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  • Economy

    Korean won rebounds from 17-year real-value low

    The Korean won has surged to become the best performing major currency against the dollar this month, buoyed by exporter dollar sales and the Bank of Korea's first policy rate increase in three and a half years, the data showed Sunday. The won gained 6.24 percent against the dollar from July 1 through Friday, the biggest advance among 20 major currencies tracked by Yonhap Infomax. The Australian dollar and Russian ruble were the next best performers, each rising 0.9 percent. The rally stands out against a backdrop of broad dollar strength. The U.S. dollar index has remained above 101, as geopolitical tensions between the United States and Iran sustained demand for safe-haven assets. The Korean currency strengthened to 1,458.5 won per dollar in trading that ended at 6 a.m. Saturday, with the exchange rate falling 15.7 won from the previous session. The advance marks a sharp turnaround from June, when the exchange rate touched an intraday high of 1,555.2 won per dollar. The won's inflation-adjusted value fell to its lowest level in more than 17 years. Its real effective exchange rate stood

    2 MIN READBy Lee Yeon-woo
    Korean won rebounds from 17-year real-value low
  • Economy

    Seoul shares open higher on eased Mideast tensions, mega chip deals

    1 MIN READBy Yonhap
    Seoul shares open higher on eased Mideast tensions, mega chip deals
  • Others

    Korea's return to US currency watch list unlikely to shake FX market: analysts

    3 MIN READBy Jun Ji-hye
    Korea's return to US currency watch list unlikely to shake FX market: analysts
  • Economy

    KRX activates sell-side sidecar for KOSPI on sharp decline

    1 MIN READBy Yonhap
    KRX activates sell-side sidecar for KOSPI on sharp decline
  • Economy

    Seoul stocks sharply down late Friday morning on profit-taking

    1 MIN READBy Yonhap
    Seoul stocks sharply down late Friday morning on profit-taking
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Economy

Korea's Middle East crude imports down 37% in April amid tensions

Korea's imports of crude oil from the Middle East slipped 37 percent in April from a year earlier amid prolonged geopolitical tensions in the region, data showed Sunday. According to data compiled by the Korea International Trade Association (KITA), Korea's total crude imports came to 8.46 million tons in April, down 22.8 percent from a year earlier. Imports from the Middle East fell 37.3 percent on-year to 4.49 million tons in April, accounting for 53.1 percent of the total. The figure marks a 12.1 percentage-point drop from 65.2 percent tallied a year earlier. Imports from Saudi Arabia, the biggest supplier, fell 37.6 percent on-year in April to 2.14 million tons, the KITA data showed. Combined crude imports from the United States, meanwhile, rose 13.4 percent to 2.14 million tons. The gap in import volumes between the United States and Saudi Arabia narrowed to just around 1,000 tons from 1.45 million tons in March. In line with the government's efforts to diversify import sources, Korea's crude imports from Australia came to 440,000 tons in April, up 89 percent from a year earlier. Impor

May 24, 2026By Yonhap
Korea's Middle East crude imports down 37% in April amid tensions
Economy

Kosdaq jumps nearly 5% on state-backed fund optimism, while KOSPI takes breather

The tech-heavy Kosdaq surged nearly 5 percent on Friday on optimism surrounding the new state-backed investment fund aimed at advanced industries like artificial intelligence and semiconductors, while the benchmark KOSPI, which posted a sharp rebound a day earlier, moved into a consolidation phase with slight gains. The KOSPI opened at 7,873.12, up 0.74 percent from the previous session, and traded largely flat through the day before closing at 7,847.71, up 0.41 percent. Samsung Electronics briefly climbed above the 300,000-won ($197) mark early in the session, setting an all-time high before reversing course to close down 2.34 percent at 292,500 won. SK hynix, meanwhile, edged up 0.05 percent to finish at 1,941,000 won. The KOSPI has seen heightened volatility since briefly surpassing the 8,000 mark during intraday trading on May 15. After breaking through the milestone, the benchmark index reversed sharply and closed the session down more than 6 percent to finish in the 7,400 range. The turbulence continued in the following sessions, with the KOSPI falling to as low as 7,053.84 intrad

May 22, 2026By Park Han-sol
Kosdaq jumps nearly 5% on state-backed fund optimism, while KOSPI takes breather
Policy

State-backed AI fund sees sellouts amid strong interest, but returns remain uncertain

