South Korea's exports will likely expand next year, marking a turnaround from two consecutive years of drop, though its trade surplus is expected to shrink due to fast growing imports, a report suggested Monday.According to the report from the Korea International Trade Association (KITA), the country's outbound shipments are expected to reach $516.5 billion in 2017, up 3.9 percent from an estimated $497 billion this year.The anticipated increase will mark the first on-year gain since 2014 when t

Koreans in their 20s and 30s have to save up all of their disposable income for more than 12 years to purchase an apartment in Seoul, which now costs an average 554.8 million won ($474,300). The average monthly disposable income of those younger than 39 years old stood at 3.71 million won in the third quarter of 2016, data from Statistics Korea showed Monday.The Korea Appraisal Board tallied the average sales price of an apartment in the capital at 554.8 million won for September.Based on the fi

The South Korean economy will likely expand 2.5 percent next year as a drop in domestic demand and investment will weigh heavily on Asia's fourth-largest economy, a state-run think tank said Sunday."The 2017 economy will grow an estimated 2.5 percent as a slight recovery in exports will be offset by a slowdown in construction investment and private consumption," the Korea Institute for Industrial Economics and Trade said in a report."But external uncertainties, including the new US government's

Brian Bae, 40, recently wrote on his Facebook wall, “I can’t believe it’s the 20th anniversary of the launch of Diablo -- yet more evidence that I’ve become an ajae.” Diablo is a popular role playing video he had taken up as a college student. Now he is the father of two children and holds a senior position at his company. A few years ago, he might have been called “ajeossi,” an appellation for middle-aged men in Korean, but his youthful fashion style

What was once a staple outfit for middle-aged men -- dress shirts and stoic suits -- is now considered outdated as they opt for a less formal look.Nowadays, it is more common to see men in their 40s wearing sweatshirts or crew neck knits, slacks and sneakers as they go to work or spend a day with their kids.The transformation of the traditional “ajeossi” style is now widely referred to as the “ajae” phenomenon. Both words refer to middle-aged men, with the former carrying an outdated connotation

South Korea’s consumer sentiment in November is the worst since the 1998 Asian financial crisis, reflecting people’s growing fear over the already weak economy.According to the Bank of Korea’s data, the composite consumer sentiment index plunged to 95.8 in November, the lowest since April 2009 when it was 94.2. A figure below 100 means pessimists outnumber optimists.It was the first time in five months that the index fell below 100 since June at 98.8.The survey was conducted on 2,056 households

Singles in their 20s mostly live near the subway stations of Hongdae and Konkuk University, while singles in their 30s tend to reside around Gangam and Silim, a report showed.The report, which won in a contest arranged by the Seoul Institute, analyzed residential choices of single households for the sake of rejuvenating the local economy around subway stations. It was written by Park Geun-deok of Hanyang University in his doctorate course.Both men and women in their 20s living alone were concent

South Korea’s household debt hit a new high in the third quarter this year, data showed Thursday, posing a greater threat to the vulnerable economy anticipated to be hit by higher interest rates.The Bank of Korea’s data showed that household credit rose by 38.2 trillion won ($32.3 billion) in the July-Sept. period to reach 1,295.8 trillion won at the end of September, the highest volume in the country’s history. When added to the 7.4 trillion won household lending by banks in October, the total

Last year’s drop in international oil prices has led to a drop in South Korean businesses’ decline in sales, but a raise in net profits, data by Statistics Korea showed.The businesses, however, reduced research and development investment amid heightened concerns of a downward economy.The data showed that as of 2015, the number of companies with 50 or more permanent employees and capital of 300 million won ($255,000) or over surged by 0.3 percent from the previous year to 12,460.