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S. Korea's import prices fall for 4th month in May: BOK
South Korea's import prices declined for the fourth consecutive month in May due mainly to a drop in global oil prices, central bank data showed Tuesday. The import price index fell 3.7 percent in May from the previous month, following a 2.3 percent decline in April, according to the preliminary data from the Bank of Korea. It marked the fourth straight monthly decrease and the sharpest drop since November 2023, when the index fell by 4.3 percent on-month. The decline came as the average price o
June 17, 2025 -
Taihan Cable joins UK’s Global Offshore Wind 2025 to showcase submarine cable solutions
South Korean undersea cablemaker Taihan Cable & Solution on Monday announced its participation in Global Offshore Wind 2025, the UK’s largest offshore wind energy exhibition held in London this week. Organized by RenewableUK, the event brings together industry leaders and innovators to exchange insights on emerging technologies and market trends. Taihan will present its offshore wind power solutions, high-voltage direct current submarine cable systems and a model of its cable-laying vessel, Palo
June 16, 2025 -
Govt. to take prompt, decisive action in case of excessive market volatility amid Middle East tensions
The government said Monday it will take prompt and decisive action in the case of any excessive market volatility stemming from rising tensions in the Middle East, following a preemptive Israeli strike on Iran. The decision was made during a virtual meeting that brought together senior officials from the finance, foreign and industry ministries, as well as representatives from the Bank of Korea, the Financial Services Commission and the Financial Supervisory Service, according to the Ministry of
June 16, 2025 -
Household loans continue to increase in June on heated housing, stock markets
Household loans extended by five major banks in South Korea continue to be on the rise, data showed Sunday, amid a boost in local stock markets and signs of overheating in the housing market. Household loans extended by the five major commercials banks here, including KB Koomin, Shinhan and KEB Hana, gained nearly 2 trillion won ($1.46 billion) since the start of this month, reaching 750.08 trillion won as of Thursday, according to the data. The banks have reported a continued increase in new ho
June 15, 2025 -
S. Korea's food, beverage prices rank 2nd highest among OECD states
South Korea's food and drink prices ranked the second highest among the Organization for Economic Cooperation and Development member economies, data showed Sunday. South Korea's food and beverage price index stood at 147 in 2023, 47 percent higher than the OECD average, according to the data based on the purchasing power in each country. This reading also marked the second highest among the 38 OECD countries, only trailing Switzerland at 163. The food and beverage price index of the United State
June 15, 2025 -
ASEAN emerges as major export market for S. Korea amid global trade war
South Korea's exports to the Association of Southeast Asian Nations countries are on the rise, helping offset recent drops in shipments to the United States and China amid a global trade war sparked partly by the US' evolving tariff policies, data showed Sunday. Outbound shipments to the ASEAN region came to $47.88 billion in the January-May period, up 4.3 percent from the same period last year, according to data compiled by the Korea International Trade Association. Over the same period, South
June 15, 2025 -
Monthly payments from National Pension Fund surpass W4tr for 1st time
Monthly pension payments from the National Pension Fund surpassed the 4 trillion won ($2.9 billion) mark in February, marking the first time monthly outflows crossed the threshold, due to the country's aging population, data from its operator showed Sunday. The monthly pension payments to subscribers of the public fund reached 4.02 trillion won in February, up 77.5 billion won from the previous month, according to data from the National Pension Service. If this trend holds, the pension fund's ac
June 15, 2025 -
Economy faces continued downward pressure amid sluggish domestic demand, export slowdown
South Korea's economy continues to face downward pressure due to delayed recovery in domestic demand and slowing exports amid lingering global trade uncertainties, the finance ministry said Friday. In its monthly economic assessment, the Green Book, the Ministry of Economy and Finance pointed to persistent downside risks for the sixth consecutive month, citing weak consumption, sluggish construction investment and ongoing challenges in the labor market, coupled with worsening export conditions.
June 13, 2025 -
FKI bolsters US outreach for tariff talks
The Federation of Korean Industries, the country's leading business lobby, stepped up its public diplomacy efforts in the US, highlighting Korean firms’ substantial contribution to the US economy as Washington and Seoul prepare for a new round of negotiations over reciprocal tariffs. The FKI launched its latest outreach campaign at the 2025 Congressional Baseball Game in Washington on Wednesday, a century-old bipartisan charity event that drew 69 members of Congress, many from states that have a
June 12, 2025 -
S. Korea's fiscal deficit hits W46tr in Jan.-April, 3rd largest on record
South Korea's fiscal deficit reached over 46 trillion won ($33.6 billion) during the first four months of 2025, marking the third-largest shortfall ever recorded for the January-April period, the finance ministry said Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on stricter terms, posted a deficit of 46.1 trillion won in the cited period, according to data from the Ministry of Economy and Finance. While the figure represents an improvement from the same period la
June 12, 2025 -
Prime minister nominee to meet with food industry leaders over soaring prices
Prime Minister nominee Kim Min-seok will meet with representatives of food and restaurant industry associations and experts this week to discuss rising consumer prices and possible countermeasures, industry sources said Thursday. Kim is expected to hold the meeting Friday with officials from the Korea Food Industry Association, the Korea Foodservice Industry Association and the Korea Franchise Association, as well as consumer rights groups and experts. The Ministry of Agriculture, Food and Rural
June 12, 2025 -
FKI promotes S. Korea's US investments at congressional charity baseball game in Washington
South Korea's Federation of Korean Industries said Thursday it has participated as a sponsor in an annual US congressional charity baseball event in Washington as part of efforts to promote Korean companies' investments in America. The FKI's sponsorship of the Congressional Baseball Game for Charity held Wednesday was aimed at fostering bilateral ties, as ongoing bilateral tariff negotiations are expected to accelerate amid the recent change in government in South Korea. During the event, the FK
June 12, 2025 -
Labor demands 14.7% increase in next year's minimum wage
The labor circle demanded Wednesday that next year's minimum wage be set at 11,500 won ($8.43) per hour, an increase of 14.7 percent from this year's 10,030 won. The hourly minimum wage requested by the labor circle translates into a monthly wage of 2.4 million won, if calculated on the basis of 209 working hours per month or 40 hours per week. The minimum wage demand was made public by labor representatives and civic groups in a news conference in Seoul, as the Minimum Wage Commission, a trilat
June 11, 2025 -
Exports up 5.4% during first 10 days of June on strong chip, automobile demand
South Korea's exports went up 5.4 percent from a year earlier in the first 10 days of this month driven by robust demand for semiconductors and automobiles, data showed Wednesday. Outbound shipments reached $15.47 billion in the June 1-10 period, compared with $14.68 billion tallied a year earlier, according to the data from the Korea Customs Service. The daily average volume of exports jumped 15 percent on-year over the cited period. The number of working days during this period stood at 5.5, c
June 11, 2025 -
Lee Jae-myung’s economic playbook: big spending, bigger control
President Lee Jae-myung has assembled a pro-spending economic team to spearhead his early policy agenda, while leaving the key post of finance minister vacant — a move widely seen as a strategic effort to weaken the Ministry of Economy and Finance and shift fiscal authority toward the presidential office to accelerate policymaking. The appointments of Kim Yong-beom as chief of staff for policy, Ha Joon-kyung as senior presidential secretary for economic growth, and Ryu Deok-hyun as presidential
June 10, 2025