International accounting standards wilt under pressure
Banking & Finance
Monday, 29 December 2008 20:03


WASHINGTON—World leaders have vowed to help prevent future financial meltdowns by creating international accounting standards so all companies would play by the same rules, but the effort has instead been mired in loopholes and political pressures.

In October, largely hidden from public view, the International Accounting Standards Board (IASB) changed the rules so European banks could make their balance sheets look better. The action let the banks rewrite history, picking and choosing among their problem investments to essentially claim that some had been on a different set of books before the financial crisis started.

The results were dramatic. Deutsche Bank shifted $32 billion of troubled assets, turning a $970-million quarterly pretax loss into a $120-million profit. And the securities markets were fooled, bidding Deutsche Bank’s shares up nearly 19 percent on October 30, the day it made the startling announcement that it had turned an unexpected profit.

The change has had dramatic consequences within the cloistered world of accounting, shattering the credibility of the IASB—the very body whose rules have been adopted by 113 countries and is supposed to become the global standard-setter, including for the United States, within a few years.

David Tweedie, chairman of the IASB, acknowledged that the body needs more protection from political manipulation before it can claim that it has become the global gold standard.

Tweedie said he nearly resigned over the rule change demanded by European politicians. “I was so frustrated by the whole thing,” he said. “All the time when we are trying to build a global accounting system, and we are pretty close to it, and then suddenly out of left field this thing appears. It’s just absolutely exasperating.”

US standards have been set by the Financial Accounting Standards Board (FASB) since 1973. “Right now, there is no credibility,” said Robert Denham, chairman of the Financial Accounting Foundation, which oversees the FASB. “If we are going to have global accounting standards, my view is that is not going to work if the IASB is going to be jerked around by the European Commission [EC]. That is the very real risk that is posed by the EC coercion and the IASB’s response.”

The episode exposes how small, incremental changes in arcane accounting rules can affect billions of dollars in market value and corporate profitability. In turn, the money at risk raises the political stakes, as desperate companies begin to lobby political leaders to insist on changes that normally would come about only after a careful discussion and evaluation by experts.

For years, there has been a disconnect between US and international accounting rules. With the history of corporate litigation in the United States, US standards tend to be exact and explicit, making it easier for companies to defend themselves in court.

International rules rely on broad principles, giving companies greater leeway to make their own judgments. An extensive review of international accounting standards published last month by Moody’s Investors Service found significant differences between two French companies on one key issue—even though they used the same accounting firm.

Nevertheless, more than 110 countries have already adopted international rules since the IASB was established in 2001, with Japan, South Korea, India and Canada soon to make the switch.

Tweedie expects that 150 countries will have adopted IASB rules within the next three years. The Securities and Exchange Commission on November 14 adopted a plan to have all US companies prepare their statements using international standards for fiscal years ending after December 15, 2016. More than 100 of the largest companies would be permitted to adopt the rules as soon as next year.

But the financial crisis demonstrated how vulnerable the fledgling system is to political pressure.

On October 8, the leaders of France, Germany, Italy, Britain and the European Commission met in Paris to discuss the worldwide economic crisis. They issued a statement saying they were working together “within the European Union and with our international partners” to ensure the safety and stability of the worldwide banking system. But buried within the statement was a sentence warning that European banks should not face a competitive disadvantage with US banks “in terms of accounting rules and their interpretation.” The leaders added ominously: “This issue must be resolved by the end of the month.”



At issue is an accounting standard known as fair value, or mark to market, in which companies disclose how much an asset could fetch on the open market. With the values of assets plummeting, banks were suddenly stuck with paper losses on assets they could no longer sell. With some critics saying the provision was forcing banks to take large write-downs, the SEC and FASB issued guidance in late September that companies could use their own internal models for assigning a value to assets—in essence, a nod to the principles-based international rules.

But European officials smelled a rat. Under rare circumstances, US companies are permitted to reclassify assets they were actively seeking to trade into long-term “loans,” using an accounting rule that was considered weaker than the international equivalent. The international rules did not permit such transfers, and European officials feared that the new guidance was handing the Americans a competitive advantage.

Shortly after the European leaders’ statement, Commissioner Charlie McCreevy of the European Commission, who was in charge of the European Union (EU) internal market, signaled he would introduce legal changes, overriding the international rules. McCreevy decided to exploit a loophole in the system—that all accounting rules must be adopted as legislation by the EU. So McCreevy was going to force the changes on the IASB by threatening to remove—or carve out—the existing regulation, leaving nothing in its place.

“We made it clear what the IASB should accept,” said Oliver Drewes, a spokesman for McCreevy. “There is always the right, and threat and the pressure, that one could go for a carve-out for European companies.”

Tweedie said the rulemaking body had only four days to act before McCreevy pushed through a change in the law, even though accounting changes of this magnitude would normally take months to achieve.

Unlike the US board, the international board has no regulator like the Securities and Exchange Commission to help shield it from political pressure. So the IASB was at the mercy of the European Commission.

“There had been pressure on him, I suspect, from some of the European leaders,” Tweedie said, referring to McCreevy. “It was quite clear it was going to be pushed through and that would have been a disaster. We were faced with this hole being blown in the European accounting, and we just wanted to step in and control it.”

But the IASB bowed to demands to let the firms backdate the accounting shift to the beginning of July—something not permitted under US rules.

In a recent report, Moody’s wrote that the backdating provision could distort a bank’s earnings and capital position, since “it allows managements to ‘cherry-pick’ selected assets” and “distort their economic reality,” making it more—not less—difficult to compare global bank performance.

“The measure does not make much sense in the first place,” said J.F. Tremblay, a Moody’s vice president. “But the fact that a board can be influenced like that is not good news.” The Washington Post


10-K/A: NATURES SUNSHINE PRODUCTS INC


Last update: 11:50 a.m. EST Dec. 31, 2008
(EDGAR Online via COMTEX) -- Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion highlights the principal factors that have affected our financial condition, results of operations, liquidity and capital resources for the periods described. This discussion should be read in conjunction with our Consolidated Financial Statements and the related notes in Item 8 of this Form 10-K. This discussion contains forward-looking statements. Please see "Cautionary Statements Regarding Forward-Looking Statements" for the risks, uncertainties and assumptions associated with these forward-looking statements.
OVERVIEW
Our Business, Industry and Target Market
Nature's Sunshine Products, Inc. and its subsidiaries are primarily engaged in the manufacturing and marketing of herbal products, vitamin and mineral supplements, personal care, and miscellaneous products. Nature's Sunshine Products, Inc. is a Utah corporation with its principal place of business in Provo, Utah. We sell our products to a sales force of independent Distributors and Managers who use the products themselves or resell them to other Distributors or consumers. The formulation, manufacturing, packaging, labeling, advertising, distribution and sale of each of our major product groups are subject to regulation by one or more governmental agencies.
We market our products in the United States, Mexico, Central America, Canada, Venezuela, the Dominican Republic, Japan, Ecuador, the United Kingdom, Columbia, Peru, Israel, Russia, Ukraine, Latvia, Lithuania, Kazakhstan, Mongolia, Belarus, China, Poland, and Brazil. We also export our products to several other countries, including Argentina, Australia, Chile, New Zealand, and Norway.
We also sell our products through a separate division and operating business segment, Synergy Worldwide, which was acquired in 2000. Synergy Worldwide offers products with formulations different from those of the Nature's Sunshine Products offerings. In addition, Synergy Worldwide's marketing and Distributor compensation plans are sufficiently different from those of Nature's Sunshine Products. Synergy Worldwide sells products in Japan, the United States, South Korea, Singapore, Thailand, Taiwan, Malaysia, Hong Kong, the Philippines, Indonesia, the United Kingdom, Germany, Austria, the Netherlands, and Australia.
In 2007, we experienced healthy net sales revenue growth overseas in our Nature's Sunshine Products International business segment of approximately 15%, while our domestic business segment sales remained flat and our Synergy Worldwide business segment experienced a decline in net sales revenue of approximately 18% due primarily to the loss of several key distributor networks. Over the same period, our cost of goods sold remained constant as a percentage of net sales revenue, but our selling, general and administrative expenses increased somewhat primarily as a result of costs associated with increases in audit fees, the implementation of new internal control procedures, and increase in our reserve for foreign tax contingencies, resulting in a decrease in operating net income for 2007. On our consolidated balance sheet, we maintained a fairly consistent profile from 2006 to 2007, with the exception of a liability related to unrecognized tax positions of $25.9 million in accordance with FASB Financial Interpretation ("FIN") 48, "Accounting for Uncertainly in Income Taxes," and a corresponding decrease in accrued liabilities of $15.8 million and an increase in other assets of $10.1 million.
Critical Accounting Policies and Estimates
Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and form the basis for the following discussion and analysis on critical accounting policies and
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estimates. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On a regular basis we evaluate our estimates and assumptions. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates and those differences could have a material effect on our financial position and results of operations. Management has discussed the development, selection and disclosure of these estimates with the Board of Directors and its Audit Committee.
A summary of our significant accounting policies is provided in Note 1 of the Notes to Consolidated Financial Statements in Item 8 of this Report. We believe the critical accounting policies and estimates described below reflect our more significant estimates and assumptions used in the preparation of our consolidated financial statements. The impact and any associated risks on our business that are related to these policies are also discussed throughout this "Management's Discussion and Analysis of Financial Condition and Results of Operations" where such policies affect reported and expected financial results.
Revenue Recognition
Net sales revenue and related volume incentive expenses are recorded when persuasive evidence of an arrangement exists, collectability is reasonably assured, the amount is fixed and determinable, and title and risk of loss have passed, generally when the merchandise has been delivered. Amounts received for undelivered merchandise are recorded as deferred revenue. Sales revenue is recorded net of the rebate portion of volume incentives, and a reserve for product returns, which reduces revenue, is accrued based on historical experience. From time to time, the Company's United States operation extends short-term credit associated with product promotions. In addition for certain of the Company's international operations, the Company offers credit terms consistent with industry standards within the country of operation. Payments to Distributors and Managers for sales incentives or rebates are recorded as a reduction of revenue. Membership fees are recorded as revenue over the life of the membership, primarily one year. Prepaid event registration fees are deferred and recognized as revenues when the related event is held.
Inventories
Inventories are stated at the lower-of-cost-or-market, using the first-in, first-out method. The components of inventory cost include raw materials, labor, and overhead. To estimate any necessary lower-of-cost-or-market adjustments, various assumptions are made in regard to excess or slow-moving inventories, non-conforming inventories, expiration dates, current and future product demand, production planning, and market conditions.
Self-insurance Liabilities
As a manufacturer and distributor of products that are ingested, we face an inherent risk of exposure to product liability claims in the event that, among other things, the use of our products results in injury to consumers due to tampering by unauthorized third parties or product contamination. We have historically had a very limited number of product claims or reports from individuals who have asserted that they have suffered adverse consequences as a result of using our products. These matters have historically been settled to our satisfaction and have not resulted in material payments. We have established a wholly owned captive insurance company to provide us with product liability insurance coverage and have accrued an amount that we believe is sufficient to cover probable and reasonable estimable liabilities related to product liability claims based upon our history. However, there can be no assurance that these estimates will prove to be sufficient nor can there be any assurance that the ultimate outcome of any litigation for product liability will not have a material negative impact on our business prospects, financial position, results of operations, or liquidity.
We self-insure for certain employee medical benefits. The recorded liabilities for self-insured risks are calculated using actuarial methods and are not discounted. The liabilities include amounts for actual claims and claims incurred but not reported. Actual experience, including claim frequency and severity as well as health care inflation, could result in actual liabilities being more or less than the amounts currently recorded.
Incentive Trip Accrual
We accrue for expenses for incentive trips associated with our direct sales marketing program, which rewards independent Distributors and Managers with paid attendance at our conventions and meetings. Expenses associated with incentive trips are accrued over qualification periods as they are earned. We specifically analyze incentive trip accruals based on historical and current sales trends as well as contractual obligations when evaluating the adequacy of the incentive trip accrual. Actual results could result in liabilities being more or less than the amounts recorded. We have accrued convention and meeting costs of approximately $5.5 million
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and $3.8 million at December 31, 2007 and 2006, respectively.
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Impairment of Long-Lived Assets
The Company reviews its long-lived assets, such as property, plant and equipment and intangible assets for impairment when events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. The Company uses an estimate of future undiscounted net cash flows of the related assets or groups of assets over their remaining lives in measuring whether the assets are recoverable. An impairment loss is calculated by determining the difference between the carrying values and the fair values of these assets. At December 31, 2007 and 2006, the Company did not consider any of its long-lived assets to be impaired.
Contingencies
We are involved in certain legal proceedings. When a loss is considered probable in connection with litigation or income tax and non-income tax contingencies and when a loss can be reasonably estimated with a range, we record our best estimate within the range related to the contingency. If there is no best estimate, we record the minimum of the range. As additional information becomes available, we assess the potential liability related to the contingency and revise the estimates. Revision in estimates of the potential liabilities could materially impact our results of operations in the period of adjustment.
Income Taxes
Our income tax expense, deferred tax assets and liabilities and contingent reserves reflect management's best assessment of estimated future taxes to be paid. We are subject to income taxes in both the U.S. and numerous foreign jurisdictions. Significant judgments and estimates are required in determining the consolidated income tax expense.
Deferred income taxes arise from temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating our ability to recover our deferred tax assets we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In projecting future taxable income, we develop assumptions including the amount of future state, federal and foreign pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates we are using to manage the underlying businesses.
As of December 31, 2007, we have foreign income tax net operating loss carryforwards of $7.7 million that will expire at various dates from 2008 through 2012. The Company has approximately $3.3 million of foreign tax credits, which begin to expire at various times starting in 2012.
We believe that it is more likely than not that the benefit from certain deferred tax assets, including foreign net operating loss carryforwards and foreign tax credits, will not be realized. In recognition of this risk, we have provided a valuation allowance of $11.3 million for certain deferred tax assets, including foreign net operating loss carryforwards and foreign tax credits. If our assumptions change and we determine we will be able to realize these deferred tax assets, the tax benefits relating to any reversal of the valuation allowance on deferred tax assets at December 31, 2007 will be accounted for as a reduction of income tax expense.
Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. Management is not aware of any such changes that would have a material effect on the Company's results of operations, cash flows or financial position.
The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across our global operations.
In July 2006, the FASB issued Financial Interpretation ("FIN") 48, "Accounting for Uncertainty in Income Taxes," which clarifies the accounting for uncertainty in income taxes recognized in the financial statements in accordance with SFAS 109, "Accounting for Income Taxes." FIN 48 provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits.
Income tax positions must meet a more-likely-than-not recognition threshold at the effective date to be recognized upon the adoption of FIN 48 and in subsequent periods. This interpretation also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. We adopted FIN 48 effective January 1, 2007. The adoption of FIN 48 did not have a material effect on our consolidated financial statements.
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RESULTS OF OPERATIONS
The following table summarizes our consolidated operating results as a percentage of net sales revenue for the periods indicated:
Year Ended December 31,
2007 2006 2005
Net sales revenue 100.0 % 100.0 % 100.0 %
Costs and Expenses:
Cost of goods sold 19.4 19.0 19.2
Volume incentives 39.2 40.3 41.0
Selling, general and administrative 40.6 38.5 36.5
99.2 97.8 96.7
Operating Income 0.8 2.2 3.3
Other Income (Expense):
Interest and other income, net 0.4 0.4 0.2
Interest expense - (0.2 ) (0.2 )
Foreign exchange (losses) gains, net - - (0.1 )
0.4 0.2 (0.1 )
Income Before Provision for Income Taxes 1.2 2.4 3.2
Provision for Income Taxes 3.5 3.4 2.2
Net (Loss) Income (2.3 )% (1.0 )% 1.0 %

Year Ended December 31, 2007 as Compared to the Year Ended December 31, 2006
With this Annual Report, we have presented our financial statements for our fiscal years 2007 and 2006, incorporating to the extent appropriate all information available to us as of the date hereof. We have not previously filed our financial statements for fiscal year 2007.
Net Sales Revenue
Consolidated net sales revenue for the year ended December 31, 2007, was $366.6 million compared to $362.2 million in 2006, an increase of approximately 1.2 percent. During 2007, the increase in net sales revenue is primarily due to continued growth in the Company's international business segment.
We distribute our products to consumers through an independent sales force comprised of Managers and Distributors. Active Managers totaled approximately 24,100 and 24,300 at December 31, 2007 and 2006, respectively. Active Distributors totaled approximately 698,700 and 668,600 at December 31, 2007 and 2006, respectively. We anticipate the number of active Distributors to increase as we expand our existing operations, enter new international markets, and as current Distributors grow their businesses.
Net sales revenue related to the NSP United States business segment operations were $148.3 million and $148.4 million for the years ended December 31, 2007 and 2006, respectively.
NSP International net sales revenue increased to $149.8 million in 2007 compared to $130.6 million in 2006, an increase of approximately 14.7 percent. The increase in international net sales revenue in 2007 compared to 2006 is primarily the result of continued growth in our operations in Russia, Ukraine, Venezuela, and Japan. Price increases are planned in various international markets to compensate for foreign currency devaluations and increases in the cost of finished products. Management believes the price increases will be acceptable to its sales force and will result in increased net sales revenue.
Synergy Worldwide net sales revenue decreased to $68.6 million in 2007 compared to $83.2 million in 2006, a decrease of approximately 17.6 percent. The decrease in Synergy Worldwide net sales is primarily due to the loss of key distributor networks as a result of increased competition in the United States and Japanese markets with growth remaining flat in the other markets in which
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Synergy Worldwide operates. Further information related to the NSP United States, NSP International and Synergy Worldwide business segments is set forth in Note 12 of Notes to Consolidated Financial Statements in Item 8 of this Report.
Cost of Goods Sold
Cost of goods sold as a percent of net sales revenue increased slightly in 2007 compared to 2006 primarily as a result of increased provisions for obsolete inventory.
Volume Incentives
Volume incentives are a significant part of our direct sales marketing program and represent commission payments made to our independent Distributors and Managers. These payments are designed to provide incentives for reaching higher sales levels and for recruiting additional Distributors. Volume incentives as a percent of net sales revenue decreased slightly during 2007 as compared to 2006, primarily as a result of the decreased sales revenue in our Synergy Worldwide business segment where volume incentives are slightly higher than in the United States and our other international operations, and as a result of sales in new markets where lower levels of volume incentives were paid.
Selling, General and Administrative
Selling, general and administrative expenses increased $9.1 million in 2007 compared to 2006, from $139.6 million to $148.7 million. Approximately $3.4 million is the result of expenses related to the continued growth of the Company's international segments, as well as $1.1 of expenses related to new Synergy Worldwide markets. Professional fees increased $3.0 million as a result of continued work on becoming current in our SEC filings. In addition, bonuses to participants in the Company's discretionary bonus plan increased approximately $1.3 million in 2007 compared to 2006. Selling, general and administrative expenses as a percent of net sales revenue increased to 40.6 percent in 2007 compared to 38.5 percent in 2006. Selling, general and administrative expenses includes general marketing and sales expenses, but not commissions, which are included under Volume Incentives, and also includes research and development expenses and general administrative expenses. The amount, excluding capital expenditures, spent on research and development activities remained constant at $1.9 million for 2007 and 2006.
Income Taxes
The effective income tax rate was 285 percent for 2007, compared to 141 percent for 2006. The effective rate for 2007 differed from the federal statutory rate of 35 percent primarily related to (i) additional liabilities associated with uncertain tax positions which increased the effective rate by 104 percent,
The effective rate for 2006 differed from the federal statutory rate of 35 percent primarily related to additional non-income tax contingencies which increased the effective rate by approximately 54 percent, a change in deferred tax asset valuation allowances which increased the effective rate by approximately 29 percent, a taxable gain on the sale of intercompany assets eliminated for book purposes which increased the effective rate by approximately 13 percent, a foreign exchange tax gain on an intercompany payable which increased the effective rate by 10 percent, and foreign and state tax rate differentials, as well as permanent nondeductible or deductible items account for the remaining increase.
Year Ended December 31, 2006 as Compared to the Year Ended December 31, 2005
With this Annual Report, we have presented our financial statements for our fiscal years 2006 and 2005, incorporating to the extent appropriate all information available to us as of the date hereof.
Net Sales Revenue
Consolidated net sales revenue for the year ended December 31, 2006, was $362.2 million compared to $351.7 million in 2005, an increase of approximately 3.0 percent. During 2006, the increase in net sales revenue is primarily due to continued growth in the Company's international business segment.
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We distribute our products to consumers through an independent sales force comprised of Managers and Distributors. Active Managers totaled approximately 24,300 and 21,300 at December 31, 2006 and 2005, respectively. Active Distributors totaled approximately 668,600 and 588,100 at December 31, 2006 and 2005, respectively. We anticipate the number of active Distributors to increase as we expand our existing operations, enter new international markets, and as current Distributors grow their businesses.
Net sales revenue related to the NSP United States business segment operations increased approximately 0.1 percent in 2006 to $148.4 million compared to $148.3 million in 2005. This slight increase was the result of both our price increases in our United States market of 1.9 percent in 2006 (due to higher material costs) and a slight decrease in sales volumes of 1.8 percent.
NSP International net sales revenue increased to $130.6 million in 2006 compared to $120.0 million in 2005, an increase of approximately 8.8 percent. The increase in international net sales revenue in 2006 compared to 2005 is primarily the result of continued growth in our operations in Russia, Venezuela, Canada, and Mexico. We implement price increases annually to compensate for foreign currency devaluations and increases in the cost of finished products. Management believes the price increases will be acceptable to its sales force and will result in increased net sales revenue.
Synergy Worldwide net sales revenue decreased to $83.2 million in 2006 compared to $83.4 million in 2005, a decrease of approximately 0.2 percent. The slight decrease in Synergy Worldwide net sales is primarily due to increased competition in the United States and Japanese markets, which have been offset by continued growth in the Korean and South Asian markets. Further information related to the NSP United States, NSP International and Synergy Worldwide business segments is set forth in Note 12 of Notes to Consolidated Financial Statements in Item 8 of this Report.
Cost of Goods Sold
Cost of goods sold as a percent of net sales revenue decreased slightly in 2006 compared to 2005 primarily as a result of (1) decreased importation costs in several of our international operations, and (2) increased efficiency gained from our expanded manufacturing facility.
Volume Incentives
Volume incentives are a significant part of our direct sales marketing program and represent commission payments made to our independent Distributors and Managers. These payments are designed to provide incentives for reaching higher sales levels and for recruiting additional Distributors. Volume incentives as a percent of net sales revenue decreased slightly during 2006 as compared to 2005, primarily as a result of the decreased sales revenue in our Synergy Worldwide business segment where volume incentives are slightly higher than in the United States and our other international operations, and as a result of sales in new markets where lower levels of volume incentives were paid.
Selling, General and Administrative
Selling, general and administrative expenses increased $11.2 million in 2006 compared to 2005, from $128.4 million to $139.6 million, as a result of expenses related to the continued growth of the Company's international segment as well as costs related to the internal investigation previously mentioned of $6.9 million and $5.1 million related to non-income tax contingencies. Selling, general and administrative expenses as a percent of net sales revenue increased to 38.5 percent in 2006 compared to 36.5 percent in 2005. Selling, general and administrative expenses includes general marketing and sales expenses, but not commissions, which are included under Volume Incentives, and also includes research and development expenses and general administrative expenses. The amount, excluding capital expenditures, spent on research and development activities increased slightly, from $1.8 million in 2005 to $1.9 million in 2006.
Income Taxes
The effective income tax rate was 141 percent for 2006, compared to 69 percent for 2005. The effective rate for 2006 differed from the federal statutory rate of 35 percent primarily related to (i) additional tax contingencies, which increased the effective rate by approximately 54 percent, (ii) a change in deferred tax asset valuation allowances which increased the effective rate by approximately 29 percent, (iii) a taxable gain on the sale of intercompany assets eliminated for book purposes which increased the effective rate by approximately 13 percent, (iv) a foreign exchange tax gain on an intercompany payable which increased the effective rate by 10 percent, and (v) foreign and state tax rate differentials, as well as permanent nondeductible or deductible items accounting for the remaining increase.
. . .
Dec 31, 2008



