South Korean banks saw their first-quarter net profit rise 24 percent from a year earlier on higher interest and non-interest income, preliminary data showed Friday. Their combined net profit came to 7 trillion won ($5.4 billion) in the January-March period, up from 5.6 trillion won tallied a year ago, according to data from the Financial Supervisory Service. The figure was up 55.9 percent from 4.5 trillion won three months ago. Local banks' interest income totaled 14.7 trillion won in the

South Korea's economy grew 0.3 percent in the first quarter of this year, unchanged from an earlier estimate, largely thanks to a sustained recovery in private spending amid an extended slowdown in exports, central bank data showed Friday. The country's gross domestic product -- a key measure of economic growth -- increased 0.3 percent in the January-March period from three months earlier, according to the preliminary data from the Bank of Korea. The first-quarter expansion follows a 0

South Korean exports are showing some signs of a recovery on the back of rising demand from China and increasing outbound shipments of semiconductors, the finance minister said Friday. South Korea's exports fell for an eighth consecutive month in May, reaching $52.24 billion, down 15.2 percent on-year, government data showed this week. The decline mostly came as exports of semiconductors sank 36.2 percent on-year on falling demand and a drop in chip prices. "Exports for May fell by two

South Korea's consumer prices growth slowed for the fourth consecutive month in May from a year ago, data showed Friday, in yet another signal that the country's inflation has passed its peak. Consumer prices, a key gauge of inflation, rose 3.3 percent last month from a year earlier, compared with a 3.7 percent on-year rise in April, according to the report from Statistics Korea. The growth fell below 4 percent for the first time in 14 months in April. The prices of utility services shot up 23.2

South Korea's exports fell for an eighth consecutive month in May due mainly to weak demand for semiconductors amid an economic slowdown, the industry ministry said Thursday. Outbound shipments fell 15.2 percent on-year to $52.24 billion last month, according to the data compiled by the Ministry of Trade, Industry, and Energy. The decline came as exports of semiconductors, the country's key export item, sank 36.2 percent on falling demand and a drop in chip prices. Imports fell 14 percent on-yea

SEJONG -- South Korea's tax revenue fell 33.9 trillion won ($25.7 billion) in the first four months of the year compared with a year earlier, data showed Wednesday, as an economic slump weighed down on business activities. Tax revenue amounted to 134 trillion won during the January-April period, down from 167.9 trillion won tallied a year earlier, according to the Ministry of Economy and Finance. Last month, the government collected 46.9 trillion won in taxes, down 9.9 trillion won from the

South Korea's exports of agriculture tractors hit a record high in 2022 by advancing 23 percent on-year, data showed Wednesday, amid growing demand for small-sized models. The value of tractors shipped overseas came to $1.24 billion in 2022, rising from $1 billion tallied a year earlier, according to the data compiled by the Korea Customs Service. The amount also marked a sharp rise from $657 million posted in 2020, the data showed. The customs office said the increase was driven by rising

Foreign ownership of South Korean land rose 1.8 percent in 2022 from a year earlier, the land ministry said Wednesday. Foreigners owned 264.01 square kilometers -- slightly more than four times the size of Manhattan -- at the end of December. It represents 0.26 percent of South Korea's total land area, the Ministry of Land, Infrastructure and Transport said in a statement. The value of land held by foreigners also increased 2.6 percent to 32.88 trillion won ($24.8 billion) over the cited pe

SEJONG-- South Korea's industrial output dropped by the most in over a year in April due to an extended slump in the chipmaking sector, data showed Wednesday, with the inventory level at a fresh high. Industrial output dropped 1.4 percent on-month last month, snapping two consecutive months of gains, and marked the sharpest drop since a 1.5 percent fall in February last year, according to the data from Statistics Korea. The output in the mining, manufacturing, gas, and electricity industr

Number of inbound tourists slow to grow as Chinese tourists to Korea yet to rebound to pre-pandemic levels

By Kim Tae-ho National Tax Service vice commissioner Amid high inflation and elevated interest rates worldwide, the growth of the global economy is being hampered by sluggish domestic demand, as well as contractions in the manufacturing sector and trade. In an effort to overcome the global economic downturn, the Korean government has designated key industries such as semiconductors, secondary batteries and displays as national strategic technologies. This designation aims to expand tax ben

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