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  • Economy

    Seoul stocks, won hammered by massive foreign selling

    Seoul stocks plunged Friday as a prolonged foreign sell-off collided with a sharp downturn in global semiconductor shares, sending the benchmark KOSPI down more than 5 percent to below the 8,200 level. The sustained foreign investor exodus also continued to weigh on the Korean won. In Seoul’s onshore foreign exchange market, the won closed at 1,539.1 per dollar, down 9.4 won from the previous session. During intraday trading, it briefly approached the 1,550 level, its weakest since March 2009, during the global financial crisis. The won has now traded above the 1,500 per dollar threshold for 14 consecutive sessions. KOSPI opened at 8,323.20, down 3.66 percent from the previous session, according to the Korea Exchange. Heavy selling pressure persisted throughout the day, prompting the year’s 10th sidecar shortly after the opening bell — a market safeguard that temporarily suspends program trading during periods of extreme volatility. The index ultimately closed at 8,160.59, down 5.54 percent. Foreign and institutional investors drove the decline, selling a net 3.52 trillion won and

    2 MIN READBy Park Han-sol
    Seoul stocks, won hammered by massive foreign selling
  • Economy

    Korea diversifying LNG imports to ease Middle East dependence: KOGAS chief

    1 MIN READBy Yonhap
    Korea diversifying LNG imports to ease Middle East dependence: KOGAS chief
  • Economy

    Korea's currency tumbles to 17-year low on foreign stock selloff

    1 MIN READBy Yonhap
    Korea's currency tumbles to 17-year low on foreign stock selloff
  • Economy

    Gov't vows to lower barriers for foreign investors with 24-hour FX market

    1 MIN READBy Yonhap
    Gov't vows to lower barriers for foreign investors with 24-hour FX market
  • Economy

    KRX issues sell-side sidecar for KOSPI on sharp fall

    1 MIN READBy Yonhap
    KRX issues sell-side sidecar for KOSPI on sharp fall
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Economy

Gov't to foster 500 SMEs with export competitiveness by 2030

The government will work to foster 500 small and medium-sized enterprises (SMEs) with an annual export capacity of over $10 million by 2030 as part of efforts to promote exports of smaller firms, the industry ministry said Friday. Last year, Korea's exports exceeded $700 billion for the first time, but the top 1 percent of export firms, or those with over $50 million in annual export volume, accounted for some 84 percent of the country's total exports. SMEs only accounted for 8 percent of the total. Through the project, the country will work to lessen its dependence on only a handful of conglomerates, the Ministry of Trade, Industry and Resources said. To this end, five trade promotion agencies, including the Korea Trade-Investment Promotion Agency (KOTRA), the Korea Trade Insurance and the Korea Institute for Advancement of Technology, have signed a joint memorandum of understanding (MOU) to provide marketing, certification, finance and consulting support to small export firms, according to the ministry. Under the MOU, SMEs selected as firms with export potential in the consumer goods, a

Jan 16, 2026By Yonhap
Gov't to foster 500 SMEs with export competitiveness by 2030
Economy

BOK to extend financial support for SMEs, self-employed amid weak recovery

The central bank said Friday it will extend a financial support program for small and medium-sized enterprises (SMEs) and self-employed workers amid a sluggish recovery in vulnerable sectors of the economy. The Bank of Korea's (BOK) low-rate special loan program worth 14 trillion won ($9.51 billion) was set to expire this month, but it will be extended by six months through the end of July, according to the bank officials. Under the program, the central bank allocates 75 percent of its SME loan volumes at a preferential interest rate of 1 percent. The scheme was launched in January 2024 with a cap of 9 trillion won, which was raised to 14 trillion won in January last year. "While an economic recovery has continued on the back of a rebound in consumption and rising exports, the recovery of vulnerable sectors, including regional SMEs and the self-employed, has been lagging," the BOK said. "The extension is expected to improve SMEs' access to financing and help ease their financial cost burdens," it added.

