• Trade News
  
  S.KOREA'S EXPORTS TO
  ASEAN MORE THAN
  DOUBLE THANKS TO
  FTA
•    South Korea's exports to the group of Southeast Asian countries more than doubled over the last decade as commerce and investment increased following the implementation of a free trade deal.
     Outbound shipments to the 10 member countries of the Association of Southeast Asian Nations (ASEAN) reached USD 74.52 billion in 2016, compared with USD 32.1 billion in 2006, according to the Ministry of Trade, Industry and Energy.
     With the South Korea-ASEAN free trade deal taking effect in 2007, exports have grown an average 7.5 percent annually over the 10-year
• period, while Asia's fourth-largest economy saw its overall exports gain 3.3 percent every year in the cited period.
     As a result, the total trade between South Korea and ASEAN increased 5.7 percent every year to USD 118.8 billion last year over the 2006-2016 period.
     Investment by South Korean companies to ASEAN amounted to USD 6.4 billion in 2016, up from USD 3.7 billion tallied in 2006, while USD 2.5 billion worth of ASEAN-originated investment came to South Korea last year, surging from USD 703 million 10 years earlier.

• S.KOREA LOGS 64
  STRAIGHT MONTHS OF
  TRADE SURPLUS IN
  MAY
•    South Korea's trade surplus extended its winning streak for the 64th month in a row in May as the country has been basking in brisk outbound shipments on an upturn in global demand.
     Asia's fourth-largest economy has posted the consecutive monthly trade surplus since February 2012. It logged USD 6.34 billion in trade surplus with Southeast Asian countries in May, including a surplus with Vietnam worth USD 2.91 billion, while it recorded an excess of USD 2.59 billion
• in trade with China, its largest trading partner.
     Trade with the United States recorded a surplus of USD 864 million, more than halving from USD 1.78 billion tallied a year ago, amid the Seoul government's efforts to reduce its surplus with the world's largest economy.
     The country's exports have been on a sharp roll since November last year on the back of brisk overseas demand for Koreanmade semiconductors and vehicles.

• Government & Policy
  
  S.KOREA'S ECONOMIC
  POLICYMAKERS VOW
  TO CREATE MORE JOBS,
  SPUR INVESTMENT
•    On June 21, South Korea's top economic leaders vowed to create quality jobs and stir up investment and innovation in the private sector.
     Finance Minister Kim Dong-yeon, Fair Trade Commission (FTC) Chairman Kim Sang-jo and presidential chief of staff for policy Jang Ha-sung discussed the current economic issues and economic policy road map of the Moon government.
     Through fiscal and policy tools, including the proposed KRW 11.2 trillion (USD 9.82 billion) supplementary budget, the
• government will help the public sector spearhead the job creation drive and encourage the business sector to follow suit.
     "The Moon Jae-in government's economic team has to move in unison," said Finance Minister Kim who is double-hatted as the deputy prime minister for economic affairs.
     Jang, the presidential chief of staff, said that the new economic leaders will play a concerted role in handling important issues such as threatening household debt and the booming real estate market.

• S.KOREA BACKS
  CHINA-LED AIIB'S
  EFFORTS FOR SUSTAIN
  ABLE INFRASTRUCTURE
•    On June 16, South Korea's finance minister Kim Dong-yeon pledged to fully support the Asian Infrastructure Investment Bank’s (AIIB) efforts to build sustainable infrastructure at AIIB’s second annual meeting in Jeju-do. He also expressed hope that such measures will help create jobs and promote inclusive growth.
     The multinational lender—set up in 2015 to fund infrastructure projects in Asia— has so far approved 16 projects worth USD 2.5 billion.
     The bank has focused on building infrastructure that can effectively address challenges including climate
• change and regional disparity, in a move that underscored its commitment to meet sustainable development goals.
     Still, Kim called for harmony in regards to the allocation of resources for infrastructure development, noting that investment decisions often focused on maximizing economic benefits at the expense of environmental and social impacts. He also said an inconsistency between infrastructure policies and economic policies could diminish the impact of investment.