News

S. Korean firms brace for impact with new U.S. steel and aluminum tariffs

2025/03/13 10:00

And Choi's interview came with anxieties here in the country that South Korean firms are also no exception from Trump's merciless tariff policies. Our Moon Hye-ryeon tells us more. With the Trump administration’s 25 percent tariffs on steel and aluminum imports kicking in starting Wednesday, South Korean firms are bracing for impact. Previously, exports were duty-free but capped at 2-point-6-3 million tons under a quota system. Now, the quota is gone, but all shipments will face the tariffs posing both risks and opportunities. As tariffs now apply to top exporters Canada, Mexico, and Brazil, South Korea the fourth largest supplier to the U.S. may find new openings in the U.S. market. Still, the risks are significant, with intense competition such as cheaper steel products from Southeast Asia, as well as the inclusion of steel and aluminum-derived products – such as bolts, nuts, and springs – under the new tariff scheme. These products are primarily manufactured by small and medium-sized businesses, which have fewer resources to absorb the impact, making them especially vulnerable to financial losses. At a conference on Wednesday led by the Ministry of SMEs and Startups, industry insiders spoke up about their concerns. Shinjin Fasteners is one such company that produces nuts and bolts, with 35 percent of its sales dependent on exports to the U.S. and Europe. "Developing new products to stay competitive isn't easy, especially when it comes to sourcing materials. It's not like there's a set supply from the start you have to create value and generate demand through product development." Another company, GJ Aluminum, discussed the challenges of diversifying its exports. "We're trying to focus more on Europe and Southeast Asia, but the challenge is that our facilities have primarily been set up for the U.S. market and each of these new regions has very different requirements and characteristics." In order to minimize the impact on domestic firms, the South Korean government is building a support system such as stabilization funds and 15 nationwide support centers, as well as gathering opinions. "It looks to be around 1800 domestic firms that are currently exporting to the U.S. We want to move quickly with a survey to get a clearer picture of the expected impact and what kind of targeted support these businesses will need." Following Industry Minister Ahn Duk-geun's visit to Washington to establish a communication channel with the Trump administration regarding tariffs, the country's Minister for Trade is also due to visit the U.S. to continue talks. Moon Hye-ryeon, Arirang News.

Employment in Feb. up by 136,000, construction sector sees decline for 10 consecutive months

2025/03/12 20:00

Fresh employment data for the month of February remained robust, but when taking a closer look, it wasn't the case for the employment of younger people, with the rate having recorded the sharpest decline in about 4 years. Moon Ji-young covers the latest findings. The number of people in employment grew by 136-thousand last month, marking two consecutive months of growth. However, the employment of young people remains sluggish. According to data released by Statistics Korea on Wednesday, the number of people employed last month increased by over 130-thousand compared to the same month the previous year, bringing the total to 28-point-1 million. In terms of individual sectors, the manufacturing sector has experienced eight consecutive months of decline since last July. The construction sector saw employment shrink for the tenth consecutive month compared to the previous year, primarily due to a downturn in the construction industry. However, the healthcare and social assistance, science and technology services, and ICT sectors all added jobs. Employment rose by point two percentage points for those aged between 15 to 64. However, the employment rate for those aged 15 to 29 recorded the sharpest decline since January 2021, dropping by one point seven percentage points to 44-point-3 percent. "The unemployment rate remained at 3-point-2 percent compared to last month. The number of unemployed individuals rose by 25-thousand to 940-thousand year-on-year." The number of people unemployed aged between 15 and 29 increased by five thousand, with the unemployment rate for this group recorded at 7 percent. The number of people choosing not to work aged between 15 and 29 was recorded at 504-thousand, surpassing the 500-thousand mark for the first time since statistics began being collected in 2003. At a ministerial economic meeting on Wednesday, the government pledged to improve labor market conditions through a first quarter livelihood and economic support plan. It also vowed to create high-value-added jobs in emerging industries, including AI, and to enhance working conditions for researchers in the semiconductor sector. Moon Ji-young, Arirang News.

