South Korea's exports of information and communication technology (ICT) products jumped 11.5 percent on-year in February, rising for the ninth consecutive month on the back of strong overseas demand for chips and displays, data showed Monday. Outbound shipments of ICT goods stood at $15.28 billion last month, the second-highest amount ever for February on record, according to the data compiled by the Ministry of Science and ICT. The country reached a record $15.68 billion in ICT exports for th

South Korea's economy is estimated to have ranked 10th in the world in 2020 despite the coronavirus pandemic, data showed Monday. The nominal GDP of Asia's fourth-largest economy was estimated at $1.62 trillion last year, according to the data by the Organization for Economic Cooperation (OECD). The amount is larger than Russia's $1.40 trillion, Brazil's $1.39 billion and Australia's $1.33 trillion. The estimated 2020 GDP ranking is up two notches from a year earlier. South Korea's economy al

South Korean companies, from startups to big companies, could benefit from Indonesia’s latest infrastructure initiatives and trade deals, the country’s ambassador to South Korea told The Korea Herald in a recent interview. The ambassador was referring to Indonesia’s first sovereign wealth fund worth $5 billion, to be managed by Indonesia Investment Authority. The first phase of the fund’s investment will focus on toll roads, airports and seaports, but the focus will b

Does Korea have stimulus capacity like US?

South Korea's exports to the United States have jumped a whopping 26 percent since the implementation of their bilateral trade agreement in 2012, data showed Sunday, expanding at a faster pace compared with other global counterparts. Asia's No. 4 economy's exports to the .S reached $74.1 billion in 2020, compared with $58.5 billion posted in 2012, according to the data compiled by the Ministry of Trade, Industry and Energy. The two countries' free trade agreement (FTA) went into effect in 201

Prices of eggs in South Korea may jump by up to 68 percent in the March-May period this year, as the spreading avian influenza is expected to further exacerbate the supply shortage, a state-funded think tank said Sunday. In the three-month period, the supply price of a large-size 10-egg carton is estimated at 1,600 won ($1.41) to 1,800 won, considerably higher than the 1,069 won-1,158 won per carton a year ago, according to the forecast by the Korea Rural Economic Institute (KREI). As of Frida

China's imports of South Korean products last year stayed nearly the same as the previous year despite the novel coronavirus pandemic, a report showed Sunday, as the world's second-largest economy bought more consumer goods like cosmetics. China imported $173.5 billion worth of goods from South Korea in 2020, only 0.03 percent down from 2019, according to the report from the Korea Trade-Investment Promotion Agency (KOTRA). South Korea was the third-largest exporter to China last year behind

South Korea’s plans to develop its digital intellectual property system this year will be the driving force behind the post-coronavirus pandemic recovery, the nation’s IP office said. In its 2021 policy plan announced Thursday, the Korean Intellectual Property Office revealed 10 tasks under four key strategies that would give impetus to South Korea’s road to a digital economy and recovery. The four strategies are: development of a new digital intellectual property system, exp

South Korea's vice finance minister said Friday that the growth of the country's consumer prices is likely to temporarily pick up in the second quarter, affected by hikes in food and oil prices. First Vice Foreign Minister Kim Yong-beom said prices of crude oil, raw materials and grains are showing signs of rising amid a global economic recovery. "Conditions for consumer prices trends in the second quarter look tough," Kim said at a meeting with government officials on inflation. Th

Land Minister Byeon Chang-heum said Friday he will come up with measures to prevent employees at public developers from making speculative land purchases and could step down if his role falls behind public expectations. Byeon made the remark after a joint investigation team found that Korea Land and Housing Corp. (LH) employees allegedly bought land for speculation in two cities, south of Seoul, before it announced a major public housing development project. The minister has faced criticism as

SEJONG -- South Korea saw the number of recipients of unemployment benefits reach an all-time high of 1.78 million in 2020 in the wake of the novel coronavirus, data from a state-run agency showed. According to the Korea Employment Information Service, this marked an increase by 16.8 percent, 257,510 people, from 1.52 million a year earlier. By region, Greater Seoul -- including Gyeonggi Province and Incheon -- ranked top five, alongside Sejong and Jeju Province, among the nation’s 17 ma

South Korea's health care and cosmetics exports soared more than 38 percent to an all-time high in 2020 amid the coronavirus pandemic, industry data showed Thursday. The country's overseas shipments of pharmaceuticals, cosmetics and medical devices stood at $21.70 billion last year, up 38.3 percent from the previous year and a fresh high, according to the data from the Korea Health Industry Development Institute. The new record came as the pandemic led to a surge in exports of biopharmaceutic

South Korea's economy is expected to stage a modest recovery from the coronavirus pandemic and the Bank of Korea (BOK) will continue monetary easing to prop up an economic recovery, the BOK said Thursday. In a regular monetary report, the BOK said it will pay close attention to household debts and financial imbalances as companies and households take advantage of cheap credit. "As the pace of the local economic recovery is expected to be modest, (the BOK) will keep monetary easing,"

South Korea's home-meal replacement product market was estimated at 4.2 trillion won ($3.68 billion) in 2019, data showed Thursday, with the sector expected to continue to grow down the road on the growing number of single-member households. The annual average growth of the segment was 16 percent since 2010, according to the Korea Rural Economic Institute (KREI). The proportion of single-member households in South Korea surpassed 30 percent of the total for the first time in 2019. (Yonhap)

South Korea's exports jumped 25.2 percent on-year in the first 10 days of March despite the new coronavirus pandemic on strong shipments of chips, customs data showed Thursday. The country's outbound shipments stood at $16.3 billion in the March 1-10 period, compared with $13 billion a year earlier, according to the data from the Korea Customs Service. Imports climbed 31.4 percent over the period to reach $17.4 billion, resulting in a trade deficit of $1.1 billion. By segment, exports of ch