South Korea’s exports jumped 72.8 percent from a year earlier in the first 10 days of this month, the latest customs data showed, continuing an upward trend since November.The on-year growth in the country’s outbound shipments accelerated from 2.5 percent in November to 6.4 percent in December and 11.2 percent last month. (Yonhap)Attributed partly to a base effect reflecting underperformances the year before, the recent stretch of increase should be good news for trade officials here, who have b

South Korea's exports of information and communications technology products rose for the third consecutive month in January on the back of brisk overseas sales of semiconductors and displays, government data showed Wednesday.ICT exports reached $13.83 billion last month, rising by a nearly four-year high of 16.7 percent from the $11.85 billion tallied a year ago, according to the data compiled by the Ministry of Trade, Industry and Energy. (Yonhap)The outbound shipment of such products had decli

South Korea logged a trade surplus for 60 months in a row in January, but the amount more than halved from the previous month, customs data showed Wednesday.The country's trade surplus came to $2.81 billion last month, down sharply from a surplus of $6.76 billion tallied a month earlier, according to the data from the Korea Customs Service. (Yonhap)The steep decline came as a rise in imports outpaced that of exports last month on rising oil prices.Exports rose 11.2 percent on-year to $40.3 billi

Lawyers in South Korea are facing a widening gap in income due to fiercer competition and large law firms' growing dominance in the local market for legal services, government data showed Wednesday.According to the data by the National Tax Service, about a quarter of private attorneys in the country earn less than 4 million won ($3,510) per month, with the top 10 accounting for roughly 70 percent of their total sales. This combined file photo shows the logo of a lawyer's office (Yonhap)In 2015,

Import prices rose for the fifth consecutive month in January to reach the highest level in 25 months, putting upward pressure on consumer prices, data from the central bank showed Tuesday. (123RF)The import price index climbed 2.1 percent from the previous month to 84.91 in terms of local currency, the Bank of Korea said Tuesday. The import price index has been moving upward since September, with January’s figure marking the highest since December 2014 at 83.14. The increase was led by hikes in

South Korea's home transactions dropped more than 6 percent from a year earlier last month, government data showed Tuesday, as investors stayed cautious amid growing uncertainties at home and abroad.The number of home transactions came to 58,539 in January, down 6.1 percent from the same month in 2016, according to the Ministry of Land, Infrastructure and Transport. The tally marked a 33.9-percent plunge from the previous month. (Yonhap)Industry experts attributed the decrease to people taking a

South Korea and Southeast Asian countries agreed to speed up negotiations to upgrade their free trade agreement, Seoul's trade ministry said Tuesday, amid rising fears over trade protectionism.Seoul has been in talks with the 10 Association of Southeast Asian Nations to improve the FTA, which took effect in 2007, with Singapore becoming the chair country of the Korea-ASEAN FTA implementation committee. South Korea's Trade Minister Joo Hyung-hwan (Yonhap file photo)Thanks to the FTA, trade betwee

Non-durable goods sold better than sturdy but more expensive durables last year, state statistics showed Tuesday, another indication of downed consumer sentiment. Sales of nondurables in 2016 increased 4.7 percent from the previous year, according to Statistics Korea, the most in nine years since 5.4 percent in 2007 at the height of the global financial crisis. Food and beverages led the rise with a 3.4-percent increase, also the highest since 6.3 percent in 2007.  (Yonhap)High demand for conven

More South Koreans are turning to self-employment at an unsustainable clip, while the number of manufacturing jobs has been decreasing, showed recent data. According to Statistics Korea, the number of self-employed individuals in the country amounted to 5.63 million in the final quarter of last year, up 140,000 from a year earlier. It marked the largest increase in more than four years. (Yonhap)Over the cited period, the number of employees in the manufacturing sector decreased by 115,000. The m

The South Korean economy has been facing heightened internal and external uncertainties on par with those in 2011, when the world was hit hard by the European fiscal crisis, a report said Sunday."Along with the local political turmoil, South Korea will likely struggle with intensified uncertainties that may surpass the 2011 level, stemming from the murky policies of the new US government and growing trade disputes," said the report by the Hyundai Research Institute. (123RF)The HRI-invented uncer

Sales of imported beef are rising steeply in South Korea as the country has been struggling with foot-and-mouth disease and avian influenza, industry data showed Sunday.According to the data by leading retail chain E-Mart, imported beef sales rose 12 percent during the Feb. 5-9 period from a week ago, while those of Korean beef tumbled 19.6 percent. (Yonhap)The decline came as the fifth foot-and-mouth disease outbreak was confirmed earlier in the day following the first infection on Feb. 5. Near

The Federation of Korean Industries, South Korea's largest business lobby, is now in a desperate search for a new chief, who will replace outgoing chairman Huh Chang-soo, but also keep the organization from falling apart, informed sources said Saturday.The search for a new chairman follows the withdrawal of membership by key conglomerates, including Samsung Group and Hyundai Motor Group. (Yonhap)The two and many others have quit the organization with over 50 years of history after they came unde

South Korea's outbound shipments have continued to expand so far this month, government data showed Saturday, suggesting a possible recovery in exports following a downturn over the past two years.In the first 10 days of February, outbound shipments amounted to $15.1 billion, up 72.8 percent from the same period last year, according to data from the customs office. (Yonhap)An on-year increase for the entire month of February will mark a fourth consecutive month of increase for the first time at

 South Korea's finance minister on Friday called for intensive structural reform to regain the growth momentum of Asia's fourth-largest economy."In order to make a breakthrough for the economy, we have to change the fundamentals of our economy through strong structural reform," Finance Minister Yoo Il-ho said in a keynote speech at a Seoul symposium. "We cannot avoid the demand for restructuring. We have to push for it as its achievement leads to the next government and generation." South Korea'

While the recent inauguration of US President Donald Trump has the local business community in a frenzy, anticipating drastic alterations to the Korea-US free trade agreement, the roughly 2,500 European companies currently operating in Korea have their focuses set elsewhere. 　In an annual Business Confidence Survey conducted late last year by the European Chamber of Commerce in Korea and Roland Berger, the majority of European businesses in South Korea voiced concerns over the increasing difficu