Jan 16, 2026By Yonhap
BOK to extend financial support for SMEs, self-employed amid weak recovery
Banking & Finance

US makes rare intervention in Korea’s FX market

U.S. Treasury Secretary Scott Bessent’s rare intervention in Korea’s foreign exchange market comes as the two countries recognize the need to jointly address the rapid depreciation of the Korean won, according to the Ministry of Economy and Finance on Thursday. The rare verbal intervention reflects the importance of the Korean won’s stability for bilateral economic cooperation, including Korea’s planned $20 billion annual investment in the U.S. as agreed to in tariff negotiations last year, Deputy Minister for International Economic Affairs Choi Ji-young said. His remark came after Bessent addressed the won’s depreciation in a social media post and a readout posted by the U.S. Department of the Treasury. In a rare intervention by a top U.S. economic policymaker, Bessent noted that the won’s depreciation “was not in line with Korea’s strong economic fundamentals.” According to the readout, the secretary also “emphasized that excess volatility in the foreign exchange market is undesirable, and reaffirmed that Korea’s strong economic performance, especially in key indu

Jan 15, 2026By Yi Whan-woo
US makes rare intervention in Korea’s FX market
Economy

Gov't forms interagency TF to crack down on illegal FX transactions

The government launched an interagency task force Thursday to crack down on illegal foreign exchange transactions amid the continued depreciation of the local currency, the finance ministry said. The task force comprises officials from the Ministry of Economy and Finance and five other government agencies, including the National Intelligence Service, the Bank of Korea and the Financial Supervisory Service. The ministry said illegal foreign exchange transactions have become increasingly complex and sophisticated, making it difficult for a single agency to effectively investigate and respond. It added that the government plans to dismantle barriers between agencies and leverage their respective expertise to track and uncover illegal cross-border fund flows. The move comes as part of broader efforts to respond to the continued weakening of the Korean won against the U.S. dollar.

Jan 15, 2026By Yonhap
Gov't forms interagency TF to crack down on illegal FX transactions
Economy

Korea's auto exports hit record $72 bil. in 2025

Korea's exports of automobiles reached an all-time high of $72 billion last year thanks to the strong overseas demand for eco-friendly vehicles and used cars, government data showed Thursday. The figure marked a 1.7 percent increase from $70.8 billion in exports in 2024, and a 1.55 percent rise from the previous high of $70.9 billion tallied in 2023, according to the Ministry of Trade, Industry and Resources. It also marked the third consecutive year of the country's annual car exports surpassing the $70 billion threshold. The ministry said the domestic automobile industry faced unfavorable export conditions last year, notably with U.S. tariff measures, but it made the achievement thanks to stronger demand for Korean-made eco-friendly cars and used vehicles. Last year, exports of eco-friendly vehicles, including electric, hydrogen and hybrid cars, grew 11 percent on-year to $25.8 billion. In particular, outbound shipments of hybrid cars surged 30 percent to a record $14.8 billion. Exports of used cars spiked 75.1 percent to an all-time high of $8.87 billion thanks to the brand recognition

Jan 15, 2026By Yonhap
Korea's auto exports hit record $72 bil. in 2025
Economy

Seafood exports hit record $3.3 bil. in 2025 on dried seaweed demand

Korea's exports of seafood products hit an all-time high of $3.33 billion last year, driven by rising overseas demand for dried seaweed goods, government data showed Thursday. The figure marked a 9.7 percent increase from $3.03 billion in exports in 2024, according to the Ministry of Oceans and Fisheries. Exports of dried seaweed, called "gim" in Korean, jumped 13.7 percent on-year to a record $1.13 billion thanks to strong demand from overseas markets. Outbound shipments of mackerel spiked 128.8 percent to $200 million, while exports of squid surged 48.7 percent to $110 million. By destination, exports to the U.S. rose 9 percent on-year to $520 million in 2025, led by the popularity of seasoned gim products, tuna and oysters, despite Washington's tariff scheme. Exports to Japan added 3.1 percent to $680 million, while shipments to China increased 8 percent to $620 million. "Last year's export performance, achieved amid uncertainties in the global trade environment, demonstrates the competitiveness of our seafood products," acting Oceans Minister Kim Sung-bum said in a press release.

