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☆ South Korea May 1-20 exports fall 16.1% on year
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: 1 min

SEOUL, May 22 (Reuters) - South Korean exports in the first 20 days of May fell 16.1% from a year earlier and imports dropped by 15.3%, customs agency data showed on Monday. The country's trade balance came in at a $4.3 billion deficit for the May 1-20 period, the data showed. South Korea's heavily trade-dependant economy has been hit hard by faltering global demand. Exports have declined in each of the past seven months on an annual basis, their longest losing streak in three years. Reporting by Choonsik Yoo; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ Abu Dhabi identifies $2 billion in investment opportunities in South Korea
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

SEOUL, May 22 (Reuters) - Abu Dhabi organisations have identified about $2 billion of investment opportunities in South Korea after the two sides agreed to expand business ties in January, a joint statement said on Monday. The United Arab Emirates (UAE) pledged during South Korean President Yoon Suk Yeol's visit to Abu Dhabi in January to invest up to $30 billion in the Asian country in sectors including energy and information technology. "To date, Abu Dhabi organisations have helped identify approximately $2 billion of potential investment opportunities in Korea," read the statement on Monday from Korea Development Bank and Mubadala Investment Company. The two agencies have been exploring follow-up investment since the summit. Editing by Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

☆ S.Korea tells China ambassador it hopes for continued economic cooperation
▼ + stars: | 2023-05-19 | by ( Choonsik Yoo | ) www.reuters.com time to read: +1 min

SEOUL, May 19 (Reuters) - South Korea's finance minister on Friday met the Chinese ambassador and discussed economic cooperation, as diplomatic tensions with Beijing put an additional dent on the already sluggish economy. The ministry said in a short message after the 30-minute meeting that Minister Choo Kyung-ho expressed his hopes for continued economic cooperation between the two countries on the basis of reciprocity and mutual respect. Choo, South Korea's highest economic and financial policymaker, also asked for support for preparations ahead of a bilateral economic ministers' meeting this year in Seoul, the statement added. The ministry did not disclose remarks by Ambassador Xing Haiming during the meeting, which was held after South Korea's ambassador to Washington said early this month Seoul would soon pursue senior-level engagements with Beijing. Share prices of South Korean companies with exposure to China business rose on Friday, with media content producer CJ ENM (035760.KQ) jumping 2.5% and online game developer Netmarble (251270.KS) rising 1.5%.

☆ South Korea signs $130 mln aid package with Ukrainian minister
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

[1/2] South Korean Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho speaks during an interview with Reuters in Incheon, South Korea, May 3, 2023. REUTERS/Kim Hong-JiSEOUL, May 17 (Reuters) - South Korea signed an agreement with Ukraine on Wednesday on its plan to provide a $130 million financial aid package, a day after the visiting first lady of the war-hit country asked for military assistance. South Korea's finance ministry said Minister Choo Kyung-ho and Ukrainian Economy Minister Yulia Svyrydenko, in Seoul to attend a conference, signed the agreement on the package, which will consist of donations and aid loans. South Korea, a major producer of artillery shells, has said it was not providing lethal weapons to Ukraine, citing its relations with Russia. Reporting by Choonsik Yoo; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea lifts power prices by 5.3% in delayed move
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +2 min

It is the second increase in power prices this year after a sharper 9.5% hike that took effect at the beginning of the year. The price adjustment had been due on April 1 but was delayed after a public outcry about the increased cost of living. Korea Electric Power Corp (KEPCO), the state-run electricity powerhouse, suffered an operating loss of 6.2 trillion won ($4.69 billion) for the first quarter after a huge 32.6 trillion won loss for the whole of last year. The ministry also announced a 5.3% increase in city gas prices for households. With parliamentary elections some 11 months away, the latest opinion poll by Gallup Korea showed last Friday the disapproval rating on President Yoon stood at 59%, far outpacing the approval rating of 35%.

☆ South Korea current account swings back to surplus in March
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: 1 min

SEOUL, May 10 (Reuters) - South Korea's current account balance in March ended a two-month run of deficit to post a surplus, but suffered its biggest quarterly deficit in more than 14 years during the January-March period, data showed on Wednesday. The country posted a $0.27 billion current account surplus in March, after setting a deficit in each of the preceding two months, the Bank of Korea data showed. For the first quarter of this year, it posted a deficit of $4.46 billion, the biggest since the third quarter of 2008. Reporting by Choonsik Yoo; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea inflation hits 14-month low, backs view rate-hike cycle is over
▼ + stars: | 2023-05-02 | by ( Choonsik Yoo | ) www.reuters.com time to read: +1 min

