Seoul trade ministry, USTR to hold meeting in Dec. to discuss non-tariff barriers

Seoul's trade ministry and the Office of US Trade Representative plan to hold a meeting next month to carry out follow-up discussions on non-tariff barrier issues included in the countries' joint trade deal, the ministry said Monday. The upcoming joint free trade agreement committee meeting will cover bilateral cooperation in non-tariff trade barrier issues, such as automobile and digital services regulations, Trade Minister Yeo Han-koo said during a trade promotion committee meeting. In a joint

Nov. 17, 2025

Lee to meet with business leaders after finalizing summit document on US trade deal

President Lee Jae Myung will meet with leaders of major South Korean business groups this weekend to discuss follow-up measures after the release of a joint summit document with the United States on trade and other issues, his office said Friday. The meeting comes after Seoul and Washington released the joint fact sheet on Friday outlining the agreements reached in their two recent summits, including details of Seoul's $350 billion investment plans in the US in exchange for reducing US tariffs f

Nov. 14, 2025

Economy recovering from H1 downturn despite lingering uncertainty: finance ministry

The South Korean economy is recovering from a downturn in the first half of the year, supported by stronger domestic demand and a rebound in the semiconductor sector, despite lingering uncertainties, the finance ministry said Friday. The Ministry of Economy and Finance made the assessment in its monthly economic report, the Green Book, striking an upbeat tone for the second consecutive month. The ministry had mentioned "recovery" for the first time in its previous edition. "Recently, our economy

Nov. 14, 2025

Exports of consumer goods set to hit record high on K-culture craze: KOTRA

South Korea's exports of consumer goods are widely expected to reach a new high this year on the back of soaring global popularity of Korean culture, the chief of the Korea Trade-Investment Promotion Agency has said, pledging stepped up efforts to help diversify overseas markets and export items. Outbound shipments of consumer goods have increased 6.6 percent from a year earlier in the first nine months of the year, reaching an all-time high for the January-September period, according to KOTRA P

Nov. 14, 2025

Govt. to prepare FX stabilization measures with NPS, exporters: finance chief

Finance Minister Koo Yun-cheol on Friday stressed the need to actively mobilize all available policy tools to cope with rising uncertainty in the foreign exchange market, as the South Korean won has continued to weaken against the US dollar, the finance ministry said. On Thursday, the local currency slid to around 1,470 won per dollar, nearing its weakest level of the year, weighed down by heavy stock selling by foreign investors and a weaker Japanese yen. Koo made the remarks in a macroeconomic

Nov. 14, 2025

Import prices rise by most in 9 months in Oct. on weaker won: BOK

Import prices increased for the fourth consecutive month in October, despite the falling global oil prices, due mainly to a weaker Korean won, central bank data showed Friday. The import price index climbed 1.9 percent from a month earlier in October, following a 0.2 percent on-month rise in September, according to preliminary data from the Bank of Korea. Compared with a year earlier, the index added 0.5 percent. The uptick came as the local currency sharply weakened to an average of 1,423.36 wo

Nov. 14, 2025

Korea logs second-biggest fiscal deficit as stimulus weigh on budget

Korea’s fiscal deficit exceeded 100 trillion won ($73 billion) in the first nine months of the year, the second-largest shortfall on record for the period, as heavy spending tied to two supplementary budgets outpaced gains in tax revenue, government data showed Thursday. The Finance Ministry’s November fiscal report showed the managed fiscal balance, a key gauge that strips out the four major social security funds, posted a 102.4 trillion-won deficit through September. The shortfall is second on

Nov. 13, 2025

As Korean youth exit restaurant jobs, foreign students step in — and grow essential

As young Koreans increasingly avoid part-time service jobs, international students are filling the gap, working in restaurants across South Korea to keep kitchens running and dining rooms staffed. Despite wages that can reach 15,000 won per hour ($10.20), employers say it’s harder than ever to hire local workers for roles like waiting tables or assisting in kitchens. Instead, part-time job listings are drawing students from abroad, many of whom are juggling their studies with shifts in cafes, ea

Nov. 13, 2025

ICT exports up 12% in Oct. on AI server chips

South Korea's exports of information and communication technology products rose 12.2 percent in October from a year earlier, data showed Thursday, helped by robust shipments of semiconductors for artificial intelligence servers. Outbound shipments of ICT products reached $23.3 billion last month, according to data compiled by the Ministry of Science and ICT. It marks the highest export volume for any October. Imports, meanwhile, fell 2.9 percent over the period to $12.9 billion, resulting in a t

Nov. 13, 2025

BGF Retail opens 1st CU convenience store in Hawaii

BGF Retail Co., the operator of the CU convenience store chain, said Thursday it has opened its first CU outlet in Hawaii as part of its global expansion strategy. In May, the company established a local subsidiary and signed a master franchise agreement with CU Hawaii LLC, a new entity created by local firm WKF Inc. Under the master franchise deal, the master franchisee is granted the right to not only open franchise units in a designated area but also sub-franchise them to third parties. The n

Nov. 13, 2025

Possible monetary policy shift depends on data: BOK chief

Bank of Korea Gov. Rhee Chang-yong said Wednesday that the central bank will continue its monetary easing cycle but the scope and pace of any future rate cuts, as well as a possible policy shift, will depend on incoming economic data. Rhee made the remarks in an interview with Bloomberg TV in Singapore, which was interpreted as hawkish and pushed the yield on 10-year government bonds to the highest level in 16 months. "Given the negative output gaps, our official position is that we will maintai

Nov. 12, 2025

Are dividend tax perks another gift to the wealthy?

The government appears to be cementing its stance on dividend taxation, setting the top rate at 25 percent, lower than the initially proposed 35 percent that sparked investor backlash. On Sunday, the government and ruling party agreed on the need to encourage dividend payouts to help boost the local stock market, signaling that a long-debated tax reform may be nearing its conclusion. Still, the controversy is far from settled, with questions remaining over whether the lower top rate will truly b

Nov. 12, 2025

KDI signals Korea growth bottoming out

Korea’s state-run Korea Development Institute raised its growth outlook for 2025 and 2026, marking its first upward revision in a year as private consumption shows signs of recovery. In its second biannual economic outlook report, the institute forecast Korea’s gross domestic product to expand 0.9 percent this year, reflecting 0.3 percent growth in the first half and 1.5 percent in the second, and marking a 0.1 percentage point increase from its August forecast. Growth is expected to pick up to

Nov. 11, 2025

Exports up 6.4% during first 10 days of Nov. on robust chip, auto demand

South Korea's exports went up 6.4 percent from a year earlier in the first 10 days of this month, data showed Tuesday. Outbound shipments reached $15.8 billion in the Nov. 1-10 period, compared with $14.9 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports increased 8.2 percent on-year to $17 billion during the period, resulting in a trade deficit of $1.2 billion. The agency attributed the increase in outbound shipments to strong global demand for semico

Nov. 11, 2025

Stock value of 5 conglomerates accounts for over half of total market cap amid KOSPI rally

The combined stock value of affiliates under South Korea's five largest conglomerates accounted for more than 50 percent of the country's total market capitalization amid a recent market rally, industry data showed Tuesday. The total market capitalization of the country's three stock exchanges, including the main Korea Composite Stock Price Index and the secondary Korea Securities Dealers Automated Quotations, stood at 3,963.1 trillion won ($2.7 trillion) as of Nov. 3, sharply up from 2,310.9 tr

Nov. 11, 2025