South Korea is stepping up efforts to increase exports by small and medium-sized enterprises, many of which are struggling to stay afloat in the sluggish domestic markets.Less than one in 10 local SMEs have a record of shipping their goods abroad, according to data from the Small and Medium Business Administration. The amount of exports hovered below $100,000 for 40 percent of SME exporters. (123rf)Park Sung-taek, chairman of the Korea Federation of SMEs, said there would be no future for the co

Bank lending rates on new household loans edged up in December while interest rates paid by banks on new deposits also increased, central bank data showed Thursday.The average interest rates on fresh household loans extended by local banks came to 3.29 percent last month, up 0.09 percentage point from the previous month, according to the Bank of Korea. (Yonhap)The BOK data came amid South Korea's efforts to tackle rising household debt. The country's overall household debt reached a record high

South Korea said Thursday that it will consider importing more US products this year as part of its efforts to adjust its trade schemes to new trade policies by the Donald Trump administration.The government unveiled the 2017 overseas economic policy plans at a minister-level meeting in Seoul chaired by Finance Minister Yoo Il-ho, focusing on increasing policy resilience against rising uncertainties and trade protectionism.A container ship carrying import goods is anchored in Seattle in the Unit

Concerns are deepening that weakening domestic consumption will further drag down South Korea’s sluggish economy this year, offsetting any positive effect of a rebound in exports.Experts caution that Asia’s fourth-largest economy may suffer from the worst slump in domestic demand since the 2008 global financial crisis. (123rf)According to the Korea Economic Research Institute, a private think tank, the country’s private consumption is projected to grow 1.7 percent in 2017, down from 2.4 percent

South Korea's central bank said Wednesday it has agreed with its Malaysian counterpart to extend their bilateral currency swap line, a move that could further strengthen bilateral financial cooperation.Under the deal that will last until January 2020, the two countries can exchange 5 trillion won ($4.2 billion) for 15 billion ringgit ($3.3 billion) or vice versa, which could also be used to settle payments linked to their bilateral trade, the Bank of Korea said in a statement. (Yonhap)"This arra

South Korea's customs agency said Wednesday that it has caught illegal imports in 89,336 cases in 2016, up 8 percent from a year earlier.The Korea Customs Service said it seized imports of foods that contain harmful substances in 9,033 cases, up 315 percent from 2,867 cases in 2015. (Yonhap)Among the items seized by the agency include dietary supplements that could cause hallucination and stomachache, sexual performance drugs and supplements meant to enhance athletic performance.Some of the item

South Korea's exports will likely post positive growth for the first time in three years in 2017, the head of a local trade agency said Wednesday, pledging all-out efforts by his organization to help ensure growth."External conditions will likely remain unfavorable for South Korea's exports this year due to Donald Trump's America First policy and China's China Inside policy. Also, with the issue over South Korea's scheduled deployment of a US air defense system, but we can turn a crisis into an

Experts call for extra budget, aggressive policies for turnaround

South Koreans changed residences from region to region at the lowest pace in 43 years last year due largely to the deepening economic downturn and rapid aging, government data showed Wednesday.The number of people who moved to other regions in the country dropped 4.9 percent on-year to 7.38 million throughout 2016, marking the lowest amount since 1979 when it posted 7.32 million, according to the data by Statistics Korea. (Yonhap)Among them, 66.7 percent moved within their cities or provinces, w

New home permits issued in South Korea dropped 5.1 percent from a year earlier last year, the government said Wednesday, amid ongoing government efforts to limit the supply of new homes.Construction permits issued for new homes came to 726,048 in 2016, compared with 765,328 issued the previous year, according to the Ministry of Land, Infrastructure and Transport. (Yonhap)The drop was attributed to a sharp decrease in Seoul and its surrounding area.New home permits issued in Seoul plunged 26.2 pe

South Korea's land prices continued to increase from a year earlier in 2016, also growing at the fastest rate in nine years, the government said Wednesday.Land prices increased 2.7 percent in 2016 from a year earlier, accelerating from a 2.4 percent on-year gain in 2015 and marking the fastest rise since a 3.89 on-year spike posted in 2007, according to the Ministry of Land, Infrastructure and Transport. (Yonhap)The increase in land prices also far outpaced the 1 percent on-year gain in overall

South Korea's trade ministry on Wednesday held a meeting with US business people to seek ways to bolster bilateral economic cooperation under the new Trump administration.In a breakfast meeting with the American Chamber of Commerce in Korea in Seoul, Vice Trade Minister Woo Tae-hee said the two countries have had a close relationship in terms of economy and trade, with the Korea-US free trade agreement playing a big role. (Yonhap)"We expect the members of AMCHAM to promote that the KORUS FTA has

The US free trade agreement with South Korea has become even more important to American businesses as President Donald Trump withdrew the US from a massive Asia-Pacific free trade deal, a top official of the US Chamber of Commerce said Tuesday.Tami Overby, senior vice president for Asia at the largest US business lobby, made the remark during a discussion at George Washington University, a day after Trump signed an executive order pulling out of the 12-nation trade deal, known as the Trans Pacif

On his first full weekday in office Monday, US President Donald Trump signed an executive action to abandon a multilateral trade deal involving 12 countries, underlining his tough trade policy and raising concerns over a possible renegotiation of the South Korea-US Free Trade Agreement. The Trans-Pacific Partnership, a free trade pact between 12 Asia-Pacific countries and a legacy of former President Barack Obama, was signed in February 2016 after five years of negotiations. It was considered a

South Korea's terms of trade improved in December from a year earlier as a slight rise in import prices was offset by a hike in export prices, central bank data showed Tuesday.The terms of trade index for products came to 102.63 last month, up 1.9 percent from a year earlier, according to preliminary data from the Bank of Korea. (Yonhap)The index measures the amount of imports a country can purchase for each unit of exports, showing how the country's exports are doing in comparison with those of