The number of franchise brands in South Korea rose 11.7 percent on-year last year as efforts to open new businesses remained solid despite the pandemic, data showed Thursday. The number of franchise brands reached 7,094 as of end-December, compared with 6,353 the previous year, according to the data compiled by the Korea Fair Trade Commission (KTFC). Dining-out brands accounted for the biggest portion of 76.2 percent of all franchise brands last year, the data showed. The number of franchise

South Korea's share of the global car market remained unchanged in 2020 from a year earlier due mainly to sluggish performance in China, industry data showed Thursday. Sales by South Korean automakers accounted for 7.5 percent of the total in the United States, China, Europe and four other major overseas markets, the same as the previous year, according to the data from the Korea Automobile Manufacturers Association (KAMA). The unchanged portion came due to a drop of more than 30 percent in sa

South Korea on Thursday launched a new advisory body to promote its exports of nuclear power plants, which were boosted by its successful penetration into the Middle East market. The advisory body, composed of professors and industrial experts, will help South Korea set strategies in fostering nuclear energy as a new export engine, according to the Ministry of Trade, Industry and Energy. The country also launched a new website (www.k-next.kr), in which overseas partners can access information

South Korea's consumer prices grew at the fastest pace in one year in February due largely to a sharp rise in prices of agricultural and livestock products, data showed Thursday. The consumer price index rose 1.1 percent on-year in February, compared with a 0.6 percent on-year gain the previous month, according to the data compiled by Statistics Korea. It marked the fastest on-year gain since February last year, when the price index rose 1.1 percent. Consumer inflation also rose above 1 perce

South Korea's wine imports reached a record high in 2020 as more people enjoyed drinking at home and alone due to the coronavirus outbreak, data showed Thursday. Asia's fourth-largest economy imported 54,127 tons of wines last year, up 24.4 percent from a year earlier, according to the data by the Korea Customs Service and industry sources. The value of imported wines also jumped 27.3 percent from a year ago to $330 million. Industry watchers attributed last year's surge to coronavirus-induce

South Korea's economy grew slightly faster than expected in the fourth quarter of 2020, although this had no effect on the overall economic contraction for last year amid the coronavirus pandemic, central bank data showed Thursday. The nation's economy expanded 1.2 percent in the fourth quarter from three months earlier, 0.1 percentage point higher than what has expected, according to preliminary data from the Bank of Korea (BOK). Asia's fourth-largest economy contracted 1 percent last year,

South Korea's foreign reserves inched up in February due to the US dollar's weakness that increased the value of non-US dollar foreign reserves, central bank data showed Thursday. The nation's foreign reserves came to $447.5 billion as of end-February, up $4.83 billion from a month earlier, 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 b

Government vows 300,000 new jobs in service industry set for digital transformation

South Korea said Wednesday it plans to keep up brisk overseas sales of agricultural products in 2021, as demand for ready-to-eat products has been growing around the globe with more people dining at home amid the virus pandemic. Outbound shipments of agricultural products expanded 7.7 percent on-year in 2020 to a record high of $7.57 billion, according to the Ministry of Agriculture, Food and Rural Affairs. The country plans to maintain the growth to post exports of $8.1 billion this year as

South Korea's exports of fishery goods moved down 7.4 percent on-year in 2020 amid the new coronavirus pandemic, data showed Wednesday. Outbound shipments of fishery goods reached $2.32 billion in 2020, compared with $2.5 billion tallied the previous year, according to the data compiled by the Ministry of Oceans and Fisheries. By segment, exports of ready-to-eat products, such as seaweed and processed fish products, advanced 3.8 percent and 8.1 percent, respectively, over the cited period. Th

South Korean actors Jo Jung-suk and Park Min-young have received presidential citations for being good taxpayers, according to tax agency officials Wednesday. The two are among 1,057 exemplary taxpayers picked by the National Tax Service, they said, adding the actors will cooperate with the agency as public relations ambassadors this year. Jo and Park as model taxpayers are free from tax audits for three years as a reward. Other exemplary taxpayers get the same benefits, but for up to two yea

Fiscal chief addresses concerns over fast growing national debt

South Korea’s central bank said Tuesday that is has decided to participate in the Group of 20’s roadmap on enhancing cross-border payments, focused on lowering the cost of the transactions. According to the Bank of Korea, the G20 plans to carry out a set of 19 measures, including increased adoption of payment versus payment system, stronger cooperation among central banks for cross-border liquidity supply, connecting payment settlement systems among economies and development of a s

South Korea said Tuesday it plans to expand its exports of fishery products by 30 percent through 2025 in line with its new vision to foster the industry as a new growth engine. Under the five-year blueprint, outbound shipments of fishery products are expected to each $3 billion in 2025, compared with $2.3 billion tallied last year, according to the Ministry of Oceans and Fisheries. The combined size of the local fishery industry is also expected to reach 13.8 trillion won ($12.3 billion) by t

South Korea's industrial output declined for the first time in eight months in January, data showed Tuesday, in the latest sign that the country's economic recovery momentum still remains weak amid the pandemic. The industrial output declined 0.6 percent in January from the previous month, compared with a 0.4 percent on-month gain in December last year, according to the data compiled by Statistics Korea. But from a year earlier, it gained 1.4 percent. It marked the first on-month decline since