Outbound container shipping costs for major destinations, including the United States and the European Union, fell in July from a month earlier, data showed Wednesday. The average rate for a 40-foot container from South Korea to the US west coast came to 4.37 million won ($3,265) in July, down 5 percent from the previous month, the data from the Korea Customs Service showed. Rates for the US east coast fell 1.9 percent to 4.65 million won on-month in July, with those for the EU routes moving dow

The Korea Exchange, the nation’s sole bourse operator, said Tuesday that the stock market for special purpose acquisition companies, or SPACs, remains stable after price fluctuations in the first months of eased regulations. A SPAC is a publicly traded shell corporation that is formed to raise capital through listings to acquire or merge with an existing company. Most SPACs make their debut at the public offering price of 2,000 won ($1.50) per share as mergers and acquisitions could be d

South Korea recaptured the top spot in new global shipbuilding orders for the first time in five months in July, industry data showed Monday. Local shipyards clinched orders totaling 1.46 million compensated gross tons to build 29 ships, accounting for 44 percent of the global total of 3.33 million CGTs, according to London-based Clarkson Research Services Ltd. The world total was up 22 percent from the same month a year earlier. It marks the first time since February for South Korean shipbuilde

Iranian funds worth an estimated $6 billion, frozen in bank accounts in Korea, have been released, following the US and Iran's tentative agreement to engage in a prisoner swap in exchange for Tehran's access to the blocked funds. All of Iran’s frozen funds in Korea have been unblocked, Central Bank of Iran Gov. Mohammad Reza Farzin said through a post written in Persian on social platform X on Saturday. The central bank chief wrote that $7 billion in Iranian assets in Korea have

EcoPro, South Korea's leading producer of secondary battery materials, will be added to the Morgan Stanley Capital International Korea Index, alongside three other domestic companies. A total of four Korean companies' stocks -- EcoPro, Hanwha Ocean, JYP Entertainment, and Hanmi Semiconductor -- made the listing for MSCI Korean Index, according to the results of the MSCI August Index Review released Thursday. Meanwhile, two companies -- CJ Group and E-mart -- have been removed from th

South Korea's exports fell 15.3 percent on-year in the first 10 days of August on weak chip and petroleum exports, data showed Friday. The country's outbound shipments reached $13.2 billion in the Aug. 1-10 period, compared with $15.6 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports plunged 30.5 percent on-year to $16.2 billion during the period, resulting in a trade deficit of $3 billion. By sector, exports of semiconductors moved down 18.1

The Chinese government has decided to allow group tours to South Korea after a six-year hiatus instigated by diplomatic bickering between Seoul and Beijing, as well as the COVID-19 pandemic. China's Ministry of Culture and Tourism on Thursday said it would lift restrictions on its nationals to travel in groups to 78 countries around the world, including Korea, the United States and Japan. The ban on Chinese group tours to Korea was removed for the first time since it was put in place as

South Korea's fiscal deficit narrowed on-year over the first six months of 2023, data showed Thursday, amid lower revenue and expenditures. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 83 trillion won ($63.9 billion) through June, compared with 101.9 trillion won tallied a year earlier, according to the Ministry of Economy and Finance. South Korea's tax revenue came to 178.5 trillion won during the cited period, down 39.7 t

South Korea said Thursday the latest executive order limiting US investment in some Chinese technology sectors is expected to have only a limited impact on South Korean companies. On Wednesday, the White House vowed to restrict investment in "countries of concern" in certain technology sectors that could pose threats to its national security while adding only China, including Hong Kong and Macau, to the list. The areas include "sensitive technologies and products in the semiconduc

South Korea's industry ministry said Wednesday it will proactively cope with France's new subsidy policy for electric vehicles, amid concerns the move may weigh down automobile exports. The move came as France plans to apply a score system that tracks the carbon footprint of the manufacturing process of EVs, which is set to be implemented in January 2024, followed by a six-month grace period, according to the Ministry of Trade, Industry and Energy. France plans to receive opinions on t

South Korea's finance minister said Wednesday the country will spare no efforts to support exports amid signs they are recovering. "Despite some volatility every month, exports are showing signs of improvement," Finance Minister Choo Kyung-ho said during a meeting with economy-related ministers. South Korea's exports fell for the 10th consecutive month in July due mainly to weak demand for semiconductors, but the country reported a trade surplus for the second straight month.

South Korea's on-year job additions slowed for the fourth consecutive month in July, data showed Wednesday, with employment remaining challenging for those in their 20s. The number of employed people came to 28.68 million in July, up around 211,000 from a year earlier, according to the data compiled by Statistics Korea. Last month, the country's jobless rate came to 2.7 percent, down 0.2 percentage point over the period. South Korea's on-year job additions slowed for nine consecut

Current account surplus for first 6 months shrink 90% compared to a year ago

South Korea's industry ministry said Tuesday it is focusing on ensuring a stable power supply amid the soaring demand in the face of sweltering heat. The maximum electricity demand reached 93.6 gigawatts the previous day, the highest ever for a summer season, above the ministry's estimate of 92.9 GW. "We will stay vigilant and closely manage the electricity supply situation throughout the summer season, as uncertainties can arise at any time," Second Vice Industry Minister Ka

South Korea logged a current account surplus for the second straight month in June on the back of a trade surplus and increased dividend payments from overseas, central bank data showed Tuesday. The country's current account surplus reached $5.87 billion in June, following the $1.93 billion surplus a month earlier, according to preliminary data from the Bank of Korea. June's surplus came as the country logged a trade surplus and dividend income increased. The country's goods accou