BANGKOK, Thailand, Oct. 13 (Korea Bizwire) – The recent Samsung troubles have weighed heavily on Vietnam’s exports, as the country serves as one of the major production hubs for the smartphone giant. According to a local source, Vietnam’s September exports amounted to $15 billion, a 6.8 percent decline from August, while exports specific to smartphone [...]
SEJONG, Oct. 12 (Korea Bizwire) – South Korea’s jobless rate rose in September from a year earlier due mainly to a protracted slowdown in the manufacturing sector and exports, a government report showed Wednesday. The unemployment rate in Asia’s fourth-largest economy stood at 3.6 percent last month, compared with 3.2 percent tallied a year earlier, [...]
SEJONG, Oct. 11 (Korea Bizwire) – The South Korean economy has been experiencing a bumpy recovery as a slowdown in production and exports dragged down an apparent upturn in domestic demand, a government report said Tuesday. “The economy has been on a flaccid recovery track as private consumption and investment have made a turnaround in [...]
SEOUL, Oct. 4 (Korea Bizwire) – South Korea’s current account surplus hit the lowest in four months in August due to slowing exports and increased imports, central bank data showed Tuesday. The current account surplus reached US$5.51 billion in August, compared with $8.67 billion in July, according to the preliminary data from the Bank of [...]
SEJONG, Sept. 20 (Korea Bizwire) – South Korea will likely see its gross domestic product (GDP) per capita touch the landmark US$30,000 level in 2018, a parliamentary report predicted Tuesday. If the $30,000 plateau is attained in two years, it will have taken 12 years since South Korea reached the $20,000 level in 2006. Other [...]
SEJONG, Sept. 19 (Korea Bizwire) – The size of South Korea’s underground economy is equivalent to 10 percent of the nation’s gross domestic product, while tax evasion amounts to 3.7 percent, much higher than they are in other advanced countries, a research paper said Monday. Professor Kim Jong-hee of Chonbuk National University, drawing his conclusions [...]
BUSAN, Sept. 9 (Korea Bizwire) – The Korean economy is already hurting as Hanjin Shipping, the world’s seventh largest container carrier, undergoes court receivership. With more than half of Hanjin’s fleet stranded at sea (as of September 8), blocked from entering ports in multiple countries, four of its vessels seized by local creditors, and no [...]
SEJONG, Sept. 2 (Korea Bizwire) – South Korea will pour more than 65 trillion won (US$58.1 billion) into the local economy next year to revitalize the economy, which has been plagued by faltering exports and rising uncertainties in the global market, the trade ministry said Friday. Out of the 400.7 trillion won budget for 2017, [...]
SEOUL, Sept. 2 (Korea Bizwire) – South Korea’s economy grew at a faster-than-expected pace in the second quarter from three months earlier on increased local demand and exports, central bank data showed Friday. In the April-June period, the country’s gross domestic product (GDP) expanded 0.8 percent from the previous quarter, accelerating from a 0.5 percent [...]
SEOUL, Aug. 18 (Korea Bizwire) – The 2016 Summer Olympics in Rio are approaching their end, and South Korea has so far progressed with rather unsatisfactory results – currently ranked eleventh with seven gold medals – compared to the past two summer Olympics in London (fifth place with 13 gold medals) and Beijing (seventh place [...]