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Economy

Exports up 83% in first 10 days of September on chips

Korea's exports surged nearly 83 percent year-on-year in the first 10 days of September, customs data showed Friday, driven by robust semiconductor shipments amid the global artificial intelligence (AI) boom. Outbound shipments reached $35 billion in the Sept. 1-10 period, according to the numbers released by the Korea Customs Service. The customs agency said exports reached the highest level for the first 10 days of September on record. Imports rose 20.7 percent year-on-year to $24.6 billion over the cited period, resulting in a trade surplus of $10.4 billion. Semiconductors led the overall gains, soaring 270 percent to $16.5 billion, also setting a fresh high for the period. Outbound shipments of petroleum products jumped 57 percent to $1.87 billion, while automobile exports increased 10 percent to $1.7 billion. Exports of ships and steel products also shot up 66.8 percent and 10.3 percent, respectively, the report showed. By destination, exports to China doubled to $7.95 billion, while those to the United States increased 137.5 percent to $7 billion. The country's total exports from Jan.

Sep 11, 2026By Yonhap
Exports up 83% in first 10 days of September on chips
Economy

Seoul shares narrow losses late Friday morning amid inflation concerns

Seoul shares narrowed losses late Friday morning helped by retail buying amid investor concerns over possible rate hike by the U.S. Federal Reserve due to higher oil prices. After opening 3.29 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) narrowed the losses, dropping 157.18 points, or 2.23 percent, to 6,876.74 as of 11:20 a.m. Individuals bought a net 1.68 trillion won ($1.24 billion) worth of stocks, while institutions and foreigners sold a net 1.04 trillion won and 1.31 trillion won, respectively. Overnight, surging oil prices sparked a sell-off in U.S. stocks amid escalating tensions in the Middle East. The Dow Jones Industrial Average fell 0.6 percent, while the tech-heavy Nasdaq Composite declined 0.65 percent. The U.S. producer price index rose 0.4 percent in August from a month earlier, while investors are awaiting Friday's consumer price report for clues about the Fed's future rate path. In Seoul, tech stocks led the decline. Market bellwether Samsung Electronics fell 4 percent, and its chipmaking rival SK hynix declined 3.45 percent. Top carmaker Hyundai M

Sep 11, 2026By Yonhap
Seoul shares narrow losses late Friday morning amid inflation concerns
Economy

EXPLAINER Jeonse: How Korea's homeownership shortcut turned into breeding ground for fraud

For decades, Korea’s unique “jeonse” rental system was widely seen as a natural stepping stone to homeownership. The system spread during the country’s breakneck economic growth in the 1970s. Under jeonse, tenants pay their landlord a large lump-sum deposit — often equivalent to 60 to 80 percent of the property’s value — instead of monthly rent. The deposit is returned in full when the lease ends, typically after two years. Such distinct rental arrangements took root in part because Korea’s formal housing finance market was still underdeveloped at the time. As rapid urbanization drove millions of people from rural areas into cities, demand for housing surged. But ordinary households had limited access to mortgages, as banks were largely focused on channeling credit into state-led industrial development projects. Jeonse effectively filled that gap as a private alternative to bank financing. Landlords could use tenants’ deposits to fund part of a home purchase, invest the money or deposit in high interest-bearing accounts. In that sense, the deposit functioned much like a

Sep 11, 2026By Park Han-sol
[EXPLAINER] Jeonse: How Korea's homeownership shortcut turned into breeding ground for fraud
Economy

WEEKENDER Foreign victims shut out of Korea's 'jeonse' fraud relief efforts

At the start of 2022, Nan Ming-ji, a 40-year-old with Chinese citizenship, moved with his parents into a home in Ansan, Gyeonggi Province. The family put down a 140 million won ($104,000) deposit — money his parents had saved since arriving in Korea two decades ago. It was no small sum. But under the country’s distinct “jeonse” system, such large upfront deposits have long been the norm. Instead of paying monthly rent, tenants put down a lump sum that is returned in full when the lease ends. For landlords, the deposits provide access to a large pool of capital they can invest or earn interest on. In October 2023, Nan’s father found a notice saying their home was being put up for auction. Just weeks later, the family learned that their landlord owned several other buildings in his wife’s and brother-in-law’s names. Those properties, too, had been flagged for auction. The family had fallen victim to a form of jeonse fraud that has spread rapidly across Korea over the past decade. Some landlords used deposits from multiple tenants to acquire properties with little of their ow

Sep 11, 2026By Park Han-sol
[WEEKENDER] Foreign victims shut out of Korea's 'jeonse' fraud relief efforts
Economy

KOSPI falls as oil prices jump, but retains 7,000

The KOSPI edged lower Thursday amid a surge in international oil prices triggered by geopolitical tensions in the Middle East, but managed to close above the 7,000 mark. The benchmark index closed at 7,033.92, down 0.25 percent from the previous session. The index opened 0.18 percent lower and rose as high as 7,072.79 before falling to 6,898.45. It then fluctuated around the 7,000 level as institutional selling pressure eased. Foreign investors sold a net 2.48 trillion won ($1.85 billion) worth of shares, while retail and institutional investors bought a net 380 billion won and 433.5 billion won, respectively. SK hynix fell 0.16 percent to close at 1.853 million won, while Samsung Electronics lost 0.19 percent to finish at 269,000 won. The secondary Kosdaq, meanwhile, rose 0.79 percent to close at 836.92. Despite strength in U.S. semiconductor shares after Meta unveiled its agentic AI, Muse, external risks continued to weigh on the stock market. With little prospect of negotiations between Iran and the U.S. resuming in the near term, international oil prices continued to rise. West Texas I

