The government said Thursday it will launch a system to monitor some 20 key raw materials, such as magnesium and tungsten, to ensure stable supplies and prevent the recurrence of a crisis similar to the urea solution supply crunch. The "early warning system" for the designated raw materials is aimed at prioritizing the supply management of materials highly dependent on imports so as to prevent shortages. The system intends to expedite the process in which the government takes necessa

South Korean household income grew at its fastest pace in the third quarter thanks to the economic recovery and the government's emergency relief funds, data showed Thursday. The average household earned 4.73 million won ($4,000) per month in the July-September period, up 8 percent from the previous year, according to the data from Statistics Korea. It marked the fastest on-year growth since 2006, when the statistics agency began compiling related data. Household income rose in the last quart

South Korea's exports of automobiles fell for the second consecutive month in October due mainly to an extended global supply shortage of automotive chips, data showed Thursday. Outbound shipments of automobiles reached 159,520 units last month, down 18.1 percent from a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. In terms of value, exports also decreased 4.7 percent from a year earlier to $3.83 billion, the data showed. It is the second month in

South Korea plans to pump up its efforts to stabilize the housing market as surging home prices and speculative demand have showed signs of easing, the country's top economic policymaker said Wednesday. Finance Minister Hong Nam-ki said the growth of housing prices and demand for home buying have slowed since September in the latest sign that people's expectations for further price gains might have changed. "As market anxiety that has driven housing price gains appears to significantly ch

South Korea's large companies increased their investments by more than 7 percent in the first nine months of this year as part of efforts to find future growth engines despite the coronavirus pandemic, a corporate tracker said Wednesday. Combined capital spending by 336 out of the country's top 500 businesses came to 124.4 trillion won ($105 billion) in the January-September period, up 7.3 percent from a year earlier, according to CEO Score. Firms in information and technology, electric and el

Experts have cast doubt on recent pledges made by major presidential candidates and their parties on overhauling real estate tax rules, with critics raising questions over its feasibility and impact on the property market. Yoon Seok-youl, the presidential nominee of the main opposition People Power Party, on Sunday vowed via Facebook to reexamine the comprehensive real estate holding tax, which is levied on high-value or multiple property owners. The tax is currently levied annually between t

Transactions among affiliates of South Korea's large business groups fell in 2020 from a year earlier on tough regulations, the antitrust regulator said Tuesday. The value of inter-affiliate transactions by 2,182 units of 71 large business groups amounted to 183.5 trillion won ($155 billion) last year, down 13.2 trillion won from 196.7 trillion won the previous year, according to the Fair Trade Commission. Such deals accounted for 11.4 percent of all business contracts clinched by them last ye

The number of multiple home owners in South Korea grew by the smallest number in six years last year due largely to heavy taxation on such people, data showed Tuesday. The number of multiple home owners had reached 2.32 million as of Nov. 1, 2020, up from 2.28 million the previous year, according to Statistics Korea. The 2020 growth marked the slowest gain since 2014, when the number of such people grew by 28,000. The portion of people who have two or more houses accounted for 15.8 percent of

Foreign currency deposits at banks in South Korea surged to a record high in October on expectations for a strong dollar, central bank data showed Tuesday. Residents' outstanding foreign currency-denominated deposits had stood at a fresh record of $100.77 billion as of end-October, up $6.57 billion from the previous month, according to the Bank of Korea (BOK). It marks the first time the country's foreign currency deposits have surpassed the $100 billion level. It also represents the third con

South Korea's tax revenue increased 4.1 trillion won ($3.5 billion) in September from a year earlier amid an economic recovery and a boom in asset markets, the finance ministry said Tuesday. The government collected 26.3 trillion won in taxes in September, compared with 22.2 trillion won a year earlier, according to the Ministry of Economy and Finance. The government said tax revenue has increased so far this year as corporate tax income has risen in line with the economic recovery, while capi

The ratio of South Korea’s household debt in comparison to its economy has become the highest among major economies, a report showed Monday, sparking concerns over its impact on an already sluggish consumption and the nation’s fiscal soundness. Asia’s fourth-largest economy was the only country that saw its household debt exceeding its gross domestic product among the 37 countries reviewed by the US-based Institute of International Finance. Debt grew at one of the fastest pace

South Korea said Monday it plans to provide $100 million in financing for a joint project with multilateral lenders to help Bangladesh recover from the fallout of the pandemic. South Korea's Economic Development Cooperation Fund (EDCF) will offer its low-interest rate loans for the $700 million joint project to support Bangladesh's economy, the finance ministry said. The project will also be supported by the Asian Development Bank with $250 million, the Asian Infrastructure Investment Bank (AI

South Korea has the highest ratio of household debt to gross domestic product (GDP) among major economies in the world, a report showed Monday, indicating it could crimp consumption and weigh on the economy down the road. The country's household debt stood at 104.2 percent of its GDP as of end-June this year, the highest among 37 economies, according to the report by the Institute of International Finance. Hong Kong came next with 92 percent, followed by Britain with 89.4 percent, the United S

South Korea’s domestic demand is on its track for a recovery in line with the rebound in exports and the adoption of the “Living with COVID-19” scheme, the Ministry of Economy and Finance said in its monthly report. “The Korean economy is recovering amid an ongoing improvement in exports and the job market,” the ministry said in a monthly report. “Domestic demand is likely to gradually rebound as the in-person service sector recovers due to eased quarantin

South Korea's domestic demand is expected to gradually recover as in-person service segments will likely rebound amid the country's eased virus restrictions, the finance ministry said Friday. But Asia's fourth-largest economy still faces external economic downside risks, including global inflation risks and supply chain disruptions, the ministry said in its monthly economic assessment report, called Green Book. "The Korean economy is recovering amid robust exports and an improvement in th