News

APEC trade ministers' meeting kicks off in S. Korea amid economic uncertainty from Trump's tariffs

2025/05/15 20:00

Trade officials of the Asia-Pacific Economic Cooperation kicked off their two-day meeting in Korea's Jeju today against the backdrop of tougher trade conditions in light of U.S. tariffs. Our foreign affairs correspondent Bae Eun-ji has the latest. Top trade officials from 21 Asia-Pacific Economic Cooperation member states, including the U.S. and China, have gathered on Jeju Island ahead of the APEC leaders' summit later this year. Led by South Korea's Minister for Trade Cheong In-kyo, this is the first time in 20 years that the country is hosting the APEC trade ministers' meeting. "I hope today's meeting will lay a solid foundation for dialogue and collaboration to overcome the political and economic challenges as well as uncertainties that we encounter." On the sidelines of the event, Cheong held a bilateral meeting with China's top trade envoy, Li Chenggang, and also sat down for talks with U.S. Trade Representative Jamieson Greer on Thursday evening. Greer is also set to meet South Korea's Minister of Trade, Industry and Energy Ahn Duk-geun on Friday. The two officials last met in Washington three weeks ago, where South Korea requested exemptions from reciprocal tariffs, while offering cooperation on shipbuilding and energy. Both sides are currently working to produce a package of deals to remove new U.S. tariffs before the July 8th deadline, when the 90-day pause on reciprocal tariffs is lifted. "This year's event especially drew a lot of attention as major APEC member countries are seeking trade deals with the United States, after President Trump announced a sweeping set of tariffs in April." With trade officials from the U.S. and China both here in Jeju, a meeting between them on Thursday afternoon was also closely watched, as this could be seen as a potential move to make further progress to address trade friction. This comes after the world's two largest economies agreed last weekend in Geneva to temporarily lower most tariffs in a bid to defuse the trade war. Bae Eun-ji, Arirang News, Jeju.

KDI halves S. Korea's 2025 economic growth outlook to 0.8%

2025/05/14 20:00

In other news. A local think tank has cut its growth forecast for the local economy in half for this year, with the rate landing in the zero-percent range. It's taken as a stern warning. Moon Ji-young covers this latest cut and its reasons. The Korea Development Institute gave a grim economic outlook for South Korea on Wednesday, citing trade uncertainty stemming from tariffs and weak domestic demand. Data from the KDI showed it expects the Korean economy to grow just point-8 percent this year. That figure is exactly half its 1-point-6 percent forecast made only three months ago in February. The KDI added that of the point-8 percent downward adjustment, external shocks contributed about point-5 percentage points and internal shocks contributed point-3 percentage points. "The biggest factor for this adjustment is the U.S. tariff increase. The U.S. tariff hikes became full-fledged from April, and on top of that, the uncertainty regarding tariff policy has also significantly increased. These factors are having a negative impact on our exports, and we believe this is also partially spilling over negatively into domestic demand." While the forecast was based on the assumptions that the 90-day suspension of reciprocal tariffs would continue, the growth outlook could be adjusted further downward if upcoming negotiations fall through or the suspension ends. The think tank said that despite robust chip shipments, overall exports are slowing, and conditions may further weaken if the U.S. raises tariffs. Internally, domestic demand is recovering only slowly due to contracted consumer sentiment, driven by political turmoil as well as the mounting external uncertainties. Private consumption is slowing, especially in the services industry including accommodation and restaurants. The think tank forecast that consumer prices will rise by 1-point-7 percent this year due to the economic slowdown and falling international oil prices. Other key factors include the sluggish construction industry and weak corporate investment sentiment. The KDI highlighted the need to ease monetary policy to respond to a potential economic slowdown caused by growing uncertainties at home and abroad. Moon Ji-young, Arirang News.

