South Korean companies are urged to redouble efforts to expand into Africa's rapidly growing consumer goods markets to secure a new growth driver, a state-run trade promotion agency said Tuesday.In a report, the Korea Trade-Investment Promotion Agency said domestic trading companies need to forge ties with African sales networks and online shopping malls to develop localized products and promote them to woo local customers.  "The African population, currently at 1.2 billion, will likel

A majority of South Korean exporters expect their business conditions to improve in the third quarter from three months earlier thanks to a global economic recovery, a poll showed Tuesday.The Korea International Trade Association said its export business survey index of 833 exporting companies reached 116.6 for the July-September period, up from 106 for the current quarter.It marks the second consecutive quarter that the EBSI has exceeded the benchmark 100 level. A reading above 100 means optimi

South Korea's current account surplus dropped slightly in 2016 from a year earlier due mainly to decreased exports, data by the central bank showed Tuesday.The current account surplus came to $98.68 billion in 2016, compared with $105.94 billion a year earlier, according to preliminary estimates released by the Bank of Korea.By country, South Korea's current account surplus with the United States fell to $31.15 billion in 2016 from $33.03 billion a year earlier. The 2016 figure marked the lowest

South Korea's state-controlled banks issued an ultimatum Tuesday urging Kumho Asiana Group to make a concession to resolve a dispute over the usage fee of the Kumho Tire brand with China's Qingdao Doublestar Co. At a meeting of shareholders, creditors threatened to "reconsider" financial ties with the group if a deal to sell Kumho Tire to the Chinese company falls through. Creditors, including the Korea Development Bank, also plan to force Kumho Asiana Chairman Park Sam-koo to revoke t

The fruit price index soared to the highest level in four years last month, government data showed Tuesday, caused by unseasonably high temperatures that affected output.The index of the prices of 15 major fruits, including apples, pears, grapes, strawberries and tangerines, surged to 118.15 in May, the highest since May 2013, when the figure stood at 118.18, data by Statistics Korea showed. The index is calculated by comparing the prices with a base figure of 100 set in 2015. The number has mov

The ICT ministry said Monday it is pushing to expand the discount rate of household communication fees, such as mobile phone rates, as the expenditures on telecommunication services are viewed as a burden for many South Korean consumers.The plan by the Ministry of Science, ICT and Future Planning was announced during a regular briefing to President Moon Jae-in's policy advisory panel, the State Affairs Planning Advisory Committee.The two sides discussed ways to expand the discount rate from the

The government said Monday it would apply stricter lending regulations on homes in Seoul and parts of Busan to curb real estate speculation and reduce household debt.　The announcement was made jointly by the Ministry of Strategy and Finance, the Financial Services Commission and the Ministry of Construction and Transportation. 　The new regulations, which are set to take effect on July 3, stipulates that the loan-to-value ratio in Seoul, Gyeonggi Province, Sejong and selected areas in Busan are t

TVs with 50-59 inch display panels are expected to account for more than 50 percent of the global TV market this year, industry data showed Monday, indicating an industry trend toward larger-sized TV panels.According to the data compiled by industry tracker IHS, the share of such big-screen TVs is forecast to reach 51.7 percent this year, exceeding the estimated share of 35.3 percent by models with 40-49 inch panels.After the 50-59 inch segment, 60-69 inch TV panels have great potential to becom

SEOGWIPO, Jeju Province -- The Asian Infrastructure Investment Bank may finance infrastructure projects for North Korea, if its board of directors agree to it, the head of the China-led multinational lender said Saturday.According to the bank’s articles of agreement, it will invest in its member countries, and whether there is any need or necessity to invest in a nonmember country is the decision of the board of governors, said AIIB President Jin Liqun at a press conference held to wrap up

Led by memory chips, petrochemical products and machineries, South Korea's exports to China increased in April for the sixth consecutive month despite Beijing's apparent import restrictions over a diplomatic row, according to data released Sunday.The Korea Trade-Investment Promotion Agency (KOTRA) said that the nation's shipments to the neighbor country jumped 10.2 percent in the month from one year before. Its imports from China also increased 14.4 percent year-on-year. Bilateral trade has cont

The export of South Korean chickens has effectively come to a halt this year, apparently hit by the spread of avian influenza, government data showed Saturday. The outbound shipment of chickens reached only 139 tons between January and May, down 98.8 percent on-year, according to the Ministry of Agriculture, Food and Rural Affairs. It means the country's chicken exports have virtually been suspended. The value of total exports over the five months plunged 97.6 percent to $300,000, from $12.67 mi

President Moon urges sustainable, people-focused investment

South Korea's won currency is likely to remain steady for the time being, despite US Federal Reserve's move to tighten its monetary policy, analysts here said Friday. The won has risen 6.9 percent against the US dollar so far this year, and the local currency market showed a muted reaction after the Fed raised interest rates by 25 basis points as expected. The won's strength was mainly due to the US dollar's steady decline over uncertainties surrounding US President Donald Trump's fiscal policy.

South Korea's export prices fell slightly in May from a month earlier due to the strong won and a drop in oil prices, central bank data showed Friday.In local currency terms, overall export prices fell 1 percent month-on-month in May, according to preliminary data provided by the Bank of Korea. Still, year-on-year, export prices jumped 5.3 percent last month, marking the seventh consecutive month of gains.The dollar came to an average of 1,125.28 won during the month, down 0.7 percent from April