SEJONG -- The government and the business sector are closely watching indexes related to exports amid signs that the nation’s export volume is going downhill.Though yearly exports hit a record of more than $600 billion in 2018, monthly export growth on-year suffered a slowdown in November (4.5 percent) and posted negative in December (minus 1.2 percent) after achieving a 22.7 percent increase in October, according to the Korea Customs Service.The decline has continued at the begi

SEJONG -- South Korea began to seek free trade deals in 1999, when it started negotiations with Chile, its first partner for a free trade agreement that took effect in April 2004.Over the past 20 years, 15 FTAs between Korea and its counterparts have taken effect, with 52 partner countries in total. The 15 FTAs include those with three continental economic blocs: the European Free Trade Association (four countries), the Association of Southeast Asian Nations (10) and the European Union (28).Kore

Sales of cigarettes in South Korea fell 1.5 percent in 2018 from a year earlier, data from the Ministry of Economy and Finance showed.A total of 3.47 billion packs were purchased last year, down slightly from 3.52 billion packs. One pack contains 20 cigarettes.Sales in 2018 also saw a 20.4 percent decline from 2014, the year before the government raised the prices of cigarettes 80 percent from 2,500 won ($2) per pack to 4,500 won. In December 2016, the government started requiring tobacco compan

South Korean stocks are expected to make a modest upswing next week following relief rallies in recent sessions amid optimism over decent corporate performances this year, analysts said Saturday.    The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,177.73 points Friday, up 3.35 percent from a week earlier, to reach its highest point since Oct. 10, 2018.     The index started the week on a shaky note as investors took a breather on concern

South Korea's consumer sentiment rose for the second month in a row in January as hopes are high for the government's economic stimulus measures for the new year, a central bank poll showed Friday.The composite consumer sentiment index for this month stood at 97.5, up 0.6 point from a month earlier, according to the Bank of Korea. A reading below the long-term average of 100 means pessimists outnumber optimists.Last month, the index gained 1.2 points from a nearly two-year low of 95.7. The BOK s

Central bank maintains wait-and-see approach amid uncertainties

Land prices in South Korea rose nearly 4.6 percent in 2018 from a year earlier, the fastest clip in 12 years, government data showed Thursday.The country's land prices increased 4.58 percent on-year last year, compared with a 3.88 percent gain in 2017, according to the Ministry of Land, Infrastructure and Transport.The figure represents the largest on-year increase since the 5.61 percent expansion recorded in 2006.Land prices in Seoul and the adjacent Gyeonggi Province expanded 5.14 percent, up

Sales of Lotto tickets in South Korea reached an all-time high in 2018 at 3.97 trillion won ($3.5 billion), up 4.4 percent from the previous year, the Korea Lottery Commission said. But the growth rate was less than 6.5 percent in 2017 and 9.5 percent in 2016, due to a lack of new sales outlets.The previous record was in 2003, when 3.82 trillion won worth of Lotto tickets were sold on a buying frenzy sparked by a winner who took home a record prize of 40.7 billion won in April of the same y

Deputy PM unveils SOC budget spending plan to boost struggling domestic economy

The government will provide financial support for overseas construction and plant orders to shore up exports that are showing signs of weakening, Finance Minister Hong Nam-ki said Wednesday. Global trade disputes and China's economic slowdown are casting a shadow on South Korea's export-reliant economy. Exports dropped 14.6 percent on-year in the first 20 days of January.  "The government will actively offer financial support for firms to significantly increase their orders for oversea

GNI likely to have surpassed $31,000 per capita last year for the first time

The South Korean economy grew at the slowest pace in six years in 2018 as shrinking corporate investment weighed heavily on Asia's fourth-largest economy, central bank data showed Tuesday.The nation's economy expanded 2.7 percent on-year in 2018, slowing down from 3.1 percent the previous year, according to the advance estimate by the Bank of Korea. It is the most sluggish on-year growth since 2012, when the country pulled off 2.3 percent.But it met the BOK's earlier growth forecast of 2.7 perce

Trade Ministry ill at ease over Finance Ministry’s direct involvement in semiconductor export agenda

While South Koreans drink as frequently as they used to, the average volume of alcohol consumed on each occasion has dropped consistently, a survey showed. The survey of 2,000 adults conducted jointly last year by the Food Ministry and Korea Agro-Fisheries & Food Trade Corporation showed that consumers of alcoholic beverages drank an average of 8.8 days per month. Frequency of drinking was the same as the previous year.Respondents said they drank 6.3 cups of alcohol on each occasion, down fr

South Korea's trade minister will attend a meeting of the World Trade Organization this week to discuss its reform measures, his office said Monday. Kim Hyun-chong will visit Davos, Switzerland, on Thursday and Friday to join a 30-member ministerial meeting on ways to reform the embattled institution. The Swiss trade minister will host the gathering on the sidelines of the World Economic Forum in the resort town. Kim will attend talks to discuss measures to recover confidence in the multilateral