Korea’s state-backed investment fund targeting next-generation industries such as artificial intelligence (AI) is drawing strong interest as investors flocked to banks and brokerages to secure allocations on Friday, the first day of public subscriptions. Within hours, online quotas at major platforms were fully subscribed, with some selling out just 10 minutes after the 8 a.m. opening. According to the Financial Services Commission (FSC), the country’s top financial regulator, 522.4 billion won ($344 million), about 87 percent of this year’s 600 billion won retail allocation, had already been taken up by Friday afternoon. Yet despite the buying rush, experts warn that the fund’s eventual returns remain far from guaranteed since its structure effectively locks investors’ money away for five years — a lengthy commitment in fast-moving technology sectors. They pointed to earlier policy funds that delivered underwhelming returns. The fund is part of the 150 trillion won Korea National Growth Fund program launched late last year as one of President Lee Jae Myung’s key economic i

May 22, 2026By Park Han-sol
State-backed AI fund sees sellouts amid strong interest, but returns remain uncertain
Policy

Gov't to supply 90,000 rental homes in greater Seoul area for youths by 2027

Finance Minister Koo Yun-cheol said Friday the government plans to supply some 90,000 rental housing units for young people in the greater Seoul area by 2027, as part of broader efforts to stabilize the housing market and improve living conditions for youths. "The government is seeking various ways to expand non-apartment housing, which is one of the key pillars of the public housing supply program," Koo said during a meeting of ministers related to real estate policy. "We plan to supply 90,000 rental units in Seoul and surrounding areas for the next two years, and 66,000 of them will be located in regulated zones," he said. Koo said non-apartment housing, such as multifamily homes and compact studio units, can be supplied relatively quickly, helping ease housing difficulties faced by young people at a faster pace. The government will also adopt modular housing and other construction methods to shorten construction periods and reduce financial burdens on developers, encouraging earlier project launches, he added. During the meeting, officials also reviewed housing market trends and respon

May 22, 2026By Yonhap
Gov't to supply 90,000 rental homes in greater Seoul area for youths by 2027
Economy

Seoul stocks up late Friday morning after previous session's rally

Korean stocks traded higher late Friday morning, tracking overnight gains on Wall Street, as investors took a breather following the previous session's sharp gains. The benchmark Korea Composite Stock Price Index (KOSPI) went up 33.27 points, or 0.43 percent, to 7,848.86 as of 11:20 a.m. On Thursday, the KOSPI spiked more than 8 percent on tech gains. Overnight, U.S. stocks advanced after Iran said the latest proposal from the U.S. partly bridged the gap between the warring sides, raising hopes that the three-month war may end soon with a peace deal. In Seoul, large-cap shares were trading mixed, while foreigners extended their sell-offs to a 12th consecutive session. Semiconductor heavyweights Samsung Electronics and SK hynix fell 1.75 percent and 0.05 percent, respectively, following the previous day's sharp gains. Automobile shares were also among the losers. Top automaker Hyundai Motor shed 1.8 percent, and its smaller affiliate Kia declined 1.61 percent. Artificial intelligence (AI) investment firm SK Square remained unchanged. In contrast, Samsung Electro-Mechanics, the electronic comp

May 22, 2026By Yonhap
Seoul stocks up late Friday morning after previous session's rally
Economy

Producer price shock adds pressure on BOK for rate hike

Korea's producer prices rose at the fastest monthly pace in more than 28 years in April, adding pressure on the Bank of Korea (BOK) to consider a rate hike later this year as inflation risks mount, analysts said Thursday. The producer price index, a key gauge of future inflation trends, climbed 2.5 percent from a month earlier in April, according to preliminary data released by the central bank. The increase marked the steepest monthly rise since February 1998, when producer prices jumped 2.5 percent during the Asian financial crisis. On a yearly basis, producer prices rose 6.9 percent in April, marking the sharpest increase since October 2022. The surge was driven largely by rising fuel and raw material costs linked to the ongoing Middle East conflict, the central bank said. "As the Middle East conflict continues, supply disruptions and rising raw material prices are expected to spread across various sectors with a time lag, putting upward pressure on producer prices and eventually consumer inflation as well," Lee Moon-hee, head of the BOK's price statistics team, said during a briefing.