SEOUL, May 2 (Reuters) - South Korea's consumer inflation eased for a third consecutive month to a 14-month low in April and the central bank expects the downward trend to persist for some time, supporting the market's view that its policy tightening cycle is over. The consumer price index (CPI) stood 3.7% higher in April than a year earlier, the Statistics Korea data showed on Tuesday, marking the slowest growth since February last year and following a 4.2% increase in March. The Bank of Korea (BOK) issued a broadly dovish statement, although it repeated that uncertainty remained high over the future path of inflation. "The consumer price growth will show a clearly slowing trend through the middle of this year, while the core price growth will show a trend of easing at a slower pace than the headline inflation," it said. The central bank held interest rates steady at the last two successive policy meetings after raising them by 300 basis points since late 2021.

☆ Bank of Korea sees rapid pace of inflation easing for awhile
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: 1 min

SEOUL, May 2 (Reuters) - South Korea's central bank said on Tuesday inflation would keep easing at a rapid pace through the middle of this year, although core inflation would ease at a slower pace. Reporting by Choonsik Yoo; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea April inflation eases to 14-month low, matches expectations
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

SEOUL, May 2 (Reuters) - South Korea's consumer inflation eased for a third consecutive month to a 14-month low in April on an annual basis, data showed on Tuesday, supporting the market's perception that the central bank's policy tightening cycle is over. The consumer price index (CPI) stood 3.7% higher in April than a year earlier, the Statistics Korea data showed, marking the slowest growth since February last year and following a 4.2% increase in March. Despite the sustained cooling in annual inflation, other measures showed inflation pressure was far from disappearing as prices rose on a monthly basis and annual inflation held steady when excluding volatile items. The CPI rose 0.2% in April from March, gaining for a fifth consecutive month, while the annual growth in the index excluding foods and energy items held steady at 4.0% for a third consecutive month, the data showed. The official target for the Bank of Korea's monetary policy is managing the broadest CPI growth at around 2% on an annual basis.

☆ South Korea exports suffer longest losing streak in three years, China sales tumble
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +2 min

SEOUL, May 1 (Reuters) - South Korea's exports fell for a seventh straight month in April for their longest losing streak in three years, driven by an extended slump in sales to China and suggesting persistent pressure on the economy from frail global demand. A breakdown of the data showed exports to China tumbled 26.5% for their 11th consecutive month of declines, while those to the United States fell 4.4% in their first shrinking month in three. By product, semiconductor exports dived 41.0%, extending their losses to the ninth straight month. Imports in April fell 13.3% to $52.23 billion following a 6.4% fall in March, also faster than a 10.6% decline expected by economists. Reporting by Jihoon Lee; Editing by Choonsik Yoo & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea exports contract for seventh month, longest streak in 3 years
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

SEOUL, May 1 (Reuters) - South Korea's exports fell for a seventh straight month in April in annual terms, data showed on Monday, marking their longest losing streak in three years and suggesting persistent pressure on the economy from frail global demand. Overseas sales by Asia's fourth-largest economy fell 14.2% year-on-year to $49.62 billion in April, the trade ministry data showed, after a 13.6% fall in February and compared with a 13.5% drop tipped in a Reuters survey. Imports in April fell 13.3% to $52.23 billion following a 6.4% fall in March, also faster than a 10.6% decline expected by economists. As a result, the country posted a trade deficit of $2.62 billion in April, the 14th month in a row that the export-reliant economy suffered monthly trade deficit. Reporting by Jihoon Lee; Editing by Choonsik Yoo & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ US, South Korean leaders pledge to cooperate on forex market stability
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - U.S. President Joe Biden and South Korean President Yoon Suk Yeol upgraded their commitment to cooperate on maintaining stability in foreign exchange markets at a summit on Wednesday, a senior South Korean economic official said. "It is meaningful that (the two leaders) expressed their willingness to actively cooperate for the financial stability at a higher level than before," Choi Sang-mok, senior presidential secretary for economy, told reporters in Washington. Biden and Yoon said in a statement following the summit that the two countries "will continue to consult closely on foreign exchange market developments to promote sustainable growth and financial stability". It was a reaffirmation of a commitment made last year but was an upgrade in the sense that it was included in the statement after the summit meeting held on the occasion of President Yoon's state visit, Choi said. Reporting by Choonsik Yoo; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea to join global stress test on banks
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

SEOUL, April 24 (Reuters) - South Korea will voluntarily join a global stress test on banks, hoping to gain from a thorough analysis of risks they face on an international level, the country's central bank and its financial regulator said on Monday. The Bank of Korea and the Financial Supervisory Service said in a joint statement that the country has decided to join the test led by the Financial Stability Board and the Basel Committee on Banking Supervision. The test involves countries submitting data on their banks so that it can be analysed and compared on a global context. "It will allow (the participating countries) to conduct an elaborate assessment of financial stability on a global level such as contagion effects due to the global interconnection," the South Korean agencies said. South Korea is not required to join the test as none of its banks are classified as globally systemically important banks, but is keen on monitoring global contagion risks.

