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 d...

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 ...

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...

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...

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 o...

Head of Hanoi's top think tank sees economic boost from stronger Vietnam-China partnership

The Asian Development Bank on Wednesday lowered its outlook for South Korea's growth for next year, citing the slowing global economy and soaring energy prices. In its report on next year's world economy, the Manila-based bank said South Korea's gross domestic product is expected to grow 1.5 percent in 2023, lower than its September forecast of a 2.3 percent rise. The latest outlook is below a ...

South Korea added jobs for the 21st straight month in November, but the growth continued to slow for the sixth month in a row amid concerns over an economic recession, government data showed Wednesday, The number of employed people stood at 28.4 million last month, up some 626,000 from a year earlier, according to the data from Statistics Korea. It marked the highest growth for any November sinc...

South Korea's finance minister said Wednesday the government will put its priority on combating inflation and creating jobs, while taking preemptive measures to cope with economic risks next year. "The South Korean economy is facing challenging situations at home and abroad. Difficulties are likely to further escalate in the first half of 2023," Finance Minister Choo Kyung-ho said during a meeti...

SEJONG -- South Korea's finance ministry on Tuesday renewed its call for corporate tax reform that centers on simplifying the taxation bracket and cutting taxes for large-sized firms amid the simmering tensions at the parliament over the bill's passage. The government and the ruling People Power Party have been pushing to lower the maximum tax rate to 22 percent to attract more investment in Sou...

Foreign investors remained net buyers of local securities, recording a net inflow of $2.74 billion (3.56 trillion won) in local securities in November, data from the central bank showed Friday. According to the Bank of Korea’s report on the international finance and foreign exchange market, foreigners purchased a net $2.1 billion worth of shares and $630 million worth of bonds in Korea in Novemb...