South Korea wishes to expand cooperation with the World Bank by sharing its expertise in the climate and digital sectors, the finance minister said Wednesday. "Korea's expertise in the climate and digital sectors can help developing countries against the challenges they face," Finance Minister Choo Kyung-ho said during an event marking the 10th anniversary of the bank's office in South Korea. "I believe Korea's resources in these areas can help the Korea Office beco

South Korea's state pension operator saw its returns fall to a record low level in 2022, data showed Tuesday, due to the instability in the global financial market amid monetary tightening moves. The National Pension Service logged negative returns of 8.28 percent in 2022, marking the lowest level since it was launched in 1988, according to the Ministry of Economy and Finance. "(The negative returns) were affected by the jitters in the global financial market sparked by the US rate hik

South Korea's inflation expectations fell to the lowest in a year in May on a slide in prices of petrochemical goods, a central bank survey showed Tuesday. Ordinary people expected consumer prices to rise 3.7 percent for the year ahead, down 0.2 percentage point from what was surveyed a month earlier, according to the poll conducted by the Bank of Korea. The reading marks the lowest since May last year, when the comparable figure was 3.3 percent, the central bank said. The downturn came as

South Korea’s finance minister said Monday the government will improve the financial status of debt-laden public energy companies by raising rates to an acceptable level next year. Finance Minister Choo Kyung-ho made the remarks at a meeting of the National Assembly’s Strategy and Finance Committee. “It will take time for public energy companies to retrieve accounts receivable and make a turnaround. Experts expect Korea Electric Power Corp. (KEPCO) to swing to an operating pr

No immediate sign of slowdown, deepening inflation woes

South Korea's finance minister said Monday the country's trade balance could improve after May and he expects a gradual recovery of tax revenue down the road as well. "After May, South Korea's trade deficit will decrease, and we can anticipate a completely different performance in the fourth quarter," Finance Minister Choo Kyung-ho told lawmakers during a parliamentary session. The remark came after South Korea's exports fell 16.1 percent on-year in the first 20 day

South Korea's exports fell 16.1 percent on-year in the first 20 days of May due to a prolonged slump in the global chip industry, data showed Monday, with the country's outbound shipments set to lose ground for seven consecutive months. The country's outbound shipments stood at $32.4 billion in the May 1-20 period, compared with $38.6 billion a year earlier, according to the data from the Korea Customs Service. Imports shed 15.3 percent on-year to $36.7 billion during the cited period, resulting

People in South Korea's top 1 percent net asset bracket had at least around 3 billion won ($2.26 million) in net assets in 2021, according to a local insurance firm’s report, Sunday. Net assets refer to the value of a person’s assets such as houses, cars, investments and cash, minus liabilities. According to Hanwha Life Insurance, individuals who had more than 2.9 billion won in net assets sat in the top 1 percent net asset bracket, while the threshold for the 0.1 percent bracke

Pressure off of central bank as Fed’s monetary tightening cycle nears end

Finance Minister Choo Kyung-ho met with Chinese Ambassador to South Korea Xing Haiming on Friday to discuss economic ties and other bilateral issues, his office said. During the meeting, Choo expressed hope that South Korea and China can continue economic cooperation based on mutual respect and interests, according to the Ministry of Economy and Finance. The finance minister also requested China's support for the preparation of the bilateral economic ministerial meeting scheduled to be held

Key strategic technologies to be designated for aggressive govt. suppor

South Korea will penetrate deeper into the global seafood market with the goal of exporting $4.5 billion worth of goods in the sector by 2027, the oceans ministry said Wednesday. The amount represents around a 50 percent rise from a record high of $3.15 billion tallied in 2022, on the back of the global popularity of "gim" and abalone, according to the Ministry of Oceans and Fisheries. Gim, or dried seaweed, is usually roasted with sesame oil and fine salt, and served as a side dish in

Seasoned financial expert says Korea in need of export diversification, economic vulnerability assessment

Four-person households to pay over W7,000 more per month for electricity, gas

Outbound container shipping costs for major destinations, including the US west coast and the European Union, slipped in April from a month earlier, data showed Monday. The average rate for a 40-foot container from Asia's fourth-largest economy to the US west coast reached 4.84 million won ($3,610) last month, down 5.3 percent from March, according to the data from the Korea Customs Service. Compared with the previous year, the cost was down 64.4 percent. The data is based on freight rates