South Korea's exports of protective masks surged nearly 23 times in February from a year earlier amid the global outbreak of the new coronavirus, data showed Thursday, although the volume is likely to plummet this month in line with the export ban. Outbound shipments of textile articles, which include masks, came to $157 million in February, up from $6.85 million a year earlier, according to the data compiled by the Korea International Trade Association. It also more than doubled from $7

 South Korea said Thursday it will take steps to counter a potential credit crunch in the capital market amid growing market jitters caused by the outbreak of the new coronavirus. "The government will swiftly take market stabilization steps under its contingency plans if needed, so businesses will not face difficulties in securing necessary funds," Vice Finance Minister Kim Yong-beom said after a meeting in Seoul to review the country's financial condition. The official said the

Economists say rate cut not the key, more active monetary, fiscal policies needed

Govt. induces banks to hold more dollars, offers additional support for transportation industries

  South Korean oil refiners will likely benefit from a crisis in the US shale industry sparked by plunging international crude prices, industry sources said Wednesday. A recent tumble in oil prices is projected to cut US shale oil firms' production sharply down the road, leading to a drop in supply from American producers and rising prices of petroleum products. According to the sources, Bloomberg New Energy Finance (BNEF) recently predicted US shale oil output to drop by 1 million barre

In an emergency response to the latest stock market plummeting in the United States, the South Korean government on Tuesday warned that the ongoing coronavirus pandemic could possibly expand into an “unprecedented” economic crisis. “We should take into account that the spread of COVID-19 may lead to an unprecedented complex crisis situation for both the real economy and the financial market,” said Kim Yong-beom, first vice minister of finance, in an urgent meeting wit

Calling COVID-19 pandemic impact ‘unprecedented,’ economists warn of potential credit crisis, urge authorities to find more room to intervene

South Korea's money supply continued to grow in January, partly on an increase in funds held by local households, central bank data showed Tuesday. The country's M2 came to 2,927.5 trillion won ($2.36 trillion) as of end-January, up 0.7 percent from a month earlier, according to preliminary data from the Bank of Korea (BOK). From a year earlier, the reading marks a 7.8 percent rise. M2 is a measure of the money supply that counts the currency in circulation, including bank debentures and dep

BOK should have held off on rate cuts in anticipation of unpredictable shocks

South Korea said Tuesday it will allocate 30 billion won ($24.2 million) to fishing businesses hit hard by the economic fallout from the global spread of the new coronavirus. The decision came amid a sharp decrease in the consumption of seafood from home and abroad due to the COVID-19 epidemic. South Korea said it will provide 20 billion won in loans with a low interest rate of 1.3 percent to local aquaculture households whose sales have tumbled by 15 percent or more in February from a month

South Korea's exports of farm goods to China fell 6.7 percent in the first two months of the year due to the spread of the novel coronavirus, government data showed Tuesday. Shipments of agricultural and livestock products to the neighboring country came to $138 million in the January-February period, compared with $148 million during the same period a year earlier, according to the data from the Ministry of Agriculture, Food and Rural Affairs. The cumulative decline follows a 22.5 percent o

Amid growing concerns over COVID-19, South Korea’s key interest rate plunged below 1 percent for the first time in history as the central bank cut it by 50 basis points to a record low of 0.75 percent. The decision came hours after the US Federal Reserve took the drastic step of slashing its benchmark interest rate to near zero to offset the economic fallout from the novel coronavirus. “The US Fed in recent days lowered its interest rate by 150 basis points, which was a swift mo

Emerging countries launched dozens of new investigations against goods from South Korea in line with growing protectionism around the globe, data showed Monday. Such countries accounted for 34 of the 41 new trade investigation cases against Asia's No. 4 economy in 2019, according to the data compiled by the Korea International Trade Association (KITA). The United States launched five new investigations against South Korea, with Australia and the European Union taking up one each. Emerging nat

The Bank of Korea will have no choice but to take all available measures to shield the local economy against further damage from the outbreak of the new coronavirus, including a base rate reduction, especially since the US Fed cut its own rates to nearly zero, analysts here said Monday. "The Bank of Korea too must now take steps due to the confusion in the local financial market," said Korea Investment & Securities analyst Ahn Jae-kyun. "Like the central banks of other majo

South Korea’s central bank is likely to convene an emergency meeting of its monetary policy board this week to slash its interest rates to a record-low of 1 percent, amid growing calls to beef up economic stimulus against the novel coronavirus outbreak. On Friday, Bank of Korea Gov. Lee Ju-yeol attended a special economic meeting related to coronavirus at Cheong Wa Dae, presided by President Moon Jae-in. Economy-related ministers including Deputy Prime Minister and Finance Minister Hong