South Korea's customs agency said Monday it has started permitting imports of full-body sex dolls, three years after the country's top court ruled they are not "obscene materials." The Korea Customs Service had been allowing imports of sex dolls that depict particular human body parts, but not life-size dolls, since July. The agency, however, said dolls depicting minors -- based on height, weight, and face -- will still not be permitted. Those resembling a specific person wil

South Korea plans to reduce some 4 percent of jobs at state-run organizations by 2025, the finance ministry said Monday, in line with efforts to tighten its belt amid the economic slump. Under the plan, the country will eliminate 17,230 jobs at public organizations, according to the Ministry of Economy and Finance. It marks the first job cut scheme for such institutions since 2009. A separate batch of 4,788 workers will be reassigned with new duties over the period, it added. The ministry said t

The Bank of Korea put forward price stability as its major commitment for next year, hinting on further hikes of its key rate to fight ongoing inflation. The central bank released a report on its monetary policy for next year on Friday, suggesting forecasts on the economic outlooks in and out Korea. The bank said it will focus on price stability next year, so that consumer inflation will move towards the target level, currently set at 2 percent. “Although consumer inflation is expected to

The government has drawn up new growth strategies to secure future technology such as aerospace and artificial intelligence and to accelerate digital transformation to help its sluggish economy leap forward. Through the "New Growth 4.0 Strategy" unveiled by economy-related ministries on Wednesday, the country seeks to secure forward-looking technology, digital transformation and further expanding the country's prowess in chips and display panels to gain a competitive advantage o

Finance Ministry unveils growth outlook of 1.6%, lower than BOK, KDI estimates

An average wage earner in South Korea would have to save up one’s entire income for 14 years to buy a home in Seoul, a government study showed Wednesday. The price-to-income ratio -- the median home price divided by the median annual household income -- for Seoul in 2021 jumped to 14.1 from 12.5 in the year before, according to the 2021 Korea Housing Survey released by the Ministry of Land, Infrastructure and Transport. The figure was higher than that of any other region in the country, wi

South Korea's exports slipped 8.8 percent on-year in the first 20 days of December, data showed Wednesday, due mainly to weak shipments of chips and mobile devices. The country's outbound shipments stood at $33.6 billion in the Dec. 1-20 period, compared with $36.8 billion a year earlier, according to the data from the Korea Customs Service. Imports moved up 1.9 percent on-year to $40 billion during the cited period, resulting in a trade deficit of $6.4 billion. Outbound shipments of c

This year's inflation rate projected to be highest since 1997 financial crisis

With partial reduction on gasoline tax cut, price could increase by 99 won per liter

South Korea's export growth is expected to fall to the zero-percent range in 2023 amid high raw material prices and slowing major economies, a poll showed Monday. The survey of 150 companies in the country's 12 key export industries showed overseas shipments are forecast to expand 0.5 percent in the coming year from 2022. By sector, exports of electric and electronics products are predicted to sink 1.9 percent on-year, with those of petrochemicals likely to fall 0.5 percent. Outbound s

Whether Woori Financial Group Chairman Son Tae-seung will secure a reappointment for his third term remains uncertain

Korea’s finance minister stresses on market stability, while cautioning against high uncertainty

South Korea's public sector debt exceeded the 1,400 trillion-won ($1.08 trillion) mark for the first time last year on the government's expansionary policy to cope with the fallout from the COVID-19 pandemic, the finance ministry said Thursday. The country's public sector debt, known as D3, came to 1,427.3 trillion won last year, up 11.5 percent from the previous year, according to the data from the ministry. It was the highest level since the government began compiling related da

South Korea's import prices fell for the first time in three months in November thanks to the local currency's rise against the US dollar and a fall in crude oil prices, central bank data showed Thursday. The import price index stood at 148.07 in November, down 5.3 percent from a month earlier, according to the preliminary data from the Bank of Korea. It was the first on-month decline following 3.4 percent and 1.2 percent gains reported for September and October, respectively. Compar

The US Federal Reserve's latest interest rate hike was in line with market expectations, but uncertainty still remains high over high inflation and an economic downturn, Seoul's finance chief said Thursday. Finance Minister Choo Kyung-ho made the remarks during an emergency macroeconomic meeting with Bank of Korea Govt. Rhee Chang-yong and top financial regulators after the Fed slowed the pace of its rate hike to a half-point Wednesday (US time) from its previous 75 basis point increas