South Korea's exports are expected to dip nearly 23 percent in May from a year earlier and post a trade deficit for the second consecutive month, a poll showed Wednesday, as the new coronavirus continued to disrupt global supply chains. The country's outbound shipments are estimated at $35.4 billion this month, falling sharply from $45.9 billion posted a year earlier, according to the poll by Yonhap Infomax, the financial news arm of Yonhap News Agency. The survey was carried out on eight loca

Central bank set to slash growth rate, uncertain over another rate cut

A month after hitting an all-time low in nearly a decade, South Korea’s consumer sentiment improved in May, with the government’s cash relief handout contributing to the rebound, data from the central bank showed Tuesday. The nation’s composite consumer sentiment index -- a leading indicator that reflects households’ consumption and saving -- increased 6.8 points on-month to 77.6, recovering from the previous month, but was still well-below the pre-COVID-19 sentiment.

Financial crimes in South Korea fell 3.4 percent in 2019 from a year earlier, the authorities said Tuesday as they vowed to boost efforts to prevent crimes at banks and other financial institutions. The Financial Supervisory Service (FSS) said a total of 141 cases of financial crimes, such as loan scams and embezzlement, occurred in 2019, down from 146 in 2018. Financial crimes were liable for damages worth 310.8 billion won ($252 million) last year, a sharp hike from 129.6 billion won in 201

23 of 25 members post negative growth: OECD

South Korean companies need to find new growth engines in the online and health care industries as the new coronavirus pandemic has boosted demand in such sectors, a local trade association said Tuesday. "As different countries are moving to bolster their public health infrastructure, South Korean exporters should also seek new opportunities," the Korea International Trade Association (KITA) said in a report, suggesting they should especially set their sights on the online and smart

South Korea said Tuesday it will kick off a new online sales platform for agricultural wholesalers to help them trade fresh produce around the clock without face-to-face interaction amid rising concerns over the new coronavirus pandemic. "Previously, the trade of fresh produce mostly centered on offline sales due to quality issues. But changes in the sales structure and the development of telecom and video technologies have paved the way for reform," the Ministry of Agriculture, Food

South Korea's exports of packaged traditional chicken soup, or "samgyetang," have posted sharp growth in the first four months of 2020 from a year earlier, data showed Tuesday, amid the growing demand for ready-to-eat products around the globe due to the pandemic-led lockdowns. Outbound shipments of ready-to-eat samgyetang products reached $4.82 million over the January-April period, up 82.2 percent from a year earlier, according to the data compiled by the Korea Agro-Fisheries &

Falling tourist arrivals due to the new coronavirus outbreak is expected to dent the South Korean service industry's added value and employment this year, a report said Tuesday. Battered by the coronavirus pandemic, the number of foreign tourists to South Korea came to 2.04 million in the first quarter of the year, down 47 percent from a year earlier, according to the report from the National Assembly Budget Office. In particular, the figure stood at a mere 83,000 in March, down a staggering

South Korea said Tuesday it will hold the seventh round of talks with China this week to discuss expanding the scope of their bilateral free trade agreement (FTA) to better cover the service and investment sectors. The two countries will begin a four-day virtual meeting Tuesday to "speed up" the progress amid the new coronavirus pandemic that has virtually frozen global travel and economic activities, according to the Ministry of Trade, Industry and Energy. The previous meeting was

South Korea's consumer sentiment slightly rebounded in May, central bank data showed Tuesday, apparently on a sharp decline in the number of new COVID-19 infection cases here. The country's composite consumer sentiment index (CCSI) came to 77.6 in the month, up 6.8 points from a month earlier when the index dropped to the lowest level since December 2008, according to the data from the Bank of Korea (BOK). A reading below 100 means pessimists outnumber optimists. "The consumer sentiment

Due to its fast-aging population and consequently reduced productivity, South Korea will continue to see its current account decline over the years and eventually turn to the red as early as in the next decade, according to a state-run think tank. “The country’s fast-aging demographic trend is likely to reduce the current account surplus or cause a deficit,” the Korea Institute for International Economic Policy said in a report on the impact of demographic change on 

South Korean savings banks reported a 19.4 percent rise in their combined net profit in the first quarter due to increased interest income, data showed Monday. The combined net income of the 79 savings banks stood at 246.3 billion won ($199 million) for the January-March quarter, compared with a profit of 206.3 billion won a year earlier, according to the data from the Financial Supervisory Service (FSS). Their interest income rose 14.2 percent on-year to 1.2 trillion won, while loan-loss pro

The Bank of Korea (BOK) will be prodded to further slash its key rate to support the virus-stricken economy, experts said Monday, but when it will push down the base rate to an unknown territory remains to be seen. In a poll conducted by Yonhap Infomax, the financial news arm of Yonhap News Agency, 12 out of 18 experts surveyed anticipated to see a rate cut this month. But all but one expected the BOK to cut the rate by a quarter percentage point before the end of September, according to the s

The Bank of Korea (BOK) is widely forecast to trim its policy rate this week amid the growing economic fallout from the new coronavirus outbreak, a poll showed Monday. Twelve out of 18 analysts surveyed in a poll by Yonhap Infomax, the financial news arm of Yonhap News Agency, forecast a rate cut this Thursday when the BOK monetary policy board holds its monthly rate-setting meeting. The central bank froze the benchmark rate at 0.75 percent in April after slashing it to a record low of 0.75 p