-
Govt. urges freeze of gas prices following Israel-Iran ceasefire
The Seoul government called on the local petroleum industry to restrain from hiking its prices Friday, stressing that global oil prices have been stabilizing after Israel and Iran agreed to a ceasefire. The call was made in a meeting with industry officials and gas station operators. Brent crude prices once spiked to US$78.9 per barrel last Thursday, but dropped back to $67.7 as of Wednesday, a level similar to that seen before Israel's air strike on Iranian military and nuclear facilities earli
June 27, 2025 -
S. Korea vows reform efforts following sharp drop in global competitiveness ranking
South Korea will work to identify its weaknesses and turn them into new opportunities for future growth, Acting Finance Minister Lee Hyoung-il said Friday, stressing that the country's recent drop in the global competitiveness ranking must serve as a "turning point." According to the Ministry of Economy and Finance, South Korea ranked 27th out of 69 countries in the 2025 World Competitiveness Ranking released by the International Institute for Management Development, falling seven places from la
June 27, 2025 -
S. Korea issues record W2.2tr won in euro-denominated foreign exchange bonds
South Korea has successfully issued 1.4 billion euros ($1.6 billion) worth of foreign exchange equalization bonds, marking the country's largest euro-denominated offering to date, the Ministry of Economy and Finance said Friday. This also marks the first issuance of foreign exchange bonds under the new Lee Jae Myung administration and the first euro-denominated issuance since 2021, the ministry added. The issuance consists of two tranches -- 700 million euros in three-year bonds carrying an inte
June 27, 2025 -
US sets process to expand auto parts subject to 25% tariffs
The US Commerce Department has established a process to include more imported automobile parts in the list of those subject to 25 percent tariffs, its release showed Thursday, a move that could affect South Korea's auto part industry. This week, the department's International Trade Administration outlined the process by which US domestic producers may request additional auto parts to be included in the scope of the new tariffs on automobile parts that took effect on May 3. To receive requests fr
June 27, 2025 -
Korea poised for record-breaking year in foreign tourism
The number of annual foreign tourists to Korea is projected to surpass 20 million for the first time this year, helping to invigorate the country’s sluggish domestic consumption, according to a report from the Hyundai Research Institute on Thursday. According to the report, the total number of foreign tourists reached 5.58 million in the first four months of this year, which is a 14.6 percent increase from the same period last year. Chinese visitors accounted for the largest share in terms of na
June 26, 2025 -
Two-thirds of small biz owners call for freeze of minimum wage: poll
Nearly two-thirds of self-employed small business owners say their business conditions have worsened this year and are calling for the minimum wage to be frozen or lowered, a poll showed Thursday. According to the survey conducted by the Federation of Korean Industries, 63.4 percent of 500 respondents said their business conditions have deteriorated compared with last year. Only 6.8 percent said they have improved, while 29.8 percent said their conditions remained about the same. On the level of
June 26, 2025 -
Skilled immigration, Japan ties key to rebooting Korea’s growth: KCCI
South Korea needs to attract 5 million highly-skilled foreign professionals and forge an economic alliance with Japan to tackle its demographic headwinds and counter rising trade protectionism, the Korea Chamber of Commerce and Industry proposed Wednesday. In a policy booklet roughly translates to "New Order, New Growth" delivered Tuesday to the government, parliament, and presidential office, the business lobby outlined structural fixes to help Korea escape the trap of slowing growth and a shri
June 25, 2025 -
Business sentiment for July pessimistic over prolonged manufacturing slump: poll
South Korea's business sentiment remains pessimistic for July, a poll showed Wednesday, as a protracted downturn in manufacturing continues to weigh on corporate confidence. The business survey index of the country's top 600 companies by sales stood at 94.6 for next month, according to the monthly poll by the Federation of Korean Industries. A reading below 100 means pessimists outnumber optimists, while a figure above the benchmark means the opposite. The index has now remained below 100 for 40
June 25, 2025 -
Consumer sentiment hits 4-year high in June on hopes for new stimulus policy: BOK
South Korea's consumer sentiment rose to a four-year high in June, driven by eased political uncertainties and optimism over the government's supplementary budget and other supportive measures, the central bank said Tuesday. The composite consumer sentiment index stood at 108.7 this month, up 6.9 points from May, according to a survey conducted by the Bank of Korea. It marked the highest level since June 2021, when the index reached 111.1. Consumer sentiment had plunged to below 90 in December f
June 24, 2025 -
S. Korea's exports shrink 1% in January-May amid US tariffs, Mideast tensions
South Korea's exports decreased nearly 1 percent from a year earlier in the January-May period amid the rise of trade protectionism in major economies, including the United States, and growing tensions in the Middle East, Seoul's industry ministry said Monday. Outbound shipments came to $274.9 billion in the first five months of the year, down 0.9 percent from a year ago, according to the Ministry of Trade, Industry and Energy. Auto exports went down 2.5 percent on-year to $30 billion won, with
June 23, 2025 -
Acting finance chief warns of heightened volatility amid Middle East tensions
Acting Finance Minister Lee Hyoung-il on Monday warned of heightened volatility in global financial and energy markets amid escalating tensions in the Middle East. Lee made the remarks while presiding over a meeting on macroeconomic trends and risks, citing growing uncertainty after the US military involvement in the region. "Following the US airstrikes, Iran's parliament passed a motion to close the Strait of Hormuz, highlighting the significant uncertainty surrounding the situation," Lee said.
June 23, 2025 -
Exports up 8.3% in first 20 days of June on strong chip demand
South Korea's exports went up 8.3 percent from a year earlier in the first 20 days of this month on solid demand for semiconductors, data showed Monday. Outbound shipments reached $38.67 billion in the June 1-20 period, compared with $35.69 billion tallied over the same period last year, according to the data from the Korea Customs Service. The daily average volume of exports increased 12.2 percent on-year over the cited period. The number of working days during this period stood at 14, compared
June 23, 2025 -
BOK vows 'swift' market stabilization measures amid Middle East crisis
The United States' military involvement in the Middle East has heightened market uncertainties, the South Korean central bank said Monday, vowing to take "appropriate market stabilization measures" in a timely manner, if necessary. The assessment came as US President Donald Trump said his country's military conducted precision strikes on three key nuclear facilities in Iran over the weekend, exacerbating the crisis in the Middle East and sparking concerns about its impact on the global markets.
June 23, 2025 -
S. Korean steel exports to US drop 16% in May on tariffs
South Korea's steel shipments to the United States fell more than 16 percent in May from a year earlier, with export prices down over 9 percent following the imposition of steep US tariffs on steel and aluminum imports. The US government began imposing a 25 percent tariff on all steel and aluminum imports on March 12 and doubled the rate to 50 percent on June 4. South Korea's steel exports to the US dropped 16.3 percent to $327 million in May from $390 million a year earlier. Export unit prices
June 23, 2025 -
Household loans by major banks rise at fastest pace in 10 months in June
Household loans extended by five major banks in South Korea rose at the fastest pace in 10 months, industry data showed Sunday, amid signs of overheating in the housing market and a recent rally in the local stock market. Outstanding household loans extended by the five major commercials banks here, including KB Kookmin Bank and Shinhan Bank, stood at 752.1 trillion won ($547.6 billion) as of Thursday, up 3.99 trillion won from the end of May, according to the data. This translates to a daily in
June 22, 2025