S. Korean firms brace for impact with new U.S. steel and aluminum tariffs

2025/03/12 20:00

So what are the implications of U.S. import duties on steel and aluminium for South Korean businesses? Our Moon Hye-ryeon takes a look. With the Trump administration's 25 percent tariffs on steel and aluminum imports kicking in starting Wednesday, South Korean firms are bracing for impact. Previously, exports were duty-free but capped at 2-point-6-3 million tons under a quota system. Now, the quota is gone, but all shipments will face the tariffs posing both risks and opportunities. As tariffs now apply to top exporters Canada, Mexico, and Brazil, South Korea the fourth largest supplier to the U.S. may find new openings in the U.S. market. Still, the risks are significant, with intense competition such as cheaper steel products from Southeast Asia, as well as the inclusion of steel and aluminum-derived products – such as bolts, nuts, and springs – under the new tariff scheme. These products are primarily manufactured by small and medium-sized businesses, which have fewer resources to absorb the impact, making them especially vulnerable to financial losses. At a conference on Wednesday led by the Ministry of SMEs and Startups, industry insiders spoke up about their concerns. Shinjin Fasteners is one such company that produces nuts and bolts, with 35 percent of its sales dependent on exports to the U.S. and Europe. "Developing new products to stay competitive isn't easy, especially when it comes to sourcing materials. It's not like there's a set supply from the start you have to create value and generate demand through product development." Another company, GJ Aluminum, discussed the challenges of diversifying its exports. "We're trying to focus more on Europe and Southeast Asia, but the challenge is that our facilities have primarily been set up for the U.S. market and each of these new regions has very different requirements and characteristics." In order to minimize the impact on domestic firms, the South Korean government is building a support system such as stabilization funds and 15 nationwide support centers, as well as gathering opinions. "It looks to be around 1800 domestic firms that are currently exporting to the U.S. We want to move quickly with a survey to get a clearer picture of the expected impact and what kind of targeted support these businesses will need." Following Industry Minister Ahn Duk-geun's visit to Washington to establish a communication channel with the Trump administration regarding tariffs, the country's Minister for Trade is also due to visit the U.S. to continue talks. Moon Hye-ryeon, Arirang News.

Employment in Feb. up by 136,000, construction sector sees decline for 10 consecutive months

2025/03/12 17:00

Fresh employment data shared by Statistics Korea show one-hundred-36-thousand jobs were added on year in February BUT employers in construction and manufacturing industries remained reluctant to make new hires. Our Moon JI-YOUNG covers the latest findings. The number of people in employment grew by 136-thousand last month, marking two consecutive months of growth. However, the employment of young people remains sluggish. According to data released by Statistics Korea on Wednesday, the number of people employed last month increased by over 130-thousand compared to the same month the previous year, bringing the total to 28-point-1 million. In terms of individual sectors, the manufacturing sector has experienced eight consecutive months of decline since last July. The construction sector saw employment shrink for the tenth consecutive month compared to the previous year, primarily due to a downturn in the construction industry. However, the healthcare and social assistance, science and technology services, and ICT sectors all added jobs. Employment rose by point two percentage points for those aged between 15 to 64. However, the employment rate for those aged 15 to 29 recorded the sharpest decline since January 2021, dropping by one point seven percentage points to 44-point-3 percent. "The unemployment rate remained at 3-point-2 percent compared to last month. The number of unemployed individuals rose by 25-thousand to 940-thousand year-on-year." The number of people unemployed aged between 15 and 29 increased by five thousand, with the unemployment rate for this group recorded at 7 percent. The number of people choosing not to work aged between 15 and 29 was recorded at 504-thousand, surpassing the 500-thousand mark for the first time since statistics began being collected in 2003. At a ministerial economic meeting on Wednesday, the government pledged to improve labor market conditions through a first quarter livelihood and economic support plan. It also vowed to create high-value-added jobs in emerging industries, including AI, and to enhance working conditions for researchers in the semiconductor sector. Moon Ji-young, Arirang News.

