South Korea logged a current account surplus in March as a goods account deficit and dividend payments overseas narrowed amid an extended slump in exports, central bank data showed Wednesday. The country's current account surplus reached $270 million in March, swinging from a shortfall of $520 million, according to the preliminary data from the Bank of Korea. In January, the country also suffere...

South Korea's finance minister said Monday the government will make efforts to utilize the outcome of President Yoon Suk Yeol's recent visit to the United States and build a stronger alliance in the chip sector. South Korea and the US agreed to cooperate in the fields of next-generation semiconductors, as well as global supply chains, during Yoon's state visit to Washington. "The recent state v...

The number of rail passengers in South Korea shot up 44 percent on-year in the first quarter, data showed Sunday, as the country returned to pre-pandemic normalcy. Around 39.2 million people traveled on railways in the January-March period, rising sharply from 27.2 million tallied a year earlier, according to the data compiled by the Ministry of Land, Infrastructure and Transport. The figure exc...

May is traditionally a month for a slew of family-oriented celebrations that involve gift-giving and outdoor dining. Regarding the holidays that are concentrated in early May, more than 80 percent of Koreans in their 20s said they feel pressured about having to spend money on holidays in "family month," according to a recent survey. The survey, conducted by job seeking site AlbaChunkuk on 615 K...

South Korea's finance minister said Thursday taming inflation remains the top priority for the country's economic policy, noting a hasty transition may reignite inflationary pressure. Finance Minister Choo Kyung-ho made the remark during a press conference on the sidelines of the 56th Annual Meeting of the Board of Governors of the Asian Development Bank in Incheon, 27 kilometers west of Seoul. ...

The rate gap between South Korea and the United States has reached an all-time high, raising concerns over the local financial market due to higher volatility and uncertainty, Finance Minister Choo Kyung-ho said on Thursday. The US Federal Reserve lifted its base rate by 25 basis points on Thursday, widening the rate gap between Korea and the US up to an unprecedented figure of 1.75 percentage p...

President Yoon Suk Yeol pledged that Korea will contribute to building cooperative supply chains in the Indo-Pacific region through “partnership and solidarity” during an event held by the Asian Development Bank in Songdo, Incheon, on Wednesday. "The pandemic has pushed the global economy into tremendous hardship,” Yoon said in his congratulatory address for the ADB’s 56th Annual Meeting of the ...

South Korea and the Asian Development Bank announced Wednesday that they would launch a joint organization to facilitate climate change talks and networking. Finance Minister Choo Kyung-ho and ADB President Masatsugu Asakawa signed an agreement to set up the organization called ADB-Korea Climate Technology Hub, or K-Hub, in Seoul next year. The deal was made during the 56th Annual Meeting of th...

INCHEON -- Finance Minister Choo Kyung-ho called for Japan to put South Korea back on its "white list" of trusted trading partners in a swift manner and expand cultural and educational exchange between the two countries during his meeting with his Japanese counterpart, Shunichi Suzuki. The two met on the sidelines of the 56th Annual Meeting of the Board of Governors of the Asian Development Bank...

Top economic policymakers of Korea, Japan set to hold first meeting in 7 years

Debt among those in their 20s and 30s jumped more than 27 percent over the past three years since the COVID-19 pandemic hit, indicating they suffered financial difficulties due to rising home prices and an economic slowdown, central bank data showed Sunday. In the fourth quarter of 2022, overall loans extended to those in the age bracket soared 27.4 percent to 514.5 trillion won ($383.96 billion...

The Bank of Korea has refuted reports claiming that the amount in Korea's foreign reserves has fallen to the level below what the International Monetary Fund suggests as “adequate.” "The amount of Korea's foreign reserves stands at $426.07 billion, the ninth-largest in the world," the central bank said through a press release Wednesday, referring to the figure drawn up at the end of March. "The...

By Kim Tae-ho National Tax Service vice commissioner In March, the National Tax Service held an official gathering with the European Chamber of Commerce in Korea for the first time in 12 years. This event, along with a similar engagement with the American Chamber of Commerce last year, highlights our commitment to improving communication with foreign investors and building mutual trust. Trust b...

South Korea's terms of trade worsened for the 24th straight month in March as export prices fell faster than import prices, central bank data showed Wednesday. The country's net terms-of-trade index for goods fell 5.1 percent from a year earlier, according to the preliminary data from the Bank of Korea. The index is calculated by dividing the index for export prices by that for import prices. I...

BOK expects declining growth amid weak exports