Consumption of gasoline and diesel fuel in South Korea hit a quarterly record high in the second quarter on falling oil prices, government data showed Monday.During the April-June period, 19.95 million barrels of gasoline were consumed, up 3.6 percent from a year earlier, according to the data released by the Ministry of Trade, Industry and Energy.Sales of diesel also rose 3.8 percent on-year to 43.17 million barrels over the same period. The latest numbers for both fuels marked the highest quar

South Korea’s per capita gross domestic product is expected to exceed $30,000 in 2018, raising its global ranking by two steps, the government predicted based on data.According to data released Sunday by the International Monetary Fund on 190 countries, South Korea’s per capita GDP stood at $27,633 as of October 2016. The Ministry of Strategy and Finance claimed that the figure will reach $29,200 this year and rise up to $30,353 in the following year.Should the prediction be met, the

Exports of fishery products rose for the 15th month in a row last month helped by a sharp rise in shipments of laver, the Ministry of Oceans and Fisheries said Sunday.Fishery product shipments reached $210 million in July, up 6.3 percent from a year earlier.Exports of fishery products have been on the rise since May last year. Outbound shipments of fishery goods surged 11.1 percent on-year to $1.33 billion for the first seven months this year from $1.2 billion in the same period in 2016.Laver re

South Korea reached an agreement with Australia that will allow its commercially grown grapes to be exported to the Oceania country, the government said Sunday.The Animal and Plant Quarantine Agency said Canberra has agreed to ease quarantine inspections of the Campbell Early type of grapes, which effectively translates into the easing of restrictions on all outbound shipments of the fruit. Under existing rules only nine cities and counties in South Korea were allow to export grapes to Australia

South Korea's maximum interest rate that private lenders can charge customers will be lowered to 24 percent per annum from January 2018, the nation's financial regulator said Sunday. In a statement, the Financial Services Commission said it will promulgate an ordinance in October to lower the maximum legal lending rate with the change to come into force after a three-month grade period.  The move is aimed at helping ease interest rate burdens for desperate borrowers, according to the FSC. C

The number of South Koreans traveling to China plunged from April through June of this year amid the diplomatic row over Seoul's decision to deploy US anti-missile defense systems on its soil, tourism industry data showed Sunday. The total visitors going to China fell by 50 to 60 percent in the quarter compared with the year before, which roughly coincides with Beijing ordering its travel agencies to stop selling group tours to South Korea in mid-March, Hana Tour and Mode Tour said. China has al

Operating profits of companies listed on South Korea's benchmark KOSPI are expected to reach nearly 200 trillion won ($177.6 billion) for 2017 amid the recent stock rally, a survey showed Sunday.Local brokerages forecast that KOSPI-listed firms will post a combined 193 trillion won in operating profit for this year, up 29 percent from last year's 160 trillion won, according to the poll by FN Guide, a market research firm.It beat the earlier projection of 172 trillion won set in the beginning of

South Korea's per capita gross domestic is expected to edge past Italy's in 2018, the government predicted Sunday, based on growth forecast data. The prediction, if it is met, will place the country's per capita GDP at slightly more than $30,000 and just over that of the European country. South Korea was ranked 29th worldwide, with Italy standing at 27th as of October 2016, the government said.The data is based on reports released by the International Monetary Fund that ranked 190 countries, wit

South Korea’s jobless rate is likely to remain unchanged at 3.8 percent in July, a leading provider of economic analysis said Saturday, citing government stimulus measures.“The labor market is on the mend at the hand of strengthening domestic demand as generous government stimulus measures begin to reduce the chronically high youth unemployment and improve welfare payments,” Moody’s Analytics said in an economic preview.It said consumer and business sentiments have alread

South Korea’s agricultural and fisheries shipments to China fell in July for the fourth consecutive month amid the ongoing diplomatic dispute between Seoul and Beijing over the deployment of a US anti-missile system here, data showed Friday.South Korean agricultural and fisheries goods exported to China were estimated at $111 million in July, an 11.2 percent decrease from $125 million during the same period last year, according to data from the state-run Agro-Fisheries and Food Trade Corp.

Credit-card spending by individuals rose 11.2 percent on-year in the second quarter, as a long holiday and hot weather boosted demand for air conditioners and other consumer goods, industry data showed Friday. According to the data by the Credit Finance Association, credit-card spending by individuals stood at 150 trillion won ($133.3 billion) for the April-June period, the highest quarterly spending tallied so far. The use of credit cards increased in part to people taking trips that require pa

South Korea's real estate investors may move their money to the stock market following tough government measures to cool the overheating housing market, analysts said Friday.In a desperate bid to rein in soaring apartment prices, the government unveiled a package of measures Wednesday, including the designation of areas under close state scrutiny, tougher mortgage rules and heavier capital gains taxes. The measures also restrict the resell of rights to buy new apartments, which have been cited a

Naver maintained the top spot in terms of internet display advertisement sales in the first half of this year, according to data from MezzoMedia, a digital marketing agency under CJ E&M.As for online video advertisements, Google’s YouTube and Facebook took 60 percent of total revenue.Display ads include banner advertisements that pop up on websites and apps.

South Korea's stricter lending rules will likely affect about 400,000 potential mortgage borrowers in "speculative districts" in Seoul and the administrative capital of Sejong in the second half of the year, officials said Thursday. In its latest bid to rein in the overheating housing market, the government Wednesday designated all 25 wards in Seoul and two cities -- Sejong and Gwacheon, south of Seoul -- as "speculative or overheated speculative districts." In particular, 11