South and North Korean lexicographers plan to meet in China next week to discuss the details of an ongoing project to publish a joint dictionary of their language, government officials said Tuesday.A group of 23 South Korean experts will visit China's northeastern coastal city of Dalian from Monday to next Sunday to hold a meeting with their North Korean counterparts over the contents of the dictionary, the Ministry of Unification said.Similar forums were already held twice this year.The joint d

South Korea's consumer inflation inched up to a one-year high in November as a drop in oil prices slowed, a government report showed Tuesday, a positive development for Asia's fourth-largest economy struggling to shake off deflation concerns.The country's consumer price index gained 1 percent last month from a year earlier, up from a 0.9 percent on-year gain in October and the highest increase since November 2014, according to the report by Statistics Korea."The main reason for the rise in numbe

South Korea's exports continued to decline in November largely due to low oil prices, but its trade surplus reached a record high as imports dipped at a faster clip than exports, the government said Tuesday.Outbound shipments came to $44.43 billion last month, down 4.7 percent from the same month last year, according to the Ministry of Trade, Industry and Energy. South Korea's exports have fallen every single month since the start of the year.Despite the cut in exports, the country's trade surpl

South Korea's housing market is expected to begin losing steam from 2017, foreign investment banks said Monday, amid growing concerns over an oversupply. "After reaching its peak next year, the local housing market will likely turn bearish starting the following year due to an excessive supply and the authorities' tightened regulations on mortgages to curb the record household debt," Credit Suisse Group was quoted as saying by the Korea Center for International Finance.Household credit soared to

South Korean manufacturing confidence continued to weaken with a majority of non-manufacturing firms also expecting worse conditions for their business in December, a poll showed Monday.The business survey index for manufacturing companies came to 69 for December, down 1 point from the previous month, according to the survey by the Bank of Korea.A reading below the benchmark 100 means pessimists outnumber optimists.The BSI of non-manufacturing companies came to 71 for December, slipping 2 points

South Korea's industrial output unexpectedly dropped on-month in October on weak exports, a government report showed Monday, a turnaround from the previous month's gain that points to the sputtering recovery of Asia's fourth-largest economy.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries fell 1.4 percent on-month in October, compared with a 2.2 percent on-month gain in September. It is the sharpest on-month fall since the 1.6 p

South Korea's rival parties tentatively agreed Monday to pass the country's free trade deal with China through the parliament, their floor leaders said. The floor leaders of the ruling Saenuri Party and the main opposition New Politics Alliance for Democracy said they agreed during an overnight meeting to convene two parliamentary sessions in a row as planned later in the day to ratify the pact."The rival parties have agreed on the schedule, meaning both will tentatively seek the ratification,"

Dual income households in South Korea brought home 1.4 times more than families with a sole bread earner, a report by a local think tank said Sunday.According to Hyundai Research Institute, households that had both husband and wife holding jobs brought home an average 5.32 million won ($4,600) per month in 2014. For families where only one person earned an income, the monthly average stood at 3.8 million won.The private think tank said data showed double income households spent some 2.94 million

South Korea's two-way trade is expected to once again surpass the $1 trillion mark in 2016, after a poor showing this year, a report by an international traders organization said Sunday.The Korea International Trade Association predicted exports will rise 2.3 percent on-year in 2016 to $544 billion, with imports advancing 4.8 percent to $461 billion. The combined total should hover just over $1 trillion, with the country's trade surplus reaching $83 billion.Asia's fourth-largest economy became t

South Korea will offer on-spot tax refunds to foreign tourists who buy products at local duty-free shops starting Jan. 1, the government said Sunday.The Finance Ministry said it is moving to revise existing exemption guidelines governing foreign tourists so they need not pay value-added and excise taxes when they shop in the country.Under the proposed changes, an item costing less than 200,000 won ($173) will be eligible for immediate tax refunds at duty-free stores across the country. This mean

A majority of companies in South Korea are pessimistic about business outlook for next month due to worries over the expected rate hike by the U.S. Federal Reserve, a poll showed Sunday.According to the survey conducted on 600 South Korean companies by the Federation of Korean Industries, the business survey index for the last month of 2015 stood at 97.5.A reading below 100 means companies that are pessimistic about business conditions down the road outnumber optimists.After peaking at 103.7 in

A South Korean economic delegation will visit the Ivory Coast and Ethiopia to help lay the foundation for more trade and industrial cooperation, the government said Sunday.The Ministry of Trade, Industry and Energy said the 37-person delegation made up of government officials and businessmen will be in the two African countries from Sunday through Saturday.It said the visit to the Ivory Coast will help local companies play a greater role in ongoing infrastructure building projects.The West Afric

South Korean stocks closed nearly flat Friday as investors took a wait-and-see approach amid an absence of market-moving news. The local currency fell against the U.S. dollar.  The benchmark Korea Composite Stock Price Index lost 1.69 points, or 0.08 percent to 2,028.99. Trade volume was moderate at 469 million shares worth 3.93 trillion won ($3.41 billion), with losers outpacing gainers 429 to 386.  Analysts said Seoul shares closed lower as investors awaited for other market-moving events, esp

Weak exports are starting to impact industrial output and business investment in South Korea, the country's top economic policymaker said Friday.  Chairing the meeting of foreign economy-related ministers in Seoul, Finance Minister Choi Kyung-hwan said outbound shipments in October plunged at the sharpest rate in more than two years.  "This drop is beginning to cause problems in industrial output and investment," the official claimed.  Last month, Asia's fourth-largest economy reported a 15.9 pe