SEOUL, June 2 (Korea Bizwire) — South Koreans are spending a smaller share of their income than they did a decade ago, signaling deeper shifts in household behavior amid demographic and economic changes, according to a new report released by the Korea Chamber of Commerce and Industry (KCCI). The report, titled “Changes in Consumption Propensity by [...]
SEOUL, May 30 (Korea Bizwire) — South Korea’s economy showed renewed signs of weakness in April, with industrial production, consumption, and investment all posting declines — the first “triple minus” since January — as the impact of new U.S. auto tariffs begins to ripple through key sectors. According to data released Friday by Statistics Korea, [...]
SEOUL, May 27 (Korea Bizwire) – South Korea’s state-run think tank on Tuesday sharply cut its growth forecast for the local economy this year to 1 percent, citing a slowdown in exports and domestic consumption. The revised projection by the Korea Institute for Industrial Economics and Trade (KIET) represents a 1.1 percentage-point drop from its [...]
SEOUL, May 23 (Korea Bizwire) — Major coffee chains and instant coffee producers in South Korea are raising prices amid an increase in raw material costs, according to industry data Friday. Angel-in-us Coffee, operated by Lotte GRS Co., said it will increase beverage prices by 200 to 300 won (US$0.15-0.22) Thursday. CJ Foodville Corp.’s bakery [...]
WASHINGTON, May 15 (Korea Bizwire) — A majority of Americans believe that investments by South Korean companies in the United States are beneficial to the U.S. economy, according to a recent poll released by the Korea Economic Institute of America (KEI), a Washington-based think tank. The survey, conducted by polling firm YouGov between December 17, 2024, and [...]
SEOUL, May 14 (Korea Bizwire) — South Korea’s state-run economic think tank on Wednesday sharply cut its growth forecast for the local economy this year to 0.8 percent, citing rising global trade uncertainties and weakening exports. The revised projection by the Korea Development Institute (KDI) represents a 0.8 percentage-point drop from its previous estimate of [...]
SEOUL, May 12 (Korea Bizwire) — South Korean stocks ended more than 1 percent higher Monday as the United States and China wrapped up their first high-level tariff negotiations, boosting hopes the two countries may reach a trade deal. The local currency was weak against the U.S. dollar. The benchmark Korea Composite Stock Price Index [...]
SEOUL, May 12 (Korea Bizwire) — South Korea’s exports dropped 23.8 percent from a year earlier in the first 10 days of this month mainly due to a reduced number of working days, data showed Monday. Outbound shipments reached US$12.83 billion in the May 1-10 period, compared with $16.84 billion tallied a year earlier, according [...]
SEOUL, May 12 (Korea Bizwire) — South Korea’s economy is showing signs of a slowdown, as reflected in a range of economic indicators across various sectors, primarily due to deteriorating export conditions amid growing concerns over a global trade war, a state-run think tank said Monday. “The South Korean economy is facing a slowdown, as [...]
SEOUL, May 9 (Korea Bizwire) — South Korea’s long-term economic potential is facing a steep decline and could enter negative territory by the 2040s if structural challenges go unaddressed, the state-run Korea Development Institute (KDI) warned in a report released Thursday. According to the report, “Projections for Potential Growth and Policy Implications,” South Korea’s potential growth [...]