Mar 27, 2020

S. Korea posts record high trade surplus in copyrights in 2019

South Korea posted a record high yearly trade surplus in copyrights last year, backed by the global popularity of K-pop, extending its annual surplus streak for the seventh year, the culture ministry said Friday. The trade surplus in copyrights came to $1.62 billion in 2019, the biggest yearly earnings since relevant figures were first compiled in 2010, the Ministry of Culture, Sports and Tourism said, citing data from the Bank of Korea. The same year, South Korea's trade balance in broader in

Mar 27, 2020

Consumer sentiment dips to over 10-year low in March

Amid the snowballing economic fallout of the novel coronavirus, South Korea saw its consumer sentiment aggravate in March, hitting its lowest point in more than a decade, central bank data showed Friday. The composite consumer sentiment index, or CCSI, stood at 78.4 in March, down 18.5 points on-month and marking the lowest score since March 2009, when the world was reeling under the global financial crisis, according to data from the Bank of Korea. The corresponding survey was conducted o

Mar 27, 2020

Coronavirus to hit tourism in Asia-Pacific: report

South Korea is feared to be one of the hardest-hit countries in the Asia-Pacific area, given the fact that China, the epicenter of the virus outbreak, accounts for 20 percent of international tourism expenditures. Other vulnerable countries are Thailand, Japan and Vietnam as they depend heavily on Chinese visitors for tourism revenue. The fast spread of the novel coronavirus is also feared to cause the global aviation industry to suffer big losses in passenger numbers and revenue. Should the

Mar 26, 2020

BOK to provide ‘unlimited’ liquidity to market until end-June

South Korea’s central bank said Thursday that it will inject an unlimited amount of liquidity to the financial market over the next three months, in an effort to sustain the volatile market amid the spread of the novel coronavirus. “The Bank of Korea has decided to supply an unlimited amount of liquidity to financial institutions to reduce the economic fallout of COVID-19 and remove uncertainties in the financial market,” the BOK said in a release. “Also, it will expan

Mar 26, 2020

[News Focus] Korean retail investors are victims of ‘unpaid’ stock buying

Unforeseeable COVID-19 crisis fosters showdown between foreign, small investors

Mar 26, 2020

BOK to supply 'unlimited' amount of liquidity for next 3 months

The Bank of Korea said Thursday that it will supply an "unlimited" amount of liquidity over the next three months to financial institutions to help prevent a credit crunch caused by the coronavirus pandemic. "The Bank of Korea decided to provide an unlimited amount of liquidity to financial firms to help minimize the economic fallout from the spread of COVID-19 and remove uncertainties in the financial market," the BOK said in a press release. (Yonhap)

Mar 25, 2020

S. Korea expands job subsidies, eases FX rules

Fiscal chief hints at disapproval of ‘anti-disaster basic income’ payout plan

Mar 25, 2020

S. Korea to loosen FX liquidity guidelines to boost dollar liquidity

South Korea will ease foreign exchange liquidity rules temporarily to prod local financial firms to provide more dollars in the currency market currently roiled by the market turbulence, the country's chief economic policymaker said Wednesday. Local financial institutions have been required to hold an adequate amount of foreign currency assets on hand to get over short-term liquidity disruptions. Currently, the foreign exchange liquidity coverage ratio (LCR) for banks is set at least 80 percent.

Mar 24, 2020

S. Korea calls on G-20 to work on alleviating excessive travel, logistics bans

Seoul shares its epidemic-fighting experience with leading economies

Mar 24, 2020

Moon vows W100tr rescue package to reinvigorate economy

New emergency measure to further bolster SMEs, provide cushion for conglomerates and stabilize financial market

Mar 24, 2020

[Economy in Pandemic 4] Impact of plunging oil prices on Korean markets

The plunging crude oil prices may increase pressure on South Korea’s financial market with rising volatility forcing investors to secure cash, not to mention its negative impact on the economy. The sharp drop in oil prices in recent weeks has rattled the stock market, already reeling from the deepening coronavirus pandemic. Oil refining and chemical industries are bearing the brunt, not only from plummeting demand but also lackluster investor sentiment.  According to data of the

Mar 24, 2020

Govt. stresses role of fiscal spending for growth in 2021

South Korea on Tuesday highlighted the importance of its budget spending in supporting the country's economic growth next year, signaling a budget hike amid the growing fallout from the spread of the new coronavirus. Under its 2021 budget guidelines, the government said it will continue to maintain the active role of fiscal spending in boosting growth, while seeking to enhance its fiscal soundness. The guidelines, reviewed and approved by the Cabinet on Tuesday, are designed to direct governme

Mar 24, 2020

Uncertainty growing over S. Korean exports despite recent upturn

Despite a recent recovery, uncertainty is growing over South Korea's exports down the road due to the economic impact of the coronavirus pandemic, sources said Tuesday. The country's outbound shipments grew 10 percent on-year in the first 20 days of March on brisk overseas demand for chips and automobiles, along with more working days, according to government data. The solid increase follows a 4.5 percent rise in February, the first rebound in 15 months. This month's improved export performan

Mar 23, 2020

S. Korea keeps keen watch on New York, London markets

Seoul ups defensive guard against mounting financial volatility around the globe