South Korean manufacturers' domestic supply rose for the first time in a year in the first quarter of 2021 as the country's economy is on a recovery track on robust exports, data showed Monday. The manufacturing domestic supply index stood at 105.6 in the January-March period, up 3.3 percent from a year earlier, according to the data from Statistics Korea. The index, which measures both locally produced goods and imports, serves as a major indicator of domestic demand trends. The quarterly in

Behind the bustling Chungmuro Station in Jung-gu, central Seoul, a quiet alley within Pil-dong, a small neighborhood on the northwestern edge of Mount Namsan, is catching the eyes of people seeking Instagrammable spots. Walls and building facades painted with cartoon characters and illustrations as well as uniquely themed sculptures are nestled along the alleyway, turning the place into an art festival. Named Pil-dong culture and arts street, or Yesultong, the area has been filled with ar

South Korea is on its way to becoming a cashless society, but faces hurdles, disturbing truths about money and freedom

South Korea's housing market sentiment slightly exceeded par for the first time in 47 months in May on rising hopes of business improvements, a poll showed Friday. The Korea Housing Institute said that its housing business sentiment index (HBSI), based on a survey of about 500 construction companies, amounted to 101.2 for this month. It represents the first time for the HBSI to surpass the 100 level since it stood at 121.8 in June 2017. A reading above 100 means the number of companies foreca

South Korea's current account surplus slightly narrowed in March as higher oil prices increased the country's import bill, the central bank said Friday. The current account surplus reached $7.82 billion in March, narrowing from a surplus of $7.94 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade. Since the country logged a deficit of $3.33 billion in April last year, the largest in almost a decade, on faltering

The cost of insuring South Korea's sovereign debt against default fell to the lowest level this week since the 2008-09 global financial crisis as the country's economy is recovering faster from the pandemic, the finance ministry said Thursday. The spread on credit default swaps (CDSs) for South Korea's 5-year dollar-denominated currency stabilization bonds came in at 19 basis points Wednesday, according to the Ministry of Economy and Finance. It marked the lowest since April 2007, when the cou

Online shopping in South Korea continued to soar in March as more people bought goods via e-commerce platforms amid a non-contact consumption trend caused by the pandemic, data showed Thursday. The value of online shopping transactions stood at 15.9 trillion won ($14.1 billion) in March, up 26.4 percent from 12.6 trillion won the previous year, according to the data from Statistics Korea. The March tally marks the second-highest monthly reading since December last year when the comparable figu

Sales of imported vehicles in South Korea jumped 12 percent in April from a year earlier on robust sales of German cars, an industry association said Thursday. The number of newly registered foreign vehicles climbed to 25,578 units last month from 22,945 a year ago despite the COVID-19 pandemic, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. The three bestselling models last month were Mercedes-Benz's E 250 sedan, E350 4MATIC sedan and GLE 450 4MATIC

South Korea's chief economic policymaker said Thursday the government will consider expanding tax credit programs for chipmaking-related research and development (R&D) and facility investment to nurture the non-memory chipmaking industry. Finance Minister Hong Nam-ki said the government is studying ways to increase tax benefits and policy support for the semiconductor industry to help local chipmakers sharpen their competitive edges. The country plans to set up a 280 billion-won ($248 mill

Finance Minister Hong Nam-ki said Thursday the government is guarding against signs of instability in the housing market as prices of some old apartments in Seoul have picked up on expectations for eased rules for redevelopment housing projects. Housing prices in Seoul recently climbed after new Mayor Oh Se-hoon took office last month with a pledge to ease regulations on rebuilding old apartments in the capital. "The growth of apartment prices in Seoul is picking up compared to before the

South Korea's foreign reserves rose to a fresh record high in April as the US dollar's weakness boosted the value of non-dollar assets, central bank data showed Thursday. The nation's foreign reserves came to $452.3 billion as of end-April, up $6.18 billion from the previous month, according to the Bank of Korea (BOK). Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and gold bullion.

South Korea’s financial watchdog on Wednesday imposed penalties of up to 12 million won ($10,700) on local businesses that violated its internal controls over financial reporting rules in 2018. Following an inspection, the Financial Supervisory Service found 28 cases of violations across 19 companies. It has decided to slap fines ranging from 3 million won to 12 million won on 13 of those cases – five businesses, one representative of a business and seven internal auditors. The F

SEJONG -- Nearly 94 percent of South Koreans who received state virus relief grants in cash last year spent them on consumption expenditures, a report said Tuesday, in a show of their positive impact on overall consumer spending. In May last year, the government started providing relief handouts of up to 1 million won ($890.5) to every household to cushion the economic fallout from the coronavirus pandemic. Generally, recipients used relief grants through credit cards, check cards, prepaid car

South Korea's consumer prices grew at the fastest pace in almost four years in April on higher prices of farm and oil goods, data showed Tuesday, indicating that the country may face growing inflationary pressure. The consumer price index rose 2.3 percent on-year in April, accelerating from a 1.5 percent gain the previous month, according to the data compiled by Statistics Korea. It marked the fastest on-year gain since August 2017, when the price index climbed 2.5 percent. Compared with a mo

As uncertainties surrounding an uneven economic revival from the COVID-19 pandemic linger in the Asian region, top economic policymakers and central bank chiefs from South Korea, China and Japan on Monday pledged to maintain an open trade regime and strengthen regional cooperation. “The regional outlook has improved, with continued policy support and growing vaccine coverage. However, we should remain vigilant as the economic recovery has been uneven across and within member economies,