South Korean businesses suffered a heavy setback in their profits last year due to a sharp decline in sales partly caused by a prolonged trade dispute between the United States and China, central bank data showed Wednesday. The combined sales of South Korean firms dipped 1 percent from a year earlier in 2019, marking a turnaround from a 4.2 percent on-year increase the year before, according to preliminary data from the Bank of Korea (BOK). The sharp drop in sales is apparently attributed to

SEJONG -- South Korea on Wednesday proposed another extra budget plan worth 35.3 trillion won ($29 billion) that will help key industries cushion the economic blow from the coronavirus pandemic and protect jobs. The biggest-ever budget, which is subject to approval from the National Assembly, will raise the total of the nation's stimulus packages to 270 trillion won as the government has stepped up fiscal and monetary responses to the pandemic, according to the Ministry of Economy and Finance.

South Korea’s real gross domestic product shrank 1.3 percent on-quarter in the first quarter of this year, nearly missing its previous forecast of 1.4 percent, data from the Bank of Korea showed Tuesday. Through the contraction was 0.1 percentage point lower than the earlier estimate, it marked the largest on-quarter drop since the fourth quarter of 2008, when the country was reeling from the global financial crisis and the corresponding figure stood at 3.3 percent. The country’s

Inflation rate falls below zero over COVID-19 crisis, low global oil prices

Loans extended to companies in South Korea jumped at the fastest rate in more than 10 years in the first quarter, central bank data showed Tuesday, apparently on a rise in demand from businesses hit by the fallout from the new coronavirus pandemic. The outstanding amount of corporate loans came to 1,259.2 trillion won ($1.03 trillion) at end-March, up 51.4 trillion won from three months earlier, according to preliminary data from the Bank of Korea (BOK). The reading marks the largest on-quart

The price of pork increased in May from a year earlier as a growing number of people preferred preparing meals at home amid the new coronavirus pandemic, data showed Tuesday. The average wholesale price of pork reached 5,115 won ($4.18) per kilogram in May, up 22 percent from a year earlier, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. The number of pigs slaughtered in May reached 1.4 million units, up 1.5 percent from the month's average, it added.

South Korea and Australia agreed Tuesday to beef up cooperation in the energy segment to continue to expand the use of environment friendly resources despite the rising uncertainties stemming from the new coronavirus pandemic. Industry Minister Sung Yun-mo and his Australian counterpart, Keith Pitt, held a virtual meeting, and they vowed to forge deeper ties especially as the pandemic has put strain on and caused uncertainties in the global resources market, according to the Ministry of Trade,

SEJONG -- South Korea's consumer prices fell 0.3 percent on-year in May due mainly to a fall in oil prices and the coronavirus pandemic, marking the first annual decline in eight months, data showed Tuesday. The May tally compares with a 0.1 percent on-year gain in March, according to the data released by Statistics Korea. The nation's inflation fell 0.2 percent on-month, the data showed. Core inflation, which excludes agricultural and petroleum products, rose 0.5 percent from a year earli

South Korea's economy shrank at a slightly less-than-expected rate in the first quarter but is projected to face a deeper contraction in the current quarter due to the growing economic fallout from the coronavirus pandemic, the central bank said Tuesday. The country's real gross domestic product (GDP) contracted 1.3 percent from three months earlier in the January-March period, 0.1 percentage point lower than the expected 1.4 percent contraction in advance data, according to the Bank of Korea

  The Ministry of Finance and Ministry of SMEs and Startups said Monday they will invest $15 million (18.4 billion won) in the Asian Development Bank’s upcoming new fund program to help early-stage startups here to expand their business into Southeast Asia regions.  The Ventures Facility Investment Fund is aimed at financing small and medium-sized companies in business sectors like agriculture, public sanitation or fintech that foster sustainable economic growth in Southeast A

South Korea on Monday sharply slashed its growth estimate for the year, but expected a strong economic rebound next year on the back of massive fiscal spending, vowing to adopt "all possible means" to help Asia's fourth-largest economy chug along amid the pandemic. The finance ministry revised down its growth outlook to 0.1 percent from the 2.4 percent forecast late last year. Such a sharp cut follows the outbreak of the new coronavirus that has infected more than 6 million people g

Imminent extra budget speculated to surpass W30tr

South Korea’s exports continued to fall in May, marking a double-digit percentage decline for the second consecutive month, according to a government report on Monday. The extended decline was largely due to the global economic fallout from the coronavirus pandemic, the ministry explained. Shipments of semiconductor products, however, bounced back, which alleviated the extended decline, it added. The nation’s outbound shipments in May dropped by 23.7 percent on-year to $34.8 bill

T he outstanding loans extended to local companies and households here increased by a combined 75.4 trillion won ($73 billion) from February to April, when the economic risks stemming from the novel coronavirus pushed them to the brink, data showed Sunday. The figure has increased nearly triple on-year, rising from when businesses and households borrowed a combined 21.9 trillion won, according to data compiled by the Bank of Korea and the policymaking Financial Services Commission. The outsta

South Korea’s volume of short-term floating capital -- so-called “idle funds” -- surpassed 1,100 trillion won ($901 billion), hitting a record-high amid the prolonged COVID-19 crisis and the continued low rate trend, data showed Sunday. The volume of cash, demand deposits, money market funds and other types classified as idle funds reached 1,106.3 trillion won as of end-March, up by around 10 trillion won on-month, according to data compiled by the Bank of Korea and the Korea