보도자료http://www.mke.go.kr‘08년 12월 1일(월) 11:00부터 보도하여 주시기 바랍니다.자료문의 : 수출입과장 강명수, 사무관 권현철, 주무관 남경탁 (2110-5333)





2008년 11월 輸出入 동향
- ‘08. 12. 1(월) 배포, 총 23쪽 -

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ㅇ 본 동향 자료는 관세청 통관자료 및 무역통계(KITA)를 기초로 2008년 11월 수출입 실적을 분석한 것임

ㅇ 전체 수출입 실적은 11월 30일까지의 통관실적(잠정치)을 기준으로 작성된 것이며,

ㅇ 품목별․지역별 수출입 실적은 11월 20일까지의 통관실적(잠정치)을 기준으로 작성됨

ㅇ 다만, 주요 품목별 수출실적(MTI 기준) 추이는 지식경제부 품목담당과 검토를 토대로 월간 수출액을 추정하여 작성






2008년 11월 수출입 동향
유가․원자재가 하락 영향으로 2개월 연속 무역수지 흑자 기록

- 세계경기침체 및 소비수요 급감으로 수출, 수입 모두 두자릿수의 감소세 -
- 13대 수출주력품목 중 선박을 제외하고, 모든 품목이 감소세 기록 -


□ 11월 輸出은 전년동월대비 △18.3% 감소한 292.6억달러, 輸入은 △14.6% 감소한 289.6억달러로 貿易收支는 3.0억달러 흑자 기록

< 11월 수출입실적(잠정, 통관기준, 백만달러, %) >
구 분2008년2007년1～10월11월P1～11월P11월1～11월수 출실적(증가율)366,346(21.0)29,262(△18.3)395,608(16.9)35,808(17.0)338,459(14.1)수 입실적(증가율)379,985(31.5)28,965(△14.6)408,950(26.6)33,926(26.8)322,950(14.6)무역수지실적△13,639297△13,3431,88215,509

ㅇ 무역수지가 2개월 연속 흑자를 지속한 것은 유가․원자재가 하락 및 국내 수입수요 감소에 기인

- 전세계적인 경제침체 및 소비수요 감소로 선박(34.7%↑)을 제외하고, 일반기계(△24.4%↓)․자동차부품(△30.8%↓)․석유화학(△36.6%↓) 등 모든 품목들이 수출감소세 기록

- 원유는 도입단가 하락(△15.4%↓)의 영향으로 15개월(‘07.8, △11.4%↓)만에 수입액이 두 자릿수의 감소세 기록

ㅇ 글로벌 금융위기가 선진국 경기침체와 개도국의 성장둔화로 확산되어, 중동을 제외하고 대부분 지역의 수입수요가 급감하는 추세

- 시장위축 및 재고 감축을 이유로 바이어들이 기존수출주문의 선적지연, 축소 또는 취소를 요청하는 사례도 발생하고 있어 향후 수출경기가 매우 어려워질 전망
* 세계경제침체로 일본․대만 등 경쟁국들의 수출도 마이너스로 전환 추세 : 10월 수출증가율 (일본)△7.7%, (대만)△8.3%, (싱가폴)△5.9%

□ 輸出은 선박류를 제외한 주력품목의 수출부진과 중동을 제외한 대부분 지역의 수입수요 감소로 △18.3%의 두 자릿수 감소세 기록

ㅇ 주력품목별로는 제품단가 하락(석유제품․석유화학․철강제품․반도체 등), 소비 감소(무선통신기기․가전․자동차 등) 및 설비투자 감소(일반기계 등) 등으로 대부분 수출감소세 기록

* 13대 품목별 수출증가율(%) : (선박)35, (철강)△2, (섬유류)△18, (석유제품)△19, (자동차)△13, (액정디바이스)△19, (무선통신기기)△26, (일반기계)△24, (자동차부품)△31, (석유화학)△37, (반도체)△44, (가전)△51, (컴퓨터)△55

- 다만, 선박은 과거수주물량에 힘입어 두 자릿수(34.7%)로 수출증가

ㅇ 11.1～20일간 지역별로는 對선진국 수출 감소(△8.3%)와 더불어 對개도국 수출도 큰 폭의 감소세(△17.5%)로 전환

- 중동(30.6%)을 제외하고, 중남미(△5.8%)․미국(△6.2%)․대양주(△6.2%) 등은 한 자릿수 감소세로,

- EU(△12.5%)․일본(△13.5%)․ASEAN(△16.2%)․중국(△27.8%) 등은 두 자릿수 감소세로 전환되는 등 대부분 지역의 수출이 큰 폭으로 감소

□ 輸入은 원유 등 원자재의 수입둔화 및 자본재․소비재의 큰 폭의 수입감소 영향으로 △14.6%의 감소세 기록

ㅇ 원자재는 (11.1～20일간)7.7% 증가하였지만, 원유(△21%↓)․석유제품(△38%↓)은 도입단가 하락 및 수요 감소로 수입액이 크게 감소

* 원자재 수입증가율 : (’07.11.1～20) 32.8% → (’08.11.1～20) 7.7%

- 다만, 5대 수입품목중 석탄․가스․철강제품 등의 도입단가는 아직 높은 수준 유지

* (석탄)106%, (가스)50%, (철강)53%, (원유)△15%, (석유제품)△30%

ㅇ 자본재 및 소비재는 설비투자 부진과 소비 감소 등의 영향으로 수입증가율이 모두 두 자릿수의 큰 폭의 감소세

* 자본재 수입증가율 : (’07.11.1～20) 23.6% → (’08.11.1～20) △23.6%
* 소비재 수입증가율 : (’07.11.1～20) 15.6% → (’08.10.1～20) △17.7%

□ 이에 따라, 월간 貿易收支는 3.0억달러 흑자를 기록하며, 지난 10월에 이어 2개월 연속 흑자 시현

◈ 지식경제부는 세계경제의 급격한 위축으로 급증하고 있는 기업들의 수출애로를 적극 해소하기 위해

ㅇ 실물경제종합지원단(단장: 제1차관), 수출입상황실(실장: 무역투자실장) 등을 통한 현장방문 및 실시간 기업 무역애로 해소, 해외마케팅 지원 확대, 수출보험지원 강화 등 수출촉진대책을 적극 추진하겠음
1. 수출 동향 (잠정)

가. 輸出 추이

□ 11월 輸出은 전년 동월대비 △18.3% 감소한 292.6억달러를 기록하며, 14개월 만에 수출감소세 기록

ㅇ 조업일수를 고려한 日평균 수출액도 전년 동월대비 △12.8% 감소한 13.0억달러로 15개월만(‘07.8, 12.9억달러/일)에 최저치 기록

□ 품목별 수출은 선박류를 제외한 석유제품․일반기계․무선통신기기․철강제품․석유화학․자동차부품 등 대부분의 주력품목 수출이 감소세로 전환

□ 지역별 수출은 11.1～20일(△14.4%)간 對중동(30.6%)을 제외한 대부분의 지역에서 큰 폭으로 둔화 추세

ㅇ 對美(△6.2%), 對日(△13.5%), 對EU(△12.5%) 등 對선진국 수출(△8.3%)은 둔화세가 커지면서 선진국 경기침체 영향을 반영

ㅇ 또한, 그동안 수출호조지역이던 對중남미(△5.8%), 對대양주(△6.2%), 對ASEAN(△16.2%), 對中(△27.8%) 등 對개도국 수출도 큰 폭으로 감소세(△17.5%)로 전환

< 수출실적 추이(억달러, %) >
‘07.1112‘08.1234567891011수출액358.1 330.3 322.8 311.8 359.9 378.5 393.9 372.6 409.6 366.3 374.4 373.7 292.6증감율17.0 14.8 14.9 18.9 18.4 26.4 26.9 16.4 35.6 18.2 27.7 8.5 △18.3日평균14.9 15.4 13.4 15.6 15.6 16.5 17.5 16.9 16.4 16.3 16.6 15.6 13.0

< 최근 1년간 월별 수출 추이 >



나. 13大 품목별 輸出 동향 (11.1～20일 실적을 바탕으로 11월중 실적 추정)

◈ 두 자릿수 이상 증가한 품목(1) : 선박류(34.7%)

◈ 한 자릿수 감소한 품목(1) : 철강제품(△2.1%)

◈ 두 자릿수 감소한 품목(11) : 자동차(△13.1%), 섬유류(△18.4%), 석유제품(△19.0%), 액정디바이스(△19.4%), 일반기계(△24.4%), 무선통신기기(△26.2%), 자동차부품(△30.8%), 석유화학(△36.6%), 반도체(△44.0%), 가전(△50.6%), 컴퓨터(△54.9%)

□ 선박류는 견조한 두 자릿수의 수출 호조세 유지
(단위 : 억달러, %)
품목명수출실적
(증가율)수출 호조세 지속 원인’07.11’08.11선박류28.3
(26.2)38.2
(34.7)ㅇ안정된 수주물량(4년치 확보) 및 안정된 노사 관계로 수출호조세 지속

- 최근 발주량 감소로 수주량은 감소하나, 수주점유율은 전년보다 상승

* 한국 수주점유율(CGT기준) : (‘07)37%→(’08.1～9)41.1%

□ 철강제품은 한 자릿수의 수출감소세
(단위 : 억달러, %)
품목수출실적
(증가율)수출 한 자릿수 감소 원인’07.11’08.11철강
제품20.5
(10.2)20.1
(△2.1)ㅇ세계경기둔화로 인한 수요감소, 생산량 증가, 중국 수출확대 등으로 가격 약세가 지속

* 철강가격지수(CRU) : ('08.1)183→(4)237→(7)291→(8)293→(9)269→(10)240→(11)195
ㅇ중국․일본 등에 대한 수출 부진으로 수출감소세 전환

* 수출증가율(11.1-20, %) : (철강제품)4.9, (냉연강판)△11.7




□ 섬유류, 석유제품, 자동차, 액정디바이스, 무선통신기기, 일반기계, 자동차부품, 석유화학, 반도체, 가전 및 컴퓨터는 두 자릿수의 큰 폭의 감소세
(단위 : 억달러, %)
품목수출실적
(증가율)수출 두 자릿수 감소 원인’07.11’08.11자동차36.8
(3.9)32.0
(△13.1)ㅇ경기침체 우려로 인한 미 자동차산업의 사상 최대 경영위기로 4/4분기 수출 어려움이 가중

* ‘08.10월 미국 자동차 판매는 25년만에 최악의 실적 기록(전년동월 대비 △31.4%, 2차대전 이후 최저치)

- 글로벌 산업구조개편으로 국내 자동차업계도 수출 감소로 인한 감산 및 내부 구조조정 우려 상존

ㅇ미국․서유럽 등 주요 시장 침체로 수출이 급감섬유류11.9
(7.4)9.7
(△18.4)ㅇ섬유소비 감소와 이에 따른 발주 지연 및 취소 등의 영향으로 수출여건 악화

- 미, 유럽 시장을 중심으로 소비 위축 본격화

ㅇ섬유사, 직물, 제품 등 모두 감소세

* 품목별 수출증가율(11.1-20, %) : (섬유직물)△8.5, (섬유제품)△16.6, (섬유사)△21.9석유
제품27.5
(66.8)22.3
(△19.0)ㅇ국제 석유제품 가격이 유가하락과 수요감소 둔화 우려 등으로 하락세 지속

- 또한, 중국 등의 제품수요가 약세를 나타내며 수출여건이 계속 악화되고 있는 추세

ㅇ수출금액은 전년동월 대비 크게 감소하나, 수출물량은 약 32백만배럴로 전년동월 대비 약 9.4% 증가

* 경유 수출단가($/bbl) : ('07.11)99→('08.1)108→(3)128→(5)162→(7)167→(9)120→(10)87→(11.2주)75



(단위 : 억달러, %)
품목수출실적
(증가율)수출 두 자릿수 감소 원인’07.11’08.11액정
디바이스16.8
(40.2)13.6
(△19.4)ㅇ세계경기침체에 따른 구매심리 저하에 따른 소비재용 전자제품의 수요 감소 등으로 수출감소세 지속

ㅇ특히, 디스플레이 패널(노트북, 모니터, TV 등) 가격 하락세가 지속되어 패널 업체의 영업이익 감소에 영향

* TFT LCD(TV용,81cm) : ('07.11)$327/개→('08.1)328→(3)325→(5)314→(7)285→(9)253→(11)222일반
기계30.1
(44.6)22.8
(△24.4)ㅇ미국․유럽 등 선진시장의 경제침체, 중국․중남미 등 개도국의 제조업 부진 영향으로 수출이 큰 폭으로 감소

* 지역별 수출증가율(11.1-20, %) : (미국)△13.5,
(EU)△37.4, (중국)△12.4, (중남미)△15.9

ㅇ다만, 중동․아세안 지역으로는 수출증가세 유지

* 지역별 수출증가율(11.1-20, %) : (중동)42.8, (ASEAN)11.9무선통신
기기34.5
(30.5)25.4
(△26.2)ㅇ유럽시장 소비 침체로 ‘07.9월(△1.3%) 이후 처음으로 수출감소세를 기록

ㅇ미국시장은 교체수요로 전년수준을 유지하나, 유럽 및 신흥시장은 판매가 하락 및 수요감소로 수출감소세

* 지역별 수출증가율(11.1-20, %) : (미국)3.1,
(EU)△30.2, (개도국)△20.2자동차
부품12.3
(35.0)8.5
(△30.8)ㅇ지난 10월 이후 해외 자동차 판매 부진에 따른 재고 누적과 감산 등으로 자동차부품의 수출이 감소세로 전환

ㅇ특히 자동차 조립업체들의 재고 감축 및 조업 중단으로 KD(반제품) 수출이 급감하는 추세


(단위 : 억달러, %)
품목수출실적
(증가율)수출 두 자릿수 감소 원인’07.11’08.11석유
화학25.1
(19.3)15.9
(△36.6)ㅇ세계적 수요부진과 중국 등 신흥국들의 저가물량공세에 따른 공급과잉 등으로 제품가격이 큰 폭의 하락세

* 석유화학제품 가격 추이($/톤) :
․에틸렌 : (7월) 1,635 → (11.7일) 390(△76%↓)
․LDPE : (7월) 1,945 → (11.7일) 960(△51%↓)
․PP : (7월) 2,028 → (11.7일) 655(△68%↓)

ㅇ주요 수요처(중국 등)의 추가 가격하락 기대에 따른 구매 취소 및 보류

- NCC를 비롯, SM, ABS 등 일부 유화제품은 채산성 악화로 가동률이 하향조정되어 수출물량 감소반도체34.7
(△11.9)19.4
(△44.0)ㅇ메모리공급 과잉에 따른 DRAM 및 Nand Flash의 가격하락세로 5개월 연속 수출감소세 지속

* DRAM 가격(1G,$/개) : (’07.1)2.50→(‘08.1)2.03→(5)2.19→(7)1.98→(9)1.65→(11)0.94

* Nand Flash 가격추이($/개, MLC 8G) : (’07.11)4.98→(‘08.1)3.17→(5)3.15→(7)2.33→(9)1.75→(12)1.34가 전11.4
(3.0)5.6
(△50.6)ㅇ블랙프라이데이 특수 실종, 미 서킷시티 파산에 따른 대형유통업체의 재고감축 노력으로 수출 감소세 지속

* 수출증가율(11.1-20, %) : (영상기기)△49.4, (칼라TV)△53.6, (냉장고)△31.8

ㅇ특히 칼라TV부품 수출도 큰 폭으로 감소하는 등 해외 생산기지의 판매 부진도 가속화되는 상황컴퓨터12.6
(11.2)5.7
(△54.9)ㅇ컴퓨터 생산기반의 해외(중국등) 이전 가속화 및 가격경쟁력 약화로 수출감소세 지속

ㅇ모니터, 보조기억장치, 부품 등 수출감소세 지속

* 품목별 수출증가율(11.1-20, %) : (모니터)△69.5, (보조기억장치)△49.0, (컴퓨터부품)△42.6

< 13대 품목별 11월 수출실적 >

(단위 : 백만달러, %)
품목명’07년 전체’08년1～10월11월P1～11월P선박류
(증가율)27,77734,2453,81838,063(25.6)(56.4)(34.7)(53.9)자동차
(증가율)37,28429,4293,19932,628(13.3)(△3.0)(△13.1)(△4.1)무선통신기기
(증가율)30,45831,3582,54333,901(12.7)(26.6)(△26.2)(20.1)석유제품
(증가율)23,96634,1452,22836,373(17.5)(84.1)(△19.0)(70.8)일반기계
(증가율)30,76432,2482,27734,525(28.6)(29.8)(△24.4)(24.0)반도체
(증가율)39,04529,3271,94431,271(4.5)(△9.8)(△44.0)(△13.1)철강제품
(증가율)23,02025,7102,00727,717(18.5)(35.6)(△2.1)(31.9)석유화학
(증가율)28,82428,9381,59130,529(19.6)(21.5)(△36.6)(15.9)액정디바이스
(증가율)16,65516,0571,35717,417(36.4)(19.6)(△19.4)(15.2)섬유류
(증가율)13,44611,44297412,492(1.6)(2.4)(△18.4)(1.0)자동차부품
(증가율)12,43612,32385213,223(21.6)(22.5)(△26.8)(17.1)가 전
(증가율)13,43311,65456412,254(△7.7)(3.5)(△50.6)(△1.2)컴퓨터
(증가율)13,8089,60857010,178(9.8)(△15.3)(△54.9)(△19.3)


다. 지역별 수출 동향(11.1～20일까지 잠정치 기준)

◈ 對中東을 제외한 모든 지역의 수출이 감소세로 전환

< 주요 지역별 수출 증가율 추이(전년 동기대비, %) >
’06‘07‘08.8‘08.9‘08.10’07.11.1～20’08.11.1～20中 國12.2 18.0 19.4 15.1 △2.6 23.1 △27.8 美 國4.5 6.0 1.0 19.4 5.3 0.0 △6.2 日 本10.4 △0.6 4.7 16.9 4.6 12.5 △13.5 E U11.3 13.7 6.1 26.7 5.7 5.7 △12.5 ASEAN16.9 20.8 43.1 20.2 9.4 23.6 △16.2 中 東18.2 36.4 37.5 41.3 29.0 28.0 30.6 중남미36.0 25.4 46.2 48.8 22.8 32.0 △5.8 대양주12.7 17.7 54.6 76.6 18.5 86.9 △6.2

ㅇ 對中 수출은 액정디바이스(8.4%) 등이 증가하였으나 자동차부품(△48.1%), 석유제품(△47.0%), 반도체(△46.4%), 철강제품(△8.0%), 기초산업기계(△4.5%) 등을 중심으로 감소

ㅇ 對美 수출은 액정디바이스(△62.5%), 섬유류(△29.1%), 가정용전자제품(△27.1%), 반도체(△5.0) 등이 감소하였으나 철강제품(51.7%), 자동차(35.3%) 등을 중심으로 증가

ㅇ 對日 수출은 철강제품(26.9%)을 제외한 반도체(△49.3%), 비철금속제품(△42.5%), 석유제품(△38.5%) 등 대부분의 품목이 감소

ㅇ 對EU 수출은 석유화학제품(6.8%), 철강제품(4.5%) 등은 증가하고 반도체(△40.6%), 일반기계(△37.4%), 무선통신기기(△30.2%), 자동차부품(△22.5%) 등의 수출이 감소

