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S. Korea's exports of dried seaweed hit record high in Q1
South Korea's exports of dried seaweed products, known as "gim" in Korean, reached an all-time high in the first quarter, driven by growing global demand for the food, data showed Monday. Outbound shipments of gim reached $281 million in the first three months of the year, up 21.1 percent from a year earlier, according to the data compiled by the Korea Agro-Fisheries & Food Trade Corp. The figure is the highest for any first quarter. The volume of gim exports increased 7.5 percent on-year to 10,
April 21, 2025 -
Exports down 5.2% in first 20 days of April
South Korea's exports went down 5.2 percent from a year earlier in the first 20 days of April due in part to sluggish shipments to the United States amid ongoing tariff measures, data showed Monday. Outbound shipments reached US$33.87 billion in the April 1-20 period, compared with $35.75 billion tallied over the same period last year, according to the data from the Korea Customs Service. Imports decreased 11.8 percent on-year to $34 billion during the period, resulting in a trade deficit of $1
April 21, 2025 -
Korea, US to hold high-level tariff talks in Washington this week
South Korea and the United States will hold tariff talks in Washington, DC later this week, the Korean government said Sunday. According to the announcement, Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok and Minister of Trade, Industry and Energy Ahn Duk-geun will attend the levy discussions with their US counterparts, Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer. The Korean government said the trade consultation is taking place at the reques
April 20, 2025 -
Household loans by major banks rise by W2.5tr won in April
Household loans extended by five major banks in South Korea rose by 2.5 trillion won ($1.7 billion) this month, industry data showed Sunday. Household loans extended by the five commercial banks, including KB Kookmin Bank, Shinhan Bank and Hana Bank, stood at 741.509 trillion won as of Thursday, according to the data from the banks. The increase comes after the government lifted the land transaction permission system in February in some areas of Seoul's affluent Gangnam, Seocho and Songpa distri
April 20, 2025 -
Number of unsold new homes hits near 12-year high
The number of unsold new homes in South Korea has reached the highest level in 11 years and five months, data showed Sunday, due mainly to weak demand for new homes in provincial regions. There were 23,722 unsold new apartments nationwide as of the end of February, doubling from 11,855 tallied a year earlier, according to the data by the Ministry of Land, Infrastructure and Transport. It marked the highest level since South Korea saw 24,667 unsold new homes in September 2013. About 8 out of 10 u
April 20, 2025 -
Concerns grow over S. Korean economy growing 0.1% or less for 4th quarter
Concerns are growing over the possibility of the South Korean economy growing by 0.1 percent or less for the fourth consecutive quarter for the first time in its history, data showed Sunday. Such an outlook comes as the Bank of Korea is set to announce the country's real gross domestic product growth of the first quarter on Thursday, after hinting in a recent report that the quarterly growth could come under 0.2 percent, weighed down by household debts and weak domestic demand amid growing uncer
April 20, 2025 -
National debt without payment resources to near W900tr
South Korea's national debt without available payment resources is projected to near 900 trillion won ($634 billion) this year, the government said Sunday. The country's national debt is expected to reach 885.4 trillion won in 2025, up 11.8 percent from a year earlier, according to the Ministry of Economy and Finance. The amount, if realized, will account for 69.2 percent of the country's overall national debt, up from 66.3 percent last year. Part of the annual increase may come from a 12.2 tril
April 20, 2025 -
Korea’s W12tr extra budget to boost economy by 0.1%p
The South Korean government’s proposed supplementary budget worth 12.2 trillion won ($8.6 billion) is projected to stimulate growth in the country’s gross domestic product by 0.1 percentage point, officials said Friday. The government passed the extra budget proposal at an extraordinary Cabinet meeting on Friday. Of the 12.2 trillion won, roughly 4 trillion won will be injected into shoring up key industries affected by trade tensions and advancing the artificial intelligence sector, while 3 tri
April 18, 2025 -
Govt. plans to provide W25tr in liquidity to help exporters amid global trade war
South Korea plans to provide 25 trillion won ($17.58 billion) in liquidity to local exporters expected to be dealt a blow from the United States' tariff scheme, the country's extra budget bill showed Friday. Under the extra budget bill, the government proposed expanding the size of special policy funds by 1.5 trillion won to a total of 25 trillion won to prevent a possible liquidity crisis of Korean companies amid heightened global trade uncertainties, according to the Ministry of Economy and Fi
April 18, 2025 -
Seoul shares end nearly 1% higher on optimistic US-Japan tariff talks
South Korean stocks rose nearly 1 percent Thursday as investors became optimistic about the ongoing trade talks between the United States and Japan. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 22.98 points, or 0.94 percent, to close at 2,470.41, rebounding from a 1.21 percent drop the previous day. Trade volume was moderate at 589.6 million shares worth 6.5 trillion won ($4.58 billion), with winners beating losers 638 to 225. Institutions
April 17, 2025 -
BOK holds key rate amid US tariff pressure, won volatility
The Bank of Korea held its base rate steady at 2.75 percent Thursday, as the South Korean economy faces headwinds from the US administration’s tariff measures. The central bank also projected it would have to cut the country’s gross domestic product growth forecast for 2025 to below the previous estimate of 1.5 percent. The rate freeze was supported by five out of six members of the Monetary Policy Board, excluding BOK Gov. Rhee Chang-yong, whose individual vote is not disclosed. One of the six
April 17, 2025 -
S. Korean exports expected to see US tariff impact starting Q2: trade minister
South Korean exports will likely come under the substantive influence of US tariffs starting in the second quarter, the trade minister said Thursday, pledging "swift" support measures for affected industries. "Local industries are feeling a growing sense of unease as unprecedented uncertainties persist," Trade Minister Cheong In-kyo said in a meeting with export-related officials, noting the impact of tariffs imposed by the Donald Trump administration is anticipated to materialize in the second
April 17, 2025 -
S. Korea's official development aid rises 24.8% in 2024
South Korea's official development assistance to underdeveloped countries rose 24.8 percent last year to reach $3.94 billion, the government said Thursday. Citing preliminary data from the Development Assistance Committee of the Organization for Economic Cooperation and Development, the government said South Korea increased its aid by $780 million from 2023. As a proportion of the gross national income, the country's aid reached 0.21 percent, the highest rate since South Korea joined the DAC in
April 17, 2025 -
BOK freezes base rate as tariff pressures weigh on economy
The Bank of Korea held the base rate steady at 2.75 percent on Thursday, as the South Korean economy faces renewed pressure from heightened trade tensions driven by US President Donald Trump’s "reciprocal tariffs." The BOK’s decision came amid continued volatility in the Korean won, which has fluctuated since the US administration announced the imposition of reciprocal tariffs on all its trading partners. On April 9, the Korean won fell to 1,487.6 per US dollar during daytime trading, marking it
April 17, 2025 -
Seoul shares end sharply lower following US restriction on chip exports to China
South Korean stocks ended over 1 percent lower Wednesday, snapping a two-day winning streak, as investors unloaded chip shares following Washington's decision to restrict Nvidia's artificial intelligence chip exports to China. The Korean fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 29.98 points, or 1.21 percent, to close at 2,447.43. Trade volume was moderate at 601 million shares worth 6.66 trillion won ($4.67 billion), with losers beating winners 574 to 301.
April 16, 2025