May 22, 2026By Lee Hyo-jin
Producer price shock adds pressure on BOK for rate hike
Economy

Industry minister discusses expanding economic cooperation with Kyrgyzstan

Industry Minister Kim Jung-kwan met with his Kyrgyz counterpart Thursday to discuss ways to expand trade and critical minerals cooperation between Korea and the Central Asian country, Kim's office said. Kim and Kyrgyzstan's Minister of Economy and Commerce Bakyt Sydykov agreed on the need to expand bilateral trade by diversifying trade items during their meeting in Seoul, commending that the two countries traded $3.5 billion worth of goods last year, which marks the highest figure since they established diplomatic ties in 1992. The ministers also agreed to deepen collaboration in critical minerals, using Kyrgyzstan's abundant antimony and tungsten resources, according to the Ministry of Trade, Industry and Resources. "Kyrgyzstan is an important cooperation partner for Korea in trade, critical minerals and official development assistance, and with the upcoming Korea-Central Asia summit scheduled to take place in Seoul in September, we wish to accelerate bilateral economic cooperation," Kim said.

May 21, 2026By Yonhap
Industry minister discusses expanding economic cooperation with Kyrgyzstan
Economy

Gov't freezes price caps on fuel products for 4th straight time

The government froze the price ceilings on fuel products for the fourth consecutive time Thursday, amid lessening volatility in global crude prices and a relatively stable supply of oil entering the country. Maximum prices for regular gasoline, diesel and kerosene supplied to gas stations by local oil refineries will remain unchanged at 1,934 won ($1.28), 1,923 won and 1,530 won per liter, respectively, for the next two weeks, according to the Ministry of Trade, Industry and Resources. It marks the fourth consecutive time the government maintained fuel price caps at the current level. Despite some upward pressure on fuel prices, the ministry said it has made the decision as global oil prices, while fluctuating around a relatively high range of $100 per barrel, have not changed much over the past two weeks due to an impasse in peace negotiations between the United States and Iran. It also considered rising inflationary pressure due to higher energy prices, which increase the financial burden on people's livelihoods. In April, Korea's consumer prices rose 2.6 percent from a year earlier, th

May 21, 2026By Yonhap
Gov't freezes price caps on fuel products for 4th straight time
Others

KOSPI soars more than 8% on Samsung wage agreement, Nvidia earnings beat

The benchmark KOSPI staged a strong rebound Thursday, rising more than 8 percent in a single session on the back of a labor agreement at Samsung Electronics and Nvidia’s better-than-expected earnings results. The index opened at 7,486.37, up 277.42 points, or 3.85 percent, and extended gains throughout the session to close at 7,815.59, up 606.64 points, or 8.42 percent. It was the KOSPI’s strongest daily advance in 34 trading sessions since an 8.44 percent jump on April 1 and marked the index’s sixth-largest one-day gain on record. The KOSPI had briefly topped the 8,000 mark intraday on May 15 before tumbling amid heightened market volatility. After two straight sessions of losses, the benchmark index rebounded sharply. Shares of Samsung Electronics also surged 8.51 percent to close at 299,500 won ($199), helping lift overall market sentiment. The firm's management and labor unions reached a tentative wage agreement late Wednesday, preventing a planned strike at the world’s largest memory chipmaker. Positive momentum was also fueled by overnight gains on Wall Street, particularly a

May 21, 2026By Jun Ji-hye
KOSPI soars more than 8% on Samsung wage agreement, Nvidia earnings beat
Economy

Korea’s K-food exports keep rising, defying global shipping strains

Korea’s food exports are climbing steadily even as war-driven disruptions in the Middle East force exporters to reroute shipments, absorb higher logistics costs and rebuild supply chains in real time. The Ministry of Agriculture, Food and Rural Affairs said Thursday that cumulative K-food exports reached 5.38 trillion won ($3.58 billion) through April, up 4.7 percent from $3.42 billion a year earlier. Instant noodles remained the dominant export category at $616.6 million, followed by confectionery at $265 million, beverages at $236.7 million and processed rice products at $101.2 million. Fresh fruit exports also rose, led by strawberries at $57.4 million, grapes at $17.5 million and pears at $7.7 million. Officials said exports to the Gulf region surged 37.6 percent to $159.7 million despite the ongoing regional conflict and higher shipping and insurance costs tied to instability in Middle Eastern waters. Exports to the United States rose 8.9 percent, while shipments to China increased 15.5 percent. The European Union posted an 8.7 percent gain and Latin America rose 13.6 percent. The m

May 21, 2026By Lee Kyung-min
Korea’s K-food exports keep rising, defying global shipping strains
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