South Korea on Monday began annual consultation meetings with global rating appraiser Standard & Poor's Global Ratings (S&P) to discuss the country's credit valuation and economic circumstances, the finance ministry said. The delegation, led by Kim Eng Tan, senior director of Asia-Pacific sovereign ratings at S&P, is visiting South Korea for three days of consultations through Wednesday, according to the Ministry of Economy and Finance. The delegation paid a courtesy visit

Gasoline and diesel prices are displayed at a gas station in Seoul on Sunday, as diesel averaged over 1,600 won ($1.2) per liter, marking a six-month high following seven continuous weeks of rising gas prices. (Yonhap)

The on-year growth in consumer prices is likely to bounce back to the 3 percent range from this month due to the spike in international oil prices. While inflation in Korea has been easing off this year, the Finance Ministry expects it to climb back, reaching the 3 percent range before coming down again in October. Korea's on-year growth in consumer prices has been showing signs of slowing down this year. It came down to 4.8 percent in February from 5.2 percent in January, and stayed in the

South Korea's exports of fisheries products fell more than 10 percent on-year during the first seven months of 2023, data showed Sunday. Outbound shipments of marine products came to $1.75 billion in the January-July period, down 11.5 percent from a year earlier, according to the data by the Korea Agro-Fisheries & Food Trade Corp. (aT). Global sales of major fisheries goods suffered a decline, with exports of tuna skidding 21.1 percent to $322 million and those of pollack sinking 82.8 p

China’s lifting of group tours to South Korea is estimated to lead to 800,000 more travelers and raise Korea’s gross domestic product by 0.06 percent this year, the Bank of Korea said Friday. The resumption of group tours is expected to have a significant impact on the recovery of Chinese tourists visiting Korea, considering that about 40 percent of all Chinese tourists were group tourists before the restrictions were put in place, according to an economic outlook report released b

Central bank cuts economic growth rate for 2024, considering slowdown in Chinese economy

The Bank of Korea on Thursday kept its policy rate unchanged at 3.5 percent, holding it for the fifth consecutive time since February. Recent economic indicators show inflation could rebound within this year as the base effect from last year’s dip in international oil prices wears off. Oil prices have been on the rise recently, too, adding to the growing inflationary pressure on the Korean economy, which heavily dependent on energy imports. Chinese deflation and default risks from its real

South Korea's business sentiment fell to the lowest level in six months in August amid continued uncertainties over the economy and monetary tightening here and abroad, a central bank poll showed Wednesday. Manufacturers' business sentiment index for August came to 67, down from 72 tallied for the previous month, according to the survey by the Bank of Korea. The index marks the lowest since February this year, when the comparable reading was 63. The index measures corporate prospects f

Corporate direct financing in South Korea contracted 32.8 percent in July from the previous month, data showed Wednesday. Local companies raised a combined 16.07 trillion won ($12.03 billion) by selling stocks and bonds last month, down 7.85 trillion won from June, according to the Financial Supervisory Service. Direct financing refers to raising funds directly from the stock and bond markets without borrowing from banks and other financial institutions. Stock sales shot up 58.6 percent on-month

South Korea's exports fell 16.5 percent on-year in the first 20 days of August due to sluggish shipments of chips and petroleum products, data showed Monday. The country's outbound shipments reached $27.9 billion in the Aug. 1-20 period, compared with $33.3 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports fell 27.9 percent on-year to $31.4 billion during the period, resulting in a trade deficit of $3.6 billion. South Korea's exports fel

No immediate turnaround in slowing exports despite efforts to derisk from China

South Korea's finance ministry said Friday it plans to closely monitor consumer prices of key items ahead of the Chuseok holiday amid lingering economic uncertainties. "We plan to thoroughly manage the supply of highly demanded products for Chuseok, and roll out various promotional events under ties with the retail sector," First Vice Finance Minister Bang Ki-sun said during a meeting with economy-related vice ministers. The Chuseok holiday, the autumn harvest celebration, falls i

South Korea's car exports jumped 15 percent on-year in July on the back of solid global demand for eco-friendly cars, the industry ministry said Thursday. The value of outbound shipments of automobiles came to $5.9 billion last month, compared with $5.14 billion a year earlier, according to data from the Ministry of Trade, Industry and Energy. It is the highest figure for any July, it added. During the first seven months of 2023, auto exports surged 41 percent on-year to $41.55 billion, and

South Korea's import prices rose in July largely due to the higher price of crude oil, central bank data showed Thursday. The import price index rose 0.4 percent last month from a month earlier, following a 3.9 percent fall tallied in June, according to the preliminary data from the Bank of Korea. The rise came as the cost of crude oil rose. Import prices are a major factor that determines the path of the country's overall rate of inflation. The Dubai crude price, South Korea's be

Analysts do not rule out impact of massive money transfer to Iran