< 지역별 수출 비중 추이(%) >
’06‘07‘08.8‘08.9‘08.10’07.11.1～20’08.11.1～20中 國21.3 22.1 23.3 21.6 20.2 24.3 20.5 美 國13.3 12.3 9.7 10.2 11.9 11.0 12.2 日 本8.2 7.1 6.0 6.2 6.6 7.7 7.8 E U15.1 15.1 13.3 13.9 14.3 15.4 15.8 ASEAN9.9 10.4 12.0 10.6 10.7 10.3 10.2 中 東4.4 5.3 5.9 5.9 6.3 4.6 7.1 중남미6.3 6.9 9.2 8.1 8.6 5.4 5.9 대양주2.1 2.1 2.7 3.5 1.9 3.0 3.3

2. 수입 동향 (잠정)

가. 輸入 추이

□ 11월 수입은 전년동월대비 △14.6% 감소한 289.6억달러 기록

ㅇ 조업일수를 고려한 日평균 수입액도 전년 동월대비 △8.9% 감소한 12.9억달러로 15개월만(‘07.8, 12.4억달러/일)에 최저치 기록

□ 원자재는 1～10월간 수입증가세(45.2%)보다 크게 둔화된 7.7%의 증가세 기록

ㅇ 자본재(△23.6%)는 수입 감소세를 기록, 11.1~20일간 반도체제조용 장비(△68.6%), 컴퓨터부품(△47.3%) 등을 중심으로 감소

ㅇ 소비재(△12.8%)는 전년동기(11.1～20일) 대비 생활용품(△17.5), 승용차 (△44.7%), 가정용전자제품(△19.7%) 등을 중심으로 감소세

< 수입실적 추이(억달러, %) > ‘07.1112‘08.1234567891011수입액339.3 339.0 363.1 326.2 371.0 382.6 386.8 378.2 429.9 404.2 396.4 361.6 289.6증감율26.8 23.2 31.7 28.4 26.6 29.3 29.6 32.7 47.1 36.4 45.8 10.4 △14.6日평균14.1 15.8 15.1 16.3 16.1 16.6 17.2 17.2 17.2 18.0 17.6 15.1 12.9

< 최근 1년간 월별 수입 추이 >



나. 용도별 수입 동향 (11.1～20일까지 잠정치 기준)

◈ 유가․원자재가 하락 및 수요감소 등에 의해 원자재 수입이 둔화하고, 자본재와 소비재의 수입은 감소세로 전환

< 용도별 수입 추이 (전년 동기대비, %) >
’06‘07‘08.8‘08.9‘08.10’07.11.1～20’08.11.1～20원자재증가율22.816.457.161.120.632.87.7비 중56.557.065.364.060.957.765.8자본재증가율11.714.37.826.20.123.6△23.6비 중32.732.425.927.330.132.125.5소비재증가율19.917.58.718.8△10.115.6△17.7비 중10.210.48.48.69.010.28.7총수입증가율18.415.336.445.810.427.5△4.8

□ 원자재는 원유․석유제품․가스 등 에너지자원과 철강제품의 수입급증 영향으로 전년동기(11.1～20일) 대비 7.7% 증가

< 주요 에너지자원 월간(11.1～30일) 수입 추이(백만달러, %) >
구 분`06‘07`07.11`08.10'08.11증감율 (%)전년동월비전월비원  유55,86560,3246,4686,4385,116 △20.9△20.5석유제품9,55911,9691,045 1,113648 △38.0△41.8가 스14,70015,9991,6662,0122,51450.924.9합  계80,12488,2929,1799,5638,278△9.8△13.4

ㅇ 원유수입은 도입단가가 전년동월($82.9/bbl)보다 △15.4% 감소($70.1/bbl)하여 도입금액이 51.2억달러(△20.9%↑)로 △13.5억달러 감소

* 전월과 비교시, 원유 도입단가가 △22.9% 감소하여 도입금액은 △13.2억달러 감소
구 분`06`07`07.11`08.10'08.11증감율 (%)전년동월비전월비국제유가(Dubai, $/B)61.668.486.9 67.7 49.9△42.5△26.2도입단가($/B)62.9 69.1 82.9 90.9 70.1 △15.4△22.9도입물량(백만B)888.8873.578.1 70.8 73.0 △6.53.1수입액(백만$)55,86560,3246,4686,4385,116△20.9△20.5


ㅇ 철강판(42.5%), 철강관(5.1%) 등 철강제품(29.1%)은 증가한 반면, 알루미늄괴(△36.1%), 동괴(△22.3%) 등 비철금속제품(△28.6%)의 수입은 감소

ㅇ 유연탄(148.6%), 사료(16.8%), 펄프(0.2%) 등의 수입은 증가한 반면, 의약품(△32.8%), 고철(△19.4%) 등의 수입은 감소

□ 자본재(△23.6%)는 전년동기(11.1～20일) 대비 휴대용컴퓨터(39.0%), 무선통신기기부품(12.3%) 등의 수입이 증가한 반면,

ㅇ 반도체제조용장비(△68.6%), 컴퓨터부품(△47.3%), 금속절삭가공기계(△39.5%), 자동차부품(△23.7%), 액정디바이스(△1.7%) 등의 수입은 감소

< 주요 자본재 품목별 수입 증가율(11.1～20, %) >
감소 품목증가 품목반도체제조용장비(△68.6), 컴퓨터부품(△47.3), 금속절삭가공기계(△39.5), 광학렌즈(△36.3), 프로세스와컨트롤러(△31.8)전자계측기(58.0), 휴대용컴퓨터(39.0), 선박용부품(13.1), 무선통신기기부품(12.3), 전동축및기어(9.5), 자동제어기(0.6)

□ 소비재(△17.7%)는 전년동기(11.1～20일) 대비 신발(△12.4%) 등 생활용품(△17.5)과 승용차(△44.7%), 가정용전자제품(△19.7%)등을 중심으로 감소세

< 주요 소비재 품목별 수입 증감율(11.1～20, %) >
감소 품목증가 품목승용차(△44.7), 코드분할식전화기(△34.4), 대두(△29.5), 타일(△21.9), 코드및자켓(△14.1), 신발(△12.4), 밀(△9.0), 옥수수(△6.2)명태(59.5), 커피(48.7), 쇠고기(29.1), 치즈(23.2), 가죽제가방(13.2), 스피커(8.0), 로얄제리(0.6)

* 주요 농산물 가격($/톤, 한국농촌경제연구원)
[밀] (‘07.11) 300 → (’08.10) 255 → (’08.11) 212 [29.3%↓]
[대두] (‘07.11) 391 → (’08.10) 329 → (’08.11) 326 [16.6%↓]
[옥수수] (‘07.11) 150 → (’08.10) 162 → (’08.11) 148 [1.3%↓]
다. 지역별 수입 동향 (11.1～20일까지 잠정치 기준)

◈ 지역별로는 대양주․中東․중남미 등을 중심으로 수입이 크게 증가하였으나, 미국․일본․EU 등은 수입감소세 지속

< 지역별 수입 증감률 추이(전년동기대비, %) >
‘06’07‘08.8‘08.9‘08.10’07.11.1～20’08.11.1～20日 本7.3 8.3 13.4 27.3 △1.214.8△18.2美 國10.0 10.6 0.9 28.7 △1.124.2△29.3中 國25.6 29.8 37.3 47.2 8.425.8△4.0ASEAN14.1 11.3 36.2 47.2 8.320.6△2.0E U10.1 22.1 15.3 30.1 △6.538.6△26.7中 東31.9 8.0 92.6 73.4 22.144.219.5중남미38.7 16.4 19.5 39.0 37.220.619.1대양주13.4 17.3 43.8 49.9 60.0△3.557.8

ㅇ 對日 수입은 반도체제조용장비(△61.1%), 반도체(△44.0%), 자동차(△39.0%), 정밀화학제품(△5.0%) 등은 대다수 품목이 감소

ㅇ 對美 수입은 철강제품(54.4%), 농산물(15.4%)이 증가하였으나 항공기및부품(△76.7%), 반도체제조용장비(△43.5%) 등은 감소

ㅇ 對中 수입은 농산물(△25.8%), 컴퓨터(△21.0%) 등이 감소하였지만 철강제품(41.6%), 반도체(1.1%) 등 대부분 품목이 증가

ㅇ 對EU 수입은 자동차(△60.8%), 정밀화학제품(△29.9%), 기초산업기계(△21.7%) 등을 중심으로 수입이 감소

ㅇ 對대양주 수입은 철강제품(254.5%), 광물성원료(99.6%), 금속광물(75.4%), 임산물(3.5%) 등 대부분 품목이 증가

< 지역별 수입 비중 추이(%) >
’06‘07‘08.8‘08.9‘08.10’07.11.1～20’08.11.1～20日 本16.8 15.8 12.9 13.7 14.2 14.7 12.6 美 國10.9 10.4 8.2 8.3 9.1 10.6 7.7 中 國15.7 17.7 17.7 18.6 17.8 17.6 17.6 ASEAN9.6 9.3 8.9 9.4 9.4 9.8 10.1 E U9.8 10.3 9.1 8.6 8.6 10.3 7.7 中 東20.2 18.9 25.7 24.4 21.5 19.5 25.3 중남미3.1 3.2 3.0 2.6 4.2 3.0 3.7 대양주4.0 4.1 4.0 4.3 5.6 3.6 5.9


3. 무역수지 동향 (잠정)

◈ 11월 무역수지는 3.0억달러 흑자를 기록

< 월간 무역수지 추이 (억달러) >
구 분‘07.1112'08.1234567891011무역수지18.8 △8.7 △40.3△14.4△11.1△4.17.1△5.6△20.4△37.9△22.012.13.0

□ 무역수지는 수출 감소(△18.3%)에도 불구하고, 수입 감소(△14.6%)의 영향으로 전년동월대비 15.8억달러 감소한 3.0억달러 흑자

< 11월 무역수지 동향 (억달러) >
구 분’01’02’03’04’05’06’07’0811월 수지8.212.024.827.719.838.418.83.011월 원유수입15.017.123.035.542.443.864.751.2월평균 수지7.88.612.524.519.313.412.2- 연간 수지93.4103.4149.9293.8231.8160.8146.4-

□ 국가별로 對EU, 對中 등을 중심으로 무역수지 흑자를 기록하고 있으나, 對중동 수지는 원유수입 증가 등으로 적자 지속

< 주요 국가별 무역수지 추이(억달러) >
‘06’07‘08.8‘08.9‘08.10’07.11.1～20’08.11.1～20美 國95.385.52.25.611.4△1.0 4.8中 國209.0189.613.87.211.010.5 △1.9홍 콩168.8165.115.516.416.010.6 9.0日 本△253.9△298.8△30.2△31.4△26.6△17.1 △13.5E U190.7191.611.817.822.58.6 11.2中 東△480.7△478.2△82.1△74.5△54.0△34.4 △42.1

< 참고 1 > 대표적인 수출주문 지연 및 취소 사례

󰊱 수출지연 사례

ㅇ (가전) 美 가전업체의 청소기를 OEM방식으로 생산하여 수출하고 있는 D사는 미국 경제침체로 11～12월 오더(약 30만불 규모)가 지연

ㅇ (반도체) A사는 대만 B사가 발주한 3000만불 규모의 장비를 유동성 부족을 사유로 당초 '09년 상반기에서 '09년 4분기로 수출해 줄 것을 요청하여 현재 수출물량(900만불 상당)이 쌓여 있는 상황

ㅇ (자동차) C사는 경기침체로 인한 러시아 등 KD(반제품) 주요 수입국의 재고감소 노력과 수출신용장 개설곤란으로 KD수출이 급감

󰊲 수출주문 축소 및 취소 사례

ㅇ (철강제품) H업체는 거래업체이던 나이지리아 B사가 최근 철강가격 하락 등을 이유로 H형강의 계약가 대비 20% 단가를 낮추어 줄 것을 요구, 수출금액 20% 감소(당초 약 3백만불, 3천톤 규모)

ㅇ (일반기계) I사는 유럽 발주사의 신용경색문제, 발주사 소속국가 은행의 신용보증 거부 등으로 인해 수주 물량의 10% 정도가 계약취소(월간 금액 100만$～200만$)

ㅇ (일반기계) K사는 11월 들어 경기침체 및 수요위축으로 50만$ 상당의 계약건수가 미주 지역으로부터 취소됨

󰊳 상품인수 취소 사례 (통관은 되었으나, 현지에서 인수 거부)

ㅇ (석유화학) O사는 파키스탄으로 제품을 선적하여 항구에 도착하였으나, 운송 기간 동안 루피화가 폭락하고, 시장이 급속도로 위축되자 바이어 측은 사소한 서류상의 하자를 들어 인수를 거부

ㅇ (비철금속) S사는 반가공 비철금속 원료를 유럽으로 수출중이나, 최근 세계 경기침체에 따른 원자재價 급락으로 바이어가 선적제품 인수를 거부

< 참고 2 > 월별 수출입 추이 비교

□ 수출증가율(%)



□ 수입증가율(%)



□ 무역수지(억 달러)


< 참고 3 > 연도별․품목별․지역별 수출입실적 통계

연도별·월별 수출입 실적

(통관기준, 백만달러,%)
수 출 (FOB)수 입 (CIF)무역수지증가율증가율2003년193,817 19.3 178,827 17.6 14,991 2004년253,845 31.0 224,463 25.5 29,382 2005년284,419 12.0 261,238 16.4 23,180 2006년325,465 14.4 309,383 18.4 16,082 1/473,88510.672,54219.71,3432/481,47316.976,72020.44,7543/482,71316.380,21621.12,4974/487,39413.879.90513.07,4892007년371,489 14.1 356,846 15.3 14,643 1/484,704 14.6 82,262 13.4 2,442 2/492,984 14.1 87,962 14.7 5,023 3/490,529 9.4 86,059 7.3 4,470 4/4103,272 18.2 100,563 25.9 2,709 128,093 20.8 27,560 19.4 532 226,225 10.3 25,406 8.1 819 330,386 13.2 29,295 12.9 1,090 429,944 17.0 29,597 20.9 348 531,040 11.1 29,857 13.9 1,183 632,000 14.5 28,508 9.5 3,492 730,207 17.2 29,223 14.4 984 830,998 13.6 29,642 9.7 1,356 929,324 -1.1 27,194 -1.6 2,130 1034,434 22.9 32,741 27.8 1,693 1135,808 17.0 33,926 26.8 1,882 1233,030 14.8 33,896 23.2 -866 2008년395,60816.9 408,95026.6 -13,3431/499,448 17.4 106,026 28.9 -6,578 2/4114,502 23.1 114,755 30.5 253 3/4115,026 27.1 123,046 43.0 -8,020 132,276 14.9 36,305 31.7 -4,029 231,179 18.9 32,620 28.4 -1,441 335,992 18.5 37,101 26.6 -1,109 437,845 26.4 38,255 29.3 -409 539,394 26.9 38,684 29.6 710 637,262 16.4 37,816 32.7 -554 740,955 35.6 42,991 47.1 -2,037 836,630 18.2 40,417 36.4 -3,788 937,442 27.7 39,637 45.8 -2,195 1037,370 8.5 36,158 10.4 1,212 1129,262 -18.328,965 -14.6297

주요 품목별 수출실적
(백만달러,%)

2007년2008년11.1 ～ 11.201.1 ～ 11.20금액증가율비중금액증가율금액증가율비중전체 수출371,48914.1 100.0 17,551 -14.4 383,896 18.8 100.0 중화학제품340,07815.2 91.5 15,882 -15.7 352,489 19.3 91.8 ㅇ석유제품23,96617.5 6.5 1,449 -12.6 35,594 76.2 9.3 ㅇ화 공 품39,99917.5 10.8 1,596 -21.4 42,537 21.3 11.1    석유화학28,82419.6 7.8 1,032 -29.9 29,970 18.5 7.8 ㅇ철강제품23,02018.5 6.2 1,183 4.9 26,893 33.9 7.0 ㅇ비철금속8,51311.4 2.3 314 -34.0 7,794 3.0 2.0 ㅇ일반기계30,76428.6 8.3 1,546 -10.5 33,793 27.2 8.8   ․건설광산기계5,28628.8 1.4 152 -37.2 5,537 21.4 1.4 ㅇ정밀기계2,23953.9 0.6 88 -8.7 1,869 -6.7 0.5 ㅇ자 동 차37,28413.2 10.0 1,670 2.0 31,099 -2.7 8.1    승 용 차34,48312.7 9.3 1,516 0.2 27,793 -6.2 7.2 ㅇ자동차부품12,43621.6 3.3 553 -23.8 12,876 19.4 3.4 ㅇ선 박 류27,77725.6 7.5 1,599 26.7 35,844 54.7 9.3 ㅇ전자․전기131,7579.2 35.5 5,773 -27.5 122,247 5.3 31.8    산업용전자48,53910.3 13.1 2,412 -24.0 47,354 10.9 12.3   ․무선통신기기30,45812.7 8.2 1,820 -16.3 33,177 23.1 8.6    ․컴퓨터13,8089.8 3.7 386 -49.6 9,994 -17.5 2.6    ․컴퓨터부품2,827-7.3 0.8 100 -42.6 2,154 -14.8 0.6    가정용전자13,433-7.7 3.6 435 -38.2 12,089 1.0 3.1    ․칼라TV6,090-9.6 1.6 166 -53.6 5,582 4.4 1.5    전자부품62,93412.1 16.9 2,604 -29.5 55,393 -0.2 14.4    ․반도체39,0454.5 10.5 1,257 -41.8 30,584 -11.8 8.0    ․액정디바이스16,65536.4 4.5 895 -18.3 16,951 16.7 4.4 경공업제품25,7792.6 6.9 1,254 -7.8 24,536 8.1 6.4 ㅇ플라스틱4,40912.1 1.2 217 -5.9 4,490 16.1 1.2 ㅇ타 이 어2,69311.1 0.7 100 -16.0 2,566 10.1 0.7 ㅇ가죽․모피8692.5 0.2 45 -0.4 779 0.3 0.2 ㅇ섬 유 류13,4461.6 3.6 623 -13.1 12,065 1.5 3.1    섬 유 사1,45510.1 0.4 54 -21.9 1,226 -3.3 0.3    섬유직물7,9551.7 2.1 401 -8.5 7,267 2.9 1.9    섬유제품2,999-6.4 0.8 133 -16.6 2,642 -0.5 0.7 ㅇ생활용품2,648-1.3 0.7 133 -7.9 2,321 -0.9 0.6 1 차 산 품5,63310.7 1.5 415 34.0 6,871 41.0 1.8


주요 품목별 수입실적
(백만달러,%)
2007년2008년11.1 ～ 11.201.1 ～ 11.20금액증가율비중금액증가율금액증가율비중전체 수입356,846 15.3 100.0 21,521 -4.8 401,505 28.8 100.0 원 자 재203,465 16.4 57.0 14,153 7.7 251,968 42.4 62.8 자 본 재115,671 14.3 32.4 5,483 -23.6 112,554 10.7 28.0 소 비 재37,180 17.5 10.4 1,882 -17.7 36,484 12.2 9.1 ㅇ농림수산물20,516 18.5 5.7 1,209 0.0 21,967 21.9 5.5 - 농 산 물10,785 23.3 3.0 714 7.9 12,935 36.3 3.2 ․양 곡1,183 30.2 0.3 81 -3.8 1,679 58.8 0.4 - 임 산 물3,410 14.0 1.0 180 -5.3 3,293 9.1 0.8 - 수 산 물3,054 10.3 0.9 140 -24.4 2,674 2.2 0.7 ㅇ광 산 물108,874 12.0 30.5 8,735 16.4 146,400 56.6 36.5 - 금속광물12,415 18.6 3.5 716 5.2 13,194 21.5 3.3 - 원 유60,324 8.0 16.9 4,379 -1.3 81,235 56.7 20.2 - 석유제품11,969 25.2 3.4 572 -28.4 16,807 58.6 4.2 - L N G12,653 6.1 3.5 1,842 134.0 17,308 66.3 4.3 ㅇ화 공 품36,853 17.1 10.3 1,942 -14.8 37,997 17.1 9.5 ㅇ섬 유 류8,909 10.8 2.5 432 -20.6 8,103 1.5 2.0 - 섬 유 사1,721 3.2 0.5 82 -17.3 1,569 1.6 0.4 - 섬유직물1,602 4.7 0.4 65 -26.1 1,400 -0.9 0.3 - 섬유제품5,388 15.5 1.5 271 -21.1 4,932 1.7 1.2 ㅇ철강․금속44,062 29.9 12.3 2,712 6.3 53,483 37.5 13.3 - 철강제품27,401 38.8 7.7 1,987 29.1 38,449 59.9 9.6 - 비철금속15,944 17.1 4.5 689 -28.6 14,307 0.6 3.6 ㅇ기 계 류48,556 22.1 13.6 2,142 -30.2 46,652 9.5 11.6 - 정밀기계10,629 31.3 3.0 311 -47.9 8,607 -11.0 2.1 - 수송기계14,021 23.9 3.9 681 -27.5 14,697 22.1 3.7 ․승용차2,430 27.7 0.7 92 -44.7 2,313 11.7 0.6 ․항공기등3,076 0.7 0.9 84 -69.3 2,139 -18.2 0.5 ㅇ전자․전기75,909 9.2 21.3 3,737 -20.1 74,281 11.4 18.5 - 산업용전자22,891 3.8 6.4 1,124 -16.8 22,012 10.7 5.5 - 가정용전자4,548 4.1 1.3 231 -19.7 4,407 10.1 1.1 - 전자부품40,308 14.7 11.3 1,971 -23.5 39,911 12.0 9.9 ․반도체30,817 9.9 8.6 1,440 -25.1 30,000 9.7 7.5 - 중전기기6,418 19.7 1.8 319 -10.0 6,356 13.9 1.6


