South Korea’s current account remained in surplus for the ninth consecutive month thanks to strong semiconductor and automobile exports.According to provisional statistics on the balance of payments released by the Bank of Korea (BOK) on March 8, the nation’s current account surplus stood at US$3.05
The government is taking steps to solicit opinions from overseas financial institutions and investors regarding measures to improve the foreign exchange market structure and support corporate value-up initiatives.The Ministry of Economy and Finance (MOEF) announced on March 10 that Shin Joong-beom,
The Korean government will launch the Top 10 Promising Markets Trade Mission, which will lead strategic market exploration to help the country achieve US$700 billion, the largest ever, in exports this year,.The Ministry of Trade, Industry and Energy (MOTIE) announced on Mar. 5 that it will send the
Last year, South Korea’s gross national income (GNI) per capita reached US$33,000, marking a rebound for the first time in a year. The annual real gross domestic product (GDP) growth rate was recorded at 1.4 percent.According to the “2023 Preliminary 4th Quarter and Annual National Income” report re
The Hyundai Research Institute (HRI) has forecasted that the South Korean economy will enter a recovery phase after passing its lowest point this year.According to a report titled “Now is an Important Time to Form an Early Economic Cycle Bottom” released by the HRI on March 3, there is a high possib
South Korea’s exports in February of this year increased by 4.8 percent compared to the previous year, continuing the trend of “export growth” for the fifth consecutive month. Particularly noteworthy is the semiconductor exports, which recorded the highest growth rate in six years and four months. A
For four consecutive years, South Korea has maintained its position as the top country among 34 advanced and emerging markets worldwide in terms of household debt relative to gross domestic product (GDP). As of the end of last year, the ratio stood at 100.1 percent, slightly lower than the previous
The trend of improved terms of trade in South Korea has continued for the eighth consecutive month. This is attributed to the slowdown in the decline of export prices, which has resulted in import prices decreasing more significantly than export prices.Exports of semiconductors, the largest export i
The government has come up with a detailed blueprint at the inter-ministerial level, encompassing export targets for key items such as semiconductors, automobiles, and plants, to achieve this year’s export goal of US$700 billion. It includes the largest-ever support measures to accelerate progress,
Amid growing concerns about expanding trade risks in big election years in 76 countries around the world holding elections, the Korean government has decided to actively manage risk factors through a strategy meeting among industry, academia, and research centers.The Ministry of Trade, Industry and
Government officials from Korea, the United States, and Japan have met and agreed to strengthen trilateral cooperation to respond to the changing global environment, including supply chain instability and export controls.The Korean Ministry of Trade, Industry and Energy (MOTIE) announced on Feb. 22
The Monetary Policy Board of the Bank of Korea (BOK) has decided to maintain the key interest rate at the existing level of 3.50 percent. Despite the domestic inflation rate falling to the 2 percent range, it is deemed difficult to consider it as having reached a stable level, especially considering
South Korea’s exports to China are expected to surge in 2024 due to a recovery of the IT market in China. However, South Korea is unlikely to record a large trade balance surplus as in the past due to an increase in imports of Chinese batteries and the declining competitiveness of Korean products.“I
For the first time in 25 years since the foreign exchange crisis, South Korea’s economic growth rate last year fell behind Japan. However, projections indicate South Korea is expected to outpace Japan again this year. Due to prolonged low growth, Japan’s economic size has slipped to the place of fou
The Korea Development Institute (KDI) has maintained its economic growth forecast for South Korea at 2.2 percent for this year. However, it has slightly lowered its forecast for private consumption, citing prolonged high interest rates as a contributing factor.According to the “Economic Outlook” rel
It has been revealed that the dividend payouts of major domestic companies increased by nearly 10 percent last year. Particularly noteworthy is the recent announcement by the government regarding the introduction of the “Corporate Value-Up Program” aimed at addressing the “Korea Discount,” which ref
President Yoon Suk-yeol reiterated the importance of adopting a global standard to address the “Korea Discount,” which indicates the undervaluation of the domestic stock market, during his televised speech on Feb. 7. This has sparked increased interest in low price-to-book ratio (PBR) stocks among i
The Korea Development Institute (KDI) recently evaluated the state of the South Korean economy, noting a recovery in exports but a slowdown in domestic consumption. This marks the third consecutive month that the KDI has assessed a “slowdown in domestic consumption.”On Feb. 7, the KDI assessed the e
Korea’s current account surplus reached US$35.5 billion in 2023. This was mainly because the volume of goods exports reaching a yearly high at the end of 2023.The current account surplus stood at US$7.41 billion in December, according to a December 2023 provisional balance of payments data released
Due to the strength of the U.S. dollar, the foreign exchange reserves decreased last month for the first time in three months.According to the statistics of the “Foreign Reserves as of the End of January 2024” publication released by the Bank of Korea (BOK) on Feb. 5, South Korea’s foreign reserves