S. Korea adds jobs for 4th straight month in April but losses in manufacturing, construction continue

2025/05/14 20:00

Meanwhile the local labor market saw employment expand in April but the expansion remains uneven between age groups as well as by industry. Lee Soo-jin reports. South Korea's job market continued to grow in April, with job additions posting growth for a fourth consecutive month, but employment of young people and certain sectors continue to face challenges. Data from Statistics Korea on Wednesday showed that the number of employed people aged 15 or older stood at 28-point-9 million last month, up 194-thousand from a year earlier. This marks a gain in the 100-thousand range starting from January , after employment figures showed a decline in December. The growth in April was led by job additions in healthcare and social welfare, as well as scientific and technical services. But employment in manufacturing, a key pillar of South Korea's job market, continued to face headwinds. The sector saw job additions drop by more than 120-thousand , the biggest drop since February 2019, also extending a negative growth for 10 straight months. "Manufacturing employment is weakening further amid sluggish domestic demand and growing external uncertainties." And construction employment also remained sluggish, falling by 150-thousand, marking a twelfth consecutive month of declines since May last year. By age,.. employment growth was seen only in those aged 60 and above and 30 and above. And all other age groups saw declines, with those in their 20s posting the sharpest drop. "To address the sharp decline in the employment of young people, stronger fiscal support through a supplementary budget is needed, along with labor reforms to spur corporate investment." He added that he believes that the risk of job losses remains due to sluggish domestic demand and declining exports. The government, in a ministerial economic meeting headed by the country's Acting Finance Minister on Wednesday, acknowledged ongoing job declines in key industries amid tariff-related uncertainties. and pledged to swiftly execute a supplementary budget. Lee Soo-jin, Arirang News.

S. Korea adds jobs for 4th straight month in April but losses in manufacturing, construction continue

2025/05/14 17:00

Meanwhile the local labor market saw employment expand in April but the expansion remains uneven between age groups as well as by industry. Our correspondent Lee Soo-jin reports. South Korea's job market continued to grow in April, with job additions posting growth for a fourth consecutive month, but employment of young people and certain sectors continue to face challenges. Data from Statistics Korea on Wednesday showed that the number of employed people aged 15 or older stood at 28-point-9 million last month, up 194-thousand from a year earlier. This marks a gain in the 100-thousand range starting from January , after employment figures showed a decline in December. The growth in April was led by job additions in healthcare and social welfare, as well as scientific and technical services. But employment in manufacturing, a key pillar of South Korea's job market, continued to face headwinds. The sector saw job additions drop by more than 120-thousand , the biggest drop since February 2019, also extending a negative growth for 10 straight months. "Manufacturing employment is weakening further amid sluggish domestic demand and growing external uncertainties." And construction employment also remained sluggish, falling by 150-thousand, marking a twelfth consecutive month of declines since May last year. By age,.. employment growth was seen only in those aged 60 and above and 30 and above. And all other age groups saw declines, with those in their 20s posting the sharpest drop. "To address the sharp decline in the employment of young people, stronger fiscal support through a supplementary budget is needed, along with labor reforms to spur corporate investment." He added that he believes that the risk of job losses remains due to sluggish domestic demand and declining exports. The government, in a ministerial economic meeting headed by the country's Acting Finance Minister on Wednesday, acknowledged ongoing job declines in key industries amid tariff-related uncertainties. and pledged to swiftly execute a supplementary budget. Lee Soo-jin, Arirang News.

S. Korea adds jobs for 4th straight month in Apr. but losses in manufacturing, construction continue

2025/05/14 10:00

South Korea's job market continued to grow, with on-year employment figures up by six figures for a fourth consecutive month in April. Data from Statistics Korea on Wednesday showed that the number of employed people aged 15 or older stood at 28-point-9 million last month, up 194-thousand from a year earlier. This marks a gain in the 100-thousand range for the fourth straight month starting January, led by job additions in health and welfare as well as scientific and technical services. But the manufacturing sector continued to face headwinds, showing the biggest drop since February 2019 while construction employment extended a year-long decline.

U.S. and China to roll back on tariffs by 115%

2025/05/12 17:00

And in a dramatic turn of events.. the U.S. and China have agreed to tangible bilateral tariff cuts. The Trump administration will slash its import duties on Chinese products from 1-hundred-45 percent to 30 percent while Beijing will cut its tariffs from 1-hundred-25 percent to 10 percent. This latest development follows talks among senior trade officials from Beijing and Washington this past weekend in Geneva.