주요 지역별 수출실적

(백만달러,%)
2007년2008년11.1 ～ 11.201.1 ～ 11.20금액증가율비중금액증가율금액증가율비중전체 수출371,489 14.1 100.0 17,551 -14.4 383,896 18.8 100.0 ㅇ아 시 아188,790 12.1 50.8 8,730 -20.7 197,229 19.8 51.4 - 중 국81,985 18.0 22.1 3,601 -27.8 85,073 18.6 22.2 - 홍 콩18,654 -1.7 5.0 1,006 -14.3 18,227 11.0 4.7 - 일 본26,370 -0.6 7.1 1,374 -13.5 25,600 11.6 6.7 - ASEAN38,749 20.8 10.4 1,785 -16.2 44,853 33.4 11.7 ․싱 가 폴11,949 25.9 3.2 499 -13.9 14,955 44.5 3.9 ․인 니5,771 18.4 1.6 333 20.3 6,871 33.9 1.8 ․말 련5,704 9.1 1.5 239 -19.1 5,312 5.9 1.4 ․태 국4,488 5.7 1.2 245 -0.9 5,351 37.3 1.4 - 대 만13,027 0.2 3.5 393 -39.5 10,754 -5.7 2.8 - 인 도6,600 19.3 1.8 351 10.2 8,271 47.2 2.2 ㅇ북 미49,273 5.3 13.3 2,328 -5.8 45,233 4.7 11.8 - 미 국45,766 6.0 12.3 2,141 -6.2 41,548 3.6 10.8 - 캐 나 다3,506 -3.1 0.9 187 -1.8 3,685 19.6 1.0 ㅇ유 럽71,198 18.1 19.2 3,418 -13.9 70,324 13.5 18.3 - E U55,982 13.7 15.1 2,776 -12.5 53,647 9.8 14.0 ․영 국6,870 21.9 1.8 225 -26.2 5,528 -10.1 1.4 ․독 일11,543 14.8 3.1 487 -22.0 9,760 -2.0 2.5 ․프 랑 스3,478 1.8 0.9 202 -13.0 3,232 3.3 0.8 ․이탈리아4,151 -3.1 1.1 151 -15.8 3,256 -7.7 0.8 - 러 시 아8,088 56.2 2.2 279 -36.2 9,096 31.9 2.4 - 동 구20,837 59.0 5.6 783 -32.8 22,230 23.5 5.8 ㅇ중 동19,721 36.4 5.3 1,242 30.6 23,202 37.6 6.0 - 사 우 디4,026 35.2 1.1 221 17.8 4,630 31.0 1.2 ㅇ중 남 미25,567 25.4 6.9 1,044 -5.8 29,146 32.9 7.6 - 브 라 질3,487 13.8 0.9 190 -12.6 5,649 86.3 1.5 - 멕 시 코7,482 19.1 2.0 256 -50.1 8,522 28.4 2.2 - 칠 레3,115 98.9 0.8 122 7.5 2,830 7.2 0.7 ㅇ대 양 주7,983 17.7 2.1 579 -6.2 9,548 38.9 2.5 - 호 주4,691 0.0 1.3 200 -27.9 4,715 13.9 1.2 ㅇ아 프 리 카8,257 6.8 2.2 166 -54.5 8,558 22.1 2.2 ㅇ브 릭 스 100,160 20.3 27.0 4,420 -25.8 108,088 23.8 28.2


주요 지역별 수입실적
(백만달러,%)
2007년2008년11.1 ～ 11.201.1 ～ 11.20금액증가율비중금액증가율금액증가율비중전체 수입356,846 15.3 100.0 21,521 -4.8 401,505 28.8 100.0 ㅇ아 시 아170,549 16.8 47.8 9,556 -10.0 184,816 23.3 46.0 - 중 국63,028 29.8 17.7 3,792 -4.0 71,112 28.8 17.7 - 홍 콩2,142 2.0 0.6 102 -10.6 1,985 4.7 0.5 - 일 본56,250 8.3 15.8 2,720 -18.2 55,931 13.0 13.9 - ASEAN33,110 11.3 9.3 2,163 -2.0 38,052 30.1 9.5 ․싱 가 폴6,860 16.5 1.9 411 -5.7 7,771 27.2 1.9 ․인 니9,114 3.0 2.6 512 -25.7 10,571 32.9 2.6 ․말 련8,442 16.6 2.4 618 13.2 9,199 23.1 2.3 ․태 국3,769 13.2 1.1 188 -14.3 3,865 15.6 1.0 - 대 만9,967 7.3 2.8 430 -29.0 9,995 15.0 2.5 - 인 도4,624 27.0 1.3 266 -27.4 6,291 53.7 1.6 ㅇ북 미40,474 10.1 11.3 1,873 -26.2 38,991 8.2 9.7 - 미 국37,219 10.6 10.4 1,666 -29.3 35,044 5.7 8.7 - 캐 나 다3,254 5.3 0.9 207 14.2 3,947 36.8 1.0 ㅇ유 럽47,987 28.3 13.4 2,405 -20.8 49,129 17.2 12.2 - E U36,824 22.1 10.3 1,653 -26.7 36,465 13.0 9.1 ․영 국3,581 20.3 1.0 169 -26.4 3,320 4.7 0.8 ․독 일13,534 19.1 3.8 585 -30.9 13,470 13.5 3.4 ․프 랑 스4,043 25.6 1.1 196 -11.6 4,426 26.9 1.1 ․이탈리아3,583 22.9 1.0 212 3.5 3,763 20.6 0.9 - 러 시 아6,977 52.6 2.0 445 -5.3 7,851 31.7 2.0 - 동 구8,605 48.2 2.4 625 7.8 9,943 34.8 2.5 ㅇ중 동67,541 8.0 18.9 5,451 19.5 94,943 64.8 23.6 - 사 우 디21,164 3.0 5.9 1,461 -8.3 32,060 74.5 8.0 ㅇ중 남 미11,321 16.4 3.2 792 19.1 12,587 27.5 3.1 - 브 라 질2,794 3.2 0.8 328 74.3 3,819 61.3 1.0 - 멕 시 코1,013 26.9 0.3 57 5.5 967 9.8 0.2 - 칠 레4,184 9.7 1.2 202 -25.5 4,022 5.6 1.0 ㅇ대 양 주14,592 17.3 4.1 1,270 57.8 17,341 39.6 4.3 - 호 주13,232 17.0 3.7 1,168 57.2 15,942 40.7 4.0 ㅇ아 프 리 카4,317 -1.3 1.2 171 -54.5 3,641 -5.5 0.9 ㅇ브 릭 스 77,423 30.2 21.7 4,831 -2.9 89,073 31.7 22.2



주요 지역별 무역수지
(백만달러,%)
2007년2008년11.1 ～ 11.201.1～11.20수 출수 입무역수지수 출수 입무역수지무역수지총 계371,489 356,846 14,643 17,551 21,521 -3,970 -17,609 ㅇ아 시 아188,790 170,549 18,241 8,730 9,556 -826 12,413 - 중 국81,985 63,028 18,957 3,601 3,792 -191 13,961 - 홍 콩18,654 2,142 16,512 1,006 102 904 16,242 - 일 본26,370 56,250 -29,880 1,374 2,720 -1,346 -30,331 - ASEAN38,749 33,110 5,639 1,785 2,163 -378 6,801 ․싱 가 폴11,949 6,860 5,089 499 411 88 7,184 ․인 니5,771 9,114 -3,343 333 512 -179 -3,700 ․말 련5,704 8,442 -2,738 239 618 -379 -3,887 ․태 국4,488 3,769 719 245 188 57 1,486 - 대 만13,027 9,967 3,060 393 430 -37 759 - 인 도6,600 4,624 1,976 351 266 85 1,980 ㅇ북 미49,273 40,474 8,799 2,328 1,873 455 6,242 - 미 국45,766 37,219 8,547 2,141 1,666 475 6,504 - 캐 나 다3,506 3,254 252 187 207 -20 -262 ㅇ유 럽71,198 47,987 23,211 3,418 2,405 1,013 21,195 - E U55,982 36,824 19,158 2,776 1,653 1,123 17,182 ․영 국6,870 3,581 3,289 225 169 56 2,208 ․독 일11,543 13,534 -1,991 487 585 -98 -3,710 ․프 랑 스3,478 4,043 -565 202 196 6 -1,194 ․이탈리아4,151 3,583 568 151 212 -61 -507 - 러 시 아8,088 6,977 1,111 279 445 -166 1,245 - 동 구20,837 8,605 12,232 783 625 158 12,287 ㅇ중 동19,721 67,541 -47,820 1,242 5,451 -4,209 -71,741 - 사 우 디4,026 21,164 -17,138 221 1,461 -1,240 -27,430 ㅇ중 남 미25,567 11,321 14,246 1,044 792 252 16,559 - 브 라 질3,487 2,794 693 190 328 -138 1,830 - 멕 시 코7,482 1,013 6,469 256 57 199 7,555 - 칠 레3,115 4,184 -1,069 122 202 -80 -1,192 ㅇ대 양 주7,983 14,592 -6,609 579 1,270 -691 -7,793 - 호 주4,691 13,232 -8,541 200 1,168 -968 -11,227 ㅇ아 프 리 카8,257 4,317 3,940 166 171 -5 4,917 ㅇ브 릭 스 100,160 77,423 22,737 4,420 4,831 -411 19,015





South Korea Posts Current-Account Surplus in November (Update3)
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By William Sim

Dec. 30 (Bloomberg) -- South Korea posted a current-account surplus for a second straight month in November, easing pressure on the won, the region's worst-performing currency this year.

The surplus widened to $2.06 billion from $1.67 billion in November 2007, the Bank of Korea said in Seoul today. A surplus means there are more U.S. dollars flowing into the country than going out, increasing demand for the local currency. The nation posted a record $4.75 billion excess in October.

The won climbed to 10-week high after the report. The currency has gained 21 percent since setting a decade low on Nov. 21 amid speculation the central bank bought it to help bolster balance sheets before year-end accounts are filed and after the government signed swap deals with the U.S., China and Japan, giving access to dollars.

“Things are looking better as we had a good surplus again last month,” said Chun Chong Woo, a senior economist at SC First Bank Korea Ltd. in Seoul. “It'll help stabilize the currency if this trend continues. The worst seems to be over for the won.”

A decline by the won earlier this year led to speculation that the government may have return to the International Monetary Fund for help 10 years after a bailout during the Asian financial crisis. President Lee Myung Bak said last week the economy may shrink in the first half of next year, which would mark the nation's first recession in a decade.

The Korean currency rose 0.6 percent to 1,257.75 per dollar at 11:09 a.m. in Seoul. The won's 26 percent this year makes it the region's worst performing currency. The Kospi stock index gained 1.7 percent.

More Surpluses

South Korea may keep posting current-account surpluses in coming months as imports fall faster than exports amid a decline in oil costs, Yang Jae Ryong, a statistics official at the central bank, said in Seoul today. The current account is the broadest measure of trade, tracking goods, services and investment income.

The nation's current account has been in deficit every month but three this year as higher oil prices and the weaker won drove up the cost of imported goods.

The surplus on traded goods narrowed to $994.6 million last month from $2.63 billion in October, today's report showed. The trade surplus was $2.72 billion in November 2007.

Total exports on a customs-cleared basis, which excludes ships, dropped 19 percent in November from a year earlier, compared with an 8 percent gain in October. Imports fell 14.9 percent compared with a 10.3 percent gain in October.

South Korea's income account, which tracks the flow of interest payments, investment income and wages, posted a surplus of $720.2 million last month.

The deficit on the services account, which measures the international flow of travel, transport costs and royalties, widened to $130 million from $54.8 million.

The capital account, a measure of total inflows and outflows of international investment, recorded a deficit of $12.14 billion last month, narrowing from October's shortfall of $24.83 billion.

To contact the reporter on this story: William Sim in Seoul at wsim2@bloomberg.net

Last Updated: December 29, 2008 21:20 EST



Looking at April`s balance of payment figures, the service account deficit, which tracks travel, transportation costs and royalties, narrowed from $651.9 million in March to $453 million last month. (출처: The Korea Herald)
4월 국제수지를 살펴 보면 여행 경비, 운송비, 로열티 거래를 집계한 서비스수지의 적자폭은 3월의 6억5천190만달러에서 4억5천300만달러로 축소되었다.

Global oil prices have been rising faster than we expected, said Jeong Sam-yong, head of the central bank`s balance of payments team, at a news briefing. (출처: The Korea Herald)
“유가가 예상보다 빨리 오르고 있다”고 정삼용 한국은행 국제수지팀장이 기자 설명회에서 말했다.

In December, the current account surplus will shrink a bit due to a decline in trade balance, said Jeong Sam-yong, head of the BOK`s balance of payments statistics team. (출처: The Korea Herald)
“12월에는 경상수지 흑자가 무역수지 감소로 인해 약간 줄어들 것”이라고 정삼용 한국은행 국제수지팀장이 말했다.

Second, significantly higher levels of international reserves and current account surpluses since the Asian crisis provide a cushion against the short-term deterioration in balance of payments. (출처: The Korea Herald)
둘째로 아시아 금융위기 이래로 상당히 높아진 외화보유고와 경상수지 흑자는 단기적인 국제수지 악화에 완충 역할을 하고 있다.

In addition to the GDP growth rate, the bank plans to gradually make other economic indices, including international balance of payments, more focused on quarterly changes rather than yearly ones. (출처: The Korea Herald)
한국은행은 GDP 성장률뿐만 아니라 국제수지 등 다른 경제지표들도 연간 변동보다는 분기별 변동에 초점을 두어나갈 계획이다.

Overseas investors withdrew investment on concern about the won`s rapid strength that could damage Korea`s exports on which its economic recovery hinges, explained Lee In-gyu at the BOK`s balance of payments team. (출처: The Korea Herald)
“외국인 투자자들은 원화의 급속한 절상으로 우리나라 경기 회복 여부가 달려 있는 수출이 타격을 입을 것을 우려해 투자 금액을 회수하고 있다”고 한국은행 경제통계국 국제수지팀 이인규 차장은 설명했다.

Since the mid-1980s, Madagascar has run sizeable balance-of-payment deficits. (출처: Wikipedia)
It is an asymmetrical relationship in which the colonial power enjoys positive terms of trade and balance of payment. (출처: Herald Tribune)
He fought a lonely battle too against growing balance-of-payment problems with the nation's trading partners, a situation that grew much more pronounced in the coming decades. (출처: Wikipedia)
Portfolio investment is part of the capital account on the balance of payments statistics. (출처: Wikipedia)
Economic growth stagnated, and cocoa exports dropped in both value and volume, creating large balance-of-payments deficits. (출처: Wikipedia)
One of the most noticeable economic achievements in the 1980s was Seoul's reversal of the balance of payments deficit to a surplus. (출처: Wikipedia)
In other words, the United States would have to reverse the natural economic processes and run a balance of payments deficit. (출처: Wikipedia)
However, running the balance of payments deficits in the long term would erode confidence in the dollar. (출처: Wikipedia)
Throughout the 1950s Washington sustained a balance of payments deficit in order to finance loans, aid, and troops for allied regimes. (출처: Wikipedia)
The cost of oil loomed as the major component of the New Zealand balance of payments deficit. (출처: Wikipedia)
A housing boom and a balance of payments deficit spiralling out of control. (출처: USENET)
The rise in world interest rates increased sharply Brazil's balance of payments problem and the size of the foreign debt. (출처: Wikipedia)
It first met in 1963, to investigate international currency problems, particularly the balance of payments crisis which America faced throughout the early 1960's. (출처: Wikipedia)
India started having balance of payments problems since 1985, and by the end of 1990, it was in a serious economic crisis. (출처: Wikipedia)


S.Korea to ease forex accounting rules to aid cos
Mon Dec 22, 2008 8:30am IST Email | Print | Share| Single Page[-] Text [+]
SEOUL, Dec 22 (Reuters) - South Korea will loosen accounting rules to help companies anticipating large foreign exchange-related losses this year due to a sharp fall in the won's value, the country's regulator said on Monday.

As South Korea's export-focused companies struggle with the spreading global downturn and tighter credit, they are set to see a surge in the value of their foreign currency debt and currency conversion losses in their 2008 financial results.

Local companies see a combined 5 trillion won ($3.9 billion) increase in foreign currency conversion losses and foreign debt value in won terms for every 100 won gain in the dollar/won rate, the Financial Services Commission (FSC) said in a statement.

"As large foreign exchange-related losses are expected to deteriorate companies' financial sheets, they are set to suffer from lower credit ratings, possible debt collection, higher financial costs and difficulties in securing new funds," the commission said.

Hit by the global financial crisis, the won's value dropped some 27 percent against the dollar so far this year.

To help companies minimise foreign exchange losses and enhance their capital base, the FSC said it would seek special changes to some accounting rules that could be applied retroactively to 2008 annual results.

For listed companies and large-sized unlisted firms, the regulator will allow them to book increases in the value of certain company assets, such as real estate, airplanes and ships, in this year's balance sheets.

It will also allow companies to use foreign currency loans and other financial products as hedging methods in accounting and to not book foreign currency conversion losses from them in the year's earnings.

For non-listed small- and medium-sized companies, the FSC will allow them to apply the foreign exchange rate at mid-2008 to value their foreign assets and debt held as of end-June, which will help them reduce losses from the won's fall in the second half.

Since end-June this year, the local currency has fallen 19 percent against the dollar.

The regulator will also allow companies which mostly trade in foreign currency to create foreign currency-based accounting books and report only their final year-end results in won, so they can minimise losses from the exchange rate swings over the year.

Those changes will likely be made official by mid-January following the approval of the commission, the FSC said. ($1=1282.0 Won) (Reporting by Rhee So-eui; Editing by Jonathan Hopfner)



The nation`s state-run financial firms will release some 200 trillion won ($142 billion) into the market next year to provide liquidity to cash-strapped companies and households and boost growth-engine industries, the Financial Services Commission said yesterday.

Reporting to President Lee Myung-bak, the five state-run financial firms under the FSC said that they will encourage lenders to extend loans of 130 trillion won, up by 25 trillion won from this year, to households and companies. They will also increase credit guarantees by 14 trillion won to 66 trillion won next year.

The five state-run organizations plan to provide a total of 69.7 trillion won to households and firms faltering from a liquidity pinch. Some 37.6 trillion won has been set aside for the financially neglected, including smaller firms, households and students.

The Korea Development Bank, Korea Asset Management Corporation and the Korea Housing Finance Corporation will spend 10.2 trillion won to buy out bad loans held by commercial lenders and liquidate corporate and housing loans.

The KDB will inject an additional 1 trillion won into bond fund, which the bank has already invested 1 trillion won this year in a bid to provide liquidity to cash-strapped companies. The state-run bank will also invest 2 trillion won in local banks to raise commercial lenders` BIS capital adequacy ratio.

KAMCO has set aside 2.7 trillion won to buy out bad loans held by commercial lenders. The corporation will primarily purchase 1.3 trillion won in default loans held by savings banks extended to property developers.

The KDB and the Industrial Bank of Korea will provide 11 trillion won and 9 trillion won each to firms suffering from a temporary liquidity pinch. Some 14.5 trillion won, in particular, will be used to support small- and medium-sized firms, they said.

The two state-run banks will also invest 41 trillion won in order to nurture growth-engine industries next year, which include green-growth industries, service industries and new facility investment by SME enterprises.

The Export Import Bank of Korea will provide $11 billion in the local forex market to maintain stable foreign currency reserves. It will also offer some 44 trillion won to smaller firms whose income highly depends on exports.

The Korea Housing Finance Corporation and the IBK will provide 5 trillion won and 3.7 trillion won each to support banks to extend new housing loans to households. KAMCO and the housing corporation together will guarantee up to 12.4 trillion won in order to facilitate borrowings by low income households and students.

While trying to privatize the state-run organizations, firms will try to raise efficiency by downsizing their corporations. The Korea Deposit Insurance Corporation will sell government-owned shares in firms such as Woori Financial Holdings Inc., Shinhan Financial Holdings Inc. and Korea Life Insurance by 2012. The KDIC, however, said that it will consider market condition to decide when and how it will sell its shares in these firms.

KAMCO will also sell its shares in Daewoo affiliates within the next year.

The FSC said that the five public financial firms will also reduce their workforce by 10 to 15 percent by 2012 and cut executive officers` wage by up to 48 percent next year.

