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  • Economy

    Korea's monthly exports hit $100 bil. for 1st time in June

    Korea's monthly exports hit a fresh high by surpassing the $100 billion mark for the first time in June, amid the record-breaking performance of chips, data showed Wednesday. Outbound shipments surged 70.9 percent on-year to $102.25 billion in June, according to the Ministry of Trade, Industry and Resources. Imports rose 30.1 percent on-year to $66.1 billion, resulting in a trade surplus of $36.15 billion. It also marked the first time that the monthly trade balance has surpassed $30 billion. Exports of semiconductors nearly tripled to reach $44.82 billion, with monthly exports surpassing $40 billion for the first time on the back of surging demand for memory chips. Outbound shipments of computer products soared more than 300 percent to $5.41 billion as global tech companies expanded investment in artificial intelligence (AI) infrastructure, the ministry added. Exports of mobile devices also jumped 51.9 percent to $1.55 billion amid growing demand for new smartphones. The data showed automobile exports rising 5.8 percent to $6.71 billion following the stabilization of auto parts supplies. Ou

    2 MIN READBy Yonhap
    Korea's monthly exports hit $100 bil. for 1st time in June
  • Economy

    Seoul shares return gains late Wednesday morning on tech sell-off

    1 MIN READBy Yonhap
    Seoul shares return gains late Wednesday morning on tech sell-off
  • Policy

    Market braces for pension fund's stock rebalancing

    2 MIN READBy Jun Ji-hye
    Market braces for pension fund's stock rebalancing
  • Policy

    Korea secures 2.07 mil. ton dedicated EU steel quota under new TRQ

    2 MIN READBy Lee Gyu-lee
    Korea secures 2.07 mil. ton dedicated EU steel quota under new TRQ
  • Economy

    Korean authorities sell net $13.6 bil. in Q1 to stabilize FX market

    1 MIN READBy Yonhap
    Korean authorities sell net $13.6 bil. in Q1 to stabilize FX market
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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

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Economy

Is economic recovery in the making?

GettyimagesbankProduction, retail sales and investment all rise in Sept., yet experts say economic recovery is dependent on external market conditions By Anna J. ParkDespite ongoing market uncertainty, recent statistics show that the Korean economy saw a slow rebound during the third quarter of the year.According to Statistics Korea, industrial production in the month of September increased by 2.3 percent from the previous month in all industry sectors except agriculture and fisheries; retail sales also rose 1.7 percent, and equipment investment also jumped 7.4 percent. This “triple” increase in September ― economic indices' improvement in production, sales and investment ―is the first since June this year. The growth was also reflected in Bank of Korea's (BOK) real GDP statistics. The BOK announced earlier this week that real GDP growth during the third quarter stood at 1.9 percent from the previous quarter. The nation's economy contracted 1.3 percent and 3.2 percent, respectively, during the first and second quarters. The second quarter performance was the worst since t

Oct 30, 2020By Anna J. Park
Is economic recovery in the making?
Economy

Seoul stocks sink over 2.5% on massive foreign sell-offs

Electronic signboards at the trading room of Hana Bank in Seoul show the KOSPI closed at 2,267.15 Friday, down 59.52 points or 2.56 percent from the previous session's close. / YonhapSouth Korean shares plunged more than 2.5 percent Friday, as major tech giants suffered a slump from massive foreign sell-offs. The Korean won fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) plunged 59.52 points, or 2.56 percent, to close at 2,267.15.Trading volume was high at about 775 million shares worth some 11.5 trillion won (US$10.1 billion), with losers outnumbering gainers 753 to 123.Stocks widened losses following a weak start, led by a retreat in top cap tech firms. Local analysts attributed the fall to a massive foreign and institutional selling spree."It seems like the U.S. presidential election uncertainties and the COVID-19 resurgence issues are pressuring foreign and institutional investors to dump local stocks," Kiwoom Securities analyst Seo Sang-young said.Foreigners dumped a net 994 billion won, the largest daily selling after Aug. 31, and institutio

