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Korea's exports hit all-time high of US$709.7 bln in 2025
South Korea's exports reached an all-time high of US$709.7 billion in 2025, surpassing the landmark $700 billion mark for the first time, government data showed Thursday. Annual exports rose 3.8 percent from a year earlier, with semiconductor exports jumping 22.2 percent on-year to a record high of $173.4 billion on the back of the growth of artificial intelligence (AI), according to the data compiled by the Ministry of Trade, Industry and Resources. Imports edged down 0.02 percent on-year to $6
Jan. 1, 2026 -
Gov't to review 'all available legal measures' against Coupang
The government on Wednesday vowed to take "all available legal measures" against Coupang Inc. over its recent data leak, condemning the US e-commerce giant's lukewarm response in addressing the issue during a parliamentary hearing. "The company's lukewarm and passive attitude in explaining the situation during the parliamentary hearing, and its attempts to underestimate the damage and dodge responsibility, are further fueling public concern and distrust," the government said in a joint statement
Dec. 31, 2025 -
Korea’s inflation cools to five-year low in 2025
South Korea’s consumer prices rose 2.1 percent in 2025, marking the slowest pace in five years, government data showed Wednesday. The consumer price index, a key gauge of inflation, averaged 116.61 for the year, up 2.1 percent from a year earlier, according to the Ministry of Data and Statistics. The increase eased by 0.2 percentage point from the 2.3 percent rise in 2024. The cost-of-living index, seen as the indicator best reflecting the inflation felt by households, rose 2.4 percent this year
Dec. 31, 2025 -
S. Korea to extend visa fee waiver for group tourists from 6 countries until June
South Korea will extend the waiver on visa processing fees for an additional six months for group tourists from six countries, including China, the finance chief said Wednesday. Under the plan announced by Finance Minister Koo Yun-cheol, the fee exemption for C-3-2 visas, which was originally set to expire Wednesday, will continue until the end of June next year. The six countries covered by the extension are China, India, Vietnam, the Philippines, Indonesia and Cambodia. Koo said the plan is "t
Dec. 31, 2025 -
A look back at 2025
President Lee Jae Myung came into office in June, filling the void left by former President Yoon Suk Yeol. The transition reshaped the political landscape. The conservative People Power Party saw its public support erode, while the Democratic Party of Korea moved swiftly to press its legislative agenda, spanning judicial and prosecution reforms as well as changes to the government's structure. In governing style, Lee has sought to underscore a break from his predecessor by prioritizing visibilit
Dec. 31, 2025 -
Gov't to expand heating bill support for vulnerable people
The government announced a set of measures Wednesday to help vulnerable people cope with a spike in heating and energy bills amid the winter cold. The measures were unveiled during an economy-related ministers' meeting presided over by Finance Minister Koo Yun-cheol amid growing public concern over rising heating costs, according to the finance ministry. Vulnerable groups, including people with disabilities, national merit recipients and basic livelihood security beneficiaries, will receive disc
Dec. 31, 2025 -
S. Korea's consumer prices up 2.1% in 2025, lowest in 5 years
South Korea's inflationary pressure eased to the lowest level in five years in 2025, following the sharpest price growth in decades during the post-pandemic period, government data showed Wednesday. Consumer prices, a key gauge of inflation, increased 2.1 percent on-year this year, slightly above the Bank of Korea's inflation target of 2 percent, according to the data from the Ministry of Data and Statistics. The figure marks the lowest annual level since 0.5 percent in 2020. Inflation surged fr
Dec. 31, 2025 -
Samsung Electronics supplies automotive processor for BMW EVs: sources
Samsung Electronics Co. has supplied advanced automotive processors for electric vehicles produced by BMW AG, industry sources said Tuesday, marking a breakthrough in the expansion of the South Korean tech giant's automotive parts portfolio. According to the sources, Samsung Electronics provided the Exynos Auto V720 chips for BMW's new iX3 EVs, becoming a key semiconductor partner for the German automaker's software-defined vehicle program. The new iX3 is a midsize electric sport utility vehicle
Dec. 30, 2025 -
Industrial output expands in Nov.; retail sales post sharpest fall in 21 months
South Korea's industrial output grew from a month earlier in November, driven by robust semiconductor production, while retail sales fell at their fastest pace in 21 months, government data showed Tuesday. Retail sales, a gauge of private spending, dropped 3.3 percent over the period, following a brief rebound the previous month, according to data from the Ministry of Data and Statistics. This marked the steepest decline since February 2024, when it dropped 3.1 percent on-month. The downturn was
Dec. 30, 2025 -
Ex-opposition lawmaker tapped as Korea’s first budget minister
President Lee Jae Myung has appointed former lawmaker Lee Hye-hoon as the country’s first budget minister, bringing an opposition figure into the new administration. The presidential office said Sunday that Lee will lead the newly established Ministry of Planning and Budget, which will be launched next year as the government separates budget functions from the Ministry of Economy and Finance. In a statement, Lee said she believes economic policy should transcend political divisions and pledged t
Dec. 28, 2025 -
BOK says will take data-driven approach to rate cuts, closely watch inflation, FX
The central bank said Thursday it will decide whether and when to implement further interest rate cuts next year by taking into account inflation, economic growth and financial stability conditions. "We will determine whether and when to make additional rate cuts based on a comprehensive assessment of incoming data, including developments in inflation and growth, uncertainties surrounding the growth and inflation outlook, and risks to financial stability," the Bank of Korea (BOK) said in its mon
Dec. 25, 2025 -
Won strengthens past 1,450 after rare FX warning
A rare, verbal intervention by South Korean foreign-exchange authorities helped shore up the won on Wednesday, with the currency reaching its strongest close in seven weeks — a threshold closely watched by market participants. At 9 a.m., as onshore trading opened, director generals in international affairs at the Finance Ministry and the Bank of Korea released a joint statement warning that the won’s excessive weakness was “undesirable.” The unusually strong wording signaled a tougher stance aga
Dec. 24, 2025 -
Seoul says excessively weak Korean won not 'desirable' in latest verbal intervention
Foreign exchange authorities said Wednesday that an excessively weak Korean won is undesirable, adding the market will soon see their strong commitment and capacity for comprehensive policy execution to stabilize the local currency. The verbal intervention came as the local currency neared its weakest level in 16 years against the US dollar in recent weeks despite a series of stabilization measures by the authorities. "Excessive weakness of the won is not desirable. The government has held a ser
Dec. 24, 2025 -
S. Korea sets annual export target for consumer goods at $70b for 2030
South Korea aims to annually export $70 billion worth of consumer goods by 2030 on the back of the soaring global popularity of Korean culture, the industry ministry said Wednesday, vowing efforts to foster the growth of premium consumer goods. The export target was unveiled at a meeting of economy-related ministers to discuss ways to diversify Korea's exports, which currently depend heavily on a limited number of products, such as semiconductors and automobiles, according to the Ministry of Tra
Dec. 24, 2025 -
S. Korea to extend consumption tax cut on cars for 6 more months
South Korea will extend its consumption tax cut on passenger cars for an additional six months through the end of June next year, the finance ministry said Wednesday. Under the latest extension, the individual consumption tax on passenger vehicles will be lowered to 3.5 percent from the original 5 percent, according to the Ministry of Economy and Finance. The ministry said the measure will be terminated after June 30, 2026, taking into account recent signs of recovery in domestic demand. The gov
Dec. 24, 2025