OECD says S. Korea's potential growth rate will fall below 2%

2025/05/12 10:00

The Organization for Economic Cooperation and Development says South Korea's potential GDP growth rate next year will fall below two percent. According to the economic outlook report released by the OECD on Monday, the country's potential growth rate for 2026 stands at 1-point-9-8 percent, down point-zero-four percentage points from this year's forecast of 2-point-zero-two percent. The outlook follows other forecasts, including the Korea Development Institute which predicted a figure below 2 percent. Potential GDP is the maximum level of production that a country can achieve by mobilizing all of its production factors, including labor, capital, and resources, without causing inflation.

U.S. and China make "substantial progress" in first high-level tariff talks

2025/05/12 10:00

The U.S. and China say they finished their first official trade talks on a positive note over the weekend, with the results of their negotiations set to be revealed on Monday. Our Choi Soo-hyung reports. The United States and China saw "substantial progress" in their first negotiations between senior officials since the trade war erupted. U.S. Treasury Secretary, Scott Bessent said on Sunday at the end of a two-day meeting in Geneva, Switzerland that the talks were productive and constructive. "I'm happy to report that we've made substantial progress between the United States and China in these very important trade talks. And I spoke to President Trump, as did Ambassador Jamieson last night, and he is fully informed of what is going on." China also stated both sides' trade relations are mutually beneficial and that they will issue a joint statement on Monday, local time. Although details have not been disclosed, attention is on possible agreements over tariffs, illegal drugs, and China's rare earth export limits. The head of Chinese delegation, He Lifeng has also vowed to continue further talks. "The meeting achieved substantial progress. The two sides agreed on establishing a consultation mechanism for trade and economic issues, identified the lead persons on each side, and we'll carry on further consultations relating to trade and economic issues of their respective concerns." The latest high-level meeting marked the first between the two nations since U.S. President Donald Trump's return to office. Since February, President Trump has imposed tariffs on Chinese goods, reaching up to 145 percent. In response, China raised tariffs on U.S. imports to 125 percent and imposed a ban on rare earth exports. However, right before the latest talks, on Friday last week Trump suggested lowering tariffs to 80 percent and later on the first day of negotiations, he posted on his social media, saying "great progress" was made. Choi Soo-hyung, Arirang News.

[WEEKLY FOCUS] Fed holds rates steady amid 'uncertainty'; what this means for S. Korea's future rate decisions

