South Korea's trade surplus in chips more than doubled in the first seven months from a year earlier, data showed Thursday, casting concern over the country's excessive dependency on the industry.According to industry data, the country's semiconductor surplus through July came to $28.8 billion, rising sharply from $12.6 billion in the same period in 2016. The latest numbers already beat the combined surplus of $25.6 billion posted for 2016.By sector, memory chips accounted for $27.1 billion won,

South Korea’s gross domestic product ranked 11th in the world in 2016, with its per capita income based on purchasing power remaining unchanged, data from the World Bank showed Wednesday.The country’s global standing remained unchanged from the previous year.GDP refers to the total value of goods and services produced within the economy. Aside from ranking 10th in 2005, Korea’s GDP had stayed below the 11th rank for 11 straight years.Korea’s gross national income per capi

Concerns have been raised that Korea’s long-term fiscal soundness will be undermined by President Moon Jae-in’s policies that are set to be accompanied by a sharp rise in government spending.His administration has made clear it will expand annual fiscal expenditure at a faster pace than the country’s nominal economic growth rate, which is equal to real growth rate plus inflation.On his campaign trail, Moon pledged to increase government spending by at least 7 percent annually t

Amid the government’s continued struggle to tackle Korea’s high unemployment rate, the number of newly employed individuals reached 26.9 million last month, up 313,000 from the previous month, according to data released by Statistics Korea on Wednesday. 　It was the sixth consecutive month that the newly employed figure exceeded more than 300,000 on-month. July’s figure was also 15,000 more than the same month last year.　The number of newly employed surged by 243,000 in January,

Volatility in South Korea's currency markets rose in July from a month earlier, though the stability of the global financial markets continued, the central bank said Wednesday.The session-over-session changes in the dollar-won exchange rates averaged 0.42 percent in July, compared with 0.28 percent a month earlier, the Bank of Korea said in a statement. "The won has fallen slightly against the dollar since July due to geopolitical risks" stemming from North Korea's missile and nuclear

The money supply in South Korea jumped 5.9 percent in June from a year earlier, the central bank said Wednesday.The nation's M2 totaled 2,470.8 trillion won ($2.17 trillion) in June, compared to 2,334.2 trillion won a year earlier, the Bank of Korea said in a statement.The money supply gained 0.4 percent on-month, the statement said.The growth rate of the money supply has been on the decline since October 2015 as companies decreased domestic credit.M2 is a measure of the money supply counting th

South Korea's household loans extended by banks rose 9.4 percent in July from a year earlier due to increased mortgages, central bank data showed Wednesday.Outstanding household loans from lenders came to 737.7 trillion won ($650 billion) as of the end of last month, compared with 673.7 trillion won from a year earlier, according to the data from the Bank of Korea.Compared with June, the amount rose by 6.7 trillion won. Mortgages climbed 4.8 trillion won on-month to 554.6 trillion won in July du

South Korea's top financial regulator on Wednesday unveiled details of upcoming ordinances that will require insurers to gradually increase their capital reserves from December to help them better cope with changes in global accounting rules.The Financial Services Commission will also ease some requirements on risk-based capital ratios for insurers to help them comply with the rules under the new ordinances, which will take effect from Dec. 1.  South Korea is one of more than 100 nations th

South Korea's tax office said Wednesday that it has launched a probe into 286 people suspected of evading taxes through illegal real estate transactions as part of the government's drive to curb property market speculation.Last week, the government announced stricter measures to stabilize the country's overheated housing market around the capital city of Seoul and its surrounding areas. It imposed an effective ban on bank loans given to multiple-home owners and forbid people from reselling an ap

South Korea's finance chief said Wednesday that the government is keeping close tabs on the local financial market following the latest North Korean provocations, but predicted only a limited impact."We are watching the market around-the-clock, but its impact seems to be limited," Finance Minister Kim Dong-yeon said in a meeting with economy-related ministers in central Seoul. "We are mapping out plans for various scenarios."Geopolitical risks over North Korea's missile and n

The US-proposed meeting of a joint committee on the South Korea-US free trade agreement to discuss possible changes to the trade pact will likely be delayed due to time needed for Seoul's new top FTA negotiator to prepare, a government official said Wednesday."No date or time has been set for the meeting," the official told Yonhap News Agency, speaking on condition of anonymity.In a letter, dated July 12, US Trade Representative Robert Lighthizer asked for the meeting to be held to con

No new trade restrictions against South Korean products were reported in July, but it is premature to say the global protectionist trend has weakened, a local trade body said Wednesday.According to the Korea International Trade Association, July was the second month this year that no new trade barriers were erected against South Korean goods by importing countries. The last time was in January.There was one new restriction in February, two in March, five in April and May, and eight in June. KITA

South Korea's gross domestic product ranked 11th worldwide in 2016, with its per capita income based on purchasing power remaining unchanged, data showed Wednesday.The country's GDP stood at $1.41 trillion last year, with its global standing remaining flat from the previous year, according to the data from the World Bank.GDP, the broadest measure of an economy's performance, refers to the total value of goods and services produced within the economy in a given period. South Korea's GDP placed 10

South Korea's jobless rate remained unchanged in July from a year earlier amid some signs of recovery in the manufacturing sector, government data showed Wednesday.The unemployment rate stood at 3.5 percent last month, staying flat from the same month last year, according to the report compiled by Statistics Korea. From a month earlier, it dropped 0.3 percentage point.The number of employed people reached 26.92 million in July, up 313,000 from a year earlier, compared with a five-month low of a

South Korean goods are losing their presence in one of their largest overseas market, China, with the products taking up 9.4 percent of China’s import market in the first half of the year, the lowest since 2014, data from the Korea International Trade Association showed.The proportion was 10.4 percent and 10 percent in 2015 and 2016, respectively, until South Korean exporters were hit by Beijing’s alleged economic retaliation, such as boycotts and stronger regulatory inspections, upo