By Jeong Hyeon-ji

(hannahj@heraldm.com)

Consumer confidence falls unexpectedly in December, hitting all-time low as job market worsens
By ELLEN SIMON , Associated Press
Last update: December 30, 2008 - 1:20 PM
NEW YORK - Consumer confidence hit an all-time low in December, dropping further in the face of rising layoffs, in yet another sign that consumer spending is unlikely to pull the U.S. out of a yearlong recession any time soon.
Consumers have been nervous about spending for months — putting off big-ticket purchases, forgoing new clothes and choosing store brands at the grocery store — all of which may make this the worst holiday season for retailers in decades.
The Consumer Confidence Index measured by the Conference Board, a private research group, fell to 38 in December from a revised 44.7 in November. That is its lowest point since the group began compiling the index in 1967, and below the previous low of 38.8 in October. Economists surveyed by Thomson Reuters had expected the index to rise incrementally to 45.
"Deepening job insecurity and falling asset prices are outweighing any optimism consumers may have derived from falling gas prices," said Dana Saporta, U.S. economist at investment bank Dresdner Kleinwort.
The unemployment rate hit a 15-year high in November, and economists expect additional job losses in the first half of 2009. Those saying in the Conference Board survey that jobs are "hard to get" rose to 42 percent in December from 37.1 percent in November, when the unemployment rate stood at 6.7 percent.
Those claiming business conditions are "bad" increased to 46.0 percent in December from 40.6 percent in November. Consumer spending is likely to keep dropping well into next year, Saporta said, meaning the recession will last at least into the first half of 2009.
The conditions that began the recession persist, especially deflating home prices. A measure of October home prices dropped by the sharpest annual rate on record. The Standard & Poor's/Case-Shiller 20-city housing index fell by 18 percent from October 2007, the largest drop since its inception in 2000. The 10-city index tumbled 19.1 percent, its biggest decline in its 21-year history.
"The numbers are getting worse. And I think they will get quite a bit worse over the next two months because housing demand has plunged since the market went into turmoil," said Patrick Newport, an economist at IHS Global Insight.
Consumers have been whipsawed by home prices, the deteriorating job market and shrinking nest eggs. According to preliminary data from SpendingPulse, which tracks purchases paid for by credit cards, checks or cash, retail sales fell between 5.5 and 8 percent during the holiday season compared with last year. Excluding auto and gas sales, they fell 2 to 4 percent.
"This year is the roughest year we've had," said 35-year-old Anah Meeks, who was at Crabtree Valley Mall in north Raleigh, N.C., before Christmas mainly to get a picture of her 8-month-old son sitting on Santa's lap. "We were wondering how we were going to do it."
Meeks, who moved from Michigan in November after losing her job at a McDonald's Corp. restaurant, said she was buying her two older daughters one main present for the holidays and a few smaller items.
Major retailers are expected to report sharply lower sales than last year when they release those figures Jan. 8. Analysts expect a rash of store closings and bankruptcies from both retailers and their suppliers.
A number of stores didn't even make it to Christmas. Circuit City Stores Inc. filed for bankruptcy protection last month. It plans to keep operating, but toy seller KB Toys, which filed for bankruptcy earlier this month, is liquidating its stores and will shut down.
With credit tight and even steep discounts failing to spur spending from tapped-out consumers, economists are looking to government spending to restart the economy. Aides to President-elect Barack Obama are discussing a new stimulus package that could be as large as $775 billion.
Stocks rose despite the reading, taking heart after General Motors Corp.'s troubled financing arm received $5 billion of financing. The Dow Jones industrial average gained 104.49 to 8,588.42, while broader indexes also gained. The stock market has seen its worst year since Herbert Hoover was president, with the Dow down roughly 36 percent.
The Conference Board's Present Situation index, which measures how respondents feel about current business conditions and employment prospects, fell to 29.4 in December from 42.3 in November. It is now close to levels last seen after the 1990-1991 recession.
The current recession has deepened as companies have slashed jobs, curbed production and hoarded cash in the face of declining demand and frozen credit markets.
In 3M Co.'s quarterly update this month, Chairman and CEO George Buckley talked about how the company had closed 16 plants over the last year and a half, has been drawing down inventory and cutting capital spending.
"Is this healthy?" he said on the call. "All of us acknowledge we're collectively making the situation worse, but I think the first responsibility we have as leaders of companies is to make sure that we ensure the health and survival of our own companies first, not necessarily other people's companies, or, for that matter, the whole U.S. economy."
The Conference Board survey is based on a representative sample of 5,000 U.S. households. The cutoff date for December's preliminary results was Dec. 22.
___
Associated Press Writers J.W. Elphinstone in New York and Barbara Rodriguez in Raleigh, N.C., contributed to this report.
South Korea's industrial output plunges in November as demand wanes for semiconductors, cars
Associated Press
Last update: December 30, 2008 - 6:46 AM
SEOUL, South Korea - South Korea's industrial production plunged in November, official data showed Tuesday, underscoring the country's vulnerability to the global economic slowdown.
Industrial output declined 14.1 percent from the same month last year, the Korea National Statistical Office said in a release on its Web site. Production also fell 10.7 percent from October.
Slumping demand both at home and overseas for semiconductors, automobiles, petrochemicals and audio, visual and communications equipment was behind the big decrease, the office said.
Yonhap news agency reported the year-on-year decline was the biggest since data began to be compiled in 1970.
South Korea's export-driven economy has been hit hard by the global slowdown, with overseas shipments falling sharply and domestic consumer spending weakening. Exports declined 18.3 percent in November.
The country's deteriorating economic environment has raised alarm bells that Asia's fourth-largest economy could suffer its first annual contraction in gross domestic product since the 1997 Asian financial crisis.



The Industrial Activities in November 2008 2008-12-31


< Major Indicators of Industrial Activities >
(Year-on-year, %)
2007 2008
Annual 3/4 Nov. 2/4 3/4 Sep. Oct.p Nov.p
Production Mining and Manufacturing1) Industrial Production Index Over the previous period - 2.6 3.6 1.4 -2.2 -2.2 -0.5 -2.3
Year-on-year 6.8 5.9 15.9 8.6 5.6 1.9 6.2 -2.4
Working Day Adjusted 7.0 9.2 6.1 9.4 3.1 4.3 -0.8 -1.8
- Manufacturing 7.0 6.2 16.3 9.0 5.6 1.9 6.1 -2.9
(Heavy Chemical Industry) 8.2 8.0 17.4 11.1 6.7 3.3 6.8 -2.8
(Light Industry) 1.7 -1.5 11.3 -0.7 0.7 -4.4 2.6 -3.3
Producer's Shipment Index 7.1 5.4 15.4 6.3 5.4 1.8 6.0 -2.4
- Domestic 4.9 3.0 12.7 1.7 1.7 -1.4 1.3 -4.5
- Export 10.2 9.1 19.2 13.5 10.5 6.5 12.4 0.7
Producer's Inventory Index2) 5.7 2.6 4.7 16.5 17.5 14.5 17.5 17.6
Manufacturing Average Operation Ratio 80.3 80.0 81.6 81.0 78.5 78.5 77.3 77.0
Production Capacity 5.2 5.8 6.5 6.2 4.9 4.8 4.5 3.1
Service Industry Over the previous period - 2.2 1.5 0.1 0.3 -1.3 0.5 -0.5
Year-on-year 6.4 7.2 8.6 4.6 2.8 1.4 3.3 1.0
Consumption Consumer Goods Trade Over the previous period - 1.8 0.0 -1.1 0.0 0.0 -3.6 -1.4
Year-on-year 5.3 7.1 6.6 2.5 1.0 1.4 -1.8 -3.7
Shipment of Domestic Consumer Goods 5.7 2.3 11.6 5.3 3.1 -0.3 0.9 -1.5
Investment Equipment Equipment Investment Index 8.6 0.7 7.0 0.1 6.1 1.5 7.1 -7.7
Domestic Machinery Orders Received 21.1 19.1 42.5 8.8 -7.6 -3.9 -34.3 -36.7
Construction Domestic Construction Completed3) 6.6 4.4 8.8 6.5 11.1 8.2 14.8 8.0
Domestic Construction Orders Received3) 19.3 -5.6 103.8 -6.1 -22.8 -7.6 -40.4 -23.9
Note : 1) Including Mining, Manufacturing, and Electricity & Gas.
2) Data on inventory were collected and compiled at the end of the month, quarter, and year.
3) Data on Domestic Construction Completed and Domestic Construction Orders Received were collected and compiled at current value.
< Composite Indexes of Business Indicators >
2008
July Aug. Sep.p Oct.p Nov.p
Coincident Composite Index (Month-on-month, %) 0.2 0.1 0.2 -0.3 -1.5
Cyclical Component of Coincident CI 99.7 99.4 99.2 98.4 96.4
• Change from the Previous Month (p) -0.2 -0.3 -0.2 -0.8 -2.0
Leading Composite Index (Month-on-month, %) -0.7 -0.2 0.0 -0.4 -1.1
12-month Smoothed Change in Leading CI (%) 0.1 -0.5 -0.8 -1.5 -2.8
• Change from the Previous Month (%p) -1.1 -0.6 -0.3 -0.7 -1.3

1. Production Trend
1) Mining and Manufacturing
< Production >
The Industrial Production Index in November dropped by 10.7 percent from October and by 14.1 percent from the same month last year.
(2005=100, %)
2007 3/4 Nov. 2008
3/4 Sep. Oct.p Nov.p
Index Seasonally Adjusted - 117.3 121.1 122.4 121.0 118.3 105.6
Not Seasonally Adjusted 115.8 112.7 127.5 119.0 118.2 125.4 109.5
Percent Change Over the Previous Month (Quarter) - 2.6 0.1 -2.2 -0.6 -2.2 -10.7
Year-on-year 6.8 5.9 7.6 5.6 6.1 -2.3 -14.1
Working Day Adjusted 7.0 9.2 7.6 3.1 -0.9 -2.0 -9.7
< Shipment >
The Producer's Shipment Index in November went down by 9.5 percent from the previous month and by 13.4 percent from the same month last year.
(2005=100, %)
2007 3/4 Nov. 2008
3/4 Sep. Oct.p Nov.p
Index Seasonally Adjusted - 116.2 120.0 120.8 118.8 116.3 105.2
Not Seasonally Adjusted 115.2 111.7 125.9 117.6 116.9 123.3 109.0
Percent Change Over the Previous Month (Quarter) - 1.6 0.8 -1.5 -1.3 -2.1 -9.5
Year-on-year 7.1 5.4 7.6 5.3 5.9 -2.2 -13.4
< Inventory >
The Producer's Inventory Index in November decreased 1.6 percent month-on-month, but increased 15.9 percent year-on-year.
(2005=100, %)
2008
June July Aug. Sep. Oct.p Nov.p
Index Seasonally Adjusted 132.0 131.4 132.7 136.8 138.1 135.9
Not Seasonally Adjusted 133.2 132.2 132.0 132.2 134.9 133.2
Percent Change Over the Previous Month (Quarter) 4.1 -0.5 1.0 3.1 1.0 -1.6
Year-on-year 16.5 14.7 14.5 17.6 17.6 15.9
Proportion of Inventory to Shipment 107.8 106.4 110.0 115.2 118.8 129.6
< Manufacturing Production Capacity and Operation Ratio >
The Production Capacity Index in November rose by 2.9 percent year-on-year.
(2005=100, year-on-year, %)
2007 3/4 Nov. 2008
3/4 Sep. Oct.p Nov.p
Production Capacity Index 109.5 110.0 112.4 115.4 115.6 115.7 115.7
Year-on-year 5.2 5.8 6.2 4.9 4.5 3.1 2.9
• Semiconductors and Components 19.6 21.5 23.8 20.4 17.4 10.6 9.3
• Machinery Equipment 9.7 9.7 7.1 5.2 5.3 4.4 5.0
The Operation Ratio Index fell by 11.7 percent from the previous month and by 16.8 percent from the same month last year.
(2005=100, %)
2007 3/4 Nov. 2008
3/4 Sep. Oct.p Nov.p
Index Seasonally Adjusted - 100.4 101.1 98.5 97.0 96.6 85.3
Not Seasonally Adjusted 100.5 96.3 107.4 95.7 94.5 103.7 89.4
Percent Change Over the Previous Month (Quarter) - -0.8 -1.2 -3.1 -1.5 -0.4 -11.7
Year-on-year 0.2 -1.6 0.1 -0.6 0.7 -5.2 -16.8
The Manufacturing Average Operation Ratio recorded 68.0 percent, down 9.0%p from the previous month.
(%, %p)
2007 3/4 Nov. 2008
3/4 Sep. Oct.p Nov.p
Average Operation Ratio 80.3 80.0 80.6 78.5 77.3 77.0 68.0
Change from the Previous Period 0.3 -0.7 -1.0 -2.5 -1.2 -0.3 -9.0

2) Service Industry
The Service Industry Activity Index in November went down by 2.3 percent month-on-month and by 1.6 percent year-on-year.
(2005=100, %)
2007 3/4 Nov. 2008
3/4 Sep. Oct.p Nov.p
Index Seasonally Adjusted - 113.5 115.5 116.7 116.6 116.4 113.7
Not Seasonally Adjusted 112.3 112.8 115.6 116.0 116.7 116.7 113.7
Percent Change Over the Previous Month (Quarter) - 2.2 0.7 0.3 0.5 -0.2 -2.3
Year-on-year 6.4 7.2 6.3 2.8 3.3 1.4 -1.6

2. Consumption Trend

The Consumer Goods Trade Index in November decreased 2.2 percent month-on-month and 5.9 percent year-on-year.
(2005=100, %)
2007 3/4 Nov. 2008
3/4 Sep. Oct.p Nov.p
Index Seasonally Adjusted - 110.1 110.9 111.4 108.7 107.1 104.7
Not Seasonally Adjusted 109.6 107.4 114.5 108.6 110.6 109.2 107.8
Percent Change Over the Previous Month (Quarter) - 1.8 -0.3 0.0 -3.6 -1.5 -2.2
Year-on-year 5.3 7.1 4.4 1.1 -1.8 -3.7 -5.9

3. Composite Indexes of Business Indicators
< Coincident Index >
The Coincident CI decreased by 1.5 percent from the previous month.
The Cyclical Component of Coincident CI, which reflects current business conditions, went down by 2.0 points from the previous month.
2008
April May June July Aug. Sep. Oct.p Nov.p
○ Coincident Index (Month-on-month, %) 0.0 0.3 0.0 0.2 0.1 0.2 -0.3 -1.5
○ Cyclical Component of Coincident CI 100.5 100.4 99.9 99.7 99.4 99.2 98.4 96.4
- Change from the Previous Month (p) -0.4 -0.1 -0.5 -0.2 -0.3 -0.2 -0.8 -2.0
< Leading Index >
The Leading CI fell by 1.1 percent from the previous month.
The 12-month Smoothed Change in Leading CI, which predicts the turning point of economic trends, declined 1.3%p from the previous month.
2008
April May June July Aug. Sep.p Oct.p Nov.p
○ Leading Index (Month-on-month, %) 0.2 0.1 -0.4 -0.7 -0.2 0.0 -0.4 -1.1
○ 12-month Smoothed Change in Leading CI (%) 2.8 2.3 1.2 0.1 -0.5 -0.8 -1.5 -2.8
- Change from the Previous Month (%p) -0.4 -0.5 -1.1 -1.1 -0.6 -0.3 -0.7 -1.3


The Service Industry Activity Index in November 2008 2008-12-31


The Service Industry Activity Index in November 2008 went down by 2.3 percent from October 2008 and by 1.6 percent from November 2007.
As for the month-on-month change, most industries such as 'Education', 'Wholesale and Retail Trade' and 'Hotels and Restaurants' recorded a downward trend.
As for the year-on-year change, 'Health and Social Work' and 'Recreational, Cultural and Sporting Activities' marked an upward trend. Whereas, 'Real Estate and Renting & Leasing', 'Wholesale and Retail Trade' and 'Transportation' marked a downward trend.
< Service Industry by Type >
(Volume, year-on-year, %)
Classification 2007 2008
Nov. 3/4 Annual 2/4 3/4 Sep. Oct.p Nov.p
Type Service Industry Activity Index1) 6.3 7.2 6.4 4.6 2.8 3.3 1.4 -1.6
Seasonally Adjusted Index over the Previous Month (Quarter) 0.7 2.2 - 0.1 0.3 0.5 -0.2 -2.3
Wholesale and Retail Trade 4.5 4.2 4.3 2.5 3.1 0.4 -3.0 -6.5
Hotels and Restaurants 2.2 2.2 2.4 1.7 1.4 2.8 1.2 -1.5
Transportation 8.4 8.4 7.1 8.1 3.4 3.2 -0.2 -5.7
Post and Telecommunications 5.4 2.3 3.7 4.6 3.8 5.6 -0.1 0.3
Financial Institutions and Insurance 19.5 18.3 16.0 10.0 9.3 12.7 4.1 3.1
Real Estate and Renting & Leasing -8.6 6.6 2.7 2.6 -8.6 -4.0 -8.1 -7.6
Business Activities 7.2 7.0 6.6 3.8 1.9 0.4 2.9 1.2
Education 2.8 2.5 2.3 1.9 -0.5 0.3 8.7 -4.0
Health and Social Work 6.8 9.2 8.5 6.8 6.0 7.3 7.4 6.7
Recreational, Cultural and Sporting Activities 6.2 7.5 6.4 1.8 1.2 -0.5 4.9 6.3
Other Community, Repair and Personal Service Activities 0.3 0.7 0.7 0.9 -1.5 -0.3 -1.2 -1.5
Classification for special purpose Information and Communication Technology 6.2 5.2 7.1 6.1 3.8 2.8 -0.3 0.5
Tourism 5.2 6.6 5.1 6.8 3.0 1.0 -1.7 -0.9
Environment 1.8 4.4 4.5 3.1 2.0 3.8 2.5 1.3
Distribution 10.9 11.8 10.0 8.4 3.0 2.8 -0.6 -7.9
Sport 3.0 4.1 6.4 -5.4 -7.4 -7.9 -3.6 -2.3
Culture 7.2 6.4 4.1 3.5 1.7 0.2 -1.3 -4.2
Note) 1. The indexes of the recent two months are preliminary ones.




S.Korean Industrial Output Plunges, Manufacturing Confidence Drops To Record Low
RTTNews) - South Korea's industrial production in November dropped at its fastest pace ever recorded, while manufacturing confidence for January tumbled to new record low, official reports showed Tuesday.

A report from the National Statistical Office showed that the industrial production declined 14.1% year-over-year in November, after falling 2.3% in October. This was reportedly the biggest fall on record. Economists had expected an 8% fall.

On a monthly basis, the industrial production dropped a seasonally-adjusted 10.7% in November, compared with a 2.2% decline in the previous month and a 3.3% fall expected.

Elsewhere, the Bank of Korea said manufacturers' sentiment for January plunged to 44 from 52 in December on an unadjusted basis. The latest reading was the lowest since January 2003, when the central bank started compiling data on a monthly basis.

On a seasonally-adjusted basis, the business sentiment index dropped to 46 for January from 53 in December. That marked the seventh consecutive month of decline. Meanwhile, the business sentiment index for the year 2009 recorded 52.

On the same day, the Federation of Korean Industries said its confidence indicator for South Korea's major companies plunged to an eleven-year low of 55.4 in January after adjusting for seasonal swings.

Indicating that worries of an economic downturn is mounting in South Korea, consumer confidence dropped to a ten-year low in December.

The weakness in the economic indicators reflected in South Korea's growth outlook. The Ministry of Strategy and Finance said it aims to achieve 3% economic growth in 2009 despite adverse economic conditions, while the central bank projects a smaller growth of 2% for the period, down from 3.6% growth predicted for 2008.

In an effort to shore up the economy and to restore confidence, the Financial Services Commission had said during mid December that it is planning a KRW 20 trillion package for its banks.

Another report from the central bank showed on Tuesday that the economy recorded a current account surplus of US$2.06 billion in November, smaller than a revised US$4.75 billion surplus recorded in October. This is for the second straight month the economy is posting a current account surplus.

The central bank said the surplus narrowed as global economic downturn reduced demand for Korean exports. During the first eleven months of the year, the nation recorded a current account deficit of US$7.12 billion.

For comments and feedback: contact editorial@rttnews.com



Seoul to spend W7 trillion on defense goods in first half of 2009

By Byun Duk-kun
SEOUL, Dec. 31 (Yonhap) -- South Korea will spend over 7 trillion won (US$5.4 billion) in the first half of next year on purchasing weapons or other defense articles as well as new apartments for its military servicemembers to help boost the country's slumping economy, the defense ministry said Wednesday.

The amount accounts for over 60 percent of the ministry's budget for next year that is earmarked for domestic purchases. The plan came under the ministry's key policy goals for 2009 that were briefed to President Lee Myung-bak.

"The ministry decided to take measures to help the country overcome the economic crisis as it understands an economic recovery is a prerequisite to building a strong, advanced military," Defense Minister Lee Sang-hee said in his report to the president.

The move is also in line with government plans to execute over 60 percent of its entire annual spending in the first half of next year to help revive the slowing economy.

Also to help create jobs, the ministry will seek to increase the country's defense exports to $1.2 billion, up 20 percent from $1 billion marked this year.

The number of army conscripts allowed to work at industrial companies instead of serving their two-year mandatory military service will also be increased to 7,200 from the current 5,400 to help relieve the difficulties of small- and-medium-size enterprises in finding workers, it said.

The ministry's new year goals also include efforts to strengthen the country's military alliance with the United States and to contain threats from North Korea along the demilitarized zone and the often disputed maritime border in the Yellow Sea, known as the northern limit line.

"To counter any transnational or non-military threats (from North Korea), the ministry will actively seek to establish joint countermeasures with the international community through multinational security forums and reinforce its preparedness against terrorist and cyber attacks," the report said.

The ministry said it will also continue to support reconciliation between the divided Koreas by maintaining dialogue channels with the communist nation and by working to reduce military tension.

However, the ministry noted the North continued to pose serious threats to the country with its conventional and nonconventional weapons.

"The North Korean regime is expected to solidify its strong grip on the people under its Songun (Military First) policy, while it could try to create additional tension through provocations, nuclear tests or missile launches," the report said.

Pyongyang detonated a nuclear device in October 2006 in its first-ever nuclear test. The communist nation is believed to have up to 48 kilograms of plutonium, which is enough to make six to eight nuclear weapons, according to officials here.

Since the 2006 test, Seoul's arms buildup has been focused on securing capabilities against the North's nonconventional weapons, such as new Aegis ships that can simultaneously engage and intercept up to 20 targets, including missiles, within a 150-kilometer radius.


(2009 Outlook) S. Korean banks striving to rein in bad assets in 2009

By Park Sang-soo
SEOUL, Dec. 31 (Yonhap) -- South Korean banks are expected to embrace another tough year in 2009 as they struggle to beef up their capital base against mounting bad debts, analysts say.
Local banks, led by Kookmin Bank, have enjoyed decent profits in the past few years on record low borrowing costs and a booming economy.

But since mid-September when a global financial rout erupted, things abruptly changed with their financial health deteriorating drastically.
"The biggest potential problem of the economy is how many bad assets they (banks) have to book on their balance sheets," said Lee Han-deuk, an analyst at LG Economic Research Institute. "They are now doubling efforts to raise their capital bases and reduce bad debts, but it is unclear whether their moves provide a great enough cushion."
Indeed, local banks are hastening efforts to bolster their capital adequacy ratios as the slowing economy and a credit squeeze increase the number of bad loans.

The average capital adequacy ratio -- a key measure of financial strength -- at the nation's 18 lenders dropped to 10.79 percent at the end of September from 11.36 percent three months earlier.

Rising bad assets and losses in investment also helped reduce their profits. Their combined profits reached 8.4 trillion won (US$6.58 billion) in the first nine months of the year, a 36.2-percent drop from a year earlier.

