S. Korea retakes No. 1 spot in global shipbuilding orders in July

South Korea recaptured the top spot in new global shipbuilding orders for the first time in five months in July, industry data showed Monday. Local shipyards clinched orders totaling 1.46 million compensated gross tons to build 29 ships, accounting for 44 percent of the global total of 3.33 million CGTs, according to London-based Clarkson Research Services Ltd. The world total was up 22 percent from the same month a year earlier. It marks the first time since February for South Korean shipbuilde

Aug. 14, 2023

Frozen Iranian funds released

Iranian funds worth an estimated $6 billion, frozen in bank accounts in Korea, have been released, following the US and Iran's tentative agreement to engage in a prisoner swap in exchange for Tehran's access to the blocked funds. All of Iran’s frozen funds in Korea have been unblocked, Central Bank of Iran Gov. Mohammad Reza Farzin said through a post written in Persian on social platform X on Saturday. The central bank chief wrote that $7 billion in Iranian assets in Korea have

Aug. 13, 2023

EcoPro lands MSCI Korea Index

EcoPro, South Korea's leading producer of secondary battery materials, will be added to the Morgan Stanley Capital International Korea Index, alongside three other domestic companies. A total of four Korean companies' stocks -- EcoPro, Hanwha Ocean, JYP Entertainment, and Hanmi Semiconductor -- made the listing for MSCI Korean Index, according to the results of the MSCI August Index Review released Thursday. Meanwhile, two companies -- CJ Group and E-mart -- have been removed from th

Aug. 11, 2023

Exports down 15.3% during first 10 days of Aug.

South Korea's exports fell 15.3 percent on-year in the first 10 days of August on weak chip and petroleum exports, data showed Friday. The country's outbound shipments reached $13.2 billion in the Aug. 1-10 period, compared with $15.6 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports plunged 30.5 percent on-year to $16.2 billion during the period, resulting in a trade deficit of $3 billion. By sector, exports of semiconductors moved down 18.1

Aug. 11, 2023

Industries upbeat about return of Chinese tourists

The Chinese government has decided to allow group tours to South Korea after a six-year hiatus instigated by diplomatic bickering between Seoul and Beijing, as well as the COVID-19 pandemic. China's Ministry of Culture and Tourism on Thursday said it would lift restrictions on its nationals to travel in groups to 78 countries around the world, including Korea, the United States and Japan. The ban on Chinese group tours to Korea was removed for the first time since it was put in place as

Aug. 10, 2023

S. Korea's fiscal deficit narrows on-year through June

South Korea's fiscal deficit narrowed on-year over the first six months of 2023, data showed Thursday, amid lower revenue and expenditures. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 83 trillion won ($63.9 billion) through June, compared with 101.9 trillion won tallied a year earlier, according to the Ministry of Economy and Finance. South Korea's tax revenue came to 178.5 trillion won during the cited period, down 39.7 t

Aug. 10, 2023

US policy on restricting China investment to have limited impact on S. Korea: govt.

South Korea said Thursday the latest executive order limiting US investment in some Chinese technology sectors is expected to have only a limited impact on South Korean companies. On Wednesday, the White House vowed to restrict investment in "countries of concern" in certain technology sectors that could pose threats to its national security while adding only China, including Hong Kong and Macau, to the list. The areas include "sensitive technologies and products in the semiconduc

Aug. 10, 2023

S. Korea to proactively cope with France's new EV subsidy policy: ministry

South Korea's industry ministry said Wednesday it will proactively cope with France's new subsidy policy for electric vehicles, amid concerns the move may weigh down automobile exports. The move came as France plans to apply a score system that tracks the carbon footprint of the manufacturing process of EVs, which is set to be implemented in January 2024, followed by a six-month grace period, according to the Ministry of Trade, Industry and Energy. France plans to receive opinions on t

Aug. 9, 2023

S. Korea to back exports amid signs of recovery: finance minister

South Korea's finance minister said Wednesday the country will spare no efforts to support exports amid signs they are recovering. "Despite some volatility every month, exports are showing signs of improvement," Finance Minister Choo Kyung-ho said during a meeting with economy-related ministers. South Korea's exports fell for the 10th consecutive month in July due mainly to weak demand for semiconductors, but the country reported a trade surplus for the second straight month.

