South Korean shipbuilders held on to their global No. 1 status in terms of new orders of ships in January, outpacing their Chinese rivals for the seventh straight month, industry data showed Tuesday. According to the data provided by global market researcher Clarkson Research Service, South Korean shipyards bagged new orders totaling 910,000 compensated gross tons (CGTs), representing 54 percent of the 1.7 million CGTs ordered globally in January, or 24 of 66 ships. The South Korean shipbuilde

South Korea's overall advertising expenditure inched down in 2020 due to the coronavirus pandemic, but the digital ad market expanded at a double-digit rate, a report showed Tuesday. Advertising expenses in Asia's fourth-largest economy amounted to 11.99 trillion won ($10.7 billion) last year, down 0.8 percent from a year earlier, according to the report from Cheil Worldwide Inc. The country's leading advertising agency attributed last year's sluggish market growth to the COVID-19 outbreak tha

The nation’s top financial regulators said Monday that their recommendation for lenders to limit dividend payouts was in line with global standards, rebutting criticism that it constituted excessive government intervention. The Financial Services Commission and the Financial Supervisory Service have urged local banks to curb their dividends, saying the prolonged pandemic could hurt local banks’ financial soundness.　 “The recommendation for a dividend reduction is a tempora

South Korea's finance minister instructed his officials Monday to spare no effort to thoroughly implement the government's latest massive housing supply plan in a bid to stabilize rising home prices. The government said last week it will ease construction regulations and support redevelopment projects in urban areas to increase the number of new homes by up to 836,000 nationwide in the next four years. "Now the key to stabilizing the housing market is to thoroughly implement the latest ho

Apparel and clothing items produced in Vietnam with South Korea-made fabrics will be allowed to enjoy lower tariffs in the European Union, the trade ministry said Monday. Previously, clothes needed to be made with locally produced fabrics in order to enjoy the benefits of the Vietnam-EU free trade agreement, according to the Ministry of Trade, Industry and Energy. "With South Korea being the second-largest supplier of fabric in Vietnam, the latest policy will lead to stronger demand for S

South Korean manufacturers' domestic supply fell for the third consecutive quarter in the fourth quarter of last year amid the fallout of the prolonged pandemic, data showed Monday. The manufacturing domestic supply index stood at 108.3 in the October-December period, down 1.1 percent from a year earlier, according to the data compiled by Statistics Korea. Amid the COVID-19 pandemic, the quarterly index has fallen since the second quarter of 2020, when it declined 4.5 percent on-year, the shar

South Korea's exports of kimchi reached a new all-time high in 2020 thanks to its popularity amid the coronavirus pandemic, data showed Monday. Overseas shipments of kimchi came to $144.51 million last year, up 37.6 percent from a year earlier, according to the data from the Korea Customs Service and industry sources. The amount breaks the previous yearly record of $106.61 million registered in 2012. Kimchi is a traditional Korean side dish normally made of fermented cabbage, salt and hot pep

67% of Seoulites skeptical about taxation-focused apartment policy: poll

South Korea's domestic demand is faltering amid a flare-up in new coronavirus cases, but the country's improving exports have partially buffered an economic slowdown, a state-run think tank said Sunday. As consumption and employment took a beating amid the third wave of the COVID-19 pandemic, economic activity has remained sluggish, led by domestic demand, according to a monthly economic assessment report by the Korea Development Institute (KDI). "The Korean economy saw its domestic deman

The state-run Export-Import Bank of Korea (Exim Bank) said Sunday the country's exports are expected to expand up to 12 percent on-year over the first quarter on strong demand for chips and cars. Outbound shipments over the January-March period are estimated to reach around $145 billion won, according to the estimate provided by the bank. "The economic recovery of major export destinations, including China, the United States and the European Union, is expected to lend a hand to the recove

South Korea's consumer prices of poultry goods continued to gather ground as the country destroyed more birds in a preventive measure against the highly pathogenic bird flu, data showed Sunday, with the caseload reaching 87. The average price of eggs shot up 43.8 percent over the past week from the previous year, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. Those of chicken and duck meat also increased 16.6 percent and 26.2 percent, respectively. South

South Korea’s current account surplus rose to a two-year high last year amid the prolonged economic fallout from the COVID-19 pandemic, mainly due to a sharp fall in imports and overseas trips, central bank data showed Friday.  The country’s current account surplus for 2020 amounted to $75.28 billion -- up $15.6 billion, or 26.1 percent, from the previous year -- according to preliminary figures released by the Bank of Korea.  This marked the highest current account sur

South Korea plans to inject 50,000 tons of tariff-free imported egg products through June to help stabilize the price. Meanwhile, no additional confirmed cases of the H5N8 strain of avian influenza were reported Friday, with the total caseload standing at 85. Authorities said they are currently investigating a suspected infection from a duck farm that is raising 8,000 ducks in Yeongam, 384 kilometers south of Seoul. Of the confirmed cases from farms, Gyeonggi Province that surrounds Seoul acc

South Korea's current account surplus widened on-month in December last year, mainly due to a modest recovery in exports, the central bank said Friday. The current account surplus reached $11.51 billion in December, widening from a surplus of $9.18 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 2020, the largest in almost a decade, on faltering expo

South Korea's exports of sauces reached an all-time high in 2020 as more people enjoyed cooking at home around the globe amid the new coronavirus pandemic, data showed Friday. Outbound shipments of sauces rose 25.8 percent on-year in 2020 to reach $301.7 million, according to the data compiled by the Korea International Trade Association (KITA). KITA said the growth also came as global consumers became more aware of Korean-style foods following the popularity of Korean cultural content oversea