SEOUL - South Korea is on track to sustain its export growth in March, attributed largely to an ongoing increase in chip shipments, as stated by First Vice Industry Minister Kang Kyung-sung on Tuesday.
According to Yonhap News Agency, the nation anticipates maintaining its trajectory of export recovery and achieving a trade surplus this month, propelled by strong performances in key sectors such as semiconductors and IT products. He highlighted that consumption, investment, and exports are vital pillars of the South Korean economy, all of which are expected to demonstrate a clear recovery trend, supporting overall economic growth.
Despite a more than 13% decline in exports during the early part of March, influenced by fewer working days and diminished vehicle demand, semiconductor sales witnessed a substantial increase, exceeding 20%. Following a period of consistent growth over the past five months, South Korea recorded a $4.29 billion trade surplus in February, continuing a surplus trend that began in June 2023. This rebound in exports marks a significant recovery, especially considering the sector's 7.4% decline throughout 2023, affected by weak chip performance and global economic challenges.
SEOUL - The Board of Audit and Inspection (BAI) of South Korea announced it would initiate a review to ascertain the political impartiality of public officials surrounding the forthcoming parliamentary elections on April 10.According to Yonhap News Agency, The audit, set to commence this Wednesday, will span 20 days, involving 32 BAI officials who will assess the conduct of personnel across various government levels and affiliated entities. The BAI's inspection is focused on identifying any breaches of political neutrality, such as unauthorized endorsements or criticisms of political candidates by civil servants. Additionally, the audit will look into potential negligence in official duties. The BAI has committed to enforcing stringent measures against any found violations, aligning with the existing legal framework to uphold integrity and neutrality in public service.
SEOUL - The Federation of Korean Industries (FKI) engaged in pivotal talks with Britain's Deputy Prime Minister Oliver Dowden, aiming to bolster economic partnerships between the two nations.According to Yonhap News Agency, During Dowden's visit to Seoul for the Summit for Democracy, FKI Chairman Ryu Jin hosted the deputy prime minister at the federation's headquarters, where they deliberated on enhancing bilateral ties. The discussions, as reported by the FKI, centered on advancing collaboration in sectors like offshore wind energy, renewable resources, and infrastructure. Both parties also voiced the challenges Korean enterprises face in the UK market. This meeting builds on the momentum of a business forum convened last year, celebrating 140 years of diplomatic relations between South Korea and the United Kingdom, underscoring a mutual commitment to deepening economic cooperation.