The number of single households is continuing to spike as more Koreans live away from their families, while the country’s marriage rate continues to nose-dive. According to a survey released by Statistics Korea on Wednesday, the number of single-person households in the second half of 2016 reached roughly 5.27 million as of October last year, up 3.3 percent from the previous year. The data sh...

South Korea's public sector net lending hit a record high last year, thanks to a robust gain in tax revenues and lower oil prices, data showed Wednesday. Net lending, which refers to total revenue minus total expenditures, came to 43.9 trillion won ($38.4 billion) in 2016, compared with 32.9 trillion won from a year earlier, according to preliminary data from the Bank of Korea. It was the highe...

South Korea's exports jumped 24.4 percent in the first 20 days of June from a year earlier on robust overseas demand for semiconductors and ships, customs data showed Wednesday. Total outbound shipments reached $31.9 billion in the June 1-20 period, up from $25.7 billion tallied over the same period last year, according to numbers compiled by the Korea Customs Service. The increase was led by a...

The exports of South Korean functional foods to China have grown at an annual rate of 41 percent for the past four years, with their market share doubling over the cited period, a report showed Wednesday. According to the report compiled by the Korea International Trade Association, a total of $90 million worth of South Korean health functional foods were shipped to China in 2016. This made up 6...

South Korean nonbank financial institutions' lending to smaller firms surged nearly 10 trillion won ($8.8 billion) in the first four months of the year amid tighter government control on household loans, data showed Wednesday. Nonbank lenders' outstanding loans to small and medium enterprises came to 90.7 trillion won as of the end of April, up 9.9 trillion won from the end of last year, accordi...

Acting head of Korea‘s IP agency hails global efforts in creating cost-effective, user-friendly international patent environment

South Korean companies are urged to redouble efforts to expand into Africa's rapidly growing consumer goods markets to secure a new growth driver, a state-run trade promotion agency said Tuesday. In a report, the Korea Trade-Investment Promotion Agency said domestic trading companies need to forge ties with African sales networks and online shopping malls to develop localized products and promot...

A majority of South Korean exporters expect their business conditions to improve in the third quarter from three months earlier thanks to a global economic recovery, a poll showed Tuesday. The Korea International Trade Association said its export business survey index of 833 exporting companies reached 116.6 for the July-September period, up from 106 for the current quarter. It marks the second...

South Korea's current account surplus dropped slightly in 2016 from a year earlier due mainly to decreased exports, data by the central bank showed Tuesday. The current account surplus came to $98.68 billion in 2016, compared with $105.94 billion a year earlier, according to preliminary estimates released by the Bank of Korea. By country, South Korea's current account surplus with the United St...

South Korea's state-controlled banks issued an ultimatum Tuesday urging Kumho Asiana Group to make a concession to resolve a dispute over the usage fee of the Kumho Tire brand with China's Qingdao Doublestar Co. At a meeting of shareholders, creditors threatened to "reconsider" financial ties with the group if a deal to sell Kumho Tire to the Chinese company falls through. Creditors, including ...

The fruit price index soared to the highest level in four years last month, government data showed Tuesday, caused by unseasonably high temperatures that affected output. The index of the prices of 15 major fruits, including apples, pears, grapes, strawberries and tangerines, surged to 118.15 in May, the highest since May 2013, when the figure stood at 118.18, data by Statistics Korea showed. Th...

The ICT ministry said Monday it is pushing to expand the discount rate of household communication fees, such as mobile phone rates, as the expenditures on telecommunication services are viewed as a burden for many South Korean consumers. The plan by the Ministry of Science, ICT and Future Planning was announced during a regular briefing to President Moon Jae-in's policy advisory panel, the State...

The government said Monday it would apply stricter lending regulations on homes in Seoul and parts of Busan to curb real estate speculation and reduce household debt. The announcement was made jointly by the Ministry of Strategy and Finance, the Financial Services Commission and the Ministry of Construction and Transportation. The new regulations, which are set to take effect on July 3, stipu...

TVs with 50-59 inch display panels are expected to account for more than 50 percent of the global TV market this year, industry data showed Monday, indicating an industry trend toward larger-sized TV panels. According to the data compiled by industry tracker IHS, the share of such big-screen TVs is forecast to reach 51.7 percent this year, exceeding the estimated share of 35.3 percent by models ...

SEOGWIPO, Jeju Province -- The Asian Infrastructure Investment Bank may finance infrastructure projects for North Korea, if its board of directors agree to it, the head of the China-led multinational lender said Saturday. According to the bank’s articles of agreement, it will invest in its member countries, and whether there is any need or necessity to invest in a nonmember country is the decisi...