SEOUL, Apr. 26 (Korea Bizwire) — Trade Minister Cheong In-kyo said Friday he expects exports to rise for the seventh consecutive month in April, helped by a recovery of chip shipments. “In April, exports are expected to maintain growth for the seventh consecutive month on the back of robust shipments to the U.S., China and [...]
SEOUL, Apr. 26 (Korea Bizwire) — The finance ministry said Friday the government will lower tariffs levied on seven farm products and other food imports, including cabbages and grapes, starting May to curb still-high inflation. The planned move through the tariff-rate quota is part of the country’s flexible tariff system, where the government temporarily adjusts [...]
SEOUL, Apr. 25 (Korea Bizwire) — South Korea’s economy grew at the fastest pace in over two years in the first quarter of the year on the back of a continued recovery in exports and a rise in construction investment, central bank data showed Thursday. The country’s real gross domestic product — a key measure [...]
SEOUL, Apr. 25 (Korea Bizwire) — An economic surveillance organization in Asia on Thursday expected the South Korean economy to expand 2.3 percent this year on rising exports, calling for maintaining tight monetary policy to safeguard macroeconomic stability amid uncertainties, Seoul’s finance ministry said. The ASEAN+3 Macroeconomic Research Office (AMRO) made the assessment in a [...]
SEOUL, Apr. 24 (Korea Bizwire) –As high inflation persists, a majority of South Korean consumers are scouring various channels for information and prioritizing value-for-money products before making purchases, according to a survey conducted by the Korea Consumer Agency. The agency announced on April 24 the findings from an online survey conducted last month examining consumer [...]
SEOUL, Apr. 23 (Korea Bizwire) — Finance Minister Choi Sang-mok met with experts of economic and international affairs Tuesday and discussed responses to growing uncertainties in the Middle East, the finance ministry said. During a meeting of the international economic advisory panel in Seoul, experts called on the government to “check developments and assess potential [...]
SEOUL, Apr. 23 (Korea Bizwire) — South Korea’s producer prices rose for the fourth consecutive month in March, driven in part by soaring prices of agricultural goods and industrial goods, central bank data showed Tuesday. The producer price index, a major barometer of consumer inflation, increased 0.2 percent in March from a month earlier, following [...]
SEOUL, Apr. 22 (Korea Bizwire) — South Korea’s exports rose 11.1 percent on-year in the first 20 days of April on surging global demand for semiconductors, data showed Monday. Outbound shipments reached US$35.82 billion in the April 1-20 period, compared with $32.25 billion tallied a year earlier, according to the data from the Korea Customs [...]
WASHINGTON, April 19 (Korea Bizwire) – The won-dollar exchange rate may move toward stabilization if tensions in the Middle East do not escalate further, the chief of South Korea’s central bank forecast Friday, noting “many uncertainties” stemming from developments in the region. Bank of Korea (BOK) Gov. Rhee Chang-yong made the prediction as concerns over [...]
WASHINGTON, Apr. 18 (Korea Bizwire) — Exchange rate volatility does not present ‘significant” economic challenges to South Korea, an official at the International Monetary Fund (IMF) said Thursday, advising policymakers in Seoul not to “overly” focus on what moves the U.S. Federal Reserve will take. During a press briefing, Krishna Srinivasan, director of the IMF’s [...]