Aug. 9, 2023

S. Korea's on-year job additions slow for 4th month in July

South Korea's on-year job additions slowed for the fourth consecutive month in July, data showed Wednesday, with employment remaining challenging for those in their 20s. The number of employed people came to 28.68 million in July, up around 211,000 from a year earlier, according to the data compiled by Statistics Korea. Last month, the country's jobless rate came to 2.7 percent, down 0.2 percentage point over the period. South Korea's on-year job additions slowed for nine consecut

Aug. 9, 2023

Trade, overseas dividends bring current account surplus expansion

#Current account surplus for first 6 months shrink 90% compared to a year ago South Korea logged a current account surplus for two consecutive months in June due to a trade surplus and increased dividends from overseas, central bank data showed Tuesday. The country's current account gained $5.87 billion in June, following the $1.93 billion surplus from a month earlier, according to preliminary data from the Bank of Korea. Prime Minister Han Duck-soo assessed that Korea was showing a sound p

Aug. 8, 2023

S. Korea vigilant on ensuring stable power supply amid scorching heat

South Korea's industry ministry said Tuesday it is focusing on ensuring a stable power supply amid the soaring demand in the face of sweltering heat. The maximum electricity demand reached 93.6 gigawatts the previous day, the highest ever for a summer season, above the ministry's estimate of 92.9 GW. "We will stay vigilant and closely manage the electricity supply situation throughout the summer season, as uncertainties can arise at any time," Second Vice Industry Minister Ka

Aug. 8, 2023

S. Korea logs current account surplus for 2nd month in June

South Korea logged a current account surplus for the second straight month in June on the back of a trade surplus and increased dividend payments from overseas, central bank data showed Tuesday. The country's current account surplus reached $5.87 billion in June, following the $1.93 billion surplus a month earlier, according to preliminary data from the Bank of Korea. June's surplus came as the country logged a trade surplus and dividend income increased. The country's goods accou

Aug. 8, 2023

S. Korea's cathode exports to US nearly triple this year on EV battery demand, IRA effects

South Korea's export of cathodes, a key secondary battery material, to the United States surged almost threefold in the first seven months from a year earlier, on growing demand for electric vehicle cells and the new US law on promoting green technologies, data showed Monday. Outbound shipments of cathode materials to the US amounted to $1.83 billion in the January-July period, up 177.8 percent from $661 million the previous year, according to the data by the Korea International Trade Assoc

Aug. 7, 2023

Korean battery makers see market share fall in H1 despite solid growth

Three major South Korean battery makers saw their market share fall in the first half of the year from a year earlier despite solid growth, as bigger Chinese rivals further expanded their overseas foothold, a report said Thursday. The combined market share of the three -- LG Energy Solution Ltd., Samsung SDI Co. and SK On Co. -- came to 23.9 percent in the January-June period, compared with 26.1 percent from the previous year, according to the latest data from industry tracker SNE Research. LGES

Aug. 3, 2023

Imported car sales fall 1.3% in July on lack of supply

Imported vehicle sales in South Korea fell 1.3 percent last month from a year earlier due to the end of tax cuts and lack of supplies in some brands, an industry association said Thursday. The number of newly registered imported cars came to 21,138 units in July, down from 21,423 units a year ago, the Korea Automobile Importers & Distributors Association said in a statement. The three bestselling models last month were BMW's 520 sedan, Mercedes-Benz's E 250 sedan and Lexus' ES

Aug. 3, 2023

Foreign reserves up for 2nd month in July on weak dollar

South Korea's foreign reserves increased for a second straight month in July as the US dollar's fall boosted the conversion value of holdings in other currencies and increased investment returns, central bank data showed Thursday. The country's foreign reserves came to $421.80 billion as of end-July, up $350 million from the previous month, according to the data from the Bank of Korea. The dollar's slide last month boosted the converted value of holdings denominated in other

Aug. 3, 2023

Consumer inflation falls to 25-month low

BOK predicts inflation to rebound from August, coming in at 3 percent by year-end Korea's consumer prices showed slowed growth, rising by 2.3 percent in July on-year, mainly due to the decline in international oil prices and base effect from last year, data showed Wednesday. According to Statistics Korea, consumer price growth, a key gauge of inflation, stood last month at 2.3 percent more than a year earlier. It is the lowest increase in 25 months since June 2021. Inflation has been showin

Aug. 2, 2023

Deep contraction in imports leads to trade surplus in July

Korea narrowly avoided a trade deficit in July as falling prices of energy and raw materials pulled imports down faster than exports. Outbound shipments fell 16.5 percent on-year to $50.33 billion last month, while inbound shipments fell 25.4 percent to $48.7 billion, according to the data compiled by the Ministry of Trade, Industry and Energy and Korea Customs Service released Tuesday. Accordingly, Korea logged a trade surplus of $1.63 billion in July, marking a $500 million increase from a mon

Aug. 1, 2023

Exports of agro-fisheries products fall 3.8% in H1

South Korea's exports of farm and fisheries products fell 3.8 percent on-year in the first half of the year, data showed Monday. Outbound shipments of agricultural and fisheries goods came to $5.95 billion in the January-June period, down from $6.19 billion a year earlier, according to the data by the Korea Agro-Fisheries & Food Trade Corp. (aT). Last year's tally marked an all-time high for the first half of any year, and it was the first time that the figure surpassed the $6 bill

July 31, 2023