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Korea’s W12tr extra budget to boost economy by 0.1%p
The South Korean government’s proposed supplementary budget worth 12.2 trillion won ($8.6 billion) is projected to stimulate growth in the country’s gross domestic product by 0.1 percentage point, officials said Friday. The government passed the extra budget proposal at an extraordinary Cabinet meeting on Friday. Of the 12.2 trillion won, roughly 4 trillion won will be injected into shoring up key industries affected by trade tensions and advancing the artificial intelligence sector, while 3 tri
April 18, 2025 -
Govt. plans to provide W25tr in liquidity to help exporters amid global trade war
South Korea plans to provide 25 trillion won ($17.58 billion) in liquidity to local exporters expected to be dealt a blow from the United States' tariff scheme, the country's extra budget bill showed Friday. Under the extra budget bill, the government proposed expanding the size of special policy funds by 1.5 trillion won to a total of 25 trillion won to prevent a possible liquidity crisis of Korean companies amid heightened global trade uncertainties, according to the Ministry of Economy and Fi
April 18, 2025 -
Seoul shares end nearly 1% higher on optimistic US-Japan tariff talks
South Korean stocks rose nearly 1 percent Thursday as investors became optimistic about the ongoing trade talks between the United States and Japan. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 22.98 points, or 0.94 percent, to close at 2,470.41, rebounding from a 1.21 percent drop the previous day. Trade volume was moderate at 589.6 million shares worth 6.5 trillion won ($4.58 billion), with winners beating losers 638 to 225. Institutions
April 17, 2025 -
BOK holds key rate amid US tariff pressure, won volatility
The Bank of Korea held its base rate steady at 2.75 percent on Thursday, as the South Korean economy faces headwinds from the US administration’s tariff measures. The central bank also projected it would have to cut the country’s gross domestic product growth forecast for 2025 to below the previous estimate of 1.5 percent. The rate freeze was supported by five out of six members of the Monetary Policy Board, excluding BOK Gov. Rhee Chang-yong, whose individual vote is not disclosed. One of the s
April 17, 2025 -
S. Korean exports expected to see US tariff impact starting Q2: trade minister
South Korean exports will likely come under the substantive influence of US tariffs starting in the second quarter, the trade minister said Thursday, pledging "swift" support measures for affected industries. "Local industries are feeling a growing sense of unease as unprecedented uncertainties persist," Trade Minister Cheong In-kyo said in a meeting with export-related officials, noting the impact of tariffs imposed by the Donald Trump administration is anticipated to materialize in the second
April 17, 2025 -
S. Korea's official development aid rises 24.8% in 2024
South Korea's official development assistance to underdeveloped countries rose 24.8 percent last year to reach $3.94 billion, the government said Thursday. Citing preliminary data from the Development Assistance Committee of the Organization for Economic Cooperation and Development, the government said South Korea increased its aid by $780 million from 2023. As a proportion of the gross national income, the country's aid reached 0.21 percent, the highest rate since South Korea joined the DAC in
April 17, 2025 -
BOK freezes base rate as tariff pressures weigh on economy
The Bank of Korea held the base rate steady at 2.75 percent on Thursday, as the South Korean economy faces renewed pressure from heightened trade tensions driven by US President Donald Trump’s "reciprocal tariffs." The BOK’s decision came amid continued volatility in the Korean won, which has fluctuated since the US administration announced the imposition of reciprocal tariffs on all its trading partners. On April 9, the Korean won fell to 1,487.6 per US dollar during daytime trading, marking it
April 17, 2025 -
Seoul shares end sharply lower following US restriction on chip exports to China
South Korean stocks ended over 1 percent lower Wednesday, snapping a two-day winning streak, as investors unloaded chip shares following Washington's decision to restrict Nvidia's artificial intelligence chip exports to China. The Korean fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 29.98 points, or 1.21 percent, to close at 2,447.43. Trade volume was moderate at 601 million shares worth 6.66 trillion won ($4.67 billion), with losers beating winners 574 to 301.
April 16, 2025 -
Korea's top policymakers to visit US next week amid push for tariff relief
Korea’s top economic policymakers are set to visit the United States next week in a coordinated diplomatic push to ease US President Donald Trump’s tariffs on Korean exports. The Ministry of Economy and Finance confirmed on Thursday that Deputy Prime Minister and Finance Minister Choi Sang-mok will travel to Washington, where he is scheduled to meet with his US counterpart, US Treasury Secretary Scott Bessent. While the exact schedule and attendees are still being finalized, the meeting is expec
April 16, 2025 -
S. Korea's exports to Middle East rise 3.5% in Q1: ministry
South Korea's exports to the Middle East increased 3.5 percent from a year earlier in the first quarter, the industry ministry said Wednesday. Outbound shipments to the region have been on a steady increase, advancing 4.7 percent on-year in 2024, according to the Ministry of Trade, Industry and Energy. The ministry partly attributed the increase to strong demand for plants in the region, which accounted for 71 percent of all overseas plant construction orders secured by South Korea in the Januar
April 16, 2025 -
Finance Minister Choi to meet Bessent over trade issues next week
Finance Minister Choi Sang-mok is to hold talks with US Treasury Secretary Scott Bessent next week over trade issues that include the United States' new import tariffs, the finance ministry said Wednesday. The meeting was proposed by Bessent in line with Choi's visit to the US for the upcoming Group of 20 finance ministers and central bank governors' meeting, the ministry said. "The details regarding the schedule and participants are currently under review," ministry spokesperson Kang Young-kyu
April 16, 2025 -
Seoul shares open lower on overnight Wall Street losses
South Korean stocks opened slightly lower Wednesday, in line with overnight US stock losses amid lingering uncertainties stemming from President Donald Trump's tariff measures. The benchmark Korea Composite Stock Price Index dropped 9.02 points, or 0.36 percent, to 2,468.39 in the first 15 minutes of trading. Overnight, Wall Street closed slightly lower as lingering tariff uncertainty swayed investors to move to the sidelines. The S&P 500 fell 0.17 percent, the Dow Jones Industrial Average shed
April 16, 2025 -
S. Korea to boost shipbuilding, energy cooperation with US for tariff negotiations: trade minister
South Korea will work to bolster its cooperation with the United States in the shipbuilding and energy sectors, Seoul's trade minister said Wednesday, ahead of upcoming negotiations over US import tariffs. The government earlier said such cooperation may serve as a bargaining chip in the tariff negotiations after US President Donald Trump highlighted Seoul's interest in a multi-billion dollar liquefied natural gas project in Alaska. "The government will put in all-out efforts to make the most of
April 16, 2025 -
Financial holding firms see 2024 profit jump nearly 11%
Financial holding companies in South Korea logged an almost 11 percent rise in their earnings last year thanks to robust performances of banks and insurers, data showed Wednesday. The combined net profit of 10 financial holding firms here came to 23.85 trillion won ($16.79 billion) in 2024, up 2.32 trillion won, or 10.8 percent, from a year earlier, according to the preliminary data from the Financial Supervisory Service. Net income from their banks accounted for 59.8 percent of the total, while
April 16, 2025 -
S. Korea's import prices fall for 2nd month in March: BOK
South Korea's import prices fell for the second consecutive month in March due mainly to a drop in global oil prices, central bank data showed Wednesday. The import price index shed 0.4 percent from a month earlier in March, following a 0.8 percent on-month decline the previous month, according to the preliminary data from the Bank of Korea. The decline came as the average price of Dubai crude, South Korea's benchmark, fell 7 percent from a month earlier to an average of $72.49 per barrel in Mar
April 16, 2025