South Korea's exports jumped 29.6 percent on-year in July to a record high, extending their gains to a ninth consecutive month as the global economy maintained a recovery, data showed Sunday. Outbound shipments came to $55.4 billion last month on strong auto and chip sales, according to the data compiled by the Ministry of Trade, Industry and Energy. The monthly export volume marked the highest level since South Korea started compiling related data in 1956. The country's exports over the first

North Korea's economy is estimated to contract 4.5 percent on-year in 2020, marking the worst contraction since 1997, as Pyongyang closed its borders over the COVID-19 pandemic, South Korea's central bank said Friday. The North's economy, which has been hit by tightened UN sanctions over its nuclear and missile programs, expanded 0.4 percent in 2019, but shrank 4.1 percent in 2018 and 3.5 percent in 2017, the Bank of Korea (BOK) said in a report. Last year, North Korea suffered its biggest eco

South Korea's exports of autos jumped 71.9 percent on-year in the second quarter on the back of robust demand for sedans and eco-friendly vehicles, data showed Friday. The country's outbound shipments of cars came to $10.7 billion in the April-June period, compared with $6.25 billion the previous year, according to the data compiled by the Korea Customs Service. Autos accounted for some 7 percent of South Korea's exports. Imports of autos rose 38.3 percent on-year to $4.1 billion in the cited

South Korean manufacturers' business sentiment dropped for August amid a recent spike in COVID-19 infections, central bank data showed Friday. The business sentiment index (BSI) for local manufacturers came to 92 for August, down from 99 for July, according to the data from the Bank of Korea (BOK). The index measures manufacturers' outlook on business conditions in the following month. A reading below 100 means pessimists outnumber optimists. The nation's daily new infections have exceeded 1

South Korea's industrial output and retail sales increased in June from the previous month in the latest sign that Asia's fourth-largest economy is on a solid recovery track, data showed Friday. But the fourth wave of the pandemic is posing a threat to the country's economic recovery as the toughest-ever virus curbs may dampen improving domestic demand. Industrial output rose 1.6 percent in June from the previous month, after stayed flat in May, according to the data compiled by Statistics Kor

More EV chargers, ultrapure water for chip manufacturing, and artificial blood substitutes development in pipeline

The Bank of Korea said Thursday that a decision by the US Federal Reserve that left its benchmark rate unchanged had little impact on global financial markets. The central bank still added caution, saying that “financial market volatility could intensify as uncertainty remains over when major economies recover from the prolonged COVID-19 pandemic as well as virus variants. “The BOK will closely monitor internal and external risk factors and review countermeasures against them.&rdq

Wine imports to South Korea hit an all-time high in the first half of this year, with a growing number of people enjoying drinking at home due to the prolonged pandemic, data showed Thursday. According to data compiled by the Korea Customs Service, Korea imported $236.9 million worth of wine in the January-June period, up 110 percent from a year earlier. The figure not only broke the previous first half record, but also accounted for 86 percent of yearly wine imports in 2020. Following the g

South Korea will closely monitor the financial market as market volatility could increase from a spike in virus cases and talks of an early tapering of the Federal Reserve's bond purchase, a senior government official said Thursday. After a two-day policy meeting, the Fed on Wednesday kept its key interest rate near zero and left unchanged its bond-buying program. The Fed said the US economy is on a solid recovery track despite a flare-up in COVID-19 cases, but it did not provide a timetable fo

South Korea's top economic policymaker said Thursday the government plans to spend more than 5 trillion won ($4.3 billion) in supporting chips, bio-health and next-generation vehicle sectors next year. Finance Minister Hong Nam-ki said the country will spare no effort to nurture the three "big" industries. This year, the government plans to offer financial support worth some 4.2 trillion won to the sectors. The country has designated semiconductors, batteries and vaccines as three ke

South Korea's business sentiment fell for August due to deteriorating profitability in the restaurant, accommodation and service industries amid the extended coronavirus pandemic, a local think tank said Thursday. The business survey index (BSI) of the country's top 600 companies by sales fell to 95.2 for next month, down 7.1 points from July, the Korea Economic Research Institute (KERI) said in a statement. The business outlook fell below 100 for the first time in five months. The BSI had sta

South Korea's terms of trade fell for the third consecutive month in June due to a rise in prices of imported goods, central bank data showed Wednesday. The nation's net terms-of-trade index for goods -- a gauge of trade terms -- declined 3.7 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 for each unit

The number of South Koreans who moved to different residences in the country fell for the sixth straight month in June amid a heated housing market, data showed Wednesday. The number of people who changed their residences fell 10.4 percent on-year to 544,000 last month, according to the data compiled by Statistics Korea. It marked the sixth consecutive month of on-year decline after population mobility rose for the seventh month in December last year amid skyrocketing home prices. The populat

South Korea's financial authority said Wednesday it plans to expand the ecosystem of the so-called open banking platform by inviting users of fintech services, allowing more people to enjoy simpler financial transactions. South Korea launched the open banking service in 2019, which centers on allowing customers to use any mobile banking application of their choice to access their accounts in different banks. Major South Korean banks already have joined the platform. Starting Friday, users of f

South Korea’s fiscal policy chief said Wednesday that the nation’s heated housing market may see a sharper-than-expected drop in prices in the near-future, with the possibility of an interest rate hike by the end of the year growing. “With the early subscriptions for houses scheduled in the second-half of the year, experts’ remarks indicating a price peak, a looming interest rate hike and liquidity control, there is a possibility of a partial housing price correction,&r