Economy - The Korea Times

Seoul fuel prices top 2,000 won as oil rises on Iran tensions despite ceasefire hopes

Domestic fuel prices continued their upward trajectory Tuesday, with average gasoline prices in Seoul surpassing 2,000 won ($1.33) per liter, even as hopes grew for a ceasefire between the United States and Iran. According to Opinet, a fuel price information system operated by the state-run Korea National Oil Corp., the nationwide average gasoline price reached 1,964.7 won per liter, up 6.4 won from a day earlier. Diesel prices rose by the same amount to 1,955.6 won. In Seoul, the increase was steeper. Gasoline averaged 2,000.3 won per liter, up 9.9 won from a day earlier, while diesel climbed 11.6 won to 1,979.6 won. This marks the first time in three years and eight months that Seoul’s average gasoline price has returned to the 2,000-won range. The last time it happened was on July 25, 2022, when it hit 2,005 won amid the Russia-Ukraine war and prolonged high global oil prices. On Jeju Island, where gasoline prices are the highest in the country, the average had already exceeded 2,000 won per liter on Saturday and continued to rise. On Tuesday, it increased 4.4 won to reach 2,019.2 w

Apr 7, 2026By Jun Ji-hye

Seoul fuel prices top 2,000 won as oil rises on Iran tensions despite ceasefire hopes

Artemis II launch, SpaceX IPO expectations fuel Korean aerospace rally

NASA's historic Artemis II lunar launch and SpaceX's anticipated record-breaking initial public offering (IPO) are driving massive capital inflows into Korean aerospace equities and exchange-traded funds (ETFs). NASA successfully launched Artemis II on Wednesday at 6:35 p.m. (local time), marking the first crewed lunar mission in 54 years. The milestone accelerated market momentum sparked by a Bloomberg report that SpaceX filed confidentially for an IPO with the U.S. Securities and Exchange Commission for a June listing. SpaceX is targeting a 2,648 trillion won ($1.76 trillion) valuation and a $75 billion capital raise, which would surpass Saudi Aramco's record $29 billion IPO. Korean market shifts Domestic asset managers moved quickly to launch aerospace ETFs to capture the capital rotation. Korea Investment Management received a Korea Exchange ticker symbol for its ACE US Space Tech Active ETF, expected to launch in May. Hana Asset Management introduced the 1Q US Aerospace Tech ETF last November, while Samsung Asset Management rolled out the KODEX US Aerospace ETF last month. Korean ae

Apr 6, 2026By Hankookilbo

Artemis II launch, SpaceX IPO expectations fuel Korean aerospace rally

K-food exports to Middle East rise 32% in first quarter despite war

Despite the U.S.-Israel war on Iran, Korean food exports to the Middle East climbed more than 30 percent in the first quarter compared to a year earlier. Global exports also rose 4 percent, led by ramen and snacks. According to the Ministry of Agriculture, Food and Rural Affairs on Friday, the total export for Korean food in the first quarter, between January to March, recorded $2.56 billion (around 3.5 trillion won), up 4 percent from a year earlier. By region, the biggest export gains were recorded in the Middle East, up 32.3 percent, followed by Greater China at 14.5 percent and North America at 6.3 percent. Despite logistical uncertainty in the Middle East since last month following the joint U.S.-Israeli strikes on Iran in February, exports to the region remained strong. While consumption in the conflict-affected region reportedly weakened, overall performance improved thanks to large shipments of tobacco and ginseng products through February. First-quarter exports to the Middle East came to $106.9 million. Ramen led the overall export growth. First-quarter ramen exports rose 26.4

