South Korea's exports rose 4.7 percent on-year in the first 10 days of July on demand for chips and petroleum products, but the country suffered a trade deficit on soaring fuel costs, data showed Monday. The country's outbound shipments stood at $15.8 billion in the July 1-10 period, compared with $15.1 billion a year earlier, according to the data from the Korea Customs Service. Imports grew 14.1 percent on-year to $21.3 billion during the cited period, resulting in a trade deficit of

Eco-friendly vehicles accounted for more than 30 percent of South Korea's total car exports in the first five months of the year on strong overseas demand and the debut of two major electric vehicles made by local automakers in the US market, data showed Monday. The value of exported green cars amounted to $20.45 billion in the January-May period of this year, taking up 30.3 percent of the country's total auto exports, according to the data from the Korea International Trade Associatio

South Korea's electricity transaction volume touched a new all-time high in the first half of the year due to eased social distancing restrictions and an early heat wave, data showed Monday. The volume of power traded in Asia's fourth-largest economy stood at 269,432 gigawatt-hours (GWh) in the January-June period, up 3.9 percent from a year earlier, according to the data from the state-run Korea Electric Power Corp. and the Korea Power Exchange. It marks the highest tally for any firs

SEJONG -- Economic policymakers on Friday unveiled a policy of adding a zero-percent quota tariff on some imported daily necessities, including livestock products, in an attempt to tame the recent spike in consumer prices. The policy drawn by a group of ministries including the Ministry of Economy and Finance, was finalized during a meeting attended by President Yoon Suk-yeol in Seoul earlier in the day. It will be implemented via enforcement ordinances later this month. According to the Finan

A top financial regulator on Friday called on savings banks in South Korea to intensify efforts to keep their asset management in good shape in the face of the rising possibility that their debt holdings could go sour amid fast-rising interest rates. Lee Bok-hyun, the head of the Financial Supervisory Service (FSS), made the remark in a meeting with CEOs of major savings banks in Seoul, the latest in a series of gatherings he has held with financial leaders since taking office last month. "

South Korea’s current account swung back into the black in May from a deficit the previous month that snapped 23 months of surplus booked since May 2020, but the latest surplus of $3.86 million marked a fall from a year earlier, preliminary data from the Bank of Korea showed Thursday. Soaring coal, oil and gas import costs was the reason Asia’s fourth-largest economy, which heavily relies on imports for energy, posted the annual drop. The surplus in goods trade also declined to $6.6

South Korea's economic recovery momentum has been losing steam in the face of deteriorating external conditions, such as Russia's war with Ukraine and monetary tightening modes in major economies, a state-run think tank said Thursday. Led by in-person services, domestic demand improved as outdoor activities have increased on the back of the lifting of COVID-19 virus curbs, the Korea Development Institute (KDI) said in a monthly economic assessment report. "However, as manufacturin

South Korea posted a current account surplus in May, turning around from the previous month's deficit, but its surplus was still much smaller than a year earlier as import bills remained high amid soaring energy and commodity prices, central bank data showed Thursday. The country's current account surplus amounted to $3.86 billion in May, according to the preliminary data from the Bank of Korea (BOK). It marked a reversal from the previous month when South Korea registered a current ac

SEJONG -- Political heavyweights from the ruling People Power Party said they would not spare any effort to overcome a variety of economic challenges during a meeting with senior government officials and presidential aides in Seoul on Wednesday. Their meeting comes as the nation’s inflation -- 6 percent in June -- hit its highest point in more than two decades. The country is also grappling with rising interest rates, which are posing a heavy burden on households. Some noteworthy re

Industry Minister Lee Chang-yang has vowed measures to strengthen export competitiveness and maximize nuclear energy in the face of major economic challenges over surging inflation and fuel costs. "We are now facing multiple crises, as high inflation and surging energy prices have given a shock to our economy. As we are highly dependent on imports for our energy needs, we are fully feeling the pains," Lee told reporters Tuesday. In June, the country's consumer prices soared 6 percent o

SEJONG -- The Cabinet on Tuesday approved the administration’s energy policy direction, which is aimed at raising the share of nuclear energy out of the nation’s total power generation from the current level of 27.4 percent. According to the Ministry of Trade, Industry and Energy, the administration has set the goal of raising the share of nuclear power generation to 30 percent or more by 2030. The Yoon Suk-yeol administration’s energy policy direction invalidates that of the

Prices soar to 24-year high in June, first-time rate hike by 50 basis points likely

South Korea’s central bank said Tuesday that foreign reserves in June saw the sharpest decline since November 2008, when the country was dealing with the global financial crisis, feeding concerns of the weakening value of the Korean won against the US dollar. “Korea’s official foreign reserves as of end of June 2022 amounted to $438.3 billion,” the BOK said in a statement. It was down $9.43 billion on-month, data tied to the statement showed. Foreign reserves include

South Korea's exports of farm and fisheries products grew 14.6 percent in the first half of this year on solid demand for Korean food, data showed Tuesday. Outbound shipments of agricultural and fisheries goods came to $6.21 billion in the January-June period, up from $5.42 billion from a year earlier, according to the Ministry of Agriculture, Food and Rural Affairs. The figure represents the largest-ever tally for the first half of any year. Of the amount, sales of agricultural products ca

South Korea's consumer prices rose at the fastest clip in nearly 24 years in June due mainly to soaring energy costs, data showed Tuesday, fanning expectations of a sharp rate hike this month. Consumer prices soared 6 percent last month from a year earlier, accelerating from a 5.4 percent on-year spike in May, according to the data from Statistics Korea. It marked the sharpest inflation rate since a 6.8 percent jump in November 1998, when South Korea was in the midst of the 1997-98 Asian fi