In the span of a year, bad loans in corporate lending from the five major banks have surged by over 400 billion won (US$300.98 million), heading towards the 3 trillion won mark. With the corporate sector facing economic challenges, there are concerns that the fierce competition in corporate lending
Last year, South Korea’s private debt growth rate relative to its gross domestic product (GDP) was reported to be the highest in the world. While households and businesses are reducing their debt in most countries in the aftermath of COVID-19, South Korea is drawing attention for moving in the oppos
As of April this year, South Korea has emerged as one of the top three external importers of the European Union (EU). Excluding European countries, South Korea has secured the third position in this ranking, following China and the United States. This marks the first time that South Korea has surpas
On Sept. 14, the Ministry of Trade, Industry, and Energy announced that last month’s exports in the Information and Communication Technology (ICT) sector amounted to US$160.5 billion, with imports reaching US$110.7 billion. This led to a provisional trade surplus of US$49.8 billion.The decline in th
TheAfrica-Korea Business Summit was hosted at the Peninsula Hotel in Paris by the Korea-Africa Foundation and the Korea Chamber of Commerce and Industry (KCCI) with support from the Ministry of Foreign Affairs of the Republic of Korea. The theme for the business summit was ‘Africa-Korean partnership
It has been revealed that the import value of luxury handbags priced at over 2 million won (US$1,496) has increased by nearly fourfold in just four years. During the same period, the import value of luxury watches has also seen an increase of nearly double.According to data obtained by Representativ
The U.S.-China semiconductor battle has escalated into a “mineral war.” China, possessing core materials for semiconductors and electric vehicle batteries, is playing its mineral export restriction card in response to U.S. controls on semiconductor technology. Concerns over China’s weaponization of
Korea’s current account posted a surplus for the third consecutive month in July, but it was a recessionary surplus as imports fell more than exports. In particular, a surge in overseas travel led to a larger deficit in the travel account, making the size of the service account deficit 36 times larg
According to the Federation of Korean Industries (FKI) on Sept. 6, Chairman Ryu Jin, who took office as the 39th chairman, reaffirmed friendly relations by sending congratulatory letters to over 40 partner organizations in major countries and international institutions worldwide. He also proposed th
As of the end of August this year, South Korea’s foreign exchange reserves were recorded at US$418.3 billion. This marks a decrease of US$3.5 billion compared to the previous month.On Sept. 5, the Bank of Korea announced the size of foreign exchange reserves and attributed the decrease to primarily
Lotte Group has announced that it will be hosting the “South Korea Brand Expo in Jakarta” in collaboration with the Korea Trade-Investment Promotion Agency (KOTRA) until Sept. 8 in Jakarta, Indonesia.Since it began in 2016, the South Korea Brand Expo is holding its 17th event and has recorded a cumu
On Sept. 4, international credit rating agency Fitch evaluated the South Korean government’s budget proposal for 2024 and the medium-term fiscal management plan as a “relatively robust fiscal policy.” It stated that it “may have a slightly (negative) impact on economic growth but will help strengthe
Germany, once considered the growth engine of Europe, is mired in an economic slump. The International Monetary Fund (IMF) has projected that Germany will experience negative growth of 0.3 percent this year, making it the only G7 country among the seven major economies to undergo a contraction. The
In August, exports outperformed expectations, surpassing seasonal factors such as summer vacations. The year-on-year decline in exports narrowed to single digits, and the decline in semiconductor exports to China also moderated compared to the previous month.According to the Ministry of Trade, Indus
Despite the waning of the “king dollar” phenomenon that prevailed last year, the currencies of three East Asian countries – South Korea, China, and Japan – have not managed to break free from their weakened positions. Notably, the Korean won appears to be weaker compared to the Japanese yen and the
It was reported that production, consumption, and investment had all decreased in July. This simultaneous decline in the three major indicators of industrial activity, which together showcase the vitality of the South Korean economy, is the first since January. Additionally, facility investment reco
Eight out of ten business leaders have expressed the belief that the Chinese economy will continue to deteriorate in the future. This outlook is attributed to mounting concerns over risks stemming from China, notably those associated with the U.S.-China conflict. It is increasingly evident that the
The government, in a joint effort with the private sector, is establishing a “Startup Korea Fund” with a total size of 2 trillion won (US$1.51 billion) by 2027 to support the global expansion of deep tech and startups.The Ministry of SMEs and Startups (MSS) announced the “Comprehensive Startup Korea
South Korea’s exports fell 12.4 percent in the first half of the year. Therefore, South Korea became the only country in the world’s top 10 to post a double-digit decline in exports. Its global export ranking dropped to eighth place from sixth in 2022. South Korea’s trade deficit is expected to reac
Due to a recent economic crisis in China, Korea’s exports to China may fall by US$36.92 billion this year, according to an analysis report.The report titled “Implications of Declining Exports to China on the Korean Economy,” released by the Hyundai Research Institute on Aug. 24, estimates how much a