First Q1 current account deficit in 11 years in South Korea

The Bank of Korea released data on Wednesday showing that the first three months of 2023 saw a deficit in South Korea's current account balance for the first time in 11 years due to weak exports. A record-high loss of $4.21 billion in January followed by $520 million in February contributed t...

S. KOREA’S SOVEREIGN DEBT FALLS TO THE LOWEST LEVELTHIS WEEK

Highlights –

• S. Korea’s sovereign debt falls to the lowest level this week.
• The spread on credit default swaps (CDSs) for South Korea came in at 19 basis points.
• In 2020 the country's CDS premium rose to 57 basis points in l...

BOK SAYS FOREIGN RESERVES ROSE IN APRIL 2021

Highlights –

• BOK says foreign reserves rose in April 2021.
• The record high of foreign reserves was attributed to the U.S dollar’s weakness.
• As of end-April, the country’s foreign reserves came to the US $452.3 billion.

S. KOREA’S INDUSTRIAL OUTPUT GREW 0.8% IN MARCH

Highlights –

• S. Korea’s industrial output grew 0.8% in March.
• Output in the mining, manufacturing, gas, and electricity industries declined 0.8 percent in March.
• In the reporting month service production gained 1.2 percent on-mo...

S. KOREAN STOCKS END LOW ON TUESDAY; KOSPI FELL

Highlights –

• S. Korean stocks end low on Tuesday; KOSPI fell.
• Korea Composite Stock Price Index (KOSPI) slipped 2.11 points, close at 3,215.42 points.
• Samsung Electronics stocks lost 0.72 percent to 82,900 won.
• Foreign inve...

FINANCE MINISTRY OF S. KOREA TO REMOVE TARIFF ON FEW IMPORTED GRAINS

Highlights –

• Finance Ministry of S. Korea to remove tariff on few imported grains.
• S. Korea will import edible corm and some grains without tariff until the end of the year.
• The country currently levies a 3 percent tariff duty on impo...

S. KOREA’S INTERNET BANKING SERVICES ROSE 20.6 PERCENT IN 2020

Highlights –

• S. Korea’s internet banking services rose 20.6 percent in 2020.
• The value of daily transactions via online banking reached $52 billion in the reporting year.
• As of end-of-December the online banking services reached...

S. KOREA’S 5 MAJOR BANKS REPORTS RISE IN MORTGAGE LOANS IN MARCH

Highlights –

• S. Korea’s 5 major banks reports rise in mortgage loans in March.
• The combined mortgage loans from the 5 banks were more than 3 trillion won range.
• The banks’ outstanding unsecured loans came to 135.4 trillion...

S. KOREA’S INDUSTRIAL OUTPUT INCREASED 2.1 PERCENT IN FEBRUARY

Highlights –

• S. Korea’s industrial output increased 2.1 percent in February.
• The index gauging industrial production came to 111.6 last month.
• Retail sales however fell 0.8 percent from a month earlier.
• The Bank of Ko...

IMF RAISES ITS 2021 GROWTH OUTLOOK FOR SOUTH KOREA BY 3.6 PERCENT

Highlights –

• IMF raises its 2021 growth outlook for South Korea by 3.6 percent.
• IMF is said to have taken into account the impact of the country’s latest $13 billion extra budget.
• Exports of chips and cars is said to have been k...

“WITH THE LAUNCH OF CBDC, BITCOIN WILL LOSE ITS APPEALS AS A TRANSACTION TOOL”

Highlights:

•       Bitcoins’s volatility will give the CBDC its advantage in South Korea

•       Before the launch Bank of South Korea analyse the market impact on the current financial system

S. KOREA’S CPI ROSE AT A FASTER PACE IN FEBRUARY BY 1.1 PERCENT

Highlights –

• S. Korea’s CPI rose at a faster pace in February by 1.1 percent.
• The CPI in comparison with a month earlier grew 0.5 percent in February.
• The country’s core inflation rose 0.3 percent in February.
• B...

BANK OF KOREA GOVERNOR SAY NO TO BITCOIN, YES TO DIGITAL CURRENCY

Highlights:

•             Lee Ju-yeol considers bitcoin to be an asset with no intrinsic value

•             He supports the idea of central bank d...

BOK GOV. SAYS CRYPTOCURRENCIES TO HAVE NO INTRINSIC VALUE

Highlights –

• BOK Gov. says cryptocurrencies have no intrinsic value.
• The country’s central bank also commented cryptocurrencies experience greater volatility.
• In February the price of Bitcoin surpassed $50,000.
• The BO...

S. KOREA’S HOUSEHOLD CREDIT GREW BY $1.55 TRILLION IN Q4 2020

Highlights –

• S. Korea’s household credit grew by $1.55 trillion in Q4 2020.
• Mortgage loans rose by 20.2 trillion won on-quarter to 910.6 trillion won in Q4.
• Loan demand to buy stocks also rose due to the country's bull stock...

S. KOREA’S EXIM BANK REPORTS EXPORTS LIKELY TO EXPAND BY 12 PERCENT

Highlights –

• S. Korea’s Exim Bank reports exports likely to expand by 12 percent.
• The country’s exports are likely to expand with strong demands for chips and cars.
• Outbound shipments are expected to reach around $145 bill...

S. KOREA’S INDUSTRY MINISTRY TO RAISE $179 MILLION FOR ECO-FRIENDLY AUTOMOBILES

Highlights –

• S. Korea’s industry ministry to raise $179 million for eco-friendly automobiles.
• The ministry has reached an MOU with a bunch of industrial and financial partners.
• The government plans to invest 50 billion won.
...

S. KOREA REPORTS ITS GDP TO HAVE SHRUNK 1 PERCENT IN 2020

Highlights –

• S. Korea reports its GDP to have shrunk 1 percent in 2020.
• The country’s economy is said to have been the worst in 2020.
• The BOK last year had forecasted a 1.3 percent contraction in the economy.
• The coun...

SOUTH KOREAN STOCKS OPEN LOW ON MONDAY MORNING OVER PROFIT-TAKING

Highlights –

• South Korean stocks open low on Monday morning over profit-taking.
• The KRX benchmark KOSPI fell 23.77 points.
• Samsung Electronics stocks fell 1.48 percent.
• SK Hynix stocks advanced 1.18 percent.

SOUTH KOREA REPORTS CPI IN DECEMBER GREW BY LESS THAN 1 PERCENT

Highlights –

• South Korea reports CPI in December grew by less than 1 percent.
• The country’s annual inflation rose by less than 1 percent.
• In December CPI rose by 0.5 percent on-year.
• The country’s core inflation...