South Korea's exports jumped 7.1 percent in October from a year earlier on the back of strong demand for semiconductors, ships and petrochemical products, government data showed Wednesday.Outbound shipments came to $45 billion for October, up from $41.9 billion tallied a year earlier, according to data compiled by the Ministry of Trade, Industry and Energy and the Korea Customs Service.It marked the 12th consecutive month that exports have grown, despite shorter working days in October. South Ko

While business outlook by companies in such countries as the US and China continue to be robust this year, South Korea’s business outlook remains weak, hovering below the benchmark for 18th consecutive month, a report by the Korea Economic Research Institute said Tuesday.The business survey sentiment for November remained dim at 96.5 for November, mainly due to an unbalanced growth in exports and sluggish domestic demand.An index below 100 means pessimists outnumber optimists.

US President Donald Trump may step up pressure to renegotiate the free trade deal with South Korea during his state visit here next week, Seoul's trade minister said Tuesday."There's a possibility that Trump will mention the need to cut the US trade deficit (with South Korea)," Trade Minister Kim Hyun-chong said during a parliamentary audit, ahead of Trump's visit scheduled on Nov. 7-8.When asked whether Trump may touch on specific sectors, such as auto and steel, Kim said: "We ar

The announcement Tuesday from Seoul and Beijing that they will try to put their relations back on track raised hopes among local businesses that have relied on Chinese consumers to generate growth.Chinese tourists had fueled the growth of local industries, from retailers to duty-free shops, airlines and the food sector.Last year, before the diplomatic crisis erupted in earnest between the two neighboring countries, 8.06 million, or 46.8 percent, of the 17.2 million foreign travelers who came to

South Korean companies are stepping up campaigns to promote their products and brand awareness as the countdown begins in earnest for the Pyeongchang Olympics. Chip giant Samsung Electronics Co. and top carmaker Hyundai Motor Co. are leading others by offering customers an opportunity to try their advanced technologies. Samsung Electronics has recently given visitors the chance to experience the thrill of ski jumping and participate in the Olympic torch relay through virtual reality and augmente

South Korea has logged a better-than-expected economic growth rate of 3.6 percent in the third quarter this year on-year, marking the highest index in three years and six months, according to Bank of Korea.Particularly in comparison with the growth rate of China, the gap between the two indices has become the smallest in 15 years, statistics gathered by Bloomberg showed, as China’s economy enters the “new normal” state, shifting from high-speed growth.Experts, however, noted th

South Korean companies should brace for the sophistication of China’s economic structure that will be accelerated during Xi Jinping’s second five-year term as Chinese leader, economists here say.The possible easing of China’s economic retaliation against South Korea over the latter’s hosting of a US anti-missile system could not mask fundamental challenges facing them in the Chinese market.Guarded optimism has been raised here that Beijing will ease retaliatory measures f

President Moon Jae-in on Monday urged business and labor circles to join efforts to forge a grand social consensus to ensure the country's sustainable and inclusive growth."Reaching a social consensus on economic and labor policies is not an easy task, but one we must achieve," Moon said while meeting with his top aides at the presidential office Cheong Wa Dae.The president noted that Asia's fourth-largest economy was expected to grow 3 percent this year, thanks partly to the 11 trilli

Corporate money from South Korea amounting to 594 trillion won ($527.53 billion) has gone to tax havens over the past nine years, official data showed Monday.Figures compiled from multiple sources, including the National Tax Service and the Bank of Korea, said slightly over 594.08 trillion won was sent to tax haven countries from 2008 to 2016. The Cayman Islands, the Virgin Islands, the Bahamas, Bermuda and Lichtenstein were some of the destinations, according to the data. Of the money transferr

Local banks are on alert as the government tightens the screw on mortgage loans that has contributed to their profits, financial industry insiders said Monday.The Moon Jae-in administration took a series of steps since taking office in May to tame real estate speculation. It placed nearly all major cities under heavy watch for speculative transactions and limited available loans using homes as collateral while linking such loans more strictly to borrowers' ability to repay. The Moon government a

South Korea’s China-sensitive stocks are recently showing signs of rebounding, as diplomatic tensions intensified by the installment of an advanced US anti-missile system here appears to be gradually settling.Riding on the resumption of Chinese group tours and an improved bilateral relationship signaled by the extension of a currency swap are the automobile, cosmetics, duty-free shop and travel sectors. South Korean shares are expected to test the landmark 2,500 level this week, with the m

Nearly 57 percent of those aged between 20 and 34 remain economically dependent on their parents even after reaching adulthood, showed a report released during a conference held by the Korea Labor Institute.The report pointed out that these group tend to have a negative perception of society.Another report showed that among those aged 15-29, nearly 17 percent were not in employment, education or training.The ratio was 5 percentage points higher than the OECD average of 13.9 percent.The conferenc

South Korea's finance minister on Friday highlighted ongoing government efforts to address security risks and a set of structural problems such as economic polarization so as to spur growth.Finance Minister Kim Dong-yeon, who doubles as the deputy prime minister for economic affairs, made the remarks during a meeting with former high-ranking officials, which was arranged to listen to their advice on how to revitalize Asia's fourth-largest economy. "We have been striving to address structura

Semiconductors export shares accounted for more than 16 percent of Korea‘s annual exports for the year, a record high for the industry, according to industry data on Friday. 　Led by Samsung Electronics and SK hynix, the world’s leading chipmakers, the data showed that chip exports reached $70.4 billion from January to September, an increase of 55.6 percent compared to last year. The figure accounts for 16.4 percent of Korea’s total exports of roughly $430.1 billion, representin

Amid easing political tensions between Washington and Pyeongyang, South Korea’s consumer sentiment figures have rebounded in October, according to a survey by the Bank of Korea on Friday. The composite consumer sentiment index for October climbed to 109.2, marking a 1.5-point increase compared to September, the data shows. A reading above 100 means that more companies are expressing optimism over negative sentiments. During June and July, the index reached 111.1 and 111.2, respectively. Ho