South Korea's trade terms continued to worsen from a year earlier in December, largely due to export prices falling at a faster rate than import prices, but the rate of decline in export prices slowed to a 13-month low, central bank data showed Wednesday. The terms of trade index for products came to 91.09 in the month, down 2.6 percent from a year earlier, according to preliminary data from the Bank of Korea. The trade terms index measures the amount of imports a country can purchase for eac

Business sentiment about the immediate future in South Korea remains weak due to uncertainties at home and abroad, a local think tank said Wednesday. The business survey index of the country's top 600 companies by sales came to 92 for February, slightly up from the 89.3 recorded for this month but below the benchmark 100, according to the Korea Economic Research Institute. A reading below 100 means pessimists outnumber optimists, while a figure above the benchmark means the opposite. "T

Britain's separation from the European Union slated for later this week is unlikely to have a direct impact on its bilateral trade ties with South Korea, as the two have already signed a back-up agreement, industry watchers said Wednesday. London is widely expected to depart from the EU, the world's single largest economic bloc, on Friday. Major economies around the globe, including Asia's No. 4 economy, have been closely monitoring London's divorce from the EU, as the separation would mean

South Korea's exports are expected to drop 7.5 percent on-year in January to extend their slump to 14 consecutive months despite a mild recovery in chip shipments, a poll showed Wednesday, due mainly to there being fewer working days compared to a year earlier. Outbound shipments are estimated to reach $42.7 billion this month, according to the poll by Yonhap Infomax, the financial news arm of Yonhap News Agency. The survey was carried out on 10 local brokerage houses. The country's trade sur

South Korea's consumer sentiment improved sharply from a month earlier in January, central bank data showed Wednesday, amid outlooks that the country's economic conditions will improve down the road. The composite consumer sentiment index came to 104.2 for the month, up from 100.5 for the previous month, according to the data from the Bank of Korea. The reading marks the highest since June 2018, as well as the largest on-month gain since September 2019, when the index jumped 4.6 points from a

Fiscal chief vows to monitor economic impact of the coronavirus outbreak, draw on W2tr reserves if necessary

South Korean companies' equity and debt sales rose 3.3 percent on-year in 2019 due mainly to a rise in corporate bond issuance, data showed Tuesday. Local companies raised 175.49 trillion won ($149 billion) by selling stocks and bonds last year, compared with 169.8 trillion won in the previous year, according to the data from the Financial Supervisory Service. The surge is attributable to the 5.8 percent on-year growth in the value of corporate bonds issued, including bank bonds and asset-bac

South Korea's potential economic growth rate may have permanently been reduced, apparently because of a steady decline in its workforce and productivity, according to an OECD report Tuesday. According to the report, South Korea's potential growth rate for the year is estimated at 2.5 percent, down 0.2 percentage point from a year earlier. A potential growth rate refers to the maximum possible rate an economy can grow without triggering inflation. South Korea's rate has been on a steady decli

South Korea said Tuesday it plans to hold the fifth round of talks with the Philippines on a bilateral free trade agreement this week, with a goal of concluding the deal this year. During the three-day negotiation that begins in Manila on Wednesday, the two countries plan to set details of the articles of the agreement, according to the Ministry of Trade, Industry and Energy. Seoul and Manila launched their free trade negotiations in June last year. In November, the two countries agreed to c

South Korea said Tuesday it would spare no efforts to tackle with potential economic fallout from the Wuhan coronavirus, while vowing to take steps, if necessary, to minimize any negative impact. "We are closely examining the impact of the spread (of the virus) in China on its consumption and production, along with the global economy and our exports," Finance Minister Hong Nam-ki said during an emergency meeting held with related ministries. "For now, it has had a limited impac

About 3.3 million Koreans de facto out of work

Critics say latest housing rules will keep market prices high, aggravate social divide between the haves and the have-nots

South Korea's official land prices grew less than 4 percent in 2019, data showed Monday, expanding at a slower pace than the previous year for the first time since 2013. The country's land prices increased 3.92 percent on-year in 2019, slowing from a 4.58 percent gain in 2018, according to the Ministry of Land, Infrastructure and Transport. Land prices in Seoul posted the highest growth at 5.29 percent, followed by the administrative town of Sejong, 130 kilometers south of the capital city, w

South Korea's economy is expected to rebound this year from the slowest growth in a decade last year, but it may continue to face many economic headwinds, including sluggish demands at home and abroad, analysts said Monday. Asia's fourth-largest economy grew 2 percent from a year earlier in 2019, the slowest since 2009, as its exports and facility investment remained weak, the Bank of Korea said last week. Earlier, the country's finance ministry expected the economy to grow in the lower 2 per

Woori Financial Group, a major South Korean banking group, plans to shortlist new CEO candidates for its flagship banking unit next week, a company official has said.Woori Financial has selected seven candidates for the top post at Woori Bank. It declined to identify them because the process is under way.The successful candidate will begin a two-year term as Woori Bank‘s CEO if approved at Woori Bank’s general shareholders‘ meeting in March, the official said.Woori Bank, South