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S. Koreans’ nonessential spending plummets amid coronavirus

South Korean consumers purchased far fewer nonessential items in the first quarter than normal due to economic uncertainty sparked by the coronavirus pandemic, data showed Sunday. The combined essential spending came to 84.81 trillion won ($71 billion) in the January-March ... Read More

Uniqlo to close 9 outlets in S. Korea amid trade dispute-caused boycott

Japanese fashion retailer Uniqlo said Friday it will close nine of its stores in South Korea next month amid a sharp fall in sales stemming from the new coronavirus outbreak and a trade dispute between Seoul and Tokyo. The closure ... Read More

Korea’s consumer sentiment soars to 5-month high in July

South Korea's consumer sentiment continued to improve this month from a month earlier, reaching the second-highest point since the country reported its first confirmed case of the new coronavirus six months earlier, central bank data showed Wednesday. The country's composite ... Read More

S. Korea’s industrial output recovers in June

South Korea’s industrial output gained 4.2 percent on-month in June, showing signs of recovery from the contractions prompted by the coronavirus pandemic in recent months, data from Statistics Korea showed Friday. Along with industrial output -- which had rebounded from ... Read More

FTC postpones decision on Apple’s self-correction plan to August

The Fair Trade Commission has postponed its decision on Apple’s corrective measures regarding its unfair practices in business with Korean mobile carriers, according to the antitrust watchdog on Tuesday. The FTC has been deliberating Apple’s consent order, applied on June ... Read More

S. Korea’s trade terms sharply up in June

South Korea's terms of trade sharply improved from a year earlier in June with its import prices falling at a faster rate than export prices, central bank data showed Tuesday. The country's terms of trade index for products came to ... Read More

S. Korea’s July exports tipped to drop 9% amid pandemic: poll

South Korea's exports are expected to fall 9 percent on-year in July, possibly extending a slump to the fifth consecutive month, a poll showed Tuesday, but their pace of decline is predicted to slow on the back of economic reopenings. ... Read More

S. Korea’s economy shrinks 2.9% in Q2, worst since 1997 financial crisis

South Korea's economy contracted at a sharper rate than what had been expected in the second quarter, delivering the worst performance in over two decades, as the pandemic hammered outbound shipments and private spending in Asia's fourth-largest economy, central bank ... Read More