Economy

Korea to tighten monitoring of tariff-rate quota to prevent abuse by importers

The government on Wednesday announced plans to strengthen monitoring to prevent importers from exploiting the country's tariff-rate quota system, including imposing additional duties on violators. The Ministry of Economy and Finance said it has proposed revisions to the enforcement ordinance of the Customs Act and and related regulations to establish a legal basis for designating certain items for stricter oversight. The tariff-rate quota system allows a certain volume of imports to be subject to lower tariff rates within a specified limit. Under the system, tariffs on selected items, mostly essential goods, can be reduced by as much as 40 percentage points. Authorities have found that some importers abused the system. In some cases, companies imported goods at reduced tariff rates but stored them in warehouses or delayed customs declarations, later selling them at higher prices. Under the proposed revision, conditions for applying tariff-rate quotas will be tightened, including setting deadlines for the release of goods into the market. If companies violate the rules, tariff reductions w

Mar 18, 2026By Yonhap

Korea to tighten monitoring of tariff-rate quota to prevent abuse by importers

Economy

Korean won rises for 2nd session ahead of US Fed's rate decision

The Korean currency gained sharply against the U.S. dollar Wednesday, as investors awaited the outcome of the Federal Reserve's rate-setting meeting amid the ongoing Middle East crisis. The won was quoted at 1,483.1 per dollar, up 10.5 won from the previous session, extending the gaining streak for the second consecutive session. The currency had fallen to its weakest level since March 10, 2009, on Monday amid escalating tensions in the Middle East, briefly touching the psychologically and technically critical 1,500-won threshold for the first time in 17 years, but later rebounded Tuesday following a decline in global oil prices. Overnight, the U.S. Dollar Index, which measures the dollar's strength against a basket of six major currencies, stood at 99.540, extending its decline for the third consecutive day. It had risen as high as 100.537 on Friday. The Fed is scheduled to announce its policy decision Wednesday (U.S. time), and the focus is on how it will respond to the ongoing crisis. It is widely expected to hold rates steady. Korea's foreign exchange and stock markets have shown heig

Mar 18, 2026By Yonhap

Korean won rises for 2nd session ahead of US Fed's rate decision

Economy

Seoul stocks jump over 5% on chip rally

Korean stocks surged more than 5 percent Wednesday, on a semiconductor rally boosted by the ongoing U.S. chip giant Nvidia's global artificial intelligence (AI) conference. The Korean won strengthened against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) closed up 284.55 points, or 5.04 percent, to 5,925.03. The index came under strong buying pressure from foreigners and institutional investors, triggering the Korea Exchange (KRX), the country's main bourse operator, to issue a buy-side sidecar near the closing bell. Program trading for the KOSPI was suspended for five minutes at 2:34 p.m., according to the KRX. Investors' appetite for semiconductors increased, following remarks from Nvidia's Chief Executive Officer (CEO) Jensen Huang on Samsung Electronics, Lee Kyoung-min, an analyst at Daishin Securities, said. During the ongoing four-day event in California, Huang said on Monday he wants to "thank Samsung, who manufactures the Groq LP30 chip" for the company, adding that the chips are in production and would be shipped in the second half of this year. "The sto

Mar 18, 2026By Yonhap

Policy

Gov't to temporarily designate naphtha as economic security item amid supply woes

The government will temporarily designate naphtha as an economic security item following supply shortages due to the ongoing crisis in the Middle East, Finance Minister Koo Yun-cheol said Wednesday. South Korea imports more than half of its naphtha through the Strait of Hormuz, which has effectively been closed due to heightened regional tensions. The designation will allow companies to receive government support related to supply chain stability. "We will closely monitor naphtha supply trends and difficulties faced by companies, and take proactive measures, such as securing alternative import sources and restricting exports," Koo said during a meeting of economy-related ministers. The government will expand financial support for affected companies by 1.5 trillion won ($1 billion), the minister said. The support will include assistance with higher costs for alternative imports and preferential interest rates for companies handling high-risk economic security items. The minister said the government will also swiftly implement all available policy tools, such as a supplementary budget, foll

Mar 18, 2026By Yonhap

Gov't to temporarily designate naphtha as economic security item amid supply woes

Others

Korean Air extends Dubai flight suspension until April 19 over Middle East tensions

Korean Air said Tuesday it will extend the suspension of its Incheon-Dubai flights through April 19 due to ongoing military conflict in the Middle East. Its KE951 and KE952 flights between Korea's Incheon and the United Arab Emirates' Dubai have been suspended since Feb. 28, when the airline brought back KE951 and canceled KE952 following U.S. and Israeli air strikes on Iran. The suspension of the Incheon-Dubai route had originally been scheduled to be lifted on March 28, but the company decided to extend the measure. The carrier said it will decide whether to resume operations after that date based on the situation. Korean Air is the only Korean carrier operating regular flights between Incheon and Dubai.

