South Korea's household debt has been rising faster than that in most major economies to reach nearly 100 percent of its gross domestic product (GDP), a report showed Monday. The country's household debt-to-GDP ratio stood at 98.6 percent as of the end of June last year, according to the report from the Korea Institute of Public Finance. The figure is much higher than the global average of 63.7 percent and 75.3 percent for advanced economies. South Korea's growth pace of household debt has al

South Korea's foreign reserves declined in March as the US dollar's strength reduced the value of non-dollar assets, central bank data showed Monday. The nation's foreign reserves came to $446.1 billion as of end-March, down $1.43 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. The FX reserves dec

Bitcoin, the largest cryptocurrency, fell on Sunday after hitting a fresh record high over the weekend. The price difference between domestic and overseas exchanges, dubbed as the kimchi premium, widened as much as 10 percent, indicating a heated investors’ atmosphere. Bitcoin prices stood at around 73.50 million won ($65,056) in the early afternoon at local exchange Upbit and Bithumb, declining from the fresh record high of 75.30 million won on the previous day. This compares to other

South Korean listed firms saw their net profit increase nearly 20 percent last year despite the fallout from the pandemic, the bourse operator said Sunday. The combined annual net income of 694 KOSPI-listed companies, excluding financial firms, came to 63.45 trillion won ($56.25 billion) on a consolidated basis, up 18.15 percent from the previous year, according to the Korea Exchange (KRX). Their combined operating profits rose 3.2 percent on-year to 107.4 trillion won, while sales decreased b

South Korean manufacturers' business sentiment has improved sharply, hitting an over 6-year high, amid hopes that the economy may recover from the coronavirus pandemic faster than expected, a poll showed Sunday. A survey of some 2,200 manufacturing firms put the business sentiment index (BSI) at 99 for the April-June period, the Korea Chamber of Commerce and Industry (KCCI) said. The figure is up 24 points from the previous quarter and at the highest level since the third quarter of 2014. A r

South Korea's exports of agriculture products reached an all-time high in the first quarter of the year on the back of strong demand for kimchi and processed foods, data showed Sunday. The record amount of $1.98 billion represents a 13.7 percent rise from the previous year, according to data compiled by the Ministry of Agriculture, Food and Rural Affairs. By category, outbound shipments of fresh products remained sluggish, but those of processed goods increased 9.3 percent to hit $359 million.

More than 35 public firms in South Korea plan to hire more than 5,000 new employees this year, but the number is still almost 40 percent lower than last year's job additions amid extended pandemic fallout, data showed Sunday. Thirty-six public firms plan to hire 5,089 regular workers this year, compared with 8,350 people hired last year, according to data posted on the state portal All Public Information in One (ALIO). Korea Railroad Corp. (KORAIL), the operator of railway services, plans to h

South Korea's consumption of petroleum declined to a five-year low last year amid the pandemic, data showed Sunday. The country's consumption of petroleum reached 878 million barrels last year, down 5.8 percent from the previous year, according to Korea National Oil Corp. The tally marked the lowest since 2015, when the country consumed 856 million barrels. It also marked the first time in five years that such consumption dipped below 900 million barrels. The consumption of jet fuel declined

South Korean stocks are likely to see gains next week as optimism for a massive infrastructure project by the United States is expected to continue to sway local financial markets, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,112.8 points Friday, up 2.36 percent from a week ago. The KOSPI finished the week at its highest level since Feb. 17, backed by an increase in foreign buying that was spurred by the US president's unveiling of a US$2.25 trill

Loans extended by insurance companies in South Korea rose 7.8 percent on-year last year, led by increases in home-backed lending and corporate loans, the financial watchdog said Friday. Insurers' outstanding loans totaled 253 trillion won ($224.4 billion) as of end-December, compared with 234.7 trillion won the previous year, according to the Financial Supervisory Service (FSS). Their loans to households rose 2 trillion won on-year to 123.1 trillion won last year as the extension of home-backe

South Korea's major banks saw their mortgage loans grow at a brisk pace in March despite higher lending rates, industry data showed Friday. The nation's five major lenders -- KB Kookmin, Shinhan, Woori, Hana and Nonghyup -- had 483.2 trillion won ($427 billion) in outstanding home-backed loans as of end-March, up 3.4 trillion won from the previous month. March marks the second consecutive month that their combined mortgage lending has climbed by a number in the 3 trillion-won range. February s

South Korea's consumer prices grew at the fastest pace in 14 months in March on higher prices of farm and oil products, data showed Friday, in the latest sign that inflationary pressure is building up amid an accelerating economic recovery. The consumer price index rose 1.5 percent on-year in March, accelerating from a 1.1 percent on-year gain in the previous month, according to the data compiled by Statistics Korea. The index grew 0.1 percent on-month. It marked the fastest on-year rise since

The global economy is poised to make a strong rebound on the back of a revival in manufacturing and the coronavirus vaccine rollout, said Finance Minister Hong Nam-ki on Thursday. “The upturn in the global economy will be steeper than expected,” he said at a meeting with government officials on innovative growth. His remark came as Asia’s fourth-largest economy showed signs of recovery supported by exports. “Exports are the core driving force of an economic recovery.

The new US administration is expected to largely maintain its protectionist policies against imported goods, including South Korean products, a report said Thursday, despite President Joe Biden's vision on rebuilding multilateralism. The number of new antidumping investigations rolled out by the US came to 89 in 2020, rising sharply from 55 posted in 2017, according to a report compiled by the Korea International Trade Association (KITA). The number of new investigations against South Korean p

South Korea's exports of test kits for the new coronavirus, protective masks and other virus-related goods sharply increased last year amid the pandemic, data showed Thursday, with the country planning to further expand outbound shipments of such goods down the road. Outbound shipments of such goods reached $5.9 billion in 2020, rising from $1.28 billion tallied a year earlier, according to the data released by the Ministry of Trade, Industry and Energy. In 2020, the country's overall exports