2025/05/10 12:00

The U.S. Federal Reserve has left its key interest rate unchanged yet again, a decision made at a critical time when it comes to not just the U.S. economy, but also the global economy. For more on this, our economics correspondent Lee Soo-jin joins us in the studio. Welcome, Soo-jin. Thank you for having me. Soo-jin, first, tell us about the decision and where the rates stand now. Sure, so in its third monetary policy meeting of the year, the U.S. Fed has decided to continue its "wait-and-see" stance by, as you just said, keeping rates steady. The decision to keep the current key borrowing rate range of 4-point-2-5 percent to 4-point-5 percent on Wednesday extends the pause in the Federal Open Market Committee's rate-cutting cycle, which has been in place since January. Here's what Fed Chair Jerome Powell said were the reasons behind the rate freeze decision. "The risks of higher unemployment and higher inflation appear to have risen, and we believe that the current stance of monetary policy leaves us well-positioned to respond in a timely way to potential economic developments." And these risks to employment and inflation ---the two pillars of the Fed's dual mandate ---stem from the uncertainty surrounding President Trump's tariffs. How has the White House responded to the decision? The decision to leave rates unchanged was, not exactly welcomed by President Trump. He called the Fed Chair a "fool" on his Truth Social platform on Thursday, saying how prices have been contained. But concerns over stagflation, which occurs when there is persistent inflation without any economic growth, have surfaced from the Fed's policy statement about the risks of higher unemployment and higher inflation. The decision to hold rates steady was unanimous, despite weeks of pressure from Trump to lower them, resulting in him at one point even threatening to fire Powell. Still, Trump and his administration remain firm in their stance that the Fed should cut rates, arguing that high borrowing costs are no longer needed as prices have steadily cooled. But according to one expert, while recent inflation data shows some easing, future price trends remain uncertain due to Trump's ongoing tariff threats. Let's take a listen. "The latest report on consumer inflation saw a 2-point-4 percent year-on-year rise in March. The one-year outlook compiled by the University of Michigan stands at 6-point-5 percent. The main driver of the jump in inflation expectation is President Trump's tariff policies." So when is the Fed expected to lower rates? Right, so experts remain divided on exactly when this will happen. And that's because the Fed is likely to wait until it is more certain about the economic impact of tariffs, through economic data. Let's listen. "But the fact is that the markets hate uncertainty. And by the way, so does the Fed. So the Fed doesn't want to do anything until we get clarity. And that's going to take some time," And this is in line with how Powell said that it "depends" when asked if there will be rate cuts at all this year. Tangible economic data required before the Fed cuts rates, includes inflation remaining relatively contained while the job market or economic growth weakens further. And according to an expert, this impact will surface in the second half of the year, also when rate cuts are expected to begin. "They'll definitely start cutting rates in the second half. With oil prices and other factors relatively stable, inflation is starting to ease. Once that trend becomes clear, the Fed will likely move to lower rates more decisively." How much of an impact does it have on future policy rate decision here at home? Well, it has quite a significant impact because the Bank of Korea closely watches the Fed's interest rate decisions. The latest rate freeze leaves the key interest rate gap between South Korea and the United States at 1-point-7-5 percentage points based on the upper end of each country's rates. And the rate gap puts the BOK in a tough position ahead of its own meeting later this month, as an even larger gap could lead to capital outflows that push the won down further ---raising import costs and adding to inflation. But Korea's central bank is likely to lower interest rates due to the sluggish domestic economy. Here's what another expert said. "While the exchange rate is now in the upper 1-thousand-3-hundred-won range, domestic factors are becoming more important for rate cuts. Ideally, the Fed would cut rates too, but given Korea's tough domestic situation, many expect the Bank of Korea to cut rates in May." Data released by the central bank last month showed that the country's real gross domestic product, a key indicator of the economy, shrank by 0-point-2 percent quarter-on-quarter in the first quarter. The South Korean government vowed to remain vigilant, as Acting Finance Minister Kim Beom-seok said on Thursday in response to the Fed leaving rates unchanged, that the government will hold weekly macroeconomic and financial meetings to monitor markets and ensure economic stability. All right, thank you for your report today. Anytime.

S. Korea logs current account surplus for 23rd straight month in March

2025/05/09 17:00

On the economic front. Korea's current account remained in positive territory for the 23rd month in a row in March with a surplus of over NINE BILLION U.S. dollars. Our Moon Ji-young covers the latest findings. South Korea's current account remained in the black in March for the twenty-third month in a row. Data from the Bank of Korea released on Friday shows the country's current account registered a surplus of 9-point-1-4 billion U.S. dollars for the month. This figure marks a sharp increase compared to the same period last year, and is significantly higher than February's figure. It comes as the goods balance, which tracks exports and imports of products and accounts for the largest portion of the current account, registered a surplus of almost 8-point-5 billion dollars. Overall exports rose by 2-point-2 percent year-on-year to 59-point-3 billion dollars on strong demand for IT products. Specifically, chip exports reversed a one-month decline, increasing by 12 percent year-on-year. Outbound shipments of computers also climbed sharply, rising by 32 percent year-on-year. Exports of non-IT products, including pharmaceuticals and cars, also rose, while petroleum products and steel products saw a decline. On the other hand, the services balance continued to remain in the red, owing to deficits in the travel and other business services accounts. However, the deficit amount narrowed compared to February. Looking at the first three months of this year, the cumulative current account surplus totaled more than 19 billion dollars, which is larger than the 16 billion dollars recorded during the same period last year. However, uncertainties lie ahead concerning new tariff measures by the Trump administration. "Although the first quarter surplus was higher than last year, new U.S. tariffs are expected to have a stronger impact. This could result in the current account surplus being smaller than initially projected." Meanwhile, imports rose by 2-point-3 percent year-on-year, driven by strong demand for capital goods -any physical asset used for production -and consumer goods. Moon Ji-young, Arirang News.