Mar 17, 2026By Yonhap

Korean Air extends Dubai flight suspension until April 19 over Middle East tensions

Economy

Korea ranks No. 1 in export of memory chips, SSDs, face masks, 78 other items: report

Korea had 81 products that led global exports in 2024, including memory chips, solid state drives (SSDs) and face masks, a report showed Tuesday. The report published by the Korea International Trade Association (KITA) showed that the value of 81 Korea-produced items accounted for the largest share of global export value in their respective categories. China was at the top with 2,087 items with the largest export market share, followed by Germany at 520 items, the United States at 505, Italy at 199 and India at 156. Korea had 19 items ranked between second to 10th in terms of export market share, KITA said, noting the country is likely to increase its number of globally leading products in the future. The country's top selling items included memory chips, electrical transformers, SSDs, lead-acid starter batteries for automobiles, rubber for automotive components and sheet masks. Notably, Korea reclaimed the top spot for memory chips from China for the first time in five years in 2024, thanks to strong demand for high bandwidth memory (HBM) and other advanced products made by Korean compan

Mar 17, 2026By Yonhap

Korea ranks No. 1 in export of memory chips, SSDs, face masks, 78 other items: report

Economy

Budget minister nominee emphasizes fiscal policy amid rising oil prices

Budget Minister nominee Park Hong-keun on Tuesday called for an active role of fiscal policy in responding to external shocks, citing heightened uncertainty stemming from Middle East tensions that have kept oil prices elevated. "Rising oil prices could push socially and economically vulnerable groups into crisis," Park said in opening remarks at a policy meeting. "Fiscal policy must play an active role in responding to external shocks." The remarks come as the government and the ruling Democratic Party of Korea (DPK) have agreed to draw up and submit this year's first supplementary budget bill to cope with fallout from the ongoing conflict. Korea, which depends heavily on energy imports, is particularly vulnerable to external price shocks, which often drive inflation. Park also cited Korea's relatively low life satisfaction compared with other member countries of the Organization for Economic Cooperation and Development, emphasizing the need to redesign the country's economic and social structures in a broader framework. "I see it as my mission to build a warm community where everyone can

Mar 17, 2026By Yonhap

Budget minister nominee emphasizes fiscal policy amid rising oil prices

Others

KB Securities loses edge in IPO market

Concerns are growing over KB Securities’ initial public offering (IPO) track record this year as a lull in major deal mandates has left a noticeable gap in its underwriting pipeline, putting pressure on co-CEO Kang Jin-doo, who oversees the firm’s investment banking operations, industry watchers said Tuesday. According to KIND, the Korea Exchange’s electronic disclosure system, KB has recorded no IPO mandates and raised no proceeds so far this year. Medical device maker Remedi is currently the only company to have filed for preliminary listing review with KB Securities as its underwriter. “While the first quarter is typically a slow season for IPOs, the recent leadership changes and organizational reshuffle at KB Securities — along with the strategic recalibration that followed — may also have contributed to the slowdown,” an official at a local securities firm said. The slump marks a sharp reversal from last year, when KB Securities ranked first in IPO underwriting by proceeds. It led a total of 13 listings in 2025, including megadeals for LG CNS, Daehan Shipbuilding and M

Mar 17, 2026By Park Han-sol

Economy

Korean currency volatility not at critical stage: BOK board member

The recent volatility and weakness of the Korean currency against the U.S. dollar, sparked by the ongoing Middle East crisis, do not pose a serious concern, though rising oil prices could push up inflation and weigh on economic growth, a central bank board member said Tuesday. Lee Soo-hyung, a member of the Bank of Korea's (BOK) Monetary Policy Board, made the remarks during a press briefing in Seoul, as the won has depreciated markedly per dollar since the start of this month following U.S.-Israeli strikes on Iran and intensifying regional tensions. The won touched the significant psychological barrier of the 1,500-won mark Monday for the first time since March 2009, when Korea was reeling from the global financial crisis. "Despite the won's depreciation, it is difficult to view this as a problem unique to us. There is also an aspect where the won is used as a proxy hedging instrument for the Taiwan dollar among East Asian countries," Lee said. "Given the overall foreign exchange supply and demand conditions, the current exchange rate level does not yet warrant excessive concern," she a

Mar 17, 2026By Yonhap

Korean currency volatility not at critical stage: BOK board member

Economy

Seoul apartments' publicly assessed prices jump nearly 19% in 2026, fastest in 5 years

Officially announced prices of apartments in Seoul jumped 18.67 percent in 2026 at the fastest pace in five years, driven by sharp gains in home values in the capital's upscale districts and areas along the Han River, the transport ministry said Tuesday. The increase is the highest since 2021, when prices rose 19.91 percent, and the third largest since the apartment price disclosure system was introduced in 2005. The surge reflects strong gains last year in high-end apartment complexes in southeastern Seoul — districts of Gangnam, Seocho and Songpa — as well as in areas along the so-called Han River belt, the Ministry of Land, Infrastructure and Transport said in a press release. Publicly assessed prices of apartments in the "Gangnam trio" rose by an average of 24.7 percent, with gains of 26.05 percent in Gangnam, 25.49 percent in Songpa and 22.07 percent in Seocho. Eight districts along the Han River — Seongdong, Yangcheon, Yongsan, Dongjak, Gangdong, Gwangjin, Mapo and Yeongdeungpo — rose an average of 23.13 percent last year. By contrast, the remaining 14 districts reported an

Mar 17, 2026By Yonhap

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Read more

Korea to tighten monitoring of tariff-rate quota to prevent abuse by importers

Korean won rises for 2nd session ahead of US Fed's rate decision

Seoul stocks jump over 5% on chip rally

Gov't to temporarily designate naphtha as economic security item amid supply woes

Korean Air extends Dubai flight suspension until April 19 over Middle East tensions

Korea ranks No. 1 in export of memory chips, SSDs, face masks, 78 other items: report

Budget minister nominee emphasizes fiscal policy amid rising oil prices

KB Securities loses edge in IPO market

Korean currency volatility not at critical stage: BOK board member

Seoul apartments' publicly assessed prices jump nearly 19% in 2026, fastest in 5 years

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