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Finance minister says defense payments not under review for tariff talks with US
Finance Minister Choi Sang-mok on Tuesday said the cost for stationing the US Forces Korea is not currently among the agenda issues being reviewed for tariff talks with the United States. "Talks on defense payments are not being reviewed at the moment," Choi told a parliamentary interpellation session, when asked whether discussions are under way to adjust South Korea's share of the cost for the upkeep of the 28,500-strong USFK. When asked whether the issue could be included in the Trump adminis
April 15, 2025 -
S&P affirms AA ratings for South Korea with stable outlook
S&P Global Ratings on Tuesday reaffirmed its AA long-term sovereign credit rating for South Korea, maintaining a stable outlook and citing expectations of resilient economic growth in the coming years. The decision follows the New York-based credit agency’s prior affirmation of the rating in February. “The stable rating outlook reflects our expectation that Korea will maintain average growth rates that are higher than most other high-income economies over the next three to five years at least,”
April 15, 2025 -
S&P keeps 'AA' rating on S. Korea with stable outlook
Global credit appraiser S&P Global Ratings maintained Tuesday its credit rating on South Korea at "AA," with a stable outlook, saying that "active" efforts by policy institutions helped curb political uncertainties arising from the short-lived martial law imposition in December. S&P has kept South Korea's long-term sovereign credit rating at the third-highest level on the company's table of "AA" since August 2016, when it upgraded the rating by one notch from "AA-." "The stable rating outlook re
April 15, 2025 -
Seoul boosts semiconductor aid, unveils W12tr extra budget
South Korea raised its semiconductor support package to 33 trillion won ($23.17 billion) on Tuesday, stepping up efforts to bolster key strategic sectors as global trade tensions escalate. The government also approved a 12 trillion won supplementary budget to support the broader economy. “We will ramp up chip industry support to 33 trillion won, with 4 trillion won in fiscal spending to be injected by 2026,” Finance Minister Choi Sang-mok said at a ministerial meeting on economic affairs on Tues
April 15, 2025 -
Koreans in their late 20s face worst job market in 12 years
South Korea’s young jobseekers are facing the harshest labor market in over 12 years, with the number of employed people in their late 20s dropping even more sharply than during the COVID-19 pandemic. The downturn — driven by a shrinking economy, a plunge in job openings, and a growing preference for experienced hires — is leaving many young Koreans locked out of work just as they’re trying to launch their careers. According to Statistics Korea, employment among people aged 25–29 fell by 98,000
April 15, 2025 -
Container shipping costs on S. Korea-US route fall for 2nd month in March
Container shipping costs from South Korea to the United States fell for the second consecutive month in March, the customs agency said Tuesday. The average shipping cost for a 40-foot container from South Korea to the US West Coast dropped 13.1 percent from a month earlier to 5.36 million won ($3,754) in March, according to data from the Korea Customs Service. Shipping costs to the US East Coast also declined, falling 6.4 percent to 6.17 million won during the same period. Average shipping costs
April 15, 2025 -
Seoul shares rise nearly 1% on eased tariff woes; won sharply higher
South Korean stocks ended nearly 1 percent higher Monday, led by gains of semiconductor and battery shares amid eased woes over the US administration's sweeping tariffs. The Korean won soared to a four-month high against the US dollar. The benchmark Korea Composite Stock Price Index gained 23.17 points, or 0.95 percent, to close at 2,455.89. Trade volume was a bit slim at 474.1 million shares worth 6.56 trillion won (US$4.61 billion), with winners beating losers 634 to 255. Retail investors boug
April 14, 2025 -
BOK likely to hold rates amid currency, debt concerns
Korea’s central bank is widely expected to hold its benchmark interest rate at 2.75 percent this week as policymakers weigh currency volatility and household debt pressures. Market consensus points to a rate freeze at Thursday’s April meeting, as the Korean won faces renewed pressure from escalating trade tensions driven by US President Donald Trump’s tariffs, fueling global market uncertainty. “Amid rising trade policy uncertainty and growing economic headwinds, the Bank of Korea is expected to
April 14, 2025 -
Seoul shares open sharply higher on chip, battery gains; won sharply climbs
South Korean stocks opened sharply higher Monday led by gains of semiconductor and battery shares amid eased woes over the US administration's sweeping tariffs. The benchmark Korea Composite Stock Price Index rose 29.8 points, or 1.22 percent, to 2,462.52 in the first 15 minutes of trading. Most blue chips advanced following losses in the previous session. Market cap Samsung Electronics jumped 2.36 percent, and chip rival SK hynix added 1.6 percent. Leading battery maker LG Energy Solution rose
April 14, 2025 -
Korean currency volatility hits record high amid Trump tariff shock wave
Volatility in South Korea's foreign exchange market surged to its highest level last week since the country extended trading hours for the won–US dollar market, data showed Sunday. The weekly fluctuation in the won–dollar exchange rate reached 67.6 won during the second week of April, which marked the highest level since July 2024, when Seoul expanded FX trading hours from a 3:30 p.m. close to 9 a.m.–2 a.m. the following day. When compared to records prior to the extended trading hours, last wee
April 13, 2025 -
Govt. to extend W9tr in additional export financing over Trump tariffs
The government announced plans Friday to inject an additional 9 trillion won ($6.6 billion) in financing to support exporters facing strong tariffs imposed by US President Donald Trump's administration and escalating global trade tensions. The decision was made during a meeting of external economic ministers held in Seoul, as Trump's sweeping tariff measures and China's subsequent retaliatory actions are feared to hurt South Korea's export-driven economy and lead to a global economic downturn. I
April 11, 2025 -
Downside risks increasing amid US tariff woes: finance ministry
South Korea's economy is facing increasing downside risks amid US tariff woes while recovery in domestic demand is being delayed, the finance ministry said Friday. The ministry has maintained its assessment since January that economic downside risk has been increasing due to a slowdown in export growth and domestic demand. But this month, the finance ministry highlighted worsening external conditions that stem from the US tariffs. "There are concerns that worsening trade conditions caused by tar
April 11, 2025 -
Exports advance 13.7% during first 10 days of April on strong chip demand
South Korea's exports rose 13.7 percent on-year in the first 10 days of April on solid demand for semiconductors and automobiles, data showed Friday. Outbound shipments reached $18.58 billion in the April 1-10 period, compared with $13.84 billion tallied a year earlier, according to the data from the Korea Customs Service. The daily average volume of exports inched up 0.3 percent on-year over the cited period. The number of working days during this period stood at 8.5, compared with 7.5 days las
April 11, 2025 -
Finance minister calls for contingency plans amid US tariff uncertainty
Finance Minister Choi Sang-mok instructed officials Friday to prepare contingency plans to effectively respond to uncertainties stemming from the US administration's tariff schemes and strengthen monitoring of financial markets. Choi made the call during a meeting on macroeconomic issues, which was attended by Bank of Korea Gov. Rhee Chang-yong, and the chiefs of the Financial Services Commission and the Financial Supervisory Service, according to the Ministry of Economy and Finance. "Despite th
April 11, 2025 -
Seoul shares rally over 6% on US reciprocal tariff pause; Korean won soars
South Korean stocks rallied 6.6 percent Thursday as the US administration's temporary pause of reciprocal tariffs on South Korea improved market sentiment. The Korean won was trading sharply higher against the US dollar. The benchmark Korea Composite Stock Price Index soared 151.36 points, or 6.6 percent, to close at 2,445.06, sharply rebounding from the 17-month low the previous day. Shortly after the stock market opened, the bourse operator issued a sidecar order at 9:06 a.m., halting program
April 10, 2025