Bill Gates to give away $200 billion by 2045

2025/05/09 10:00

Billionaire Bill Gates announced Thursday that he would donate over 200 billion U.S. dollars through the Bill & Melinda Gates Foundation by 2045. That would mean the Microsoft co-founder will have given away 99% of his fortune by that date. The announcement follows cuts to international aid budgets, including U.S. foreign aid programs, which Gates said would cause "millions of more deaths" worldwide. The Gates Foundation is set to conclude its operations on December 31, 2045, earlier than planned, having already contributed over 100 billion dollars since its establishment in 2000.

S. Korea logs current account surplus for 23rd straight month in March

2025/05/09 10:00

South Korea's current account remained in the black in March for the 23rd month in a row. Data from the Bank of Korea released on Friday shows the country's current account registered a surplus of 9-point-14 billion dollars, up from February's surplus of 7-point-18 billion. According to the data, the figure was driven by robust exports, which saw an on-year increase of 2-point-2 percent. Among key export items, chip exports reversed a one-month decline, while computer exports also saw a significant rise.

[Econ & Biz] Fed holds rates steady amid 'uncertainty'; what that means for S. Korea's future rate decisions

2025/05/08 20:00

The U.S. Federal Reserve has left its key interest rate unchanged yet again, a decision made at a critical time when it comes to not just the U.S. economy, but also the world economy. For more on this, our economics correspondent Lee Soo-jin joins us in the studio. Soo-jin, first, tell us about the decision and where the rates stand now. Sure, so in its third monetary policy meeting of the year, the U.S. Fed has decided to continue its "wait-and-see" stance by, as you just said, keeping rates steady. The decision to keep the current key borrowing rate range of 4-point-2-5 percent to 4-point-5 percent on Wednesday extends the pause in the Federal Open Market Committee's rate-cutting cycle, which has been in place since January. Here's what Fed Chair Jerome Powell said were the reasons behind the rate freeze decision. "The risks of higher unemployment and higher inflation appear to have risen, and we believe that the current stance of monetary policy leaves us well-positioned to respond in a timely way to potential economic developments." And these risks to employment and inflation the two pillars of the Fed's dual mandate stem from the uncertainty surrounding President Trump's tariffs. The decision to hold rates steady was thus unanimous, despite weeks of pressure from Trump to lower them, resulting in him even threatening to fire Powell which he backed off of. Still, he and his administration remained firm in their stance that the Fed should cut rates, arguing that high borrowing costs are no longer needed as prices have steadily cooled. But according to one expert, while recent inflation data shows some easing, future price trends remain uncertain due to Trump's ongoing tariff threats. Let's take a listen. "The latest report on consumer inflation saw a 2-point-4 percent year-on-year rise in March. The one-year outlook compiled by the University of Michigan stands at 6-point-5 percent. The main driver of the jump in inflation expectation is President Trump's tariff policies." Then when is the Fed expected to lower rates? Right, so experts remain divided on exactly when this will happen. And that's because the Fed is likely to wait until it is more certain about the economic impact of tariffs. Let's listen. "But the fact is that the markets hate uncertainty. And by the way, so does the Fed. So the Fed doesn't want to do anything until we get clarity. And that's going to take some time," And this is in line with how Powell said that it "depends" when asked if there will be rate cuts at all this year. Tangible economic data required before the Fed cuts rates, include inflation remaining relatively contained while the job market or economic growth weakens further. And according to an expert, this impact will surface in the second half, also when rate cuts are expected to begin. "They'll definitely start cutting rates in the second half. With oil prices and other factors relatively stable, inflation is starting to ease. Once that trend becomes clear, the Fed will likely move to lower rates more decisively." What does all this mean for the future policy rate decision here at home? Well, it does quite a bit, because the Bank of Korea closely watches the Fed's interest rate decisions. The latest rate freeze leaves the key interest rate gap between South Korea and the United States at 1-point-7-5 percentage points based on the upper end of each country's rates. And the rate gap puts the BOK in a tough position ahead of its own meeting later this month, as an even larger gap could lead to capital outflows that push the won down further raising import costs and adding to inflation. But Korea's central bank is likely to lower interest rates due to the sluggish domestic economy. Here's what another expert said. "While the exchange rate is now in the upper 1-thousand-3-hundred-won range, domestic factors are becoming more important for rate cuts. Ideally, the Fed would cut rates too, but given Korea's tough domestic situation, many expect the Bank of Korea to cut rates in May." Data released by the central bank last month showed that the country's real gross domestic product, a key indicator of the economy, shrank by 0-point-2 percent quarter-on-quarter in the first quarter. The government vowed to remain vigilant, as Acting Finance Minister Kim Beom-seok said on Thursday in response to the Fed leaving rates unchanged, that the government will hold weekly macroeconomic and financial meetings to monitor markets and ensure economic stability. All right, thank you for your report today. Thank you for having me.