"As the economy is widely expected to fall into a deeper than expected slump, fueling rising bad debts, banks are under pressure to boost their capital-adequacy ratios," said Im Il-sung, an analyst at Meritz Securities.
South Korean banks' loan-delinquency ratio rose to a three-year high in November as more companies fell behind on payments in a slowing economy. The delinquency ratio rose to 1.18 percent from 0.92 percent a year earlier, according to the Financial Supervisory Service -- the nation's financial watchdog.

Local banks have raised around 16 trillion won so far this year by selling subordinated bonds and shares. If their recapitalization moves go as planned, their capital adequacy ratios would rise to 12.24 percent, according to the watchdog. The banks also target to raise 3.1 trillion won additionally next year.

But the problem is that the banks would have to book more bad assets on their balance sheets down the road as South Korea is geared up for the restructuring of construction companies and small-sized shipbuilders.
"It (restructuring effort) is good for the banks at the moment," said Lee Jun-jae, an analyst at Korea Investment & Securities Co. "But the sobering fact is that they have to stand on their feet until things get better."
The worst global financial crisis since the Great Depression has dried up capital markets, making it harder for builders to get loans. Some small-and-medium-sized shipbuilders are also facing cash problems as the first contraction in global trade in almost three decades slackens demand for new vessels.

"Should the economic slump last longer than expected, bad assets would mount, which will further drive banks' capital ratios down," said Sung Byong-soo, an analyst at Prudential Securities Co.

Last week, Lee Chol-hwi, chief executive officer of state-run Korea Asset Management Corp. (KAMCO), estimated that local banks would have to book up to 70 trillion won in bad assets on their balance sheets next year.

Earlier this month, South Korea unveiled a set of measures to help the lenders secure capital. The government said it would launch a 20-trillion won fund to recapitalize banks, hoping that would encourage them to lend and help the economy steer clear of a deeper slump.
The government also said it will help buy deteriorating loans that banks have extended to finance real-estate projects. The total amount of project-financing loans stands at 100 trillion won, half of which comes from commercial banks, according to the watchdog.

"The government move will surely give lenders a cushion," said Mo Jae-sung, an analyst at Hanwha Investment Trust Management Co. "Still, it is unclear whether this will be enough because the banks' assets will further deteriorate," he said.

Regulators have demanded that banks raise their tier-1 capital ratio -- the core measure of a bank's financial strength -- to 9 percent by January from 8.3 percent now.

Koo Kyong-hae, an analyst at HMC Investment & Securities Co., said should things go as planned, banks will be able to maintain their tier-1 capital ratio of over 9 percent.

"But unexpected events and a greater than expected economic slump could make it difficult for them to make it," he said.

Experts say should things go from bad to worse, bailout funds may be injected into local banks, which forces them to seek mergers with rivals.

"Should they be equipped with sufficient capital, they would move to take over rivals," said Lee Chang-wook, an analyst at Mirae Asset Securities. "After a crisis, a few players will be able to survive."
sam@yna.co.kr
(END)



(2009 Outlook) S. Korean firms bear brunt of restructuring amid recession fears

By Kim Deok-hyun
SEOUL, Dec. 31 (Yonhap) -- South Korea's export-driven economy has been struck hard by the global economic crisis since the second half of this year. And Song In-ho, who recently lost his job at an auto-parts maker in a Seoul suburb, is suffering as a result.

"I still can't believe I'm jobless," sighed the 34-year-old former engineer. "But, what makes me more frustrated is that I'm afraid I won't be able find work for the time being because the economy is in such poor shape."
Song, with a bachelor's degree in mechanical engineering and six years of work experience, has applied for work at about 10 companies, but he has received no call so far.

His trouble is echoed in a recent survey of chiefs of 14 state or private economic research institutes, which show that the phrase "corporate restructuring and bankruptcy" will be the top watchword for the South Korean economy in 2009.

While the Bank of Korea expected the economy to grow two percent next year, compared with an estimated 3.7 percent expansion this year, private economists suggest the forecast is overly optimistic.

As presaged by President Lee Myung-bak last week, the economy may slide into a technical recession, or two consecutive quarters of quarter-on-quarter contraction in the gross domestic product.

With the outlook gloomier and no one knowing how long the downturn will be, South Korean companies have been in a restructuring mode.

A wave of corporate restructuring is back in South Korea, nearly 11 years after the country was on the verge of default, hit by the 1997/98 Asian financial crisis.

At that time, the government-directed economy, lax banking system and heavily-indebted family-run business conglomerates were mainly blamed for causing the crisis. Hundreds of thousands of jobs evaporated under the humiliating terms of an austerity rescue package led by the International Monetary Fund.

Although the immediate pain was great, South Korea began growing again from 1999 after swallowing bitter IMF-mandated prescriptions.

However, the difficulties facing South Korea today are graver than the 1997/98 crisis because most advanced economies such as the United States, Japan and Germany already fell into a recession, many economists say.

On Dec. 19, President Lee also publicly acknowledged that the economy has dived into a crisis more serious than ever before.

"Probably, we haven't seen more difficult times than this ... Unlike in the earlier financial crisis which hit only Asian nations in 1997 (and 1998), the entire world is suffering difficulties altogether," Lee said told workers at the main plant of GM Daewoo Auto & Technology Co.

"No matter how well we perform, there are not many markets which we can export our products to," Lee said.

Lee urged workers to make sacrifices to keep their jobs, days before the South Korean unit of U.S. auto giant General Motors Corp. temporarily shut down its all plants here amid a sharp decline in vehicle sales.

The nation's financial regulator said it will restructure about 40 construction firms and shipbuilders facing liquidity problems early next year.

A local builder Shinsung Engineering & Construction Co., which was put under creditors' control amid mounting debts, laid off some 500 employees. C&Heavy Industries Co., a local shipbuilder, was facing liquidation as creditors rejected its proposal to reschedule debts.

Hynix Semiconductor Inc., the world's No. 2 maker of computer memory chips, was scaling back its chip output by 30 percent and selling its lone plant in the U.S. in return for receiving a rescue fund worth 800 billion won (US$614 million) from its creditors.

Hyundai Motor Co. and its affiliate Kia Motors Corp., which cut their 2008 sales target by 12.5 percent, have suspended some of their production lines and were cutting daily work hours.

Ssangyong Motor Co., the local unit of China's Shanghai Automotive Industry Corp., was reportedly forced to cut some 2,000 workers to receive fresh capital from its Chinese parent amid a chronic liquidity shortage.

No one is suggesting that these companies are about to collapse, at least.

But, a vicious spiral of falling asset values, rising joblessness and sinking corporate profits is fueling concerns that the economy may be moving in the direction of a longish slowdown experienced by Japan in the 1990s.

Adding to the woes, the Bank of Korea data shows facility spending may fall 8.4 percent in the first-half of next year.

"A contraction in facility investment would pose a negative affect on short-term domestic consumption and decrease potential growth in the long term," said Kim Hyun-wook, a researcher at state-run Korea Development Institute.

As gloom darkens over the South Korean economy, analysts say the government should swiftly craft more economic stimulus packages for next year to prevent the nation's economy from sinking into a recession.

So far, the government has unveiled 36.5 trillion won (US$28.6 billion), or 3.8 percent of its gross domestic product, in tax cuts and supplementary fiscal budgets this year in an effort to prop up the economy.

Analysts, however, say the government needs to do more because the size of the stimulus package was smaller than those of other major economies and most of the benefits are aimed at the construction industry.

"Further steps are urgently needed to stimulate the economy by boosting domestic demand," said Heo Chan-kook, a senior research fellow at the Korea Economic Research Institute.

All is gloom. Exports, the sole engine for South Korea's growth, plunged 18.3 percent from a year ago in November. Consumer sentiment index dropped to the lowest level in a decade in November. Unemployment rate climbed to the highest in nearly one and a half year last month.

South Korea's economy is "feeling the chill of the recessions in Europe and North America as demand for South Korea's exports dwindle," said Tine Olsen, an economist at Moody's Economy.com.

"With the global economy forecast to continue slowing well into 2009 there is little relief in sight for the South Korean economy," Olsen said.

With recession fears for the South Korean economy growing deep, many people are increasingly pointing their fingers at politicians.

"I hoped President Lee to do better on the economy, but he isn't paying much attention on the livelihoods of people like me," said Song, the former engineer.

kdh@yna.co.kr



(2009 Outlook) S. Korean banks striving to rein in bad assets in 2009

By Park Sang-soo
SEOUL, Dec. 31 (Yonhap) -- South Korean banks are expected to embrace another tough year in 2009 as they struggle to beef up their capital base against mounting bad debts, analysts say.
Local banks, led by Kookmin Bank, have enjoyed decent profits in the past few years on record low borrowing costs and a booming economy.

But since mid-September when a global financial rout erupted, things abruptly changed with their financial health deteriorating drastically.
"The biggest potential problem of the economy is how many bad assets they (banks) have to book on their balance sheets," said Lee Han-deuk, an analyst at LG Economic Research Institute. "They are now doubling efforts to raise their capital bases and reduce bad debts, but it is unclear whether their moves provide a great enough cushion."
Indeed, local banks are hastening efforts to bolster their capital adequacy ratios as the slowing economy and a credit squeeze increase the number of bad loans.

The average capital adequacy ratio -- a key measure of financial strength -- at the nation's 18 lenders dropped to 10.79 percent at the end of September from 11.36 percent three months earlier.

Rising bad assets and losses in investment also helped reduce their profits. Their combined profits reached 8.4 trillion won (US$6.58 billion) in the first nine months of the year, a 36.2-percent drop from a year earlier.

"As the economy is widely expected to fall into a deeper than expected slump, fueling rising bad debts, banks are under pressure to boost their capital-adequacy ratios," said Im Il-sung, an analyst at Meritz Securities.
South Korean banks' loan-delinquency ratio rose to a three-year high in November as more companies fell behind on payments in a slowing economy. The delinquency ratio rose to 1.18 percent from 0.92 percent a year earlier, according to the Financial Supervisory Service -- the nation's financial watchdog.

Local banks have raised around 16 trillion won so far this year by selling subordinated bonds and shares. If their recapitalization moves go as planned, their capital adequacy ratios would rise to 12.24 percent, according to the watchdog. The banks also target to raise 3.1 trillion won additionally next year.

But the problem is that the banks would have to book more bad assets on their balance sheets down the road as South Korea is geared up for the restructuring of construction companies and small-sized shipbuilders.
"It (restructuring effort) is good for the banks at the moment," said Lee Jun-jae, an analyst at Korea Investment & Securities Co. "But the sobering fact is that they have to stand on their feet until things get better."
The worst global financial crisis since the Great Depression has dried up capital markets, making it harder for builders to get loans. Some small-and-medium-sized shipbuilders are also facing cash problems as the first contraction in global trade in almost three decades slackens demand for new vessels.

"Should the economic slump last longer than expected, bad assets would mount, which will further drive banks' capital ratios down," said Sung Byong-soo, an analyst at Prudential Securities Co.

Last week, Lee Chol-hwi, chief executive officer of state-run Korea Asset Management Corp. (KAMCO), estimated that local banks would have to book up to 70 trillion won in bad assets on their balance sheets next year.

Earlier this month, South Korea unveiled a set of measures to help the lenders secure capital. The government said it would launch a 20-trillion won fund to recapitalize banks, hoping that would encourage them to lend and help the economy steer clear of a deeper slump.
The government also said it will help buy deteriorating loans that banks have extended to finance real-estate projects. The total amount of project-financing loans stands at 100 trillion won, half of which comes from commercial banks, according to the watchdog.

"The government move will surely give lenders a cushion," said Mo Jae-sung, an analyst at Hanwha Investment Trust Management Co. "Still, it is unclear whether this will be enough because the banks' assets will further deteriorate," he said.

Regulators have demanded that banks raise their tier-1 capital ratio -- the core measure of a bank's financial strength -- to 9 percent by January from 8.3 percent now.

Koo Kyong-hae, an analyst at HMC Investment & Securities Co., said should things go as planned, banks will be able to maintain their tier-1 capital ratio of over 9 percent.

"But unexpected events and a greater than expected economic slump could make it difficult for them to make it," he said.

Experts say should things go from bad to worse, bailout funds may be injected into local banks, which forces them to seek mergers with rivals.

"Should they be equipped with sufficient capital, they would move to take over rivals," said Lee Chang-wook, an analyst at Mirae Asset Securities. "After a crisis, a few players will be able to survive."
sam@yna.co.kr
(END)


Ssangyong Motor workers to vote on strike next week amid crisis

SEOUL, Dec. 31 (Yonhap) -- Unionized workers at Ssangyong Motor Co., which will face liquidation unless its Chinese parent Shanghai Automotive Industry Corp. injects fresh capital to the ailing carmaker, were set to vote on a proposed strike next week to protest against possible job cuts, a company official said Wednesday.

About 5,200 union workers at Ssangyong will vote on Monday and Tuesday, said Chung Mu-young, a Ssangyong spokesman.

If approved, it will deal another major blow to Ssangyong. The troubled carmaker has been in negotiations with Shanghai-based SAIC for weeks over fresh funds in exchange for potential job cuts, but no progress has been reported so far.

"The two sides are now in the process of tuning their stances on several issues," Chung said, declining to elaborate further.

Local newspapers, citing unnamed company sources, have reported that SAIC had requested Ssangyong to slash as many as 3,000 workers, or nearly half of its factory jobs. Chung denied the reports.

The Ssangyong union has threatened to strike unless the Chinese parent abandons a planned layoff of workers.

Union leaders also accused SAIC, which acquired a 51-percent stake in the smallest carmaker in South Korea in late 2004, of stealing technology and failing to honor its investment pledge worth 1.2 trillion won (US$900 million). South Korean prosecutors have been investigating into the allegations of a technology leak.

"At that time of takeover, Shanghai Automotive pledged to invest 1.2 trillion won and expand production capacity to 300,000 vehicles," said Han Sang-kyun, the union leader. "But they didn't spend a penny over the past four years."
China's largest state-run carmaker SAIC has been under pressure to provide fresh funds to Ssangyong.

Korea Development Bank, Ssangyong's main creditor, called for SAIC to provide 320 billion won to the ailing carmaker. If so, KDB said it will consider extending loans to Ssangyong.

On Monday, two Chinese media outlets reported SAIC was preparing to exit Ssangyong, but Ssangyong officials denied the reports.

Ssangyong is expected to post a loss of up to 100 billion won this year. The liquidity shortage forced the company to delay salary payments and cut employ benefits.

Hit by a continued slump in vehicle sales, Ssangyong is idling its lone plant for three weeks. This is the third time this year that the troubled automaker has suspended activity at the plant in the port city of Pyeongtaek, about 70 kilometers south of Seoul.

Last month, Ssangyong, which has a production capacity of 200,000 vehicles a year, sold 3,835 vehicles, down 63 percent from a year ago.

On Tuesday, Korea Investors Service Inc., a local credit risk appraiser, downgraded its rating for Ssangyong's long-term debt to junk bond status, citing "growing uncertainty over financial aid" by SAIC.

(END)


Finance minister eyes tougher hardships in 2009

SEOUL, Dec. 31 (Yonhap) -- South Korea will face a more challenging year in 2009 with deepening concerns that a global recession could make it tougher for the export-driven Asian economy to maintain economic growth, a top economic policymaker said Wednesday.

"Economic conditions will get worse next year as the global financial turmoil continues to take its toll, causing both advanced and emerging economies to fast lapse into a recession," Finance Minister Kang Man-soo said in his New Year message. "We are currently faced with tough situations that we have never experienced nor imagined."
"Our economy is under strain from weak domestic demand and sharply-slumping export growth, which has been propping up our economy. It seems it will be tough to keep the economy growing until the first half of next year," he added.

His remarks on growth forecast are in line with many experts, some of who are forecasting that the South Korean economy might contract next year for the first time in 10 years. Last week, President Lee Myung-Bak said the economy may shrink in the first half from an estimated 3.7 percent advance for this year.

Kang, however, emphasized that the current crisis could turn into an "opportunity" and that the government will join global economic-boosting efforts including "restructuring" in the corporate sector and creating more jobs.

He also pledged that the government will strive to provide more liquidity to stabilize the nation's financial system, while frontloading fiscal spending to bolster rapidly slumping domestic demand.

"The government should keep providing necessary liquidity to the financial and currency markets and lower market interest rates to reduce the borrowing burden on companies and households. It also has to frontload its planned fiscal spending in the first half as much as possible," he said.

kokobj@yna.co.kr
(END)


(LEAD) Parliamentary speaker attempts final mediation

SEOUL, Dec. 31 (Yonhap) -- The National Assembly speaker urged party leaders to make final efforts at reconciliation Wednesday in an apparent bid to prevent potentially violent clashes in parliament on New Year's eve.

Security guards mobilized by the Assembly speaker have been blockading the parliament since late Tuesday and are preparing to forcefully expel opposition party lawmakers who have been occupying the legislature's main chamber in protest against government-led bills.

President Lee Myung-bak's party has vowed to unilaterally pass dozens of pending bills, including a motion to ratify a free trade deal with the United States, after marathon negotiations with its largest opponent ruptured Tuesday.

"I ask party leaders to gather in my room this afternoon and make another attempt to reach an agreement," Parliamentary Speaker Kim Hyong-o said. "All must be wise to save the country."
Kim demanded the opposition lawmakers empty his office by noon to allow the meeting to take place.

Both the main opposition Democratic Party (DP) and the ruling Grand National Party (GNP) said they need more time before deciding whether to accept his proposal.

Kim was forced to invoke his authority as speaker on Tuesday, requesting assistance from law enforcement authorities to break up a sit-in by the main opposition so that pending bills can be put to a vote.

Dozens of DP lawmakers stayed up all night camped out at the Assembly main hall and the Assembly speaker's office, conducting drills to prevent themselves from being "dragged out" by guards. A "human chain" will be formed around the speaker's podium to stop him from opening a vote, the party said.

A massive clash is anticipated between more than 100 security officials and all 83 DP lawmakers if Kim's mediating effort fails.

The liberal DP is seeking to prevent the conservative ruling party from passing a US$30 billion free trade agreement (FTA) with the United States and other market-oriented bills, including media ownership deregulation. The party says South Korea should wait until the U.S. Congress approves the FTA before voting on the legislation.

Occupying the main chamber is the party's last-ditch attempt to stop its ruling rival, which controls 172 seats in the 299-member unicameral house, from unilaterally passing the bills. The DP holds 83 seats.

The sit-in also threatens to deepen South Korea's economic paralysis as the country is on the verge of its first recession in a decade. Dozens of crucial economic rescue plans have been held hostage amid the partisan conflict.
Of the more than 2,600 bills that have been introduced to the legislature since it convened in May, fewer than 300 have been voted on so far. Some 300 will be automatically discarded at the end of 2008.

hayney@yna.co.kr
(END)
Lee calls for national unity to weather economic crisis

By Yoo Cheong-mo
SEOUL, Dec. 31 (Yonhap) -- President Lee Myung-bak on Wednesday issued his New Year's message, calling on the nation to unite to overcome the financial crisis.

In the message to celebrate the dawn of 2009, Lee also asked the Korean people to hold courage and hope in the face of the deepening economic crisis and strive to use the crisis as a new opportunity for the future.

"Let us make a new beginning with the belief that tomorrow will definitely be far better than today. I greeted the first day of the New Year by renewing my determination as well," said Lee.

"I am convinced that we will certainly be able to ride out the current crisis, which people say is the toughest. Cheering each other up, let us move forward with renewed energy."
The president recalled that the nation had risen above similar economic difficulties in the past through national unity.

"When the going was tough in the past, we were united and successfully surmounted arduous challenges. Let us weather the wild gust and high waves, thereby turning this crisis into an opportunity," he said.

"Opportunities are not given; rather, they are something we have to create. To create opportunities, all economic players have to make concessions and join forces."
ycm@yna.co.kr
(END)

Seoul to spend W7 trillion on defense goods in first half of 2009

By Byun Duk-kun
SEOUL, Dec. 31 (Yonhap) -- South Korea will spend over 7 trillion won (US$5.4 billion) in the first half of next year on purchasing weapons or other defense articles as well as new apartments for its military servicemembers to help boost the country's slumping economy, the defense ministry said Wednesday.

The amount accounts for over 60 percent of the ministry's budget for next year that is earmarked for domestic purchases. The plan came under the ministry's key policy goals for 2009 that were briefed to President Lee Myung-bak.

"The ministry decided to take measures to help the country overcome the economic crisis as it understands an economic recovery is a prerequisite to building a strong, advanced military," Defense Minister Lee Sang-hee said in his report to the president.

The move is also in line with government plans to execute over 60 percent of its entire annual spending in the first half of next year to help revive the slowing economy.

Also to help create jobs, the ministry will seek to increase the country's defense exports to $1.2 billion, up 20 percent from $1 billion marked this year.

The number of army conscripts allowed to work at industrial companies instead of serving their two-year mandatory military service will also be increased to 7,200 from the current 5,400 to help relieve the difficulties of small- and-medium-size enterprises in finding workers, it said.

The ministry's new year goals also include efforts to strengthen the country's military alliance with the United States and to contain threats from North Korea along the demilitarized zone and the often disputed maritime border in the Yellow Sea, known as the northern limit line.

"To counter any transnational or non-military threats (from North Korea), the ministry will actively seek to establish joint countermeasures with the international community through multinational security forums and reinforce its preparedness against terrorist and cyber attacks," the report said.

The ministry said it will also continue to support reconciliation between the divided Koreas by maintaining dialogue channels with the communist nation and by working to reduce military tension.

However, the ministry noted the North continued to pose serious threats to the country with its conventional and nonconventional weapons.

"The North Korean regime is expected to solidify its strong grip on the people under its Songun (Military First) policy, while it could try to create additional tension through provocations, nuclear tests or missile launches," the report said.

