Economy - The Korea Times

Eggflation hits home as US looks to import from Korea

Egg prices in Korea surged by more than 10 percent in March due to increased domestic demand, data showed Monday. With the U.S. seeking to expand egg imports from Korea, consumers are concerned that prices may continue to rise. According to the Korea Institute for Animal Products Quality Evaluation, the average wholesale price for 30 large eggs rose to 5,193 won ($3.54), as of last Friday, up 11.4 percent from 4,660 won a month ago. The rise is attributed to more consumers turning to this relatively affordable source of protein amid declining consumer confidence, along with increased demand following the start of the new school semester. Retail industry officials expect egg prices to gain upward momentum once U.S. egg exports fully ramp up. U.S. Agriculture Secretary Brooke Rollins recently identified Korea, along with Turkey and Brazil, as key target markets for increased egg imports. The U.S. has reportedly requested to import around 100 million eggs per month from Korea through the end of this year. On March 7, a farm in Asan, South Chungcheong Province, made its first shipment to the

Mar 24, 2025By Lee Yeon-woo

Eggflation hits home as US looks to import from Korea

Soaring housing, education costs strain middle-income households

High housing and education costs are making it difficult for middle-income households to save money as they struggle to catch up with more wealthy households amid a widening economic gap, government data showed Monday. According to the Korean Statistical Information Service, a website run by Statistics Korea, households that belong to the third group of the five tiers of income brackets had net savings worth 658,000 won ($448) in the fourth quarter of 2024. Net savings refers to the amount of cash available after deducting all living expenses, including taxes, insurance, interest and debts, as well as the cost of food, transportation and education. The term is more narrowly defined than disposable income, which only excludes mandatory deductions, such as taxes and debts. The October to December period net savings for households in the third tier dropped by 88,000 won from a year earlier, marking a steady decrease since the third quarter of 2022. Notable, it was the first time in five years the amount fell below 700,000 won. The third-tier households were the only group among the income br

Mar 24, 2025By Yi Whan-woo

Soaring housing, education costs strain middle-income households

BOK to conduct real transaction test of digital currency next month

Korea's central bank said Monday it will conduct a test of using digital tokens converted from bank deposits for payments at both online and offline malls as part of its comprehensive test to introduce a wholesale central bank digital currency (CBDC). Since 2021, the Bank of Korea (BOK) has been conducting a mock test of a CBDC, which is a digital form of a country's national currency issued and regulated by its central bank. Unlike cryptocurrencies, CBDCs are designed to be a digital version of a country's traditional fiat currency with a fixed face value. Under the new project set to launch April 1, up to 100,000 applicants will be able to buy goods and services with their deposit tokens at several online and offline stores, including 7-Eleven convenience stores, Kyobo Bookstore branches, Ediya Coffee stores and the Hyundai Home Shopping website. Participants will be able to convert bank deposits into digital tokens and use them for payments via QR codes through the apps of seven major banks, including KB Kookmin, Shinhan and Hana, the BOK said, adding that the maximum value of digita

Mar 24, 2025By yonhap

BOK to conduct real transaction test of digital currency next month

BOK head calls for painstaking reform to bolster low birthrates

Korea’s low birthrates will not see a major breakthrough unless long-term measures for a fundamental solution are introduced in spite of short-term challenges, the country’s top monetary policymaker said Friday. The country’s total fertility rate of 0.75 last year is a result of a combination of factors, including high population concentration in the Seoul metropolitan and surrounding Gyeonggi areas and fierce competition in education, as well as uncertainties in job prospects, housing and childrearing among the young generation, Bank of Korea Gov. Rhee Chang-yong said. Some of the most important challenges for the country’s more inclusive and sustainable future include immigration and foreign labor policies, coupled with the socio-economic integration of North Korean defectors, he added. “We are facing a birthrate crisis,” he said while delivering congratulatory remarks at Yonsei University. Korea’s population of 51 million will crash to around 30 million in 50 years if the current fertility rate continues. This in turn will lead to the country’s potential growth rate to

Mar 21, 2025By Lee Kyung-min

BOK head calls for painstaking reform to bolster low birthrates

Gov't to review support measures for critical minerals recycling industry: acting president

The government will work to devise support measures for the critical minerals recycling industry as part of efforts to stabilize the supply chain for advanced industries, the acting president said Friday. "We are very concerned about supply chain risks as global economic uncertainties are high due to the protectionist policies of the new U.S. administration, including the tariff scheme, and China's export controls on critical minerals," acting President Choi Sang-mok said during a meeting with related industry officials, according to the finance ministry. The meeting took place at a rechargeable battery recycling firm in North Jeolla Province. "The government will review measures to create an industrial cluster for companies in the critical minerals recycling business and help them create an industrial ecosystem," he added. Choi's remarks came after the government announced its plan in December to invest more than 55 trillion won ($37.5 billion) by 2027 to reduce its dependence on imports of key minerals critical to South Korea's key industries, such as semiconductors and batteries. Unde

Mar 21, 2025By yonhap

Gov't to review support measures for critical minerals recycling industry: acting president

Korea to ease duty-free regulations for alcohol purchases on Jeju Island

The finance ministry said Friday it will ease restrictions on duty-free alcohol purchases for local tourists visiting the southern resort island of Jeju. Under the revised regulations, the current two-bottle limit will be removed, while the overall allowance remains at up to 2 liters of duty-free alcoholic beverages, with a total value of up to $400, according to the Ministry of Economy and Finance. The ministry said the change aims to expand consumer choice at duty-free shops on the island. The new rules are expected to take effect in May following administrative procedures. (Yonhap)