☆ South Korea and Japan's finance ministers to hold first bilateral talks in 7 years
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +1 min

SEOUL/TOKYO, April 17 (Reuters) - South Korea and Japan's finance ministers will hold a bilateral meeting early next month for the first time in seven years, heralding closer cooperation in economic policy that has been hampered by diplomatic conflict. South Korean Finance Minister Choo Kyung-ho told reporters during a visit to the United States that he has agreed to meet Japanese Finance Minister Shunichi Suzuki, according to a media pool report. "It is significant in that it will be the first step toward reviving regular bilateral meetings," Choo said, without elaborating. Regular annual meetings between the two countries' finance ministers have been suspended since 2016 due to disputes over wartime history. Financial markets will likely pay close attention to whether the finance ministers will discuss resuming a bilateral currency swap arrangement - one that had served as backstop against any potential currency crisis but which expired in February 2015.

☆ Bank of Korea holds policy rate steady at 3.50%, as expected
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

SEOUL, April 11 (Reuters) - South Korea's central bank on Tuesday held interest rates steady for a second consecutive meeting, as expected, faced with conflicting risks from still high inflation, a slowing economy and heightened financial uncertainty. The Bank of Korea said its seven-member monetary policy board voted to keep the base rate (KROCRT=ECI) unchanged at 3.50%, as it did on Feb. 23. The decision was in line with predictions from 39 out of 40 economists surveyed by Reuters, while one respondent had forecast a 25-basis-point hike. It is the first time the Bank of Korea has kept the policy rate steady at successive meetings since it embarked on a tightening campaign in August 2021. Reporting by Choonsik Yoo and Jihoon Lee; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

[1/2] The logo of the Bank of Korea is seen in Seoul, South Korea, November 30, 2017. The Bank of Korea said its seven-member monetary policy board voted to keep the base rate (KROCRT=ECI) unchanged at 3.50%, as it did on Feb. 23. Local markets showed a muted reaction as investors waited Governor Rhee Chang-yong's news conference from 0210 GMT. It is the first time the Bank of Korea has kept the policy rate steady at successive meetings since it embarked on a tightening campaign in August 2021. Reporting by Choonsik Yoo and Jihoon Lee; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ S.Korea's Yoon calls strategy meeting to boost chip, battery sectors
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

SEOUL, April 10 (Reuters) - South Korean President Yoon Suk Yeol ordered on Monday a national strategy meeting to boost the competitiveness of the country's rechargeable battery and semiconductor sectors, a presidential spokesperson said. South Korea's economy, heavily dependent on trade and chip exports, has been decelerating in the face of a weakening global economy and still-sluggish demand from neighbouring China. Local consumers are also holding back on spending after interest rate rises. South Korean battery and chip shares rallied in early trade on Monday. Reporting by Choonsik Yoo and Hyunsu Yim; Editing by Tom Hogue and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea exports fall for sixth consecutive month in March
▼ + stars: | 2023-04-01 | by ( Jihoon Lee | ) www.reuters.com time to read: +2 min

It was the longest losing streak in exports in annual terms since August 2020. South Korea is the first major exporting economy to release trade data each month, with a diversified portfolio from chips to cars and ships, providing an early glimpse into the state of global demand. By destination, exports to China dropped 33.4% in March, extending losses to a 10th straight month and marking the worst since January 2009. Semiconductor exports slumped 34.5%, in the eighth month of falls, but with the pace easing from a month before. Imports in March fell 6.4% to $59.75 billion, versus a 3.5% rise in the previous month and a 6.6% fall expected by economists.

☆ South Korea data shows uneven economic recovery, suggests steady rates
▼ + stars: | 2023-03-30 | by ( Choonsik Yoo | ) www.reuters.com time to read: +2 min

SEOUL, March 31 (Reuters) - South Korea's factory output slumped while retail sales jumped in February, data showed on Friday, signalling an uneven economic recovery and bolstering the market's view that the central bank will keep rates on hold for the rest of the year. The industrial output index fell 3.2% in February from the month before after a 2.4% gain in January, while the retail sales index jumped 5.3% month-on-month after a 1.1% drop in January, according to Statistics Korea. South Korea's central bank, which started raising interest rates in August 2021 ahead of most central banks, has raised the policy rate by 300 basis points from just 0.5% but kept it unchanged at its latest meeting in February. Bank of Korea Governor Rhee Chang-yong told reporters after the February decision that the central bank would not resume its rate hikes if inflation continued to moderate. Economists said the robust retail sales data could be temporary given the worsening outlook for exports, which influence a wide range of economic activity in South Korea.

