South Korea's exports fell 2.6 percent in the first 10 days of July mainly due to decreased shipments of semiconductors, one of the country's key items, customs data showed Thursday.The country's exports stood at $13.6 billion in the July 1-10 period, compared with $13.9 billion in the same period last year, according to the Korea Customs Service.  By product, exports of semiconductors and petroleum products fell 25 percent and 3 percent, respectively.Meanwhile, outbound shipments of passen

Prime Minister Lee Nak-yon said Wednesday the government will seek parliamentary approval for more than 120 billion won (US$101 million) in extra budgetary funds to cope with the impact of Japan's recent restrictions on exports of high-tech materials."The government plans to politely request at least 120 billion won from the National Assembly for an early implementation (of the necessary measures)," the prime minister said in a parliamentary interpellation session. "I hope the opp

Global rating agency Standard & Poor's has sharply slashed its growth forecast for South Korea's economy this year to 2 percent due to rising uncertainty about the global trade outlook and weaker consumption.The latest estimate represented a sharp downward revision from its previous forecast of 2.4 percent in April.S&P said high inventories, particularly in the electronics sector, and rising uncertainty about the global trade outlook will continue to weigh down production and private inv

Country adds 281,000 jobs on-year, but also faces record-high jobless population

Caught in the crossfire of the China-US trade war, export-reliant South Korea saw a steep decline in overseas shipments, and a consequent decline in the wealth among the members of the rich-list, Forbes said Wednesday.A total of 37 list members saw their net worth take a hit in the volatile economic environment. The combined net worth of Korea’s 50 richest declined 17 percent to $110 billion from $132 billion a year ago, the magazine said citing the latest Forbes Rich List.With the slump i

South Korea's jobless rate rose to 4 percent in June from a year earlier, and job additions again exceeded the 200,000 mark, government data showed Wednesday.The unemployment rate increased 0.3 percentage point on-year.The jobless rate marked the highest level for any June since 1999, when the corresponding figure stood at 6.7 percent.The number of employed people reached 27.4 million in June, a rise of 281,000 from the same month in 2018, according to the data compiled by Statistics Korea. The

Representatives of labor and management are escalating a feud over whether to increase the nation's legal minimum wage next year ahead of their final negotiations at the Minimum Wage Commission.The 27-member Minimum Wage Commission, a trilateral panel composed of nine representatives each from labor, management and the general public, was to begin its final round of negotiations at the Sejong Government Complex in Sejong on Tuesday before setting the hourly minimum wage for 2020 on Thursday. But

Global rating agency Moody's Investors Service said Monday that it is maintaining its rating on South Korea at "Aa2" with a stable rating outlook.  Moody's rating for Asia's fourth largest economy has been Aa2, the third-highest level on the company's table, since 2015, when the rating agency upgraded it from Aa3.  "The Government of Korea's (Aa2 stable) credit profile balances the country's very strong economic and fiscal fundamentals against high exposure to event

The total assets under management by South Korea's state pension fund exceeded the 700 trillion won ($596 billion) mark for the first time three decades after its birth, data showed Monday.The milestone comes 31 years after Asia's fourth-largest economy launched the income support program with its assets being equivalent to 37 percent of the country's gross domestic product, according to the data compiled by the National Pension Service, the fund's operator.As of Friday, the fund's assets stood

South Korea's finance minister on Monday pressed Japan to withdraw its export restrictions on key semiconductor materials as the Japanese move could have a negative impact on the global economy.Hong Nam-ki, the minister of economy and finance, said Japan's export restrictions run counter to the principles of the World Trade Organization.The comments came days after Japan began to tighten regulations on exports to South Korea of high-tech materials essential for the production of semiconductors a

Sales of South Korea's corporate bonds hit a record high in the first half of the year, as low interest rates prompted companies to sell more debt, data showed Monday.  The corporate debts floated in the January-June period, including bank bonds and asset-backed securities, stood at 48.8 trillion won ($41.5 billion), up 12.7 percent from a year ago, according to the data by the Korea Financial Investment Association.  It was the largest corporate offerings on a half-year basis, th

Management in Korea is a regular column written by representatives of Egon Zehnder Seoul. It touches on various topics concerning Korean enterprises and business leaders and offers management tips. -- Ed.Chaebol played a critical role in South Korea’s recovery after the Korean War and then in enabling the nation to become an economic powerhouse. But to remain competitive in today’s environment, it is essential for Korea to also have vibrant small and midsized businesses to drive inno

　With housing prices in Seoul showing clear signs of rebounding, the government is considering taking steps to rein in the overheated market.　Officials at the Ministry of Land, Infrastructure and Transport said Sunday that the ministry will intervene if housing prices in Seoul grow faster than expected on the basis of government projections. 　According to the Korea Appraisal Board last Monday, Seoul apartment prices had increased 0.02 percent from a week before, ending a downward trend that went

South Korea’s top fiscal policymaker said Friday he is likely to meet the top executives of Samsung Group and other ranking conglomerates to address Japan’s export restrictions.“There seems to be no reason why I shouldn’t meet (with them),” said Deputy Prime Minister and Finance Minister Hong Nam-ki.“I shall confirm (the details) after discussing (the possibility of the meeting) with Cheong Wa Dae.” The remarks came in answer to the reporters’

　South Korea on Thursday delivered a stern warning to Japan regarding restrictions on exports of high-tech materials to Korea, calling Japan’s decision a breach of international law and vowing “corresponding steps” if necessary. 　“Japan’s export restrictions are a form of political retaliation that violate international law,” the National Security Council of the presidential office Cheong Wa Dae said in a press release.　In the meeting, chaired by Presidential