S. Korean firms brace for impact with new U.S. steel and aluminum tariffs

2025/03/12 17:00

So what are the implications of U.S. import duties on steel and aluminium for South Korean businesses? Our correspondent Moon Hye-ryeon takes a look. With the Trump administration's 25 percent tariffs on steel and aluminum imports kicking in starting Wednesday, South Korean firms are bracing for impact. Previously, exports were duty-free but capped at 2-point-6-3 million tons under a quota system. Now, the quota is gone, but all shipments will face the tariffs --posing both risks and opportunities. As tariffs now apply to top exporters Canada, Mexico, and Brazil, South Korea --the fourth largest supplier to the U.S. --may find new openings in the U.S. market. Still, the risks are significant, with intense competition such as cheaper steel products from Southeast Asia, as well as the inclusion of steel and aluminum-derived products – such as bolts, nuts, and springs – under the new tariff scheme. These products are primarily manufactured by small and medium-sized businesses, which have fewer resources to absorb the impact, making them especially vulnerable to financial losses. At a conference on Wednesday led by the Ministry of SMEs and Startups, industry insiders spoke up about their concerns. Shinjin Fasteners is one such company that produces nuts and bolts, with 35 percent of its sales dependent on exports to the U.S. and Europe. "Developing new products to stay competitive isn't easy, especially when it comes to sourcing materials. It's not like there's a set supply from the start you have to create value and generate demand through product development." Another company, GJ Aluminum, discussed the challenges of diversifying its exports. "We're trying to focus more on Europe and Southeast Asia, but the challenge is that our facilities have primarily been set up for the U.S. market and each of these new regions has very different requirements and characteristics." In order to minimize the impact on domestic firms, the South Korean government is building a support system such as stabilization funds and 15 nationwide support centers, as well as gathering opinions. "It looks to be around 1800 domestic firms that are currently exporting to the U.S. We want to move quickly with a survey to get a clearer picture of the expected impact and what kind of targeted support these businesses will need." Following Industry Minister Ahn Duk-geun's visit to Washington to establish a communication channel with the Trump administration regarding tariffs, the country's Minister for Trade is also due to visit the U.S. to continue talks. Moon Hye-ryeon, Arirang News.

South Korea sees improvement in labor market in February, but still faces youth job crisis

2025/03/12 10:00

Job growth in South Korea picked up last month, but the country still faces a youth job crisis. Statistics Korea said on Wednesday that employers added 136-thousand jobs in February, compared to the same month the previous year. This marks the second straight month that the country saw an improvement in the labor market. This was mainly driven by a surge in employment among those in their 60s or older. But hiring among those aged 15 to 29 was the lowest in four years. Manufacturing and construction jobs also continued on a downward trend.

S. Korean stock markets drop, influenced by decline in U.S. stock market

2025/03/11 20:00

The South Korean stock market closed lower on Tuesday, influenced by the sharp decline in the U.S. stock market. The benchmark KOSPI dropped 1-point-28-percent to close the day's session at some 2-thousand-5-hundred-37. Meanwhile, the tech-heavy KOSDAQ slightly fell zero-point-6-percent closing at over 7-hundred-21. The Korean won also weakened against the U.S. dollar with the exchange rate ending at around 1-thousand-4-hundred-58 won against the greenback.