Apr 6, 2026By Hankookilbo

K-food exports to Middle East rise 32% in first quarter despite war

KOSPI, won rebound on Strait of Hormuz transit hopes after sharp plunge

Korean stocks rebounded sharply Friday, snapping the previous session’s steep decline as reports that Iran is exploring measures to keep traffic flowing through the Strait of Hormuz helped restore risk appetite. The Korean won also strengthened against the U.S. dollar, opening higher and building on gains. The benchmark KOSPI opened 2.7 percent higher at 5,375.50 from the previous session and closed up 2.74 percent at 5,377.30 after extending its rally. The index reversed a 4.47 percent plunge a day earlier, triggered by hard-line comments from U.S. President Donald Trump on Iran. The secondary bourse Kosdaq, which had closed down 5.36 percent the previous day, also bounced back, opening 2.16 percent higher at 1,079.17 and finishing the session up 0.70 percent at 1,063.75. In the onshore Seoul foreign exchange market, the won opened 8.9 won higher at 1,510.8 per dollar and advanced further, eventually closing up 14.5 won at 1,505.2 per dollar. The local currency had weakened sharply in the previous session amid heightened geopolitical tensions, closing at 1,519.7 per dollar, down nearly

Apr 3, 2026By Jun Ji-hye

KOSPI, won rebound on Strait of Hormuz transit hopes after sharp plunge

Korean vinyl small businesses hit by Middle East war

“Nothing is predictable now. Prices, stockpiles, everything.” The “vinyl alley” in Bangsan Market in central Seoul remained quiet on Wednesday. Store shelves held only a sparse scattering of tape, zip bags and a few other items. Rolls of vinyl, which usually fill the streets, were nowhere to be seen. Park Jeong-bum, 51, who deals in specialty vinyl, said supply prices had risen 20 percent starting that day. “I think factories will raise prices again after seeing how the market develops over the next two weeks,” he said. Small vinyl businesses are being squeezed from both sides as vinyl prices jump and securing supplies grows increasingly difficult. Fears that disruptions to naphtha supply may persist amid the U.S.-Israeli war against Iran are only adding to the anxiety. Some business owners say petrochemical companies are using the conflict as a pretext for further price hikes. War hits Seoul’s 'vinyl alley' Kang Dae-min, 66, who has run a business on this street for more than 30 years, said notices of price increases now arrive every day. Holding up a notice from a manufactu

Apr 3, 2026By Hankookilbo

Korean vinyl small businesses hit by Middle East war

Goyang braces for BTS concert crowds, businesses expect sales boost

With BTS set to bring its world tour to the city this month, Goyang is preparing to manage crowds and traffic, with local officials and merchants expecting a surge in spending by the group’s global fan base, known as ARMY. The three concerts are scheduled for April 9, 11 and 12 at Goyang Sports Complex and are expected to draw a combined audience of about 129,000. The influx is expected to last four days, including the day with no scheduled show, prompting businesses and city authorities to prepare for heightened demand across retail, dining and lodging. Merchants near the venue say the impact is already being felt. In the commercial district around Daehwa Station, restaurant owners said they are bracing for significant increases in sales during the concert period. “On concert days, we get waiting lists of 10 to 15 groups, which doesn’t even happen on regular weekends,” said Kang Young-sik, 57, who runs a fried chicken restaurant. “Since it’s BTS and the concerts fall on weekends, I’m even more excited.” A 40-year-old kimbap shop owner surnamed Lee said sales typically ri

Apr 2, 2026By Hankookilbo

Goyang braces for BTS concert crowds, businesses expect sales boost

KOSPI, won rise as Trump, Iran signal potential easing of tensions

Korea’s benchmark KOSPI jumped sharply Wednesday, with the won rebounding after days of losses, as hopes for an end to the Iran conflict strengthened following remarks by U.S. President Donald Trump that U.S. forces could end their military campaign in Iran within two to three weeks. KOSPI, which had extended its record-breaking rally after surpassing 6,300 points in late February, slid 12.61 percent over the course of March following the outbreak of the Middle East conflict. A day earlier, the index had fallen about 4 percent to the 5,050 level, but rebounded at the open, surging 277.58 points, or 5.49 percent, to 5,330.04. A buy-side sidecar was triggered early in the session after KOSPI 200 futures climbed 5.19 percent, temporarily suspending program buy orders. The Korea Exchange said the measure took effect at 9:07 a.m. A KOSPI sidecar is activated when futures gain more than 5 percent from a reference price and maintain that level for at least one minute, halting program buy orders for five minutes. KOSPI closed at 5,478.70, up 426.24 points, or 8.44 percent. The secondary Kosdaq a

