Korean economy beats expectations with 1.2% Q3 growth

The South Korean economy grew 1.2 percent in the third quarter of this year, driven by a rebound in private consumption and signs of resilience in domestic demand, indicating that Asia’s fourth-largest economy is gradually regaining momentum after a sluggish first half. According to data released by the Bank of Korea on Tuesday, the country’s real gross domestic product, a key measure of economic output adjusted for inflation, expanded 1.2 percent in the July–September period from the previous q

Oct. 28, 2025

Industry minister holds 2 rounds of virtual talks with US counterpart on $350b investment deal: sources

Industry Minister Kim Jung-kwan and US Commerce Secretary Howard Lutnick have held two rounds of virtual talks since last weekend, government sources said Tuesday, as the two countries try to narrow differences over the implementation of Seoul's $350 billion investment pledge under a trade framework agreed in July. Since returning from a trip to Washington last week, Kim has continued discussions with his US counterpart in an effort to reach a compromise, but sources familiar with the talks said

Oct. 28, 2025

K-food exports during Jan.-Sept. period rise to record high of 8.5b won

Accumulative exports of South Korean food products for this year so far reached an all-time high, customs agency data showed Tuesday. The country's exports of food products during the January-September period grew 8.9 percent from a year ago to 8.5 billion won ($5.9 million), according to the data from the Korea Customs Service. By category, outbound shipments of processed foods, such as instant ramyeon and beverages, rose 6.7 percent on-year to 5.2 billion won. Processed foods were the most exp

Oct. 28, 2025

Govt. to prevent excessive rise in fuel prices ahead of adjustment of tax cut

The government pledged Tuesday to prevent an excessive rise in domestic fuel prices ahead of a planned adjustment to fuel tax reductions set to take effect next month, the industry ministry said. Under the latest extension decision, the current tax reductions -- 10 percent on gasoline and 15 percent on diesel and liquefied petroleum gas -- will be adjusted to 7 percent for gasoline and 10 percent for diesel and LPG. The revised rates will take effect starting Nov. 1 and will remain in place for

Oct. 28, 2025

Consumer sentiment dips for 2nd month amid tariff woes: BOK

South Korea's consumer sentiment fell for the second consecutive month in October amid concerns over prolonged negotiations with the United States on its new tariff scheme and renewed tensions in Sino-US trade relations, the central bank said Tuesday. The composite consumer sentiment index came to 109.8 this month, down 0.3 point from September, according to a survey by the Bank of Korea. A reading above 100 indicates that optimists outnumber pessimists, while a figure below 100 means the opposi

Oct. 28, 2025

S. Korea's GDP expands 1.2% in Q3 to mark fastest growth in six quarters

The South Korean economy expanded at the fastest pace in 1 1/2 years in the third quarter, supported by solid exports and rising private consumption, central bank data showed Tuesday. Real gross domestic product, a key gauge of economic growth, rose 1.2 percent in the July-September period from the previous quarter, preliminary data from the Bank of Korea showed. It marked the fastest quarterly expansion since the first quarter of 2024, when the economy grew 1.2 percent, and was up from a 0.7 pe

Oct. 28, 2025

Finance chief emphasizes stronger cooperation with Latin America in AI, minerals, clean energy

Finance Minister Koo Yun-cheol on Monday called for closer cooperation between South Korea and Latin American countries in artificial intelligence, critical mineral supply chains and clean energy, among other areas. Koo made the remarks while opening the seventh Korea–Latin America and the Caribbean Business Summit in Seoul, as South Korea marks the 20th anniversary of its membership in the Inter-American Development Bank. "Now is the time for Korea and the LAC region to deepen our strategic par

Oct. 27, 2025

Bank deposits fall, overdraft loans rise amid rush for real estate and stocks

Bank deposits in South Korea have been shrinking rapidly, with households also increasingly boosting their overdraft loans to secure funds for investments amid surging real estate and stock prices, data showed Sunday. Combined demand deposits at five major lenders -- KB Kookmin, Shinhan, Hana, Woori and NH NongHyup -- stood at 649.53 trillion won ($451.3 billion) as of Thursday, down 20.19 trillion won from the end of September, according to data from the banks. This represents an average daily

Oct. 26, 2025

Kospi breaks record as US-China summit plans soothe trade worries

Korea’s benchmark Kospi jumped back above the 3,900 mark Friday, hitting a fresh intraday record as investors welcomed news that Washington and Beijing have officially confirmed the date of their anticipated summit. The index rose as much as 1.83 percent to 3,915.84 in early trading, before easing slightly to 3,897.9 as of 10:25 a.m. The rally came after the White House announced that US President Donald Trump will meet Chinese President Xi Jinping in Korea on Oct. 30, a day after talks with Pre

Oct. 24, 2025

BOK keeps rate steady amid currency, property concerns

The Bank of Korea's monetary policy board held its base interest rate steady at 2.5 percent for the third consecutive meeting due to uncertainties surrounding the heated property market and the weakening valuation of the local currency. The won further dipped to its weakest level since April during Thursday's trading. 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 six me

Oct. 23, 2025

Lee says he trusts US 'rationality' amid final push for tariff deal

President Lee Jae Myung said he trusts in the “rationality” of the United States as South Korea and Washington seek to wrap up months of negotiations over a $350 billion investment package and related tariff talks before next week’s APEC summit in Korea. “I believe it is taking some time,” Lee said in an interview with CNN aired Thursday. “I also believe in the rationality of the United States, and so I believe that we will be able to reach a rational agreement.” Lee expressed confidence that th

Oct. 23, 2025

Georgia’s ambassador, leading economist examine global shifts at Global Biz Forum

At the 8th edition of the Global Biz Forum, themed “Big: Designing the Future,” business leaders gathered in Seoul to discuss the forces shaping the global economy and the future of international cooperation. Operated jointly by The Korea Herald and Herald Business, the GBF has grown into a platform for dialogue among Korea’s influential figures in diplomacy, business and culture. The weekly forum continues to host high-profile speakers from Korea and abroad, fostering cross-sector conversations

Oct. 23, 2025

BOK keeps rate steady at 2.5%

The Bank of Korea held its base interest rate steady at 2.5 percent for the third consecutive meeting due to uncertainties surrounding the property market and the valuation of the local currency. With the latest decision, the rate has remained unchanged for the past five months, following cuts in February and May. The move reflects the central bank’s cautious stance amid lingering uncertainties in the heated real estate market. “The BOK has no intention of fueling the real estate market by injec

Oct. 23, 2025

Nuclear safety watchdog set to decide on 10-year extension for Kori-2 reactor

The country's nuclear safety watchdog is set to decide Thursday whether to extend the lifespan of the 42-year-old Kori-2 nuclear reactor by an additional 10 years. The Nuclear Safety and Security Commission plans to hold a meeting to review a request to restart and operate the 650-megawatt lightwater reactor, which has reached beyond its initial 40-year license. The Korea Hydro and Nuclear Power Co., the state-run power operator, has asked the NSSC to approve a life extension that would allow th

Oct. 23, 2025

Why Korea is reviving property tax hike debate

The Korean government is raising the prospect of increasing property-holding taxes, as policymakers confront renewed signs of housing speculation, rising prices and a shortage of listings despite a series of tightening measures. The discussion resurfaced Tuesday after President Lee Jae Myung warned that “all available policy tools” must be mobilized to curb “unproductive speculative demand,” signaling a tougher stance on real estate before key local elections in June. The shift reflects growing

Oct. 22, 2025