South Korea's terms of trade fell for the sixth consecutive month in September due to a rise in prices of imported goods, central bank data showed Thursday. The nation's net terms-of-trade index for goods -- a gauge of overall trade terms -- declined 4.5 percent last month from a year earlier, according to preliminary data from the Bank of Korea (BOK). The figure is calculated by dividing the index for export prices by that for import prices. It shows the amount of imports a country can buy fo

Retail sales in South Korea surged 8.2 percent in September from a year earlier, data showed Thursday, as consumers turned to "revenge shopping" amid the prolonged virus pandemic. The combined sales of 25 major offline and online retailers reached 13.2 trillion won ($11.26 billion) last month, compared with 11.9 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Sales from offline stores rose 3.3 percent on-year in September, wi

South Korea's antitrust chief has vowed to intensify a probe into unfair business practices in the travel sector amid a looming recovery in travel demand as the country prepares to return to normalcy. South Korea plans to ease long-enforced restrictions on gatherings and business operations with its shift to the "living with COVID-19" scheme on Nov. 1 meant to gradually restore daily life back to the pre-pandemic days. The move could stimulate pent-up demand for travel, spawning conc

Hong lauds policy efforts in excess liquidity management, supply expansion; skeptics say slowdown of price growth ‘temporary’

Non-financial companies in South Korea saw their combined sales shrink for the first time in 10 years in 2020 affected by an overall slump in consumption amid the coronavirus pandemic, central bank data showed Wednesday. The Bank of Korea (BOK) analyzed 2020 business performances of about 800,000 non-financial companies, including some 170,000 manufacturers, and found that their total sales contracted 1 percent from a year earlier. This marked the first contraction since the central bank bega

South Korea is expected to be under rising inflationary pressure for a longer-than-predicted period due to the ongoing global supply disruptions and recovering consumption backed by eased antivirus rules, the country's central bank said Wednesday. "Our country needs to closely watch the possibility of a longer-than-expected period of an upward trend in high prices due to the local ramifications from the global supply bottleneck, an increase in consumption from changes in antivirus measures

The number of South Koreans who moved to different residences in the country fell for the ninth straight month in September, data showed Wednesday, as housing transactions decreased amid rising prices. The number of people who changed their residences dropped 8.9 percent on-year to 566,000 last month, according to the data compiled by Statistics Korea. The population mobility rate -- the number of those relocating per 100 people -- also went down 1.3 percentage points from a year earlier to co

South Korea will take "all possible" measures to stabilize the real estate market as it sees the pace of home price growth slowing down, the finance ministry said Wednesday. The government has announced dozens of comprehensive packages to supply homes, curb speculative home transactions and stabilize rising property prices over the past four years. Still, the regulations failed to tame runaway home prices. The average price of an apartment in Seoul doubled to 1.21 billion won ($1.03

South Korea's corporate direct financing edged up in September from the previous month due to a surge in bond sales, data showed Wednesday. Local companies raised a combined 19.6 trillion won ($16.8 billion) by selling stocks and bonds in September, up 1.4 percent from a month ago, according to the data from the Financial Supervisory Service (FSS). Corporate bond sales swelled 18.2 percent on-month to 17.6 trillion won in September. In contrast, local firms' stock sales tumbled 54.5 percent

South Korea's consumer sentiment rose to the highest level in four months in October as an accelerated pace of COVID-19 vaccination raised hope for a return to normal life, central bank data showed Wednesday. The composite consumer sentiment index (CCSI) came in at 106.8 in October, up 3 points from the previous month, according to the data from the Bank of Korea. The reading is the highest since the index rose to 110.3 in June. A reading above 100 means optimists outnumber pessimists. The g

The government will slash fuel taxes by 20 percent and cut tariffs on liquid natural gas to near zero in November for six months to fend off inflationary pressure further building up with rising energy prices. According to the Ministry of Economy and Finance, taxes on gasoline, diesel and liquefied petroleum gas will be cut by 20 percent starting Nov. 12, marking the highest tax cut in history. The temporary cut will end in April, the ministry said after a meeting with the ruling party. Autho

Loan guarantees among affiliates of South Korea's conglomerates soared this year from a year earlier due to the addition of more large business groups to the corporate watch list, the antitrust regulator said Tuesday. Of 40 conglomerate affiliates on the list, the total corporate debt payment guarantees by eight units reached 1.16 trillion won ($993 million) as of May 1, up 1,242 percent from 86.4 billion won the previous year, according to the Korea Fair Trade Commission (KFTC). The jump was

South Korea’s economy has expanded at a slower-than-expected pace in the July-September period due to lackluster private consumption despite recovery in exports, central bank data showed Tuesday. The economy grew 0.3 percent in the third quarter, compared with a 0.8 percent growth in the second quarter and the corresponding figure of 1.7 percent in the first quarter, preliminary data released by the Bank of Korea showed. The third quarter reading falls short of the BOK’s Se

South Korea's trade volume for this year surpassed the $1 trillion mark Tuesday on the back of solid export growth amid the global recovery from the pandemic, reaching the milestone at the fastest pace ever, the trade ministry said. The country's accumulated exports and imports totaled $1 trillion so far this year, with outbound shipments coming to $512.2 billion, according to the data by the Ministry of Trade, Industry and Energy. South Korea made the achievement within the shortest period of

South Korea's exports are expected to rise over 26 percent on-year this month on the back of robust demand for chips and automobiles, a poll showed Tuesday. Exports are forecast to reach $54.18 billion in October, marking a 26.14 percent on-year growth, according to the survey of six brokerage houses by Yonhap Infomax, the financial news arm of Yonhap News Agency. Imports are anticipated to advance 38.59 percent on-year in October to $54.18 billion, resulting in a trade surplus of $2.36 billio