Oct 30, 2020
Seoul stocks sink over 2.5% on massive foreign sell-offs
Economy

S. Korea's industrial output rises 2.3% in September

A Statistics Korea official speaks about the nation's overall industrial production in September at the Government Complex Sejong, Friday. / YonhapSouth Korea's industrial output, consumption and facility investment increased in September, in a sign that the nation's economy may be on a track toward a mild recovery from the coronavirus pandemic-caused slump, data showed Friday. The nation's overall industrial production gained 2.3 percent on-month in September, following a 0.8 percent on-month decline in August, according to data compiled by Statistics Korea.Compared with a year earlier, overall industrial production jumped 3.4 percent in September.Production in the mining, manufacturing, gas and electricity industries jumped 5.4 percent on-month in September, marking the fastest growth since June.Shortly after the data released, Finance Minister Hong Nam-ki voiced cautious optimism that the economy appears to have hit bottom. All economic indicators "point to an economic recovery," Hong said in a Facebook posting. Hong said South Korea's economy is heading for a gradual recovery in

Oct 30, 2020
S. Korea's industrial output rises 2.3% in September
Economy

S. Korea, Mongolia to lower tariffs starting 2021 under regional trade pact

South Korea and Mongolia will lower tariffs on some products starting next year, as Ulaanbaatar joined a regional trade pact known as the Asia-Pacific Trade Agreement (APTA), Seoul's finance ministry said Friday. Under the deal, South Korea will reduce tariffs by an average 33.4 percent on 2,797 items, while Mongolia will cut tariffs by an average 24.2 percent on 366 items, the ministry said in a statement. Mongolia's accession to the APTA is expected to help the two nations expand trade ties, the ministry said. Currently, Mongolia only has a bilateral free trade deal with Japan. South Korea is part of the APTA, which also includes China, Laos, Bangladesh, Sri Lanka and India.The APTA was established in 1975 and China joined the agreement in 2011.(Yonhap)

Oct 30, 2020
Economy

KCCI holds meeting on New Northern Policy

Korea Chamber of Commerce and Industry building in central Seoul / YonhapBy Park Jae-hyukThe Korea Chamber of Commerce and Industry (KCCI) said Thursday it jointly hosted a meeting for businesses operating in countries that are part of President Moon Jae-in's New Northern Policy at its headquarters in Seoul with the Presidential Committee on Northern Economic Cooperation and the Ministry of Trade, Industry and Energy.Representatives from large companies, such as SK E&C, POSCO International and Hyundai Engineering, as well as from small- and medium-sized enterprises (SMEs), such as Orion, Hanshin Engineering, Himchan Hospital and CUBOX, discussed strategies to achieve success in Russia and its neighboring countries.According to the KCCI, the participants indicated close partnership and cooperation among governments as the primary keys to success.“Korean firms' achievements in the New Northern Policy countries, such as Russia and Kazakhstan, have been underestimated because of a prejudice against their business environments,” KCCI Vice Chairman Woo Tae-hee said. “

Oct 29, 2020By Park Jae-hyuk
KCCI holds meeting on New Northern Policy
Economy

Korea seeks to hold 2026 ITS World Congress in Gangneung

Gangneung Mayor Kim Han-geun speaks during an ITS online conference, broadcast live from the Sheraton Seoul Palace Gangnam Hotel, Thursday. Courtesy of Ministry of Land, Infrastructure and TransportBy Lee Kyung-min The Ministry of Land, Infrastructure and Transport held an international conference online Thursday, as part of efforts to help Gangneung, Gangwon Province, become the venue for the 2026 Intelligent Transport System (ITS) World Congress.The ministry said Gangneung would make an ideal host, illustrated by its success in holding a slew of other global events including the 2018 PyeongChang Winter Olympics. It has been selected as a host city of the 2022 World Choir Games, which is expected to see 10 times more participants than at the 2018 PyeongChang Winter Olympics.Gangneung Mayor Kim Han-geun explained the city's plans on incorporating smart city solutions and utilizing ITS technologies such as Cooperative Intelligent Transport Systems (C-ITS) and autonomous driving, key ways to bolster effective city planning and management.C-ITS is used to enhance transport safety via ve

Oct 29, 2020By Lee Kyung-min
Korea seeks to hold 2026 ITS World Congress in Gangneung
Economy

