Two countries' top economic chiefs issue rare joint expression of concern against their currencies' rapid fall versus US dollar

A US-led Indo-Pacific agreement on supply chains went into effect in South Korea, Seoul's trade ministry said Wednesday. The Indo-Pacific Economic Framework was launched by US President Joe Biden in 2022, involving 14 member nations, including South Korea, the United States and Japan. "The government plans to come up with measures to utilize the IPEF, as the country needs a policy that supports the industrial supply chain," Trade Minister Cheong In-kyo told a meeting with corporat

Shinhan outpaces rivals with 20% market share

Finance leaders from South Korea, the United States and Japan were set to hold their first-ever trilateral meeting in Washington on Wednesday, to step up economic cooperation amid heightened geopolitical risks in the Middle East. Finance Minister Choi Sang-mok departed for the US on Tuesday to attend the three-way meeting, as well as a meeting of Group of 20 finance ministers and central bank presidents as part of the annual Spring Meetings between the International Monetary Fund and the World

The Korean won weakened to 1,400 won against the US dollar during trading hours Tuesday, marking a new 17-month low as the Korean economy faces headwinds from the escalating volatility in the Middle East. The local currency against the greenback closed at 1,394.5 won, losing its value by 10.5 won from the previous trading day. Shortly after trading began at 1,389.9 won, the rate weakened to 1,400 won to $1 at 11:32 a.m., marking the first time in 17 months for the currency exchange rate to hit t

The heightened geopolitical tensions from Iran's attack on Israel have cast gloom on Korea as well, bringing down local shares and leading to currency depreciation. While the Korean won has been losing its value against the US greenback in recent days with weakened anticipation on the US Federal Reserve taking a pivot in its monetary policy any time soon, the escalated volatility has led to further depreciation. The won weakened against the dollar on Monday, with the exchange rate closing a

The deputy chief of South Korea's financial regulator on Monday sought the support of Andreas Barckow, chief of the International Accounting Standard Board, for the country's efforts to secure a spot on the international board. Kim So-young, vice chairman of the Financial Services Commission, made the request in a meeting in Seoul. The IASB chief is on a visit to South Korea to take part in the International Forum of Accounting Standard Setters, set to be held Wednesday through Frida

The government will extend the tax cut on fuel consumption by an additional two months amid growing tensions in the Middle East, Finance Minister Choi Sang-mok said Monday. South Korea has applied a 25 percent discount on the consumption of gasoline and a 37 percent discount on the consumption of diesel and liquefied petroleum gas, which were supposed to expire at the end of this month. The government began implementing a fuel tax cut scheme in 2021 and has extended it eight times so far, with t

The South Korean government on Sunday announced heightened vigilance against potential domestic repercussions in light of the escalated tensions in the Middle East following Iran's attack on Israel. President Yoon Suk Yeol convened an emergency meeting with cabinet members and relevant government agencies to discuss strategies to respond to the the ongoing conflict between Iran and Israel. The meeting followed Iran's launch of drones and missiles into Israel early Sunday, apparently in

Korean won-US dollar exchange rate closes at 1,375.4 won, hitting 17-month high

The South Korean economy has largely been on a recovery track on the back of robust growth of exports and manufacturing production, but domestic demand remains weak and uncertainties have grown over global prices of raw materials, the finance ministry said Friday. "Our economy has seen an economic recovery centering on manufacturing output and exports while reporting a high level of employment," the Ministry of Economy and Finance said in the Green Book, its monthly economic assessment

Korean economy forecast to grow by 2.2% in 2024, 2.3% in 2025

Tax reform plans for corporations participating in value-up programs may struggle to clear parliamentary hurdle

South Korea's national debt surged by nearly 60 trillion won ($44 billion) last year, reaching a record high. According to a report on the 2023 national settlement of accounts approved at a Cabinet meeting, the country's national debt stood at 1,126.7 trillion won, up by 59.4 trillion won from 2022. The total includes 1,092.5 trillion won owed by the central government and 34.2 trillion won owed by provincial governments, increasing by 59.1 trillion won and 300 billion won, respectively, from th

South Korea's exports rose 21.6 percent on-year in the first 10 days of April on robust global demand for semiconductors, data showed Thursday. Outbound shipments reached $16.44 billion in the April 1-10 period, compared with $13.52 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports advanced 13.5 percent on-year to $2.19 billion. Imports grew 5.8 percent on-year to $18.4 billion during the period, resulting in a trade deficit of $2 billion.