Pyongyang detonated a nuclear device in October 2006 in its first-ever nuclear test. The communist nation is believed to have up to 48 kilograms of plutonium, which is enough to make six to eight nuclear weapons, according to officials here.

Since the 2006 test, Seoul's arms buildup has been focused on securing capabilities against the North's nonconventional weapons, such as new Aegis ships that can simultaneously engage and intercept up to 20 targets, including missiles, within a 150-kilometer radius.

bdk@yna.co.kr
(END)
Full text of President Lee's New Year's message

SEOUL, Dec. 31 (Yonhap) -- The following is the full text of President Lee Myung-bak's New Year's message to the nation released on Wednesday.


My fellow Koreans,
The New Year of 2009 has dawned. I wish every one of you a very healthy, happy New Year. I also offer my warm New Year's greetings to Korean residents overseas as well as our North Korean compatriots.

On every New Year's Day, our hearts swell with hope and anticipation.

Despite the many difficulties stemming from the global economic crisis, let us all sing a song of courage and hope on this the first morning of the New Year. Let us make a new beginning with the belief that tomorrow will definitely be far better than today.

As President, I know well the aspirations of the Korean people. I greeted the first day of the New Year by renewing my determination as well.

When the going was tough in the past, we were united and successfully surmounted arduous challenges. I am convinced that we will certainly be able to ride out the current crisis, which people say is the toughest. Let us weather the wild gust and high waves, thereby turning this crisis into an opportunity.

Opportunities are not given; rather, they are something we have to create. To create opportunities, all economic players have to make concessions and join forces. Only then will we be able to overcome this crisis faster than any other country.

Cheering each other up, let us move forward with renewed energy.

Have a joyous New Year.