Jan 15, 2026By Yonhap
Seafood exports hit record $3.3 bil. in 2025 on dried seaweed demand
Economy

Korea logs $60.7 bil. fiscal deficit through November 2025

Korea's fiscal deficit came to over 89 trillion won ($60.7 billion) in the first 11 months of last year, the budget ministry said Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on stricter terms, posted a deficit of 89.6 trillion won in the January-November period, according to data from the Ministry of Planning and Budget. Total revenue grew 39.2 trillion won from the same period a year earlier to 581.2 trillion won. In detail, tax revenue expanded 37.9 trillion won on-year to 353.6 trillion won. Total expenditures increased 54.3 trillion won to 624.4 trillion won. The central government's outstanding debt stood at 1,289.4 trillion won as of end-November.

Jan 15, 2026By Yonhap
Korea logs $60.7 bil. fiscal deficit through November 2025
Policy

BOK again holds key rate steady amid weak won, hints at prolonged pause

Korea's central bank again left its benchmark interest rate unchanged Thursday as a weakened won and rising inflation concerns limited room for further easing. In a widely expected decision, the Monetary Policy Board of the Bank of Korea (BOK) held the key rate at 2.5 percent at its rate-setting meeting in Seoul, marking the fifth consecutive on-hold decision since July. "Inflation is expected to gradually decline, though the elevated exchange rate remains a source of upside risk. Regarding financial stability, risks still remain related to housing prices in Seoul and its surrounding areas, to household debt and to the heightened exchange rate volatility," the BOK said in a released statement. Thursday's rate freeze decision was unanimous, while one of the board's six members voiced the need to keep open the possibility of further rate reductions in the next three months, BOK Gov. Rhee Chang-yong told a press briefing. The BOK dropped references to a possible rate cut from its policy statement for the first time since it entered an easing cycle in October 2024. "Beyond the three-month tim

Jan 15, 2026By Yonhap
BOK again holds key rate steady amid weak won, hints at prolonged pause
Economy

Why are Chinese tourists no longer spending big in duty free shops?

HONG KONG — Chinese tourist numbers are recovering across Asia after a COVID-19 pandemic-era contraction, buoyed by the expansion of visa-free policies and a stronger yuan. But one thing has not returned: the spending sprees that used to boost duty free retailers around the world. The trend can be clearly seen in Korea, which relied on Chinese travelers for 70 percent of its duty free sales before the pandemic. Around 5 million visitors from China arrived in the country during the first 11 months of 2025, a recovery to 92.3 percent of 2019 levels. But duty free sales not only failed to rebound; instead they actually fell to levels last seen in 2015. Sales at Korea’s duty free shops declined 12 percent year on year to $80.6 billion between January and November last year, according to the Korea Duty Free Shops Association. In a sign of the times, two of the country’s duty free retail giants — Shilla Duty Free and Shinsegae Duty Free — gave up parts of their concessions at Incheon International Airport in September and October, citing sluggish sales and soaring rental fees. The l

Jan 14, 2026By Lee Yeon-woo
Why are Chinese tourists no longer spending big in duty free shops?
Others

InterviewTravel agency CEO turns Korea's aging society into opportunity with tailored experiences

Koo Ja-man, CEO of older adult-focused travel agency Respect U, is creating experiences exclusively tailored for seniors, a group often overlooked in favor of younger, more active generations. First entering the travel industry in the mid-2000s after working as a web designer, Koo launched the company in 2020. And his insight proved accurate as Korea became a super-aged society in 2024, with the market now estimated to be worth 100 billion won ($67.9 million). The market is expected to grow further as the country ages more rapidly, with 30 percent of the population projected to be 65 or older by 2035 and 40 percent by 2050. “Travel is something everyone desires, but when it comes to seniors, the choices tend to be surprisingly limited,” Koo said during a recent telephone interview with The Korea Times. “That’s when I realized the need to design travel specifically around their comfort and physical condition.” Koo bet on the potential of the older adult market, as retirees are increasingly wealthier and healthier, giving them greater freedom to travel independently. “I see an ag

Jan 14, 2026By Yi Whan-woo
Travel agency CEO turns Korea's aging society into opportunity with tailored experiences
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