Bank of Korea Gov. Lee Ju-yeol said the bank will stay vigilant to stabilize financial markets amid growing uncertainties due to a domestic political scandal and Donald Trump unexpectedly winning the US presidential election.Earlier in the day, the seven members of the BOK’s monetary policy board unanimously kept its key rate unchanged at a record low of 1.25 percent for the fifth straight month for November, as was widely expected by the market. “Uncertainties over the growth path have increase

Rice prices in South Korea have dropped to a 21-year low this year despite forecasts that the country's rice production would decrease due to the unfavorable weather, government officials said Friday.The price of rice was set at 32,337 won ($27.75) per 20 kilograms as of Nov. 5, down 0.2 percent from last month, according to data by Statistics Korea. When converted to per 80 kg of rice, the price was set at 129,348 won, the lowest since 1995.The country's rice production is forecast to reach som

South Korea's central bank on Friday held its policy rate steady for November, extending its wait-and-see mode for the fifth consecutive month amid uncertainties following Donald Trump's unexpected win in the US presidential race.In a widely expected move, the monetary policy board of the Bank of Korea voted to keep the key rate at 1.25 percent. BOK Gov. Lee Ju-yeol enters the conference room of the central bank's monetary policy board in Seoul on Nov. 11, 2016. (Yonhap)In June, the central bank

South Korea's exports jumped nearly 20 percent in the first 10 days of November on the back of increased working days, the latest customs data showed Friday.The country's exports totaled US$13.9 billion from Nov. 1-10, up from $11.6 billion tallied over the same period last year, according to the Korea Customs Service.Outbound shipments of semiconductors and auto parts soared 25.9 percent on-year and 39 percent, respectively, over the 10-day period, while exports of wireless devices fell 7.9 per

Participants converse before the opening of the 28th annual General Assembly of the Korea-US Business Council held at the Seoul headquarters of the Federation of Korean Industries on Thursday. Some 70 business leaders and government officials from Korea and US came to the meeting considered the highest-level joint business consultative body. The event came one day after the election of Donald Trump as the next US president. (Yonhap)

Top South Korean economic policymakers on Thursday strived to calm widespread jitters among key industries, emphasizing that the Korean economy could find new opportunities in US president-elect Donald Trump’s business-friendly policies.“US President-elect Donald Trump’s policy directions towards the expansion of investment in social infrastructure and the revival of manufacturing could become new opportunities for us,” Finance Minister Yoo Il-ho said in an economy-related ministers’ meeting in

South Korea's total domestic supply of manufacturing goods both locally produced and imported gained slightly in the third quarter on a gain in imported items, government data showed Thursday.The manufacturing domestic supply index gained 1.1 percent to stand at 109.2 from a year earlier during the July-September period, according to the data compiled by Statistics Korea. That of South Korean-made goods fell 0.1 percent on-year, while imported products saw their index rise 3.7 percent over the t

An anti-corruption law may be showing its desired extra effect of creating more time for family and home cooking if sales record at a leading retailer is any indication.October sales figures from E-mart released on Thursday showed an 11.5 percent increase for the month to 1.14 trillion won ($987.3 billion) compared to a year ago. Discount chain E-mart marked a 7.6 percent jump while the retailer's warehouse outlet Traders made a 43.7 percent leap. The online store E-mart Mall showed a 28.3 perce

South Korea's central bank is expected to hold its key rate steady this month on concerns of increasing household debts and a possible U.S. rate hike next month, polls showed Thursday.The Bank of Korea (BOK) is set to hold its monthly rate-review session Friday to decide whether to maintain or cut the all-time low rate of 1.25 percent.A recent poll showed 99 out of 100 bond market experts surveyed said they expect the BOK to keep its key rate unchanged in November.The upcoming decision comes ami

The election of Donald Trump as the next US president has plunged South Korea’s trade policymakers and exporters deep into concerns that his protectionist threats may come to reality.With job losses in the Rustbelt states making trade a key issue in the latest US presidential election, Trump has risen to prominence by promising to impose steep tariffs on imports from China and Mexico and to scrap or renegotiate free trade accords concluded under previous administrations.In particular, he has rep

The number of women in the age group considered fertile has decreased by 820,000 over the past 10 years, with the trend significantly impacting overall birthrate, a report by the National Assembly Research Service showed Wednesday.The number of newborns in Korea began to drop significantly from the late 1990s and the birthrate is expected to continue dropping as women born in this timeframe reach fertile age.Fertile women refer to those aged between 15 and 49. The report said that this age group

The outcome of the US presidential election will inevitably have an impact on South Korea's exports to the US, but victory of either one of two leading candidates -- Hillary Clinton and Donald Trump -- may lead to a rise in South Korean shipments, just in different areas, a report said Wednesday.The report from the state-run Korea Trade-Investment Promotion Agency (KOTRA) insisted that Clinton, if elected president, may help strengthen Korea-US trade relations as she is widely expected to adhere

South Korea's jobless rate rose in October from a year earlier, with the unemployment for young people still remaining high on a lingering economic slump, a government report showed Wednesday.The unemployment rate in Asia's fourth-largest economy stood at 3.4 percent last month, compared with 3.1 percent tallied a year earlier, according to the report compiled by Statistics Korea.The number of employed people stood at 26.6 million in October, up 278,000 from a year earlier, staying below the 300