☆ Older workers pull South Korea jobless rate down to record low
▼ + stars: | 2023-03-15 | by ( Choonsik Yoo | ) www.reuters.com time to read: +1 min

SEOUL, March 15 (Reuters) - South Korea's unemployment rate has fallen back to a record low, data showed on Wednesday, mainly due to increased employment among people aged 60 and over, and as shrinking exports and a sluggish housing market have yet to significantly hit payrolls. The unemployment rate was 2.6% in February versus 2.9% in January on a seasonally adjusted basis, matching a record low also touched in August, showed data from Statistics Korea. "Manufacturing and construction sectors, among others, will soon begin to show the effects of shrinking exports and a weakening housing market," said Park Sang-hyun at HI Investment and Securities. People aged 60 or older contributed most to the declining unemployment rate with the figure in this age group falling to 1.6% from 2.6% a month earlier. Reporting by Choonsik Yoo; Editing by Tom Hogue and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea Feb unemployment rate eases to match record low
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: 1 min

SEOUL, March 15 (Reuters) - South Korea's unemployment rate eased to match a record low of 2.6% in February from 2.9% in January on a seasonally adjusted basis, data showed on Wednesday. This is the same as the record set in August last year. Adults aged 60 or older led the drop as the unemployment rate for this age group fell to 1.6% in February from 2.6% in January. Rates for other age groups changed little or even rose, the Statistics Korea data showed. Reporting by Choonsik Yoo; Editing by Chris Reese and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

[1/2] Kim Tae-hyun, Chairman & CEO of South Korea's National Pension Service, speaks during an interview with Reuters in Seoul, South Korea, March 3, 2023. National Pension Service/Handout via REUTERSSEOUL, March 6 (Reuters) - South Korea's National Pension Service (NPS), manager of the world's third-largest public pension fund, will collaborate with foreign exchange authorities when needed to help stabilise the market, its chairman told Reuters. "Based on last year's experience, we have prepared measures aimed at easing dollar demand and volatility in the foreign exchange market," Kim said. "A predictable and stable foreign exchange rate is also advantageous to us," he said, adding that cooperation with foreign exchange authorities would be based on achieving good investment returns. With the fund expected to be depleted by 2055, his top priority is to provide support for the government's plan to reform the national pension system, he said.

[1/2] Chinese tourists stand next to street vendors at Myeongdong shopping district in Seoul, South Korea, January 9, 2023. REUTERS/Kim Hong-JiSEOUL, March 2 (Reuters) - South Korea's government on Thursday promised to boost exports and attract tourists as the country's statistics agency released January data that showed gloomy prospects for the economy. Reflecting the sense of urgency within the government, South Korea's trade minister convened a separate emergency meeting of officials from almost all ministries to press for more exports. South Korea's official forecast is for exports to drop 4.5% in 2023 compared with last year. South Korea's trade-reliant economy contracted by an estimated 0.4% in the fourth quarter of 2022 from the previous quarter as exports collapsed.

☆ Bank of Korea holds rates after year of non-stop hikes
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Feb 23 (Reuters) - South Korea's central bank kept interest rates unchanged on Thursday, matching market expectations and ending an uninterrupted run of hikes for a year. The Bank of Korea's monetary policy board held its policy interest rate (KROCRT=ECI) steady at 3.50%, in line with a unanimous call by the 42 economists in a Reuters poll. Governor Rhee Chang-yong is due to hold a news conference soon. Reporting by Choonsik Yoo and Jihoon Lee; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea launches panel on banks amid outcry over pay
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Feb 22 (Reuters) - South Korea launched a task force on Wednesday to study ways to improve business practices and pay schemes at banks, days after the country's president called on lenders to help curb the cost-of-living burden on vulnerable people. The panel is headed by the deputy chief of the top financial regulator, the Financial Services Commission (FSC), and comprises regulators, scholars, researchers and officials from financial industry associations, the FSC said in a statement. Kim So-young, vice chairman of the FSC, said at the panel's inaugural meeting that it would study ways to boost competition either between existing banks or by allowing entries of niche service providers. The panel would also look into ways to help banks diversify their business practices, currently heavily dependant on interest rate margins, and improve their pay structure, he said. President Yoon Suk-yeol and other government officials have said there is growing public discontent over reports of big performance-sharing and early-retirement bonus payments by banks.

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