Wall Street's big tech stocks plummet amid U.S. recession fears following Trump interview

2025/03/11 20:00

Wall Street tumbled on Monday as investors responded to concerns about a possible recession following remarks by U.S. President Donald Trump as he pursues his tariff policy. Moon Hye-ryeon reports. Wall Street saw an ocean of red as investors began selling their shares as soon as financial markets opened Monday amid heightened fears of a U.S. recession. The benchmark S&P 500 shed 2-point-7 percent, while the tech-heavy Nasdaq showed its biggest drop in more than two years as it slumped by 4 percent. Big tech stocks including, Apple and Microsoft, both members of the so-called "Magnificent 7," were at the center of the selling. Tesla plummeted by more than 15 percent, while chip giant Nvidia fell by more than five percent. Outside of stocks, bitcoin also slipped below the 80-thousand dollar mark – returning to levels before Trump's inauguration. Comments made by U.S. President Donald Trump in an interview with Fox News on Sunday, when asked about whether he expects a recession this year, stoked market concerns. "There is a period of transition because what we're doing is very big, we're bringing wealth back to America. That's a big thing. And there are always periods of – it takes a little time." Experts say that the risk of recession is something that Washington is viewing as a necessary evil for the greater good and they say that is reflected in Trump's blasé response to recession fears. "These are things that they're willing to, they're willing to accept for that longer term, more self-reliant, stronger position for the U.S." And this was supported by the White House on Monday, as its economic adviser Kevin Hassett pushed back on talks of a recession while calling a potential contraction a "very temporary phenomenon." He backed Trump's tariffs on Canada, Mexico, and China – claiming the measures would bring jobs and manufacturing back to the U.S. This comes amid heightened uncertainty around the Trump administration's on-again off-again tariff policies, with levies on Mexico and Canada pushed back yet again to April 2nd for goods under the free trade agreement between the U.S. and the two neighboring countries. With the U.S. set to impose another wave of tariffs on steel and aluminum starting Wednesday, eyes are on how markets will respond. Moon Hye-ryeon, Arirang News.

Goldman Sachs slashes U.S. economic growth projection to 1.7% in 2025

2025/03/11 17:00

And against that backdrop. Goldman Sachs has slashed its economic growth forecast for the U.S. to 1-point-7 percent this year from an earlier outlook of 2-point-4 percent. The downward revision has been linked to rampant concerns that the Trump administration's tariff campaign would weaken the U.S. economy. Just last quarter the American economy grew 2-point-3 percent tangibly slower than the 3-point-1 percent growth posted in the third quarter of 2024.

Wall Street's big tech stocks plummet amid U.S. recession fears following Trump interview

2025/03/11 17:00

Wall Street tumbled on Monday as investors responded sharply to concerns about a possible recession following remarks by U.S. President Donald Trump to Fox News on Sunday. Our correspondent Moon Hye-ryeon reports. Wall Street saw an ocean of red as investors began selling their shares as soon as financial markets opened Monday amid heightened fears of a U.S. recession. The benchmark S&P 500 shed 2-point-7 percent, while the tech-heavy Nasdaq showed its biggest drop in more than two years as it slumped by 4 percent. Big tech stocks including, Apple and Microsoft, both members of the so-called "Magnificent 7," were at the center of the selling. Tesla plummeted by more than 15 percent, while chip giant Nvidia fell by more than five percent. Outside of stocks, bitcoin also slipped below the 80-thousand dollar mark – returning to levels before Trump's inauguration. Comments made by U.S. President Donald Trump in an interview with Fox News on Sunday, when asked about whether he expects a recession this year, stoked market concerns. "There is a period of transition because what we're doing is very big, we're bringing wealth back to America. That's a big thing. And there are always periods of – it takes a little time." Experts say that the risk of recession is something that Washington is viewing as a necessary evil for the greater good and they say that is reflected in Trump's blasé response to recession fears. "These are things that they're willing to, they're willing to accept for that longer term, more self-reliant, stronger position for the U.S." And this was supported by the White House on Monday, as its economic adviser Kevin Hassett pushed back on talks of a recession while calling a potential contraction a "very temporary phenomenon." He backed Trump's tariffs on Canada, Mexico, and China – claiming the measures would bring jobs and manufacturing back to the U.S. This comes amid heightened uncertainty around the Trump administration's on-again off-again tariff policies, with levies on Mexico and Canada pushed back yet again to April 2nd for goods under the free trade agreement between the U.S. and the two neighboring countries. With the U.S. set to impose another wave of tariffs on steel and aluminum starting Wednesday, eyes are on how markets will respond. Moon Hye-ryeon, Arirang News.

