South Korea's current account returned to the black in May on the back of a trade surplus and increased dividend payments from overseas, central bank data showed Friday. The country's current account surplus reached $1.93 billion in May, swinging from a deficit of $790 million a month earlier, according to the preliminary data from the Bank of Korea. May's surplus came as the country logged a trade surplus and the service account deficit narrowed. The primary income account, which

South Korean stocks closed down for a third straight day Thursday as investors gauged potential impacts after China said it plans to restrict exports of some key metals used in semiconductors and the US central bank reaffirmed more interest rate hikes ahead. The local currency inched down against the US dollar. The benchmark Korea Composite Stock Price Index retreated 22.71 points, or 0.88 percent, to finish at 2,556.29. Trading volume was high at 524.7 million shares worth 10.2 trillion won ($7

South Korean stocks got off to a weak start Thursday, dragged down by the fall in tech blue chips as China's export restrictions of metals used in semiconductors and others sapped investor sentiment. The benchmark Korea Composite Stock Price Index dropped 17.26 points, or 0.67 percent, to 2,561.74 in the first 15 minutes of trading. Tech heavyweight Samsung Electronics, the world's largest manufacturer of smartphones and memory chips, fell 0.4 percent. Chip giant SK hynix slid 1.6 perc

South Korea has removed tariffs on imports of naphtha and crude oil used to produce the material, the finance ministry said Thursday, in line with efforts to support the local petrochemical industry. Under the measure, the tariffs on all naphtha imports will be lowered to zero through the end of 2023 immediately, compared with the current 0.5 percent, according to the Ministry of Economy and Finance. Those on crude oil used to produce naphtha will also be lowered to zero for the amount not excee

Overseas orders for industrial plants won by South Korean builders spiked more than 40 percent on-year in the first half of 2023 on brisk demand from the Middle East and Africa, data showed Thursday. Local builders clinched $13.05 billion worth of plant orders from abroad in the January-June period, up 40.2 percent from a year earlier, according to the commerce ministry data. The first-half jump came as orders from Middle Eastern and African countries shot up from a year earlier. Plant orders fr

South Korean stocks closed lower Wednesday with investors waiting for the release of the minutes of the US Federal Open Market Committee's June meeting this week. The local currency rose against the US dollar. After starting marginally higher, the benchmark Korea Composite Stock Price Index sank 14.31 points, or 0.55 percent, to close at 2,579.00. Trading volume was moderate at 589.2 million shares worth 10.05 trillion won ($7.7 billion), with decliners outnumbering gainers 632 to 243. Fore

An official sorts dollar bundles at a Hana Bank branch in Seoul, Wednesday. As the US dollar weakens, Korea's foreign reserves amounted to $421.45 billion as of end-June, up $470 million from the previous month. The dollar's fall boosted the converted value of holdings denominated in other currencies such as the euro and pound. Financial institutions' foreign currency holdings also went up, the Bank of Korea explained.

KCCI report suggests rise of ‘Altasia’ to replace China in global supply chain

South Korea's top trade official met with an Indian industry delegation in Seoul on Wednesday for talks on ways to expand bilateral economic and industry ties, Seoul's industry ministry said. Trade Minister Ahn Duk-geun met with the visiting delegation led by Sanjiv Puri, president designate of the Confederation of Indian Industry, and discussed how to enhance cooperation on the overall economy and major industry sectors, according to the Ministry of Trade, Industry and Energy. Two-way

South Korean stocks turned a tad lower after starting marginally higher on Wednesday ahead of the release of China's purchasing managers' index. The benchmark Korea Composite Stock Price Index fell 2.17 points, or 0.08 percent, to 2,591.14 in the first 15 minutes of trading. Wall Street was closed Tuesday for the Independence Day holiday. Later in the day, China is set to release the Caixin purchasing managers' index. In Seoul, most large-cap shares opened in negative terrain. Mar

South Korean stocks closed lower Tuesday as investors sought to cash in recent gains. The local currency rose against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index sank 9.16 points, or 0.35 percent, to close at 2,593.31. Trading volume was moderate at 662.9 million shares worth 9.02 trillion won ($6.93 billion), with decliners outnumbering gainers 586 to 292. Foreigners and institutions sold off a net 345.4 billion won worth of stocks, while retail investor

Government expects recovery in 2024, calls for export-led growth

South Korean stocks opened a tad higher Tuesday, driven by tech heavyweights and signs of easing inflation. The benchmark Korea Composite Stock Price Index advanced 4.13 points, or 0.16 percent, to 2,606.6 in the first 15 minutes of trading. All US stock indexes finished higher Monday ahead of a one-day close for the Independence Day holiday amid signs of moderating inflation. Tesla Inc. advanced 6.9 percent on record quarterly sales. South Korea also saw its consumer price growth slow for the

South Korea's consumer price growth slowed for the fifth straight month in June, falling below 3 percent for the first time in 21 months, data showed Tuesday. Consumer prices, a key gauge of inflation, rose 2.7 percent last month from a year earlier, compared with a 3.3 percent increase tallied in May, according to the report from Statistics Korea. It also marked the first time for the on-year growth in consumer prices to fall below 3 percent since September 2021, the data showed. The price

Korean investors have poured money into Japanese stocks this year, taking advantage of a weaker yen and the roaring Japanese stock market, according to data from the Korea Securities Depository on Monday. In recent months, the Korean currency has been traded in the 900 won range against 100 Japanese yen, as the Bank of Japan continues to maintain negative rates to spur the local economy. Backed by the record low yen, more local investors are scooping up Japanese shares. The KSD data showed that