South Korea's exports jumped 41.1 percent in April from a year earlier, the highest growth in around 10 years, as demand for chips and automobiles stayed strong amid the improving global economy, data showed Saturday. Outbound shipments came to $51.1 billion last month, compared with $36.2 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. It marked the sharpest on-year monthly growth since January 2011. Imports rose 33.9 percent to $50.8 bil

Despite a series of reform measures, Yoon less likely to serve 2nd term; Cheong Wa Dae remains mum over his replacement

South Korean public firms' liabilities rose for the third straight year last year to hit a record high as they increased investment amid the pandemic, the finance ministry said Friday. Of 350 state-run companies, the combined debt of 347 firms reached 544.8 trillion won ($491.5 billion) at the end of last year, up 17.9 trillion won from the previous year, according to the Ministry of Economy and Finance. It marked the highest total for liabilities since 2005 when the government began compiling

South Korea's oceans ministry said Friday it has secured the right to catch 41,260 tons of fish in Russian waters this year, while fixing the fish fee unchanged for the third consecutive year. Under the agreement, South Korea can catch 28,400 tons of pollack and 5,050 tons of cod in the Russian exclusive economic zone (EEZ) this year, according to the Ministry of Oceans and Fisheries. The volume also includes 3,000 tons of Pacific saury and 4,000 tons of squid, the ministry said. The combined

South Korea's industrial output grew for the second straight month in March, data showed Friday, in the latest sign that Asia's fourth-largest economy is on a recovery path. The industrial output increased 0.8 percent in March from the previous month, slowing from a 2.1 percent on-month gain in February, according to the data compiled by Statistics Korea. From a year earlier, it also rose 5.8 percent. But output in the mining, manufacturing, gas and electricity industries declined 0.8 percen

40-year mortgage loans to be introduced in H2 for young house buyers

New home permits in South Korea jumped nearly 35 percent in March from a year ago despite the coronavirus pandemic, the government said Thursday. Construction permits issued for new homes stood at 45,354 units last month, down 34.8 percent from a year ago, according to the Ministry of Land, Infrastructure and Transport. Construction permits spiked 44.9 percent from a year ago to 6,691 in the South Korean capital of Seoul in March. New home permits issued in the capital area, which includes th

South Korean restaurants' business sentiment rebounded in the first quarter of the year on eased social distancing rules, but it was still below pre-pandemic levels, a state food distribution firm said Thursday. The business survey index (BSI) for the country's restaurant industry stood at a post-pandemic high of 67.26 for the January-March period, up 7.5 points from a year earlier, according to the Korea Agro-Fisheries & Food Trade Corp. The first-quarter reading was also 7.93 points high

South Korean manufacturers' business sentiment rose for the fourth straight month for May, despite lingering concerns about sluggish consumption amid the COVID-19 pandemic, central bank data showed Thursday. The business sentiment index (BSI) for local manufacturers came to 98 for May, up from 91 for April, 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 o

S&P Global Ratings affirmed South Korea’s credit rating at AA with a stable outlook, the Ministry of Economy and Finance said Wednesday. Asia’s fourth-largest economy’s long-term sovereign credit rating has remained at AA -- the third-highest level on the agency’s rating scale -- since August 2016. “While the Korean economy contracted for the first time since 1998, growth is back on track, and the decline was less than that of most other high-income economies

The number of South Koreans who moved to different residences in the country fell for the third straight month in March as housing transactions declined, data showed Wednesday. The number of people who changed their residences fell 4 percent on-year to 735,000 last month, according to the data compiled by Statistics Korea. It marked the third straight month of decline after population mobility rose for the seventh consecutive month in December 2020 amid skyrocketing home prices. The fall was

The value of daily retail payments grew 15.2 percent on-year in 2020 as online financial transactions increased amid the COVID-19 pandemic, central bank data showed Wednesday. The value of daily retail payments, which are typically made between individuals and non-financial firms on a small sum of money, stood at 80.2 trillion won ($72 billion) last year, compared with 69.6 trillion won in 2019, according to the data by the Bank of Korea (BOK). With COVID-19 spreading, more consumers are using

South Korea's business sentiment continued to improve on recovering demand in the non-manufacturing business sector, a local think tank said Wednesday. The business survey index (BSI) of the country's top 600 companies by sales reached 107.7 for next month, up 1.7 points from April, the Korea Economic Research Institute (KERI) said in a statement. The index stayed above 100 for the third straight month after its March reading exceeded 100 for the first time in 34 months, it said. A reading ab

South Korea's exports of autos grew 31.4 percent on-year in the first quarter on the back of brisk shipments of sedans and eco-friendly vehicles, data showed Wednesday. The country's outbound shipments of cars came to $11 billion in the January-March period, compared with $8.37 billion the previous year, according to the data compiled by the Korea Customs Service. Imports of autos rose 21.8 percent on-year to $2.9 billion, the data showed. Overseas shipments of sedans and eco-friendly vehicle

Major South Korean companies saw their overseas sales shrink 4 percent in 2020 from a year earlier amid the coronavirus pandemic, a corporate tracker said Wednesday. Combined overseas sales of 230 out of the country's top 500 firms by revenue totaled 804.1 trillion won ($723 billion) last year, down 33.4 trillion won from a year earlier, according to CEO Score. The figure accounts for 45.6 percent of the 83.6 trillion-won decrease in their sales at home and abroad. The 230 companies cover thos