March exports up 2.9% y/y on strong ship and auto sales

2025/03/11 17:00

Findings for the first 10 days of March show an uptick in exports driven by cars and ships. According to the Korea Customs Service exports amounted to 13-point-9 billion U.S. dollars during this period UP 2-point-9 percent on year. By region Korean exports to the U.S. market rose 5-point-5 percent while those to the EU jumped 6-point-8 percent. By product semiconductors saw their share in total exports shrink slightly.

Goldman Sachs slashes U.S. economic growth projection to 1.7% in 2025

2025/03/11 10:00

And as stocks plummet, major investment bank Goldman Sachs slashed its economic growth forecast for the U.S. On Monday, CNBC reported that the firm adjusted its 2-point-4 percent growth forecast for gross domestic product to 1-point-7 percent. Goldman's chief economist said the reason behind this significant downgrade was fears that the new administration's tariff policies would prompt "economic weakness", as the outlook regarding tariffs becomes more "adverse." Recent figures have seen economic growth slowing in the U.S. with the economy expanding at 2-point-3 percent in the fourth quarter of last year, compared to a 3-point-1 percent growth in the previous quarter.

S. Korea's inflation holds at 2.0% as fuel prices rise, fresh produce costs dropped in February

2025/03/06 20:00

Korea's inflation rose moderately in February, gaining two-percent from a year ago, but oil costs were still high. Moon Hye-ryeon has the details. Consumer price hikes in South Korea showed signs of a gradual slowdown, but inflation continues to hover in the two percent range. Data from Statistics Korea on Thursday shows that the country's consumer price index – a key gauge of inflation – rose two percent in February year-on-year. This is a slight decline compared to the two-point-two percent growth seen in January, following three consecutive months of rising inflation figures. A surge in oil prices was a key factor in continued consumer price growth. Last month, petroleum product prices jumped by six-point-three percent year-on-year, marking the second consecutive month of price hikes of more than five percent. This is the first time since 2022 that fuel prices have recorded such sustained increases. Gasoline prices in particular spiked by more than seven percent. "The 6.3 percent increase is mainly due to factors like exchange rates and smaller cuts in fuel taxes. Compared to last February, global oil prices haven't changed much, but these domestic factors have driven up fuel prices." The government lowered its fuel tax cuts back in November last year – reducing the tax cut rate for gasoline from 20 percent to 15 percent, and 30 percent to 23 percent for diesel. And following the inauguration of U.S. President Donald Trump towards the end of January, the U.S. dollar has seen jumps alongside his new tariff policies. Reflecting the burden of higher fuel costs, the cost of living index rose by two-point-six percent last month with the added weight of processed food prices shooting up. The index measures 140 items commonly bought by consumers, and this increase is the sharpest seen since July last year. However, prices of fresh produce fell by one-point-four percent – recording the first year-on-year drop since March 2022. In particular, the cost of fresh fruit fell by more than five percent, which the agency attributed to the base effect of high prices last year. During a review of price trends on the same day, the Bank of Korea noted that there is significant uncertainty in the inflation outlook due to geopolitical tensions, trade conflicts among major economies, exchange rate fluctuations, and domestic demand trends. Moon Hye-ryeon, Arirang News.

