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The Korea Herald

Economy

July 04, 2019
Korea posts current account surplus in May

South Korea’s current account balanced turned to black in May, one month after the country posted its first deficit in seven years amid sluggish exports, central bank data showed on July 4. The country’s current account surplus came to $4.95 billion in the month, marking a turnaround from a $...
July 03, 2019
Korea pushes to invest W1tr in chip materials, parts every year

South Korea has been pushing to inject 1 trillion won ($862 million) per year into the semiconductor materials and parts industry, a ruling party official said on July 3. The plan was unveiled amid concerns raised by Japan’s announcement that it would restrict exports of chip and display mater...
July 03, 2019
Korea begins legal review of WTO complaint against Japan’s export curbs

South Korea’s Trade Ministry has started a review of the legal grounds for filing a complaint with the World Trade Organization over Japan’s decision to tighten the rules for exports of semiconductor and display materials to Seoul, a government official said on July 3. “We believe that Japan...
July 01, 2019
NTS to reduce probes into companies

South Korea’s new tax chief vowed July 1 to cut the number of probes into companies to ensure their normal business operations will not be undermined. National Tax Service Commissioner Kim Hyun-jun also said in his inaugural ceremony that the tax agency will cut the ratio of irregular tax prob...
July 01, 2019
Korea’s exports down 13.5% in June

South Korea’s exports decreased 13.5 percent in June from a year earlier, extending their on-year fall for the seventh consecutive month, data showed on July 1, due mainly to the prolonged trade row between the world‘s top two economies. Outbound shipments came to $44.18 billion for June, dow...
June 30, 2019
Two dozen chaebol members hold over W1tr worth of stocks

A total of 24 Korean chaebol members were found to be holding more than 1 trillion won ($865 million) worth of listed shares as of the latest trading session. The combined value of listed shares held by the 24 shareholders came to 64.3 trillion won as of end-June, according to the data compiled b...
June 28, 2019
Moon, Modi seek synergies between their signature regional strategies

The leaders of South Korea and India agreed on June 28 to step up efforts for synergies between their key diplomatic strategies aimed at broadening partnerships with more countries in Asia. President Moon Jae-in and Prime Minister Narendra Modi had bilateral talks in Osaka on the sidelines of t...
June 27, 2019
S. Korea’s exports projected to shrink over 6% in 2019

South Korea’s exports will likely drop more than 6 percent from a year earlier in 2019, dipping below the $600 billion mark only one year after breaching the threshold, a local trade agency said on June 27. According to the state-run Korea International Trade Association, the country’s outbou...
June 25, 2019
Seoul considers extending tax benefits on eco-friendly cars

South Korea is considering extending a temporary tax cut on purchases of all-electric and hydrogen fuel cell electric cars, Finance Minister Hong Nam-ki said on June 25, in the latest move to help eco-friendly cars expand their presence here. Since 2017, the government has waived a 5 percent speci...
June 24, 2019
KCTU warns of general strike following arrest of chief

A major umbrella labor group said on June 24 it will stage a general strike next month to protest what it calls the liberal Moon Jae-in government’s suppression of the labor sector. The announcement by the Korean Confederation of Trade Unions followed the arrest of its Chairman Kim Myeong-hwan...
June 23, 2019
Moon’s new policy aide vows to promote fair economy, income-driven policy

President Moon Jae-in’s new secretary for policy, who earned the nickname “chaebol sniper” for his decade-long shareholder activism, vowed to keep his stance of promoting income-led growth, innovation and a fair economy. At a farewell meeting as chief of Fair Trade Commission, he told reporters...
June 20, 2019
Korea adds 359,000 jobs in Q4

The South Korean economy added 359,000 jobs in the fourth quarter of last year, the biggest quarterly gain in a year, government data showed on June 20. There were 18.49 million salaried jobs in November 2018, compared with 18.13 million in the same month of 2017, according to the data from Sta...
June 19, 2019
Korea retains top spot on EU innovation list

South Korea retained the top spot in a European innovation list for the seventh consecutive year, the Finance Ministry said on June 19. Korea scored 137 points in global performance in relation to the European Union in the European Innovation Scoreboard that provides a comparative assessment of...
June 18, 2019
Goldman Sachs lowers growth forecast for S. Korea, expects two rates cuts

Goldman Sachs, a leading global investment banking group, said on June 18 it is cutting South Korea’s growth forecast for this year and next. The slash is based on the prospect of a smaller-than-expected rebound in the second-quarter GDP growth and a prolonged elevation in trade tensions this y...
June 18, 2019
Corporate revenue, profit down in Q1

South Korean companies suffered heavy losses in the first quarter, central bank data showed on June 18, apparently due to a sharp drop in exports and tepid local consumption. In the first three months of the year, the average sales of local businesses declined 2.4 percent from the same period l...

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