Korea's containment measures published in peer-reviewed US journal

Quarantine officials prepare for tracing and treating of COVID-19 patients at a hospital in Gyeonggi Province, Oct. 18. Korea Times fileBy Lee Kyung-min A study of Korea's COVID-19 containment measures was published in a noted U.S. peer-reviewed journal, the finance ministry said Thursday.This is the latest in a slew of worldwide recognition Korea earned following effective policies put in place since the pandemic wreaked havoc around the world. The study ― “Flattening the curve on COVID-19: South Korea's measures in tackling initial outbreak of coronavirus” ― was published by the American Journal of Epidemiology. The premier journal ― the oldest and the official publication of the Johns Hopkins Bloomberg School of Public Health ― publishes empirical research findings, opinion pieces and methodological developments. Economy and Finance Ministry Development Finance Bureau Director Lee Dae-joong was one of the study's authors. The research detailed how Korea implemented measures that prioritized testing, tracing and treating, a combination bolstered by heightened civic awar

Oct 29, 2020By Lee Kyung-min
Korea's containment measures published in peer-reviewed US journal
Economy

KRX scrutinizes market makers' short selling practices

Gettyimagesank/By Anna J. Park The nation's bourse operator Korea Exchange (KRX) is currently overhauling market makers' internal monitoring and controls, particularly with regard to their short-selling practices. Market makers are financial companies that the KRX designated as providing ample liquidity to stock markets, as they buy and sell stocks on a regular basis.Currently there are 22 market makers, mostly major securities firms, allowed in the KOSPI, KOSDAQ as well as derivative markets operated by the KRX. They assume the roles of market makers by regularly buying and selling 842 stock items and 206 derivative products as of last Thursday. KRX announced Wednesday that it is closely looking into every firm designated as a market maker, focusing on any cases of naked short selling ― short selling without borrowing shares ― and violations of the Uptick Rule ― a rule that requires short sales to occur at a higher price than previous trades. To achieve the goal, the state-run bourse operator has received related documents from market makers. The KRX plans to further scrutinize the

Oct 28, 2020By Anna J. Park
KRX scrutinizes market makers' short selling practices
Economy

'Digital innovation without effective HR management meaningless'

Korea Development Institute (KDI) fellow Chung Sung-hoon speaks during a press briefing at Sejong Government Complex, Wednesday. Courtesy of KDIBy Lee Kyung-minThe government should devise a long-term compensation scheme based on effective human resources management as defined by greater monetary reward and early promotion opportunities for competent employees, a state think tank said Wednesday.Korea Development Institute (KDI) said policy priorities should be about promptly identifying reasons why many small- and medium-sized enterprises (SMEs) remain inattentive to improving overall business practices ― especially concerning human resources management, a more fundamental and efficient approach to bolstering productivity.Continued failure to closely tie the use of certain advanced technologies to some form of incentives offered to workers for using them will pose a major stumbling block to Korean information technology businesses with great growth potential.This will leave them further behind their global peers including from the U.S. and European countries, many of whose competiti

Oct 28, 2020By Lee Kyung-min
'Digital innovation without effective HR management meaningless'
Economy

ANNIVERSARY SPECIAL Four pioneering ways forward in post-COVID-19 era

Hong Nam-kiBy Hong Nam-ki“The best way to predict the future is to create the future.” This statement is rightly reflective of our time as we break through the unprecedented COVID-19 crisis while preparing against the uncertainty of the future.A famous steakhouse in New York, Peter Luger, began delivery service for the first time in its 133 years of history. An online live concert of BTS was broadcasted in lieu of a live performance on stage, reaching 50.59 million viewership in total. These are only a few examples suggesting that COVID-19 has brought about changes in many aspects of our daily lives and economic activities.COVID-19 is not the first pandemic in history. The history of previous pandemics such as the plague in the medieval era and the Spanish flu in the early 20th century already proved how mankind overcame and took one step further through the crisis. We will come out of this crisis and create opportunity from a time of crisis again. In this regard, I would like to introduce Korea's response to COVID-19 and four pioneering ways forward in the post-COVID-19

Oct 28, 2020
[ANNIVERSARY SPECIAL] Four pioneering ways forward in post-COVID-19 era
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