Fed holds rates steady amid 'uncertainty'; what that means for S. Korea's future rate decisions

2025/05/08 17:00

The U.S. Federal Reserve has decided to leave its lending rate unchanged amid uncertainty over the broader impact of the Trump administration's tariffs. Our correspondent Lee Soo-jin covers the Fed's latest decision and its broader implications. In its third monetary policy meeting of the year, the U.S. Fed has decided to continue its "wait-and-see" stance by keeping rates steady. The decision to keep the current key borrowing rate range of 4-point-2-5 percent to 4-point-5 percent on Wednesday extends a pause in the Federal Open Market Committee's rate-cutting cycle that began in January. "The risks of higher unemployment and higher inflation appear to have risen, and we believe that the current stance of monetary policy leaves us well-positioned to respond in a timely way to potential economic developments." And these risks to employment and inflation the two pillars of the Fed's dual mandate stem from the uncertainty surrounding President Trump's tariffs. The decision to hold rates steady was thus unanimous, despite weeks of pressure from Trump to lower them. "The latest in consumer inflation report saw a 2-point-4 percent year-over-year rise in March. The one year outlook compiled by the University of Michigan stand at 6-point-5 percent. The main driver of the jump in inflation expectation is President Trump's tariff policies." The rate freeze leaves the key interest rate gap between South Korea and the United States at 1-point-7-5 percentage points based on the upper end of each country's rates. And the rate gap puts the BOK in a tough position ahead of its own meeting later this month, as an even larger gap could lead to capital outflows that push the won down further raising import costs and adding to inflation. But Korea's central bank is likely to lower interest rates due to the sluggish domestic economy. "While the exchange rate is now in the upper 1,300-won range, domestic factors are becoming more important for rate cuts. Ideally, the Fed would cut rates too, but given Korea's tough domestic situation, many expect the Bank of Korea to cut rates in May." Data released by the central bank last month showed that the country's real gross domestic product, a key indicator of the economy, shrank by 0-point-2 percent on-quarter in the first quarter. In response to the Fed leaving rates unchanged, Acting Finance Minister Kim Beom-seok said that the government will hold weekly macroeconomic and financial meetings to monitor markets and ensure economic stability. Lee Soo-jin, Arirang News.

Fed holds rates amid rising economic uncertainty over tariff policies, inflation risks

