South Korea's household debt-to-gross domestic product ratio stood at the highest level among 34 major economies in the first quarter, global financial data showed Monday. The ratio stood at 102.2 percent in the January-March period, followed by Hong Kong with a ratio of 95.1 percent, Thailand with 85.7 percent, Britain with 81.6 percent, the United States with 73 percent, Malaysia with 66.1 percent, Japan with 65.2 percent and China with 63.6 percent, according to the Institute of Internat

SEJONG -- South Korea plans to adopt tariff-rate quotas on imports of pork and mackerel in the near future in line with efforts to tame rising foodstuffs prices amid prolonged inflation, a senior official said Friday. The tariff-rate quota is a system under which products are imported with favorable duty conditions within a designated volume. The amount imported beyond the limit is applied with higher tariffs. "As there are price instabilities in some agriculture, livestock, and fishery p

Forging robust security and economic alliances with the United States and Japan is crucial for South Korea to embrace a reshaped global geopolitical paradigm, said Jun Kwang-woo, chairman of the Institute for Global Economics. “The trilateral allies must bolster their economic cooperation and pursue shared strategic priorities,” to deal with “the looming global geo-economic challenges, accompanied by supply chain disruptions and an energy crisis, result from the post-pandemic

Governor maintains hawkish stance, leaving door open for further rate hike

The Korea International Trade Association held a joint conference with the Taiwan External Trade Development Council and Taiwan Chamber of Commerce on Wednesday to discuss ways to boost trade between South Korean and Taiwanese companies. A total of 122 companies, including 27 Korean and 95 Taiwanese companies, participated in the event, called the Korea-Taiwan Import and Export Conference held at the Taipei International Convention Center in the capital of Taiwan. A total of 207 consultations we

South Korea wishes to expand cooperation with the World Bank by sharing its expertise in the climate and digital sectors, the finance minister said Wednesday. "Korea's expertise in the climate and digital sectors can help developing countries against the challenges they face," Finance Minister Choo Kyung-ho said during an event marking the 10th anniversary of the bank's office in South Korea. "I believe Korea's resources in these areas can help the Korea Office beco

South Korea's state pension operator saw its returns fall to a record low level in 2022, data showed Tuesday, due to the instability in the global financial market amid monetary tightening moves. The National Pension Service logged negative returns of 8.28 percent in 2022, marking the lowest level since it was launched in 1988, according to the Ministry of Economy and Finance. "(The negative returns) were affected by the jitters in the global financial market sparked by the US rate hik

South Korea's inflation expectations fell to the lowest in a year in May on a slide in prices of petrochemical goods, a central bank survey showed Tuesday. Ordinary people expected consumer prices to rise 3.7 percent for the year ahead, down 0.2 percentage point from what was surveyed a month earlier, according to the poll conducted by the Bank of Korea. The reading marks the lowest since May last year, when the comparable figure was 3.3 percent, the central bank said. The downturn came as

South Korea’s finance minister said Monday the government will improve the financial status of debt-laden public energy companies by raising rates to an acceptable level next year. Finance Minister Choo Kyung-ho made the remarks at a meeting of the National Assembly’s Strategy and Finance Committee. “It will take time for public energy companies to retrieve accounts receivable and make a turnaround. Experts expect Korea Electric Power Corp. (KEPCO) to swing to an operating pr

No immediate sign of slowdown, deepening inflation woes

South Korea's finance minister said Monday the country's trade balance could improve after May and he expects a gradual recovery of tax revenue down the road as well. "After May, South Korea's trade deficit will decrease, and we can anticipate a completely different performance in the fourth quarter," Finance Minister Choo Kyung-ho told lawmakers during a parliamentary session. The remark came after South Korea's exports fell 16.1 percent on-year in the first 20 day

South Korea's exports fell 16.1 percent on-year in the first 20 days of May due to a prolonged slump in the global chip industry, data showed Monday, with the country's outbound shipments set to lose ground for seven consecutive months. The country's outbound shipments stood at $32.4 billion in the May 1-20 period, compared with $38.6 billion a year earlier, according to the data from the Korea Customs Service. Imports shed 15.3 percent on-year to $36.7 billion during the cited period, resulting

People in South Korea's top 1 percent net asset bracket had at least around 3 billion won ($2.26 million) in net assets in 2021, according to a local insurance firm’s report, Sunday. Net assets refer to the value of a person’s assets such as houses, cars, investments and cash, minus liabilities. According to Hanwha Life Insurance, individuals who had more than 2.9 billion won in net assets sat in the top 1 percent net asset bracket, while the threshold for the 0.1 percent bracke

Pressure off of central bank as Fed’s monetary tightening cycle nears end

Finance Minister Choo Kyung-ho met with Chinese Ambassador to South Korea Xing Haiming on Friday to discuss economic ties and other bilateral issues, his office said. During the meeting, Choo expressed hope that South Korea and China can continue economic cooperation based on mutual respect and interests, according to the Ministry of Economy and Finance. The finance minister also requested China's support for the preparation of the bilateral economic ministerial meeting scheduled to be held