S. Korea's inflation holds at 2.0% as fuel prices rise, fresh produce costs dropped in February

2025/03/06 17:00

Korea's inflation rose moderately in February gaining two percent on year slower than the 2-point-2 percent posted in January. Our correspondent Moon Hye-ryeon has details. Consumer price hikes in South Korea showed signs of a gradual slowdown, but inflation continues to hover in the two percent range. Data from Statistics Korea on Thursday shows that the country's consumer price index – a key gauge of inflation – rose two percent in February year-on-year. This is a slight decline compared to the two-point-two percent growth seen in January, following three consecutive months of rising inflation figures. A surge in oil prices was a key factor in continued consumer price growth. Last month, petroleum product prices jumped by six-point-three percent year-on-year, marking the second consecutive month of price hikes of more than five percent. This is the first time since 2022 that fuel prices have recorded such sustained increases. Gasoline prices in particular spiked by more than seven percent. "The 6.3 percent increase is mainly due to factors like exchange rates and smaller cuts in fuel taxes. Compared to last February, global oil prices haven't changed much, but these domestic factors have driven up fuel prices." The government lowered its fuel tax cuts back in November last year – reducing the tax cut rate for gasoline from 20 percent to 15 percent, and 30 percent to 23 percent for diesel. And following the inauguration of U.S. President Donald Trump towards the end of January, the U.S. dollar has seen jumps alongside his new tariff policies. Reflecting the burden of higher fuel costs, the cost of living index rose by two-point-six percent last month --with the added weight of processed food prices shooting up. The index measures 140 items commonly bought by consumers, and this increase is the sharpest seen since July last year. However, prices of fresh produce fell by one-point-four percent – recording the first year-on-year drop since March 2022. In particular, the cost of fresh fruit fell by more than five percent, which the agency attributed to the base effect of high prices last year. During a review of price trends on the same day, the Bank of Korea noted that there is significant uncertainty in the inflation outlook due to geopolitical tensions, trade conflicts among major economies, exchange rate fluctuations, and domestic demand trends. Moon Hye-ryeon, Arirang News.

Foreign exchange reserves fall below US$ 410 billion, lowest in nearly 5 years

2025/03/06 17:00

Korea's foreign exchange reserves are down to an almost five-year low. According to the Bank of Korea on this Thursday the reserves lost 1-point-8 billion U.S. dollars on month in February amounting to slightly below 4-hundred-10 billion U.S. dollars. Bank officials are linking the latest drop in reserves to their increased currency swap with the National Pension Service as part of efforts to ease the heightened volatility in the foreign exchange market. Meanwhile Korea stands as the world's ninth-largest holder of foreign reserves as of late January.

K-food exports see big growth over past ten years

2025/03/06 10:00

Exports of Korean food products, especially ramyeon and ready-made foods, have increased significantly over the past ten years. According to the Korea Trade Statistics Promotion Institute's report on K-food export trends in the past 10 years, released on Thursday, exports of Korean food items rose from three-point-5-1 billion U.S. dollars in 2015 to seven-point-zero-two billion dollars in 2024. On average, exports of food products rose eight percent annually during the same period. By item, ramyeon was on top with exports worth one-point-3-6 billion dollars, followed by ready-made food at 980 million dollars, beverages at 940 million dollars, and health food at 820 million dollars. By country, the U.S. was the top country importing Korean food items, followed by China and Japan.

S. Korea's consumer prices up 2.00% y/y in Feb.

2025/03/06 10:00

Consumer prices in South Korea remain high, with inflation in the two percent range for the second month straight. Data from Statistics Korea on Thursday showed that the country's consumer price index – a key gauge of inflation – rose two percent in February year-on-year. This is a slight decline compared to the two-point-two percent growth seen in January, following three consecutive months of rising inflation figures. While prices of fresh produce saw a decline for the first time since March 2022, the 'cost of living' index measuring 140 items often bought by consumers rose by the largest amount since July last year.