Apr 1, 2026By Jun Ji-hye

KOSPI, won rise as Trump, Iran signal potential easing of tensions

'Priming domestic demand' vs. 'short-term fix': Cash aid plan draws mixed reactions

Reaction among small business owners is sharply divided over the government's plan to offer up to 600,000 won ($397) in cash assistance to people in the bottom 70 percent income bracket, according to market watchers Wednesday. The government aims to support households and revitalize local economies strained by the ripple effects of the Middle East conflict, with supporters viewing the measure as a potential boost for an economic rebound. Critics, however, argue the move risks being a temporary measure that could add to inflationary pressure. The Ministry of Planning and Budget said the proposal is part of a 26.2 trillion won supplementary budget to cushion households and businesses from rising energy and logistics costs amid the prolonged conflict. The cash assistance program targets about 35.8 million people and allocates about 4.8 trillion won. Under the plan, all eligible recipients will receive a base payment of 100,000 won, with additional amounts determined by income level and place of residence. Those in lower-income brackets outside the Seoul metropolitan area could receive up to

Apr 1, 2026By Jun Ji-hye

'Priming domestic demand' vs. 'short-term fix': Cash aid plan draws mixed reactions

Won-dollar rate exceeds 1,530 for 1st time since 2009

The Korean won breached the 1,530 mark against the U.S. dollar in intraday trading Tuesday, as mounting concerns over a prolonged Middle East conflict weighed on the currency. The level marks its weakest point since March 10, 2009, during the global financial crisis, when it fell to 1,561 per dollar. Equities also came under heavy pressure, with the benchmark KOSPI sliding sharply and nearing the 5,000 level. In the Seoul foreign exchange onshore market, the won opened at 1,519.9 per dollar, down 4.2 won from the previous session, and continued to weaken, briefly touching 1,536 during the day. It later finished at 1,530.1 per dollar, a decline of 14.4 won from the previous session. Pressure on the won had already been building in the previous session’s overnight trading, when it weakened to around 1,521 per dollar, signaling intensifying depreciation. Meanwhile, the Bank of Korea issued a verbal intervention, warning it could step in if market sentiment and herd behavior cause excessive volatility. "While we are not setting a specific target for the exchange rate, the pace of the recent

Mar 31, 2026By Jun Ji-hye

Won-dollar rate exceeds 1,530 for 1st time since 2009

KOMSCO revives historical figures to spotlight currency's cultural value in cashless era

The Korea Minting and Security Printing Corp. (KOMSCO) on Monday introduced its universe-based marketing project “Wonniverse,” along with a lineup of characters called “JOFAMS,” as part of efforts to shed new light on the cultural significance of currency in an increasingly cashless era and to preserve the legacy of historical figures depicted on Korean banknotes. “Wonniverse” combines the Korean currency unit “won” with the word “universe.” Developed over the course of a year in collaboration with students from Kookmin University, the project presents an original storyline in which notable figures featured on banknotes are reborn in modern times to continue their missions. The three newly introduced JOFAMS characters reinterpret iconic figures from Korean currency as spirit-like beings, adding an element of intrigue. Each character has been designed to reflect and highlight KOMSCO’s core business areas. Hunmin, inspired by King Sejong, who created Korea’s phonetic alphabet, Hangeul, in 1443, is associated with cultural initiatives. Sunsik, based on Admiral Yi Sun

Mar 30, 2026By Jun Ji-hye

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