Sep 10, 2026By Lee Yeon-woo
KOSPI falls as oil prices jump, but retains 7,000
Economy

Seoul pitches innovation, skilled workers to global investors in London

Seoul is pitching itself to global investors as a city where technology can be tested quickly, industries are tightly connected and skilled workers are plentiful. Seoul Deputy Mayor for Political Affairs Park Chan-gu presented the city’s investment environment and competitiveness on Tuesday (local time) in London at the “Invest K-Finance: London IR 2026” event, which was attended by representatives of 22 global investment banks and asset management firms, including Goldman Sachs and Morgan Stanley. The event, hosted by the Financial Supervisory Service with participation from the Seoul city government, the National Pension Service and major financial institutions, brought together about 40 senior executives for discussions with Korean officials and financial leaders. Park said Seoul’s three main investment strengths were its role as a fast-moving test bed, its industrial ecosystem linked to global companies and its human capital. He highlighted Seoul’s large consumer market and high digital adoption, which allow companies to test new products and services in real-world setting

Sep 10, 2026By Lee Kyung-min
Seoul pitches innovation, skilled workers to global investors in London
Economy

Further rate hikes hinge on chip boom's impact on inflation: BOK

The Bank of Korea (BOK) on Thursday said the impact of the semiconductor export boom on inflation will be one of the key factors in deciding whether to raise interest rates further, keeping the door open to additional monetary tightening. In its September Monetary Policy Report, the central bank said it will need to closely monitor changes in domestic and external conditions before determining the timing and pace of additional rate hikes, given that solid growth and above-target inflation are expected to persist for some time. "From the perspective of the real economy, the key considerations are whether renewed tensions in the Middle East will push up cost pressures again, and how much and how quickly the strength of semiconductor exports will spill over into domestic demand and demand-side inflation," the report said. The report stressed the need to closely assess the lagged effects of its past rate increases, warning that weaker sectors could face heightened financial strain and calling for a tailored mix of macroeconomic policies to buffer the impact. On financial stability, the centr

Sep 10, 2026By Lee Hyo-jin
Further rate hikes hinge on chip boom's impact on inflation: BOK
Policy

Korea, EU seek stronger supply chain ties as industry rules evolve

Korea's Industry Minister Kim Jung-kwan met with senior European Union officials to press for closer industrial cooperation and raise concerns over proposed EU rules that could reshape supply chains. Kim met with Stephane Sejourne, EU executive vice president for prosperity and industrial strategy, to discuss the EU Industrial Accelerator Act, the Korea-EU Competitiveness Partnership and plans for a high-level economic dialogue. Kim also met separately with Dirk Gotink, a member of the European Parliament, and conveyed Korea’s concerns about provisions being considered in the European Parliament. Kim said Korea and the EU, as economic partners that share commitments to free trade and a rules-based international order, should deepen cooperation as geopolitical uncertainty, supply chain restructuring and technological competition accelerate. He said Korea’s manufacturing strengths in advanced industries such as semiconductors and batteries could complement European capabilities and help both sides strengthen supply chain resilience and industrial competitiveness. Kim raised particular c

Sep 10, 2026By Lee Kyung-min
Korea, EU seek stronger supply chain ties as industry rules evolve
Economy

Seoul shares extend losses late Thursday morning amid inflation concerns

Seoul shares extended their losses late Thursday morning, as surging oil prices, driven by intensifying tensions in the Middle East, stoked inflation concerns ahead of key U.S. inflation data. After opening 0.18 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) fell 90.41 points, or 1.28 percent, to 6,961.23 as of 11:20 a.m. Institutions and foreign investors sold a net 1.01 trillion won ($755 million) and 496.38 billion won worth of stocks, respectively, while retail investors bought a net 871.89 billion won worth of stocks. Overnight, U.S. stocks ended lower amid escalating tensions in the Middle East and rising oil prices. The Dow Jones Industrial Average fell 0.77 percent, while the tech-heavy Nasdaq Composite declined 0.64 percent. Rising oil prices are fueling concerns about inflation and the possibility of the U.S. Federal Reserve raising interest rates to contain price gains. In Seoul, tech stocks led the decline. Market bellwether Samsung Electronics fell 1.3 percent, and its chipmaking rival SK hynix declined 0.59 percent. Top carmaker Hyundai Motor dropped 1.

Sep 10, 2026By Yonhap
Seoul shares extend losses late Thursday morning amid inflation concerns
Economy

Korea showing clearer signs of economic recovery: finance minister

Korea is showing clearer signs of economic recovery, with its gross national income (GNI) per capita on course to exceed $40,000 this year, the finance minister said Thursday. Finance Minister Koo Yun-cheol made the remarks during a meeting of economy-related ministers, noting nominal gross domestic product (GDP) in Asia's No. 4 economy grew at its fastest pace in 47 years in the second quarter. GDP measures production within a country, while GNI refers to the total income earned by its residents at home and abroad. "The South Korean economy's recovery is becoming increasingly evident," Koo said in his opening remarks. "Amid challenging circumstances, our economy is heading more clearly than ever toward recovery and growth." During the meeting, participants also discussed ways to revamp the country's steel industry, including incorporating artificial intelligence (AI) technology into production processes and pursuing a green transition. Koo said detailed measures will be announced in the fourth quarter. Other agenda items included converting vacant space at knowledge industry centers, busi

Sep 10, 2026By Yonhap
Korea showing clearer signs of economic recovery: finance minister
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