China aims for economic growth of around 5% for 2025

2025/03/05 20:00

Elsewhere. China is aiming for an economic growth target of some five-percent this year, which is similar to last year's, despite the broader ripple effects of a trade war with the U.S. Choi Soo-hyung has details. The Chinese government has set its economic growth target for this year at around 5 percent for the third consecutive year. On Wednesday, at the opening of the National People's Congress in Beijing, Chinese Premier Li Qiang said that China needs to focus on job stability, risk prevention, and improving people's livelihoods. He also announced that the Consumer Price Index increase rate for this year is around 2 percent, the lowest in 20 years since 2004. Premier Li added that the goal is to improve the balance between supply and demand and keep overall prices within a reasonable range. Experts say that China is focusing on boosting domestic demand due to increasing uncertainty in global markets. "In a planned economy, the government always says they will try hard to make it happen, rather than just expecting it. This means it will work hard to achieve that 5% growth target. It also means China will actively boost domestic demand." China has also increased its fiscal deficit ratio to 4 percent of GDP this year, and raised its research and development budget by 10 percent compared to last year. Experts said this means that Beijing will expand government spending widely in response to Trump's tariff policies. "Beijing is focusing on boosting domestic demand and increasing government spending. With the possibility of higher U.S. tariffs on Chinese goods, China is taking aggressive measures such as raising its fiscal deficit to 4% of GDP " China's defense budget will also rise to 7-point-2 percent this year. China has increased its defense budget for four years in a row with a growth rate above 7 percent, even as economic growth has slowed, meaning military pressure on Taiwan is expected to rise. At the meeting, it was mentioned that there would be active participation in multilateral organizations such as APEC and the G20 to strengthen trade cooperation, as well as continued efforts to promote a Free Trade Area among South Korea, China and Japan. Choi Soo-hyung, Arirang News.

S. Korea's GNI per capita rose to US$ 36,624 in 2024, overtaking Japan and Taiwan

2025/03/05 20:00

The country witnessed a modest rise in income growth last year amid a weaker Korean currency against the greenback. Our Moon Hye-ryeon covers this latest finding and its regional implications. South Korea's gross national income per capita edged up by just over one percent last year due to the Korean won's depreciation against the U.S. dollar. Preliminary data from the Bank of Korea on Wednesday shows that it grew by five-point-seven percent in the local currency, but when converted into U.S. dollars, 36-thousand-624 dollars reflects a much lower growth rate of one-point-two percent. South Korea's GNI per capita first surpassed the 30-thousand dollar mark back in 2014 and continued steady growth before dropping in 2022 due to the weakening of the won against the greenback. The Bank of Korea stated that it is estimated to have surpassed that of Japan and Taiwan once again. "According to Taiwan's statistics agency, Taiwan's GNI per capita stood at 35-thousand-188 dollars last year. As for Japan, our calculations based on official data and exchange rates suggest that it was slightly above 34-thousand-500 dollars. Like the year before that, South Korea's GNI per capita is believed to be higher than that of both Japan and Taiwan." Comparing GNI per capita among countries with populations above 50 million people, the BOK noted that only five had higher figures than South Korea. The central bank cautioned that exchange rate fluctuations could affect previous forecasts. "The IMF projected last year that South Korea's GNI per capita would surpass 41-thousand dollars in 2027, but given recent exchange rate volatility, this estimate requires further observation." Meanwhile, the country's gross domestic product, which doesn't include overseas earnings, increased by two percent year-on-year. This is the same as the preliminary estimate given in January, but some revisions to sector-specific growth figures were made. Exports, government spending, and imports were revised upwards, while construction investment and facility investment figures were cut. Moon Hye-ryeon, Arirang News.

S. Korea to create 50 trillion Korean won fund for key strategic industries

2025/03/05 20:00

Korea is poised to set up an advanced strategic industry fund of 50-trillion Korean won or some 34-billion U.S. dollars over the next five years. The fund will seek to support key future industries, such as batteries and chips. Intentions to this end were shared during a related meeting earlier on Wednesday, presided over by acting President Choi Sang-mok who also underscored the importance of securing a head start amid a rapidly changing environment with proactive and bold industrial investments. The aforementioned fund is expected to reach some 68-billion U.S. dollars with the support of commercial banks.