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Exports for 2025 poised to surpass $700b for 1st time on chip, auto shipments
South Korea's yearly exports are expected to hit a record high in 2025 on the back of strong performance by key export items, such as semiconductors, automobiles and ships, the industry ministry said Thursday. From January to November, outbound shipments reached an all-time high of $640.2 billion for the period, compared with a previous record of $628.7 billion posted in 2022, the Ministry of Trade, Industry and Resources said. According to the ministry, annual exports for 2025 are poised to sur
Dec. 4, 2025 -
Export uncertainties eased as US confirms lowered tariffs for S. Korean auto, aircraft, lumber goods: minister
Uncertainties surrounding South Korea's exports have partially eased as the United States confirmed the lowering of tariffs on Korean automobile, aircraft and lumber imports on the Federal Register, Seoul Industry Minister Kim Jung-kwan said Thursday. "It is fortunate that the US administration has finalized tariff reductions on our major export items, such as automobiles and auto parts, aircraft and aircraft components, and lumber products, which are our largest export categories to the US," Ki
Dec. 4, 2025 -
S. Korea's foreign reserves rise to over 3-yr high in Nov.
South Korea's foreign reserves rose for the sixth consecutive month in November to reach a three-year high, the central bank said Wednesday. The country's foreign reserves had stood at $430.66 billion as of end-November, up $1.84 billion from a month earlier, according to the data from the Bank of Korea. It marked the highest level since August 2022, when the figure stood at $436.43 billion. The increase was largely attributable to an increase in investment income and a rise in foreign currency
Dec. 3, 2025 -
S. Korea posts 1.3% Q3 GDP growth, faster than initial estimate: BOK
South Korea's economy expanded at the fastest pace in nearly four years in the third quarter, buoyed by strong exports and improving private consumption, central bank data showed Wednesday. The real gross domestic product rose 1.3 percent in the July-September period from the previous quarter, 0.1 percentage point higher than the earlier estimate, according to preliminary data from the Bank of Korea. The reading marked the fastest quarterly expansion since the fourth quarter of 2021, when the ec
Dec. 3, 2025 -
OECD maintains S. Korea's 2025 growth outlook at 1 pct, projects improvement in 2026
The Organization for Economic Cooperation and Development on Tuesday maintained its growth forecast for the South Korean economy at 1 percent this year, while projecting an improvement in 2026, according to Seoul's finance ministry. "Growth is picking up," the OECD said in a report released by the ministry, noting the country's real gross domestic product, a key measure of economic growth, is expected to weaken to 1 percent in 2025 before rising to 2.1 percent both in 2026 and 2027. The latest 2
Dec. 2, 2025 -
BOK to step up monitoring of prices amid growing inflationary pressure
The central bank said Tuesday it will closely monitor consumer inflation given recent rising living costs, though it projects inflation to gradually trend down near 2 percent. Bank of Korea Deputy Gov. Kim Woong made the pledge during a meeting to review inflation trends, after government data showed consumer prices rose 2.4 percent on-year in November, remaining in the mid-2 percent range for the second consecutive month. "November's price increase was driven by higher petroleum product prices
Dec. 2, 2025 -
Rival parties settle deal on 2026 budget, clear way for Natl. Assembly to pass it Tues.
