, strategic tech crucial'

Forging robust security and economic alliances with the United States and Japan is crucial for South Korea to embrace a reshaped global geopolitical paradigm, said Jun Kwang-woo, chairman of the Institute for Global Economics. “The trilateral allies must bolster their economic cooperation and pursue shared strategic priorities,” to deal with “the looming global geo-economic challenges, accompanied by supply chain disruptions and an energy crisis, result from the post-pandemic

May 25, 2023

BOK freezes rate at 3.5% as inflation wanes

The Bank of Korea kept its key interest rate unchanged at 3.5 percent Thursday, opting for a third consecutive freeze as inflation has been showing signs of easing off in Korea in recent months. Korea’s base rate has stayed at 3.5 percent since February, when the central bank first froze the rate after more than a year of rate hikes to tamp down soaring prices. “The BOK decided to keep the rate unchanged as it is appropriate to maintain the monetary tightening stance, with the inflat

May 25, 2023

Over 120 trading firms gather for KITA-Taiwan conference

The Korea International Trade Association held a joint conference with the Taiwan External Trade Development Council and Taiwan Chamber of Commerce on Wednesday to discuss ways to boost trade between South Korean and Taiwanese companies. A total of 122 companies, including 27 Korean and 95 Taiwanese companies, participated in the event, called the Korea-Taiwan Import and Export Conference held at the Taipei International Convention Center in the capital of Taiwan. A total of 207 consultations we

May 24, 2023

S. Korea vows to partner with World Bank to share expertise with developing nations

South Korea wishes to expand cooperation with the World Bank by sharing its expertise in the climate and digital sectors, the finance minister said Wednesday. "Korea's expertise in the climate and digital sectors can help developing countries against the challenges they face," Finance Minister Choo Kyung-ho said during an event marking the 10th anniversary of the bank's office in South Korea. "I believe Korea's resources in these areas can help the Korea Office beco

May 24, 2023

Natl. pension reports worst returns in 2022 amid global jitters: data

South Korea's state pension operator saw its returns fall to a record low level in 2022, data showed Tuesday, due to the instability in the global financial market amid monetary tightening moves. The National Pension Service logged negative returns of 8.28 percent in 2022, marking the lowest level since it was launched in 1988, according to the Ministry of Economy and Finance. "(The negative returns) were affected by the jitters in the global financial market sparked by the US rate hik

May 23, 2023

Inflation expectations at 1-year low in May

South Korea's inflation expectations fell to the lowest in a year in May on a slide in prices of petrochemical goods, a central bank survey showed Tuesday. Ordinary people expected consumer prices to rise 3.7 percent for the year ahead, down 0.2 percentage point from what was surveyed a month earlier, according to the poll conducted by the Bank of Korea. The reading marks the lowest since May last year, when the comparable figure was 3.3 percent, the central bank said. The downturn came as

May 23, 2023