South Korea's current account surplus rose to its highest level in 13 months in November as exports of petrochemical goods and cars remained firm, the central bank said Thursday.The current account surplus reached US$5.05 billion in November, up from a revised $4.13 billion the previous month, accor

Korea needs to stay vigilant against any developments next year as its economy is expected to face many “destabilizing factors” that could weigh on its recovery and growth, the nation’s top economic policymaker said Wednesday.“Economic conditions at home and abroad are expected to be tough next year at a time when the eurozone fiscal debt crisis, major elections and North Korea variables remain in place as destabilizing factors,” Finance Minister Bahk Jae-wan said during a crisis management meet

South Korea will likely face a markedly changed business environment next year as it is poised to enforce a long-standing free trade agreement with the U.S. that would open up its market and eventually lead to gloves-off competition down the road.The country signed the deal, known as the KORUS FTA, in 2007 but had to wait for years until late November for parliamentary approval due to objections from opposition lawmakers and civic groups. The U.S. Congress approved the pact in October, paving th

One out of every two Koreans is most concerned about the rising prices of goods and services next year, a recent survey showed on Tuesday.In a survey conducted by the Korea Chamber of Commerce and Industry, 54.6 percent picked inflation as the most burdening factor for the household budget in 2012, followed by remaining loans and a reduction in income with 26.2 percent and 13.4 percent, respectively.The decrease in asset value also took up more than 5.4 percent. The survey was answered by 500 pe

South Korean companies operating in China registered worse performances in 2011 than a year ago due to sluggish exports and fiercer competition in the world’s No. 2 economy, a poll said Monday.According to the survey by the Korea Chamber of Commerce and Industry, 44.5 percent of 201 Korean firms operating in China said their sales this year rose 5 percent or higher from a year ago.Last year, 61.8 percent of surveyed companies responded that their sales had climbed 10 percent or more on-year.Acco

The amount of cargo processed at South Korea’s seaports declined 0.6 percent on-year in November due to a large drop in domestic cargo, the government said Monday.The volume of cargo handled at the country‘s seaports came to 107.3 million tons last month, compared with 108 million tons processed in the same period last year, according to the Ministry of Land, Transport and Maritime Affairs. The November figure also marks a significant drop from 112.89 million tons processed a month earlier.The a

South Korea will seek to sharply increase its goal for fisheries exports in 2012 as overseas demand for them continues to rise, the government said Sunday.The government is targeting fisheries exports of $2.5 billion for the coming year, up from an estimated $2.2 billion for this year, according to the Ministry of Food, Agriculture, Forestry and Fisheries.The ministry had originally planned to achieve the $2.5 billion mark of fisheries exports by 2014.The ministry said it has established a task

 

Korea is girding itself for a series of external uncertainties surrounding its economy that are expected to reach their peak in the first quarter of next year, officials said Sunday.Amid a global economic slowdown, the bulk of sovereign debts issued by five highly indebted eurozone countries will mature during the January-March period, the most serious risk factor that could rattle financial markets across the globe.Washington’s additional sanctions on Iran for the latter’s suspected nuclear arm

Major Korean companies are forecast to cut their hiring of new employees only slightly next year despite increasing economic uncertainties and a possible slowdown, a poll showed Sunday.According to the survey by the Korea Chamber of Commerce and Industry, 262 companies plan to hire a combined 28,412 people in 2012, down a mere 1.3 percent, or 365, from this year.The survey covered the country’s top 500 companies by sales, of which 325 responded, the KCCI said.“Despite all the negative economic f

South Korea’s labor productivity rose from a year earlier in the third quarter with improvements in both the manufacturing and service industries, the government said Thursday.The labor productivity for the manufacturing industry rose 2.6 percent to 121.8 from the same period last year with that of the service industry rising 1.3 percent to 108.4, according to the Ministry of Knowledge Economy.Labor productivity is measured by dividing industrial output by labor input during a given period of ti

With economic doldrums gripping many parts of the world, Korea plans to cultivate fresh strategic export items and stimulate small and medium businesses to cash in on free trade pacts next year and keep Asia’s fourth-largest economy afloat.The Ministry of Knowledge Economy on Thursday announced measures to boost transactions with its 45 trade partners and shore up exports, the bellwether for the national economy, at an emergency meeting of top economic officials presided over by President Lee My