Rival parties have reached a last-minute deal on next year's national budget and agreed to pass it through the National Assembly on Tuesday, clearing the way for lawmakers to approve an annual budget bill within the legal deadline for the first time in five years. The ruling Democratic Party and the main opposition People Power Party reached the agreement during a meeting of their floor leaders earlier in the day and decided to hold a plenary session at 4 p.m. to put the budget bill to a vote. T
Dec. 2, 2025 -
Arirang 7 multipurpose satellite successfully put into orbit
Arirang 7, South Korea's multipurpose satellite, has successfully entered orbit after lifting off from a space center in South America, the country's space agency said Tuesday. Also known as the Korea Multipurpose Satellite 7, the satellite was deployed from the Vega-C rocket 44 minutes after launching from the Guiana Space Centre in French Guiana at 2:21 p.m. Monday (French Guiana time), or 2:21 a.m. Tuesday (Korean time), according to the Korea AeroSpace Administration. The rocket is operated
Dec. 2, 2025 -
Consumer prices rise 2.4% in Nov., surpassing 2% target for 3 consecutive months
South Korea's consumer prices grew over the Bank of Korea's 2 percent target for the third consecutive month in November, largely due to sharp increases in agricultural and petroleum product prices amid a weak Korean won, government data showed Tuesday. Consumer prices, a key gauge of inflation, increased 2.4 percent from a year earlier last month, according to the data from the Ministry of Data and Statistics. In 2025, inflation had remained above 2 percent for four consecutive months through A
Dec. 2, 2025 -
FSS chief puts Upbit on notice over ‘serious’ security failures
The head of South Korea's banking regulator issued a stern warning to Upbit on Monday, signaling that the crypto exchange could face strong measures after a major security lapse enabled hackers to steal roughly 45 billion won ($30.6 million) worth of virtual assets. Financial Supervisory Service Gov. Lee Chan-jin said the scale and nature of the breach and Upbit’s inadequate response “cannot be treated lightly,” underscoring growing regulatory frustration with repeated cybersecurity failures acr
Dec. 1, 2025 -
Korea seeks NPS swap extension as won remains under pressure
Foreign exchange authorities said Monday they have begun talks with the National Pension Service to extend a currency-swap arrangement set to lapse at the end of the year, as policymakers roll out measures to counter the won’s persistent slide. The move was announced after a Sunday meeting convened by Finance Minister and Vice Prime Minister Koo Yun-cheol, bringing together senior officials from the Bank of Korea, the NPS, the Welfare Ministry, the Industry Ministry and other financial regulator
Dec. 1, 2025 -
Authorities begin talks on extending currency swap deal with NPS
South Korea's foreign currency authorities said Monday that they have begun discussions on extending their currency-swap arrangement with the state pension operator, the finance ministry said. As the Korean won continues to weaken against the U.S. dollar, the Ministry of Economy and Finance, the Bank of Korea, the National Pension Service, and the Ministry of Health and Welfare overseeing the pension fund formed a joint consultation body last month. During the latest meeting of the four-way body
Dec. 1, 2025 -
S. Korea's exports rise 8.4% on-year to $61.04b in Nov. on robust chip demand
South Korea's exports increased 8.4 percent from a year earlier in November to over $61 billion, marking the sixth consecutive month of increase on the back of strong demand for semiconductors, government data showed Monday. Outbound shipments came to $61.04 billion last month, the highest for any November, according to the data compiled by the Ministry of Trade, Industry and Resources. Imports gained 1.2 percent on-year to $51.3 billion, resulting in a trade surplus of $9.73 billion. Accumulate
Dec. 1, 2025 -
Foreign nationals own over 104,000 homes, 270m square meters of land in Korea
Foreign nationals own more than 104,000 homes in Korea and nearly 270 million square meters of South Korean land as of the end of June this year, government data showed Friday. Over half of those homes were owned by Chinese nationals, while the majority of the land was owned by US citizens. The Ministry of Land, Infrastructure and Transport released a report on foreign-owned domestic real estate, which showed that foreign ownership of housing and land continues to increase. Foreign nationals hel
Nov. 28, 2025 -
ASEAN+3 nations agree to strengthen regional cooperation
Vice finance ministers of South Korea, China, Japan and the Association of Southeast Asian Nations have agreed to strengthen regional cooperation to address uncertainties and create new growth opportunities, Seoul's finance ministry said Friday. The consensus was reached during the ASEAN+3 Finance and Central Bank Deputies' Meeting, held in Hong Kong on Wednesday and Thursday, according to the Ministry of Economy and Finance. South Korea sent Deputy Finance Minister Choi Ji-young as its chief de
Nov. 28, 2025