2025/05/08 10:00

As widely expected, the U.S. Federal Reserve decided to leave its interest rates unchanged, citing economic uncertainty and rising inflation. It's the third consecutive freeze since Trump took office, despite ongoing pressure for cuts. Shin Se-byuck reports. The Federal Reserve held interest rates steady at 4-point-2-5 to 4-point-5-0 percent on Wednesday, amid growing economic uncertainty fueled by U.S. tariff policies. Fed Chair Jerome Powell cited slowing job growth and rising inflation as key reasons for the freeze. "The risks of higher unemployment and higher inflation appear to have risen." The Fed also pointed to the economic uncertainties surrounding the White House's tariff policies. "The tariff increases announced so far have been significantly larger than anticipated. their effects on the economy remain highly uncertain." Powell further emphasized that the inflationary impact of these tariffs could vary widely, depending on their duration and scope. This marks the central bank's third consecutive rate freeze since President Donald Trump took office in January, with each Federal Open Market Committee meeting so far opting against a rate hike. Trump has repeatedly pressured the Fed to cut rates, arguing that his tariff strategy should not lead to economic slowdown or higher consumer prices. Despite this, Powell says the central bank's decisions remain independent. He stressed that the Fed will continue to focus on maximum employment and price stability. As for the timing of potential rate cuts, Powell avoided a direct answer. He said the Fed will "wait and see how things evolve" before deciding on its next monetary policy steps. The Fed's latest decision leaves the U.S.-South Korea interest rate gap unchanged at 1-point-7-5 percentage points, based on the upper end of each country's benchmark rates, with Korea's current rate at 2-point-7-5 percent. Shin Se-byuck, Arirang News.

Won-to-dollar exchange rate hits strongest level in 6 months

2025/05/07 20:00

The South Korean currency gained ground against the U.S. dollar on this Wednesday, trading at one-thousand-3-hundred-79 won in the early hours of its session today. This marks the won's strongest level against the greenback in six months and comes in light of expectations surrounding the planned tariff talks between the U.S. and China. Also, Asian currencies rallied as investors continued to withdraw money from the U.S. amid concerns of a possible recession.

Stock

2025/05/07 20:00

2025. 5. 7. KOREAN STOCK MARKET KOSPI : 2,573.80 ▲14.01 +0.55% KOSDAQ : 722.81 ▲0.95 +0.13% KOSPI200 : 341.31 ▲2.52 +0.74% ASIAN STOCK MARKET NIKKEI225 : 36,779.66 ▼51.03 -0.14% HANG SENG : 22,691.88 ▲29.17 +0.13% SHANGHAI : 3,342.67 ▲26.55 +0.80% WALL STREET (May 6) DOW JONES : 40,829.00 ▼389.83 -0.95% NASDAQ : 17,689.66 ▼154.58 -0.87% S&P500 : 5,606.91 ▼43.47 -0.77% EXCHANGE RATE USD : 1,398.00 (-7.30) JPY : 978.00 (+9.70) CNY : 193.57 (-0.39) EUR : 1,588.97 (-2.81)

Won-to-dollar exchange rate hits strongest level in 6 months

2025/05/07 17:00

The South Korean currency gained ground against the U.S. dollar on this Wednesday trading at one-thousand-3-hundred-79 won in the early hours of its session today. This marks the won's strongest level against the greenback in six months and comes in light of expectations surrounding the planned tariff talks between the U.S. and China. Also Asian currencies rallied as investors continued to withdraw money from the U.S. amid concerns of a possible recession.

More overseas consumers directly purchase K-beauty goods

2025/05/06 18:00

Purchases of Korean beauty products through overseas shopping reached nearly 1 billion U.S. dollars last year. According to Korea Customs Service on Tuesday, foreign consumers, outside of Korea that have directly purchased from Korean e-commerce platforms, have bought 9-hundred-73 million U.S. dollars worth of K-beauty goods, including cosmetics or perfume. The figure has more than doubled compared to the year before, showing the increased popularity of Korean beauty products worldwide. Out of the 10 major categories of direct purchase items, including clothing, batteries and others, K-beauty products take up the largest portion.

More overseas consumers directly purchase K-beauty goods

2025/05/06 12:00

Purchases of Korean beauty products through overseas shopping reached nearly 1 billion U.S. dollars last year. According to Korea Customs Service on Tuesday, foreign consumers, outside of Korea that have directly purchased from Korean e-commerce platforms, have bought 9-hundred-73 million U.S. dollars worth of K-beauty goods, including cosmetics or perfume. The figure has more than doubled compared to the year before, showing the increased popularity of Korean beauty products worldwide. Out of the 10 major categories of direct purchase items, including clothing, batteries and others, K-beauty products take up the largest portion.