South Korea's agricultural exports rose nearly 7 percent on-year over the January-November period, data showed Wednesday, setting a fresh high despite the new coronavirus pandemic. Outbound shipments of agricultural products came to $6.8 billion over the first 11 months of 2020, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. The segment was among a handful of winners in South Korean exports, which suffered from the economic fallout from the COVID-19 pand

‘Investors should look beyond current expansionary fiscal frame’

Sales of South Korea's transportation industry reached an all-time high in 2019 thanks to a surge in demand for home deliveries, government data showed Tuesday. The transportation sector's top line stood at nearly 152 trillion won ($140 billion) last year, up 3.5 percent from the previous year, according to the data from Statistics Korea. It marked the industry's largest annual sales figure since 1964, when data tracking began. The transportation industry's sales also increased for the fifth c

South Korean banks saw their financial health improve in the third quarter from three months earlier as they reported higher net profits and raised capital amid the coronavirus pandemic, data showed Tuesday. The average capital adequacy ratio of 19 commercial and state-run banks stood at 16.02 percent as of end-September, up 1.46 percentage points from the end of June, according to the data from the Financial Supervisory Service (FSS). A key barometer of financial soundness, the ratio measure

The portion of single-member households in South Korea surpassed 30 percent of the total for the first time in 2019, data showed Tuesday, amid a delay in marriage and rapidly aging population. One-person families accounted for 30.2 percent of the total last year, up 29.3 percent from the previous year, according to the data by Statistics Korea. Households consisting of a single member totaled 6.15 million in 2019, up from 5.85 million the previous year, the statistics agency said. One-person

Rates stood at 76% in Korea, 85% in Japan for people aged 25-64

South Korean shipbuilders outpaced their Chinese rivals in terms of new orders for the fifth consecutive month in November, industry data showed Tuesday. According to the data provided by global market researcher Clarkson Research Service, South Korean shipyards won new orders totaling 990,000 compensated gross tons (CGTs), representing 60 percent of the 1.64 million CGTs ordered globally in November. The South Korean shipbuilders were followed by Chinese shipbuilders with 600,000 CGTs, or 37

The stock value of Lee Kun-hee, the late chief of South Korea's top conglomerate Samsung Group, soared more than 21 percent this year due largely to a surge in the share price of group flagship Samsung Electronics Co., data showed Tuesday. The value of stocks held by Lee, who died on Oct. 25 after being bedridden following a heart attack in 2014, totaled 21.04 trillion won ($19.4 billion) as of Wednesday, according to the data from market researcher CXO Institute. It was up 21.1 percent from L

South Korea's tax revenue grew 6.8 trillion won ($6.3 billion) in October due largely to a rise in income tax revenue, the finance ministry said Tuesday. The country collected 39.1 trillion won in taxes in October, compared with 32.3 trillion won the previous year, according to the Ministry of Economy and Finance. The rise in tax revenue mainly came as income tax revenue rose 4.1 trillion won on-year to 10.5 trillion won. In October, the government's total revenue, including tax income, amoun

The finance ministry said Tuesday it has allocated 72.4 percent of state fiscal spending to be implemented during the first half of next year in an effort to cope with the new coronavirus outbreak and an economic slowdown. The government plans to front-load 331 trillion won ($305.2 billion) of next year's fiscal spending totaling 459.9 trillion won in the January-June period, according to the Ministry of Economy and Finance. The amount is higher than 71.4 percent of the budget spending allocat

China's exports rose in November at their fastest pace in almost three years, official figures showed Monday, as a surge in demand in key markets ahead of the festive period also helped the country post a record trade surplus. The reading is the latest spot of good news out of the world's number two economy, which has been enjoying a bounceback from virus-induced lockdowns that sent it into a rare contraction earlier in the year. Overseas shipments grew 21.1 percent on-year last month to $268

Government remains prudent over carbon tax introduction

South Korean brokerage firms saw their combined net profit rise 19.3 percent in the third quarter from three months earlier due mainly to a robust gain in commission fees, data showed Monday. The combined net profit of 56 brokerages stood at 2.16 trillion won ($1.9 billion) in the July-September period, compared with 1.81 trillion won, according to the data from the Financial Supervisory Service. The combined brokerage fees stood at 3.7 trillion won in the third quarter, compared with 3.2 tri

South Korea's economic recovery momentum is slowing down due largely to a resurgence in new coronavirus cases, despite improving exports, a state-run think tank said Monday. The country's manufacturing sector sustained a moderate recovery on improving exports, but the service sector remained sluggish due to a flare-up in COVID-19 cases, according to a monthly economic assessment report by the Korea Development Institute (KDI). "Despite a recovery in the manufacturing industry owed to impr

Foreign investment banks (IBs) have slightly upgraded their forecasts for South Korea's economic growth for this year on growing hopes of a recovery, a report showed Monday. However, economic uncertainties are high over a third wave of coronavirus infections, with the country reporting more than 600 daily new cases for the second straight day. As of end-November, nine major global IBs, including Barclays and Goldman Sachs, projected Asia's fourth-largest economy to shrink 1.1 percent this ye