South Korea's export of cathodes, a key secondary battery material, to the United States surged almost threefold in the first seven months from a year earlier, on growing demand for electric vehicle cells and the new US law on promoting green technologies, data showed Monday. Outbound shipments of cathode materials to the US amounted to $1.83 billion in the January-July period, up 177.8 percent from $661 million the previous year, according to the data by the Korea International Trade Assoc

Three major South Korean battery makers saw their market share fall in the first half of the year from a year earlier despite solid growth, as bigger Chinese rivals further expanded their overseas foothold, a report said Thursday. The combined market share of the three -- LG Energy Solution Ltd., Samsung SDI Co. and SK On Co. -- came to 23.9 percent in the January-June period, compared with 26.1 percent from the previous year, according to the latest data from industry tracker SNE Research. LGES

Imported vehicle sales in South Korea fell 1.3 percent last month from a year earlier due to the end of tax cuts and lack of supplies in some brands, an industry association said Thursday. The number of newly registered imported cars came to 21,138 units in July, down from 21,423 units a year ago, the Korea Automobile Importers & Distributors Association said in a statement. The three bestselling models last month were BMW's 520 sedan, Mercedes-Benz's E 250 sedan and Lexus' ES

South Korea's foreign reserves increased for a second straight month in July as the US dollar's fall boosted the conversion value of holdings in other currencies and increased investment returns, central bank data showed Thursday. The country's foreign reserves came to $421.80 billion as of end-July, up $350 million from the previous month, according to the data from the Bank of Korea. The dollar's slide last month boosted the converted value of holdings denominated in other

BOK predicts inflation to rebound from August, coming in at 3 percent by year-end

Sluggish chip sales continue to weigh down outbound shipments while car exports soar 15 percent on-year

South Korea's exports of farm and fisheries products fell 3.8 percent on-year in the first half of the year, data showed Monday. Outbound shipments of agricultural and fisheries goods came to $5.95 billion in the January-June period, down from $6.19 billion a year earlier, according to the data by the Korea Agro-Fisheries & Food Trade Corp. (aT). Last year's tally marked an all-time high for the first half of any year, and it was the first time that the figure surpassed the $6 bill

South Korea's exports of ice cream reached a record high in the first half of 2023, data showed Friday, on the back of the growing popularity of Korean entertainment content across the globe. Outbound shipments of ice cream reached $59 million in the January-June period, up 19.8 percent from a year earlier, according to the data compiled by the Korea Customs Service. The figure almost doubled South Korea's ice cream imports, which came to $30 million, up 7.5 percent over the period. &q

South Korea's industrial output, private spending and investment rose for a second consecutive month in June amid an economic slowdown, data showed Friday. The country's industrial output increased 0.1 percent in June from a month earlier, according to the data from Statistics Korea. But the June growth slowed from a 1.1 percent on-month rise tallied in May. The output in the mining, manufacturing, gas and electricity industries decreased 1 percent due to a slump in the automobile indu

The European Central Bank raised interest rates for the ninth straight time in its yearlong campaign to stamp out painfully high inflation, even as worries about recession fuel speculation that Thursday’s hike could be its last. ECB President Christine Lagarde had all but promised the quarter-percentage point increase. That puts the focus at her post-meeting news conference on whether the bank will raise rates again at its September meeting or hold off after a record series of rate hikes

SK chief, who leads Busan's expo bid committee, denies rumors about China's hindrance

The number of trading firms in South Korea moved down 0.7 percent in 2022 from a year earlier, data showed Thursday, as economic uncertainties hampered business activities. Asia's fourth-largest economy had 251,246 trading companies last year, down 1,812 from 2021, according to the data from the Korea Customs Service. The value of their trade, however, jumped to a record high of $132 billion, advancing 10.8 percent over the period. The number of exporters moved up 0.4 percent on-year to 95,

Cargo processed at South Korean seaports fell 1.6 percent on-year in the second quarter on sagging global trade amid an economic slowdown, the oceans ministry said Thursday. Cargo handled at the country's ports nationwide came to 373.16 million tons during the April-June period, compared with 379.33 billion tons a year earlier, according to the Ministry of Oceans and Fisheries. Of them, export-import cargo came to 316.95 billion tons, down 0.5 percent on-year, it added. Container cargo proc

Finance Minister Choo Kyung-ho said Thursday he will closely monitor potential volatility in the financial sector following the latest US Federal Reserve rate hike, which pushed the gap between the two countries' key rates to an all-time high. The Fed raised its benchmark lending rate by a quarter percentage point Wednesday, sending it to the highest level since 2001. "The decision by the FOMC did not deviate from the market's expectations, with the global financial market remaini

WASHINGTON -- The US Federal Reserve on Wednesday raised its benchmark lending rate by a quarter percentage point, sending it to the highest level since 2001. The rise increases the key rate to a range between 5.25 percent and 5.5 percent, while further widening the gap between the key rates of South Korea and the United States to an all-time high of 1.75-2.0 percentage points. South Korea's central bank kept its benchmark rate frozen at 3.5 percent earlier this month. Higher rates in the US are