(END)
• Customs-cleared exports grew 6.9 percent year-on-year to $22.97 billion from a year earlier. (출처: The Korea Herald)
수출은 통관 기준으로 전년대비 6.9% 증가한 229억7,000만달러를 기록했다.
• A survey of 600 companies nationwide conducted by Federation earlier this year showed that corporate investment this year will rise by 17.2 percent on year-on-year basis. (출처: The Korea Herald)
금년 초 전경련이 전국 600여개 기업을 상대로 조사한 결과에 따르면 올해 기업 투자는 전년대비 17.2% 증가할 것으로 나타났다.
• Output at restaurants shrank 1.9 percent on-year, whereas hotels and lodging providers expanded 20.1 percent, largely thanks to a base effect from the year-earlier period when SARS concerns held people back from traveling. (출처: The Korea Herald)
요식업종의 생산은 전년대비 1.9퍼센트가 감소한 반면에 숙박업종은 20.1퍼센트가 증가했는데 이는 1년 전의 경우 사스에 대한 걱정으로 사람들이 여행을 꺼렸기 때문에 의한 기저효과에 주로 기인한다.
• House construction in the Seoul Metropolitan area, comprising Seoul, Gyeonggi Province and Incheon, dropped 53.7 percent to 102,000 units in the nine-month period year-on-year, while provincial areas registered a 22.2 percent drop to 150,000 units, another data showed. (출처: The Korea Herald)
서울과 경기도, 인천을 포함하는 수도권에서의 주택건설은 올 9개월 동안에 102,000가구로 전년대비 53.7퍼센트가 감소했으며 지방에서는 150,000가구로 22.2퍼센트가 감소한 것으로 다른 자료에 나타났다.
• Assuming oil prices remain above $60 per barrel in the second half of the year compared to 36.10 average per barrel price from a year earlier, consumer prices could rise 1.32 percentage points year-on-year and exceed the 4 percent mark, said Kwak. (출처: The Korea Herald)
일년전 배럴당 평균 36.10달러였던 유가가 올하반기 배럴당 60달러를 상회할 것으로 가정하면 소비자 물가는 전년대비 1.32%포인트 상승해 4%를 넘어설 수 있다고 관 연구원은 말했다.
• Information technology sector that has led the corporate investment is forecast to post a minus growth of 5.4 percent on year-on-year basis in the coming year. (출처: The Korea Herald)
기업투자를 주도했던 정보기술 업종은 내년에 전년대비 마이너스 5.4퍼센트 성장이 예상되고 있다.
• Net income came to 590.9 billion won ($509.8 million) in the six-month period, compared to 814.9 billion won a year earlier, while operating profits reached 636.2 billion won, down 6.7 percent on-year. (출처: The Korea Herald)
상반기 당기순이익은 5,909억원으로 전년동기의 8,149억원에 비해 감소했고 영업이익은 6,362억원으로 전년동기 대비 6.7% 줄었다.
• Education fees rose 4 percent on-month and 5.2 percent on-year as universities, schools and kindergartens all raised tuition at the start of the new school year. (출처: The Korea Herald)
새 학기를 맞아 대학, 초중고교 및 유치원이 모두 납입금을 올리면서 교육비가 전월대비 4%, 전년동월대비 5.2% 크게 올랐다.
• The world`s second-largest computer chip maker, based in Icheon, Gyeonggi Province, said net profit fell 3.5 percent year-on-year to 512 billion won as chip prices fell 37 percent from a year ago caused by an inventory glut. (출처: The Korea Herald)
경기도 이천에 소재하고 있는 세계 2위의 반도체회사인 하이닉스는 재고과잉으로 반도체 가격이 1년 전보다 37퍼센트가 떨어져 순이익이 5,120억원으로 전년대비 3.5퍼센트가 줄었다고 말했다.
• But spending on apparel and footwear dropped 3.7 percent on-year during the period, and medical and health-related spending was down 0.2 percent. (출처: The Korea Herald)
그러나 같은 기간 중에 피복신발비에 대한 지출은 전년보다 3.7퍼센트가 감소했고 보건의료비 지출은 0.2퍼센트가 감소했다.
• Exports, which account for about two-fifths of Korea`s $605 billion economy, ballooned 33.3 percent during the January-October period year-on-year. (출처: The Korea Herald)
6,050억불 규모의 한국경제에서 2/5를 차지하는 수출은 올 1월부터 10월까지 전년동기대비 33.3퍼센트나 증가했다.
• Exports jumped 21.7 percent in January from a year ago despite a stronger won against the dollar, while capital spending on plant and machinery rose 16 percent year-on-year, the fastest pace in 25 months. (출처: The Korea Herald)
수출은 원화 강세에도 불구하고 1월에 1년 전보다 21.7퍼센트가 늘어났고 공장과 기계에 대한 자본적 지출은 전년대비 16퍼센트가 증가해 25개월만에 가장 큰 폭의 증가세를 보였다.
• For next year, KDI slashed its forecasts on facility investment growth to 6.9 percent on-year from an earlier 8.5 percent. (출처: The Korea Herald)
KDI는 내년도 기업의 설비투자가 올 8.5%보다 낮은 6.9%로 감소할 것으로 추정했다.
• Total export volume ballooned 32.2 percent year-on-year, while contracting 2 percent on the quarter, while the import volume rose 12.5 percent from a year earlier and fell 1.1 percent from the preceding quarter. (출처: The Korea Herald)
수출량은 전년동기와 대비해서는 32.2퍼센트가 증가한 반면에 전분기보다는 2퍼센트가 감소했고 수입량은 1년 전 같은 기간보다 12.5퍼센트가 증가한 반면에 전분기보다는 1.1퍼센트가 감소했다.
• On top of that, financial institutions, which had to book hefty provisions a year ago due to the SK Global accounting scandal, experienced a relatively stable quarter this time, seeing their year-on-year income growth accelerate on a base effect, explained Jung. (출처: The Korea Herald)
“게다가 작년에 SK 글로벌 회계분식 스캔들로 막대한 충당금을 적립해야 했던 금융기관들이 올 1분기에는 근본적으로 전년대비 수익성 향상이 가속되는 결과로 이어지면서 비교적 안정세를 유지했다 정 팀장은 설명했다.
• Discounters saw sales drop 9.1 percent year-on-year while department stores, which have been suffering from weak sales for more than two years, saw sales drop 2.8 percent compared to a year earlier, the Ministry of Commerce, Industry and Energy announced yesterday. (출처: The Korea Herald)
어제 산업자원부 발표에 따르면 할인점 매출은 전년동월대비 9.1% 감소했고 2년 이상 매출 감소세를 지속한 백화점 매출도 2.8% 감소했다.
• Last month, following reports that the Ministry of Health and Welfare would spike cigarette prices later this year, sales surged more than 20 percent on-year to stand at 7.5 billion cigarettes, said KT&G, Korea`s recently privatized tobacco distributor. (출처: The Korea Herald)
KT&G에 따르면 지난달 보건복지부가 하반기 담배가격 인상을 추진한다는 발표 이후 담배 판매량은 75억 개비로 전년 동월대비 20% 이상 증가했다.
• Overall, the producer price index advanced 4.5 percent in February on-year, marking the ninth monthly rise and the greatest gain since November 1998, BOK figures indicated. (출처: The Korea Herald)
전체적으로 전년 같은 기간과 비교하여 2월의 생산자물가지수는 4.5퍼센트가 올라 9개월째 상승이 계속되면서 1998년 11월 이후 최고의 상승폭을 기록한 것으로 한국은행 수치에 나타났다.
• During the first nine months, their direct investment abroad soared 65.8 percent year-on-year to $305 million, surpassing all previous full-year data, said the Export-Import Bank of Korea. (출처: The Korea Herald)
한국수출입은행에 따르면 올들어 지난 9월까지 집행된 개인과 개인사업자의 해외직접투자 규모는 지난해 같은 기간보다 65.8% 늘어난 3억500만달러에 달했다.
• The food giant`s fourth-quarter earnings report showed that sales totaled 585 billion won, a 2.8 percent increase from a year earlier, but operating profit took a heavy hit to 2.1 billion won, down 93 percent year-on-year. (출처: The Korea Herald)
식품업계의 거인인 CJ의 4분기 수익발표를 보면 매출은 5,850억원으로 전년보다 2.8퍼센트가 증가했으나 영업이익은 21억원으로 전년대비 93퍼센트가 감소하는 타격을 받은 것으로 나타났다.
• While major export items such as semiconductors, cars and electronics posted double digit year-on-year growth in November, other products gained a 2-percent increase on average. (출처: The Korea Herald)
11월 반도체, 자동차, 전자제품 등과 같은 주요 수출 품목은 두자릿수 증가세를 보인 반면 여타 품목들은 평균 2%의 증가세에 그쳤다.
• The gains represent a 7.4-percent increase from the same period last year, the largest year-on-year gain since May 2001. (출처: The Korea Herald)
이런 증가치는 지난 해 같은 기간에 비해 7.4퍼센트가 오른 것으로 2001년 5월 이후 전년대비 증가율로는 가장 많이 오른 것이다.
• Broken down, automobile and fuel sales rose 5.4 percent year-on-year after contracting 2.4 percent in April. (출처: The Korea Herald)
부문별로는 4월 2.4% 감소했던 자동차와 연료 판매가 전년동월대비 5.4% 증가했다.
• Through the first 11 months of this year, consumer prices increased 2.8 percent on-year. (출처: The Korea Herald)
올 11월까지 소비자물가는 전년대비 2.8퍼센트가 증가했다.
• In September, sales shrank 1.4 percent year-on-year. (출처: The Korea Herald)
9월 매출액은 전년 동월대비 1.4% 감소했었다.
• Korean businesses with more than five employees hired 126,590 new workers during the third quarter, a 9.39 percent decline from the previous quarter and a 5.64 percent drop year-on-year, the Labor Ministry said. (출처: The Korea Herald)
노동부에 따르면 지난해 3분기중 상용근로자 5인 이상 사업체의 신규 채용자수는 12만6천590명으로 전분기에 비해 9.39% 줄었을 뿐 아니라 전년동기보다도 5.64% 감소했다.
• Exports were tallied at $21.6 billion, up 37.1 percent year-on-year, slower than the 42.6 percent increase in May. (출처: The Korea Herald)
수출은 전년 동월대비 37.1% 증가한 216억달러를 기록했지만 5월의 증가율 42.6%에 비해서는 둔화되었다.
• On-year comparisons of results were not provided since these have yet to be standardized. (출처: The Korea Herald)
아직 표준화된 기준이 마련되지 않은 관계로 전년과 비교할 수 있는 결과는 발표되지 못했다.
• Weak demand at home dragged down local sales 12.2 percent year-on-year to 93,651 units. (출처: The Korea Herald)
소비 위축으로 인해 내수 판매는 전년동월대비 12.2% 감소한 93,651대를 기록했다.
• Exports in the six months to June rose 18.3 percent year-on-year to a record 1.3 million units worth $18.9 billion. (출처: The Korea Herald)
6월까지의 수출은 189억불에 상당하는 사상최대의 130만대로 전년대비 18.3퍼센트가 증가했다.
• The average monthly spending of city urban households jumped 9.8 percent on-year to 2.44 million won during the period. (출처: The Korea Herald)
같은 기간에 도시 가구의 월평균 지출이 전년보다 9.8퍼센트 증가한 244만원이었다.
• The figure is a 6.1-percent rise year-on-year. (출처: The Korea Herald)
이 숫자는 전년동기대비 6.1퍼센트가 증가한 것이다.
• Korean sales abroad still remain healthy, maintaining a year-on-year growth of more than 38 percent until July. (출처: The Korea Herald)
우리나라의 수출은 여전히 견실하며 올 7월까지 전년대비 38%의 성장세를 지속하고 있다.
• During May, Korea`s info-tech exports fell 2.1 percent year-on-year to $6.37 billion. (출처: The Korea Herald)
5월중 국내 IT 제품 수출은 전년동월대비 2.1% 감소한 63억7천만달러를 기록했다.
• In a positive sign, output for internal demand grew 4.6 percent on year, faster than a 1.1 percent increase in May. (출처: The Korea Herald)
긍정적인 신호로서 내수용 생산은 전년에 비해 4.6% 증가하며 5월의 증가율 1.1%보다 크게 높아졌다.
• In December, exports rose 19.5 percent year-on-year to $23.6 billion. (출처: The Korea Herald)
12월에 수출은 236억불로 전년대비 19.5퍼센트가 증가했다.
• Revenue increased 2 percent year-on-year at 9.7 trillion won. (출처: The Korea Herald)
매출은 전년대비 2% 늘어난 9조7,000억원을 나타냈다.
• Prices of industrial goods gained 3.4 percent on-year and 1.3 percent from the previous month. (출처: The Korea Herald)
서비스부문 가격은 12월보다 0.9퍼센트 소폭 증가했고 전기, 수도, 가스 등 각종 요금은 1.3퍼센트 올랐다.
• Entertainment, film and theatrical performances showed a 10.9 percent on-year increase, up from 3.5 percent in July. (출처: The Korea Herald)
연예, 영화, 연극공연은 7월의 3.5퍼센트보다 늘어난 전년대비 10.9퍼센트 증가를 나타냈다.
• Average revenue per user dropped 2 percent year-on-year to 43,542 won. (출처: The Korea Herald)
고객당 평균 매출 (ARPU)은 전년대비 2% 감소한 43,542원을 기록했다.
• The investment figures, indicating the amount that investors report to the ministry, increased 175.2 percent year-on-year. (출처: The Korea Herald)
투자자들이 산자부에 신고한 금액을 나타내는 이 투자 수치는 전년동기대비 175.2 퍼센트가 증가했다.
• But exports rose 25 percent on-year to 7,373 units during the same period. (출처: The Korea Herald)
그러나 동기간중 수출은 전년 동분기대비 25% 증가한 7,373대를 기록했다.
• Exports to European countries increased 19.7 percent year-on-year at $1.15 billon. (출처: The Korea Herald)
유럽 수출은 11억 5000만불로 전년대비 19.7퍼센트가 늘었다.
• The company reported $36.5 million in revenue in the second quarter, a 108.8 percent increase year-on-year. (출처: The Korea Herald)
샨다는 2분기에 전년 동분기대비 108.8% 증가한 3,650만달러의 매출을 기록했다.
• Consumer prices for February indicate that living costs in general rose 4.9 percent year-on-year. (출처: The Korea Herald)
2월의 소비자물가는 전반적인 생활비가 전년대비 4.9퍼센트 늘어났음을 보여 주었다.
• Last month, core prices rose 2.8 percent on-year. (출처: The Korea Herald)
지난 달에 핵심물가가 전년대비 2.8퍼센트 올랐다.
• For the full-year, marketing costs increased 45 percent year-on-year at 1 trillion won. (출처: The Korea Herald)
한 해 전체로는 마케팅 비용이 1조원으로 전년대비 45퍼센트가 늘어났다.
• Sales at Lotte Department Store in September shrank 2.2 percent year-on-year. (출처: The Korea Herald)
롯데백화점의 9월 매출은 전년대비 2.2퍼센트가 줄었다.
• The export growth rate during the January-May period was just 3.6 percent, after growing 29 percent year-on-year during 2004. (출처: The Korea Herald)
2004년에는 29퍼센트까지 증가했던 수출성장률이 1월부터 5월까지 동안은 3.6퍼센트에 불과했다.
• Industrial output rose 11.6 percent year-on-year, slowing from a 16.9 percent increase in February. (출처: The Korea Herald)
산업생산이 전년동기와 비교해서는 11.6퍼센트가 증가했지만 2월의 16.8퍼센트 증가에 비하면 증가폭이 둔화됐다.
• Foreign investment in the first half of the year dropped 8.4 percent year-on-year to $4.63 billion. (출처: The Korea Herald)
올 상반기 외국인 투자는 전년동기 대비 8.4% 감소한 46억3천만달러를 기록했다.
• Revenue for the first quarter rose 6 percent year-on-year. (출처: The Korea Herald)
1분기 매출은 전년대비 6퍼센트 늘어났다.
• While prices of agricultural and fishery goods fell 1.2 percent year on year, service charges rose 1.6 percent. (출처: The Korea Herald)
농산물과 수산물 가격은 전년대비 1.2퍼센트가 하락한 반면에 서비스 가격은 1.6퍼센트 올랐다.
• By industry, bank lending to the service sector increased the most, swelling 19.4 percent year-on-year to 137.6 trillion won. (출처: The Korea Herald)
업종별로는 서비스업 대출이 3월 말 현재 137조6천억원으로 1년 전보다 19.4%가 증가했다.
• Imports in the same period stood at $13.2 billion, up 10.9 percent year on year. (출처: The Korea Herald)
같은 기간 수입도 132억달러로 10.9% 증가했다.
• The slump has continued this year, with facility investment dropping 0.3 percent year-on-year during the first three months. (출처: The Korea Herald)
이러한 투자 침체는 올들어서도 지속되며 1분기 중 설비투자는 전년 동기대비 0.3% 감소했다.
• Revenue was up 4.4 percent year-on-year at 1.44 trillion won. (출처: The Korea Herald)
매출도 전년대비 4.4% 증가한 1조4,400억원을 기록했다.
• It was the smallest gain since the first quarter of 1999 when GNI rose 1.6 percent year-on-year. (출처: The Korea Herald)
이는 GNI가 전년대비 1.6퍼센트 증가했던 1999년 1분기 이후 최저 증가율이다.
• Last year, exports climbed 30.6 percent on a year-on year basis, whereas imports rose 25.3 percent. (출처: The Korea Herald)
작년에 수출은 전년대비 30.6퍼센트가 늘었고 수입은 25.3퍼센트가 늘었다.
• Customs-cleared imports gained 18.3 percent year-on-year to $21.17 billion. (출처: The Korea Herald)
통관 기준 수입은 211억 7000만불로 전년 동기대비 18.3퍼센트가 증가했다.
• The retailer`s September sales slid 2.2 percent year-on-year. (출처: The Korea Herald)
롯데백화점의 9월 매출액은 전년 동월대비 2.2% 감소세를 보였다.
• But in November, sales moved to negative territory with a year-on-year decline of 3 percent. (출처: The Korea Herald)
그러나 11월 신세계백화점의 매출액은 감소세로 돌아서 전년 동월대비 3% 줄었다.
• The ministry said November exports climbed to $23.31 billion, marking an year-on-year increase of 27.8 percent. (출처: The Korea Herald)
산자부는 11월 수출이 전년동월대비 27.8% 증가한 233억1천만달러을 기록했다고 말했다.
• Second-quarter export growth decelerated to 6.1 percent year-on-year. (출처: The Korea Herald)
2분기 수출증가세는 전년대비 6.1퍼센트 감소했다.
• It is the first time sales of the company have fallen year-on-year. (출처: The Korea Herald)
동사의 매출이 전년대비 감소한 것은 처음이었다.
• Last year, Korea`s export volume to Canada reached $3.4 billion, a year-on-year increase of 26.1 percent. (출처: The Korea Herald)
작년에 한국의 대캐나다 수출은 34억불로 전년동기대비 26.1퍼센트가 증가했다.
• In April, exports increased by 7.7 percent on-year, sliding from the double-digit growth shown in March. (출처: The Korea Herald)
4월 수출은 전년대비 7.7퍼센트가 증가해 3월의 두 자리 수 증가에서 후퇴했다.
• Sales to the United States dropped 36.9 percent year-on-year at $930 million. (출처: The Korea Herald)
대미 수출은 9억 3000만불로 전년대비 36.9퍼센트가 감소했다.
• The bank lowered its estimate for the quarterly export growth from 13.5 percent to 13.3 percent on-year. (출처: The Korea Herald)
한은은 3분기 수출 증가율을 전년동분기 대비 13.5%에서 13.3%로 하향조정했다.
• Exports have eroded to single-digit growth year-on-year since February, when shipments rose 6.6 percent compared to February 2004. (출처: The Korea Herald)
전년동월대비 6.6% 증가세를 보였던 지난 2월 이래로 수출은 전년대비 한자리숫자의 증가세로 둔화되었다.
• While consumer prices climbed to a 37-month high with a 4.8 percent year-on-year gain in August, fueling concerns of stagflation, the mainstay of the economy - exports - rose at their slowest pace in nine months, at 29.3 percent, during the same month. (출처: The Korea Herald)
8월 소비자 물가는 전년동월 대비 4.8% 증가하며 37개월만에 최고치를 기록해 스태그플레이션에 대한 우려감은 낳은 한편 같은 달 우리 경제의 버팀목인 수출은 29.3%로 9개월만에 가장 낮은 성장세를 기록했다.
• If the budget is approved, defense spending will rise 12.9 percent on-year to 19.52 trillion won, while the budget for welfare is to climb 10.4 percent to 16.44 trillion won. (출처: The Korea Herald)
예산안이 승인되게 되면 국방비는 올해 대비 12.9% 증가한 19조5200억원이 되고 사회복지비는 10.4% 늘어난 16조4400억원이 된다.
• Ssangyong Motor Co., the nation`s No. 4 automaker, said its March exports recorded the highest ever of 6,183 units, an 83 percent increase year-on-year, exceeding domestic sales for the first time. (출처: The Korea Herald)
국내 4위의 자동차업체인 쌍용자동차의 3월 수출대수는 전년 동월대비 83% 증가한 6,183대를 기록하며 사상 최고치를 기록했고 처음으로 내수 판매를 넘어섰다.
• Kia`s exports from January to November rose 41.9 percent year-on-year to 667,469 units, mainly due to the popularity of the Sorento sport utility vehicle and Sedona minivan in the U.S. market. (출처: The Korea Herald)
올들어 11월까지 기아차의 수출은 미국 내 소렌토 SUV 차량과 세도나 미니밴의 인기에 힘 입어 전년동기대비 41.9% 증가한 667,469대를 기록했다.
• Hwang Chang-gyu, president of Samsung Electronics` chip division, forecast the company`s semiconductor sales to reach an all-time high this year with a 60 percent year-on-year increase. (출처: The Korea Herald)
황창규 삼성전자 반도체총괄 사장은 “올해 반도체 매출이 지난해보다 60% 늘어 사상 최대 실적을 낼 것으로 예상된다”고 밝혔다.
• During the first half, the company`s net profit surged 65 percent year-on-year to 168 billion won with sales rising 35 percent to 1.48 trillion. (출처: The Korea Herald)
상반기 동사의 순익은 전년대비 65퍼센트나 증가한 1,680억원이었고 매출액은 35퍼센트가 증가한 1조 4800억원이었다.
• Sales of soju, Korea`s traditional rice-based spirit, reached 1.08 million kiloliters, a year-on-year increase of 3.8 percent. (출처: The Korea Herald)
지난해 소주 내수 출하량은 108만㎘에 달해 전년도에 비해 3.8% 늘었다.
• Some 2.5 million Koreans traveled overseas during the July-September period, up 23.7 percent from the previous quarter and up 19 percent year-on-year, according to the Korea National Tourism Organization. (출처: The Korea Herald)
한국관광공사에 따르면 7월부터 9월 사이에 약 250만명의 한국인이 해외여행을 했는데 이는 전분기에 비해서는 23.7퍼센트 그리고 전년 동기에 비해서는 19퍼센트가 늘어난 것이라고 한다.
• Construction orders declined 21.3 percent in August on a month-on-month despite the jump in year-on-year growth, mainly due to a base effect. (출처: The Korea Herald)
8월의 건설 주문은 주로 기저효과로 인해 연간 대비로는 증가했으나 월별 비교에서는 21.3퍼센트가 감소했다.
• NHN Corp., operator of Korea`s largest search engine Naver (www.naver.com) and popular online game portal Hangame (www.hangame.com), saw its revenue grow 37.9 percent year-on-year to 229.4 billion ($224 million) won in 2004, riding a larger share of search-related advertising and more aggressive overseas operations. (출처: The Korea Herald)
국내 최대 검색엔진 네이버 (www.naver.com)와 인기 높은 온라인 게임 포털 한게임 (www.hangame.com) 운영업체인 NHN의 지난 해 매출이 검색 관련 광고와 보다 공격적인 해외 영업에 힘 입어 전년대비 37.9% 증가한 2294억원을 기록했다.
• Combined sales at the nation`s top three department stores - Lotte Department Store Co., Hyundai Department Store Co., and Shinsegae Co. - dropped 7.2 percent year-on-year, according to the Ministry of Commerce, Industry and Energy. (출처: The Korea Herald)
산업자원부의 발표에 의하면 국내 3대 백화점 즉, 롯데백화점과 현대백화점 그리고 신세계백화점을 모두 합친 매출이 전년대비 7.2퍼센트 감소했다고 한다.
• Last week, Asia`s fourth-largest economy showed that it was gathering steam to achieve a full-fledged recovery by revealing a better-than-expected third-quarter economic growth rate of 4.4 percent year on year. (출처: The Korea Herald)
지난 주 아시아 4위의 경제국인 우리나라는 지난 3분기 전년동분기 대비 4.4%라는 예상보다 높은 경제성장률을 기록하며 본격적인 회복 국면에 진입하고 있음을 보여 주었다.
• Economists say it is also the highest growth on a year-on-year basis since the second quarter of 2004, when the economy expanded 5.5 percent. (출처: The Korea Herald)
경제전문가들은 이 같은 성장률이 5.5% 성장률을 기록했던 2004년 2분기 이래로 가장 높은 성장률이라고 말하고 있다.
• Exports were tallied at $21.2 billion on a customs-cleared basis, up 38 percent year-on-year, while imports rose 20 percent to $19.1 billion. (출처: The Korea Herald)
수출은 통관 기준으로 총 212억달러로 전년동월 대비 38% 증가했고 수입은 20% 늘어난 191억달러를 기록했다.
• According to the Korea Internet Companies Association, Korea`s mobile payment market is expected to grow 39 percent year-on-year in 2005 to approach 900 billion won ($894 million), with more people using their handsets to pay for items such as subway fares and movie tickets. (출처: The Korea Herald)
한국인터넷기업협회에 따르면 보다 많은 사람들이 휴대전화로 지하철 요금이나 영화 요금 등을 지불함에 따라 국내 휴대전화 결제 시장 규모는 올해 전년대비 39% 성장한 9천억원에 달할 전망이다.
• Buoyed by solid performances from its major affiliates and disposal of nonoperating assets, Kumho Asiana saw its 2004 combined net profit nearly quadruple to 698.3 billion won year-on-year, with an all-time high operating profit of 664.7 billion won. (출처: The Korea Herald)
주요 계열사의 견조한 실적과 부실자산 처분에 힘입어 금호아시아나는 2004년 전체 순익이 전년대비 네 배인 6,983억원에 달했고 영업이익은 사상최대인 6,647억원에 달했다.
• After taking into consideration the inflation effect, the country`s real household income slid 0.2 percent on-year during the July to September period, the National Statistical Office said. (출처: The Korea Herald)
물가요인을 감안한 후 한국의 3분기 실질가계소득은 전년대비 0.2퍼센트가 감소했다고 통계청이 발표했다.
• It said that core consumer prices, which exclude food and energy costs, rose 3.2 percent year-on-year last month and 0.2 percent from a month ago. (출처: The Korea Herald)
정부는 식품과 에너지 가격을 제외한 핵심 소비자물가가 지난 달에는 전년대비 3.2퍼센트 그리고 전월보다는 0.2퍼센트가 올랐다고 말했다.
• Korea Exchange Bank, Korea`s fifth-largest lender, said yesterday that its nine-month profit was more than 52-fold higher year-on-year thanks partly to the sale of its U.S. subsidiary. (출처: The Korea Herald)
국내 5위의 시중은행인 외환은행은 올들어 9월까지 순이익이 미국 자회사 매각에 힘 입어 전년 동기간 대비 52배 이상 증가했다고 어제 말했다.
• The Bank of Korea has thus far compiled GDP growth data on a year-on-year basis. (출처: The Korea Herald)
한국은행이 지금까지는 GDP 성장률을 연간 기준으로 집계해 왔다.
• Figures show that output from the wholesale-retail sector, a barometer of domestic demand, fell 0.3 percent year-on-year in April. (출처: The Korea Herald)
통계 수치에 따르면 내수를 가름하는 기준이 되는 도소매 부문의 생산이 4월에 전년 동기와 비교하여 0.3퍼센트 감소했다.
• The seasonally adjusted rate also increased 0.2 percentage point on-year to 3.9 percent. (출처: The Korea Herald)
계절적 요인을 감안한 후의 실업률도 3.9퍼센트로 전년대비 0.2퍼센트 포인트 증가했다.
• The ministry said that a total of 130,834 people also retired or were laid off in the third quarter, a steep 12 percent year-on-year increase. (출처: The Korea Herald)
지난해 3분기의 퇴직 및 해고자수도 전년동기보다 12%나 급증한 13만834명이었다.
• Info-tech imports rose 7.8 percent year-on-year at $3.51 trillion won in May, resulting in a trade surplus of $2.86 billion for the month. (출처: The Korea Herald)
정보기술 수입은 5월에 3조 5100억원으로 전년대비 7.8퍼센트가 증가해 이 달에 28억 6000만불의 무역흑자를 낳았다.
• The amount was up 43.5 percent year-on-year but still pales in comparison to the amount invested by Koreans abroad. (출처: The Korea Herald)
올들어 외국인의 국내 제조업 투자는 지난해 동기 대비 43.5% 늘었으나 내국인의 해외투자에 비해 절대규모가 크게 못 미친다.
• Exports climbed 17.9 percent year-on-year to $25.3 billion in March, buoyed by strong overseas sales of mobile phones and cars. (출처: The Korea Herald)
수출은 3월에 휴대전화기와 자동차 수출 강세에 힘입어 253억불로 전년대비 17.9퍼센트가 증가했다.
• Domestic credit-card spending in January rose 14.8 percent year-on-year, suggesting that sluggish private consumption may be improving. (출처: The Korea Herald)
1월중 국내 신용카드 사용액이 전년동월대비 14.8% 증가하며 내수가 회복되고 있음을 암시했다.
• Hyundai Motor`s March exports jumped 24.5 percent year-on-year to 175,042 units, whereas sales at home remained more or less the same. (출처: The Korea Herald)
현대차의 3월 수출은 전년 동월대비 24.5% 증가한 175,042대를 기록한 데 반해 내수 판매는 비슷한 수준을 유지했다.
• On December, core consumer prices, excluding volatile food and energy costs, rose 2.9 percent year-on-year. (출처: The Korea Herald)
12월에는 변동이 심한 식품과 에너지를 제외한 코어 소비자물가가 전년대비 2.9퍼센트 올랐다.
• Gross domestic product expanded 4.6 percent year-on-year during the three months to Sept. 30, after rising 5.5 percent in the previous quarter. (출처: The Korea Herald)
9월 30일까지의 석 달 동안 국내총생산은 전년대비 4.6퍼센트가 증가했는데 전분기는 5.5퍼센트였다.
• NCsoft saw its third-quarter 2004 net income grow to 22.5 billion won ($20 million), up 220 percent year-on-year, on sales of 63.7 billion won. (출처: The Korea Herald)
NCsoft는 2004년 3분기에 637억원 매출에 순이익은 전년보다 220퍼센트가 증가한 225억원(2,000만불)으로 늘어났다.
• In the first quarter of this year, sluggish sales at home dragged Ssangyong`s net profit down 76 percent on-year to 40.5 billion won. (출처: The Korea Herald)
올 1분기 저조한 내수 판매로 인해 쌍용차의 순이익은 전년 동분기대비 76% 격감한 405억원을 기록했다.
• Average revenue per user, or ARPU, was 43,343 won ($38.3) in the third quarter, down 3 percent year-on-year with the cuts to interconnection rates and basic monthly fees. (출처: The Korea Herald)
가입자당 평균매출(APRU)은 인터커넥션 요금과 월 기본요금이 인하됨에 따라 3분기에는 43,343원(38.3불)으로 전년대비 3퍼센트가 감소했다.
• For the first three months this year, the CPI climbed 3.3 percent on-year, slightly above the central bank`s target of around 3 percent. (출처: The Korea Herald)
올 들어 3월까지는 작년 동기에 비해 3.3%가 올라 정부의 3% 내외 물가 억제 목표 달성이 쉽지 않게 됐다.
• The total goods shipments also shot up 14.3 percent year-on-year last month, while the shipments of export goods alone achieved higher growth of 27.7 percent. (출처: The Korea Herald)
지난 달에 총수출 역시 전년대비 14.3퍼센트 증가했고 상품 수출만도 27.7퍼센트라는 높은 증가세를 보였다.
• The Korea Customs Service reported recently that the number of Koreans visiting other countries during the seven months to July jumped 39.2 percent year-on-year to hit 4.7 million. (출처: The Korea Herald)
관세청은 최근 올들어 7월까지 외국을 방문한 한국인 수가 전년동기 대비 39.2% 증가한 470만명에 달했다고 발표했다.
• This year, it is expected to show the strongest growth in global demand of 340 million metric tons, which reflects a 10 percent increase on-year. (출처: The Korea Herald)
올해는 전년대비 10퍼센트가 증가한 3억 4000만톤의 전세계 수요에서 중국이 가장 큰 부분을 차지할 것으로 예상된다.
• Second-ranked Hyundai Department Store`s revenue rose 6 percent last month, while Shinsegae says its operating profit for both its department store and discount chain E-Mart grew 24.6 percent year-on-year. (출처: The Korea Herald)
2위인 현대백화점의 매출은 지난 달에 6퍼센트가 증가했고 신세계는 백화점과 할인점을 합친 영업이익이 전년보다 24.6퍼센트가 늘어났다고 말했다.
• SK Telecom`s 299 billion won second-quarter net income represented a 34 percent drop year-on-year, while the second-quarter marketing costs were up 47 percent year-on-year. (출처: The Korea Herald)
SK텔레콤의 2분기 순이익 2,990억원은 전년동분기대비 34% 감소한 수치이며 2분기 마케팅 비용은 전년대비 47% 증가한 금액이다.
• The ministry said the 2005 budget request rose slightly on-year as it adopted a top-down budget-making system, which allows government agencies to draw up their budgets within a ministry-set limit. (출처: The Korea Herald)
기획예산처는 부처별 예산 자율편성 기능을 도입한 ‘톱다운 제도’가 시행됨에 따라 요구 예산 증가율이 소폭 상승했다고 말했다.
• According to the Ministry of Information and Communication, the number of broadband subscribers increased just 1 percent year-on-year to 11.92 million last year. (출처: The Korea Herald)
정보통신부에 따르면 지난해 광대역 가입자 수는 전년대비 불과 1% 증가한 1,192만명을 기록했다.
• The year-on-year growth in import prices has accelerated this year, rising from 12.4 percent in June to 14.3 percent In July and 16.7 percent in August. (출처: The Korea Herald)
수입물가의 전년대비 상승률은 올해 더욱 가속되어 6월의 12.4퍼센트에서 7월에는 14.3퍼센트 8월에는 16.7퍼센트로 계속 높아졌다.
• Overall output from the service industry, which accounts for more than half of the world`s 12th-largest economy, rose 0.5 percent year-on-year, reversing a 0.3 percent drop in May. (출처: The Korea Herald)
세계 12위의 경제 규모를 갖고 있는 한국 경제의 절반 이상을 차지하고 있는 서비스업 생산은 작년 같은 달에 비해 0.5% 증가하며 5월의 0.3% 감소세에서 한 달 만에 증가세로 돌아섰다.
• Sectors with the highest gains were the financial and insurance industries, which posted 12.8 percent on-year growth in September, with real estate climbing 10.7 percent. (출처: The Korea Herald)
금융보험업이 12.8%로 가장 높은 증가세를 기록했고 부동산-임대업은 10.7% 상승했다.
• By category, raw material costs spiked 20.1 percent year-on-year, while consumer goods prices gained 11 percent and capital goods rose 0.7 percent. (출처: The Korea Herald)
항목별로 보면 원자재가 전년대비 20.1퍼센트가 오른 반면에 소비재 물가는 11퍼센트 그리고 자본재는 0.7퍼센트가 올랐다.
• Sales of BMW, Mercedes-Benz, Audi and Volkswagen soared more than 32 percent year-on-year while total sales of imported vehicles rose 17.7 percent. (출처: The Korea Herald)
BMW, 메르세데스-벤츠, 아우디, 폴크스바겐 등의 매출은 전년동월대비 32% 이상 급증했고 전체 수입차 판매량은 17.7% 증가했다.
• Provisional data released by the Ministry of Commerce, Industry and Energy showed that overseas sales dropped 7.4 percent year-on-year at $12.5 billion through Jan. 20 on a customs-clearance basis. (출처: The Korea Herald)
산업자원부가 발표한 잠정집계에는 수출이 1월 20일까지 통관기준으로 125억불로 전년대비 7.4퍼센트 감소한 것으로 나타났다.
• Amid the ballooning volume of exports this year, domestic light industry exports rose 4.9 percent during the first two months of this year, the first year-on-year increase in four years. (출처: The Korea Herald)
올들어 수출이 호조를 보이고 있는 가운데 올 2월까지 잠정 집계된 경공업제품의 수출이 4년만에 전년동기대비 4.9% 늘어난 것으로 파악되었다.
• Core inflation, excluding food and energy prices, was 0.3 percent month-on-month and 3.1 percent on-year in July. (출처: The Korea Herald)
7월의 식품과 에너지 가격을 제외한 핵심물가는 전월대비 0.3퍼센트 그리고 전년대비 3.1퍼센트가 올랐다.
• In Korea, which ranks as the world`s 10th largest cosmetics market, the iconic beauty care company in 2004 reported revenue of 14.5 million euros, a year-on-year increase of 6.2 percent. (출처: The Korea Herald)
세계 10위의 화장품 시장인 한국에서 이 우상적인 화장품 회사는 2004년에 전년동기보다 6.2퍼센트가 늘어난 1,450만 유로의 매출을 발표했다.
• The operating profits, however, are expected to grow 7 percent in the third quarter on year-on-year and 41.4 percent in the fourth quarter, according to the Daewoo Securities. (출처: The Korea Herald)
하지만 대우증권에 따르면 영업이익이 3분기에는 전년대비 7퍼센트 그리고 4분기에는 41.4퍼센트가 증가할 것으로 예상된다.
• Hyundai Motor Co., Korea`s largest automaker, said it sold 16 percent more vehicles year-on-year during the fourth quarter but its net income saw a 21 percent unexpected drop due to soaring raw material costs and the strong domestic currency. (출처: The Korea Herald)
국내 최대의 자동차 생산업체인 현대자동차는 지난해 4분기 매출이 전년동분기대비 16% 증가했지만 원자재 가격 앙등과 원화 강세로 인해 순익은 21% 감소했다고 밝혔다.
• Semiconductor production, which accounts for about 15 percent of the country`s exports, grew by 65.1 percent on-year last month, while automobiles made a turnaround from a contraction to 19.7 percent growth. (출처: The Korea Herald)
지난 달에 한국 수출의 약 15퍼센트를 점하는 반도체 생산은 전년보다 65.1퍼센트가 증가했으며 자동차는 감소세에서 19.7퍼센트 증가로 돌아섰다.
• Private spending fell 0.8 percent year-on-year during the July-September period, faster than the preceding quarter`s 0.6 percent decline. (출처: The Korea Herald)
개인 소비는 3분기에 전년대비 0.8퍼센트가 감소해 그 앞 분기의 0.6퍼센트 감소보다 감소폭이 컸다.
• Corporate and individual income taxes rose 33.2 percent and 8.5 percent year-on-year, respectively, last year, while the tax on luxury items such as cars and air conditioners was up 10.4 percent. (출처: The Korea Herald)
지난 해 법인세와 소득세는 각각 전년대비 33.2퍼센트와 8.5퍼센트가 증가했고 자동차나 에어컨 등 사치품에 대한 세금은 10.4퍼센트가 늘었다.
• The leading index which predicts economic activity in three to seven months, declined for a ninth straight month, down 1.5 percent year-on-year. (출처: The Korea Herald)
3-7개월 후의 경제 활동을 전망하는 경기선행지수는 9개월 연속 하락하며 전년동월대비 1.5% 하락했다.
• With food sales figures included, Lotte Department Store, Hyundai Department Store and Shinsegae Department Store experienced year-on-year declines of 2.4 percent, 2.5 percent and 0.9 percent, respectively. (출처: The Korea Herald)
식품판매를 포함할 경우 롯데백화점과 현대백화점 그리고 신세계백화점은 전년대비 각각 2.4퍼센트, 2.5퍼센트, 0.9퍼센트의 매출감소를 실현했다.
• The year-on-year GDP figures have been the target of complaint among economists as they lack accuracy in showing the recent trend of economic performance due to a relatively long time gap. (출처: The Korea Herald)
연간 GDP 수치는 비교적 긴 시간적 격차 때문에 최근의 경제실적 추세를 정확하게 반영하지 못 한다는 점에서 경제학자들간에 불만의 대상이 되어 왔다.
• Output in the retail and wholesale sectors, a key element of the service industry, fell 0.9 percent on-year, marking the 11th monthly decline. (출처: The Korea Herald)
도산매업은 0.9% 줄며 지난해 3월부터 11개월째 감소세를 지속했다.
• Sectors with higher gains were the financial and insurance industries, which grew a faster 12.9 percent on-year in October, with transportation climbing 5.2 percent. (출처: The Korea Herald)
크게 증가한 부문은 10월에 전년대비 12.9퍼센트나 증가한 금융-보험업종과 5.2퍼센트 증가한 운송업종이었다.
• The institute predicts that trade tensions and difficulties in securing new export lines will limit China`s steel exports to 50 percent growth year-on-year to 30 million tons. (출처: The Korea Herald)
포스리는 중국의 수출 규모가 통상마찰과 수출선 확보 등의 어려움으로 지난해보다 50% 증가한 3,000만t에 그칠 것으로 내다봤다.
• In the 11 months to November, Korea exported goods worth $230.9 billion, showing a robust year-on-year growth rate of 32.6 percent. (출처: The Korea Herald)
올들어 11월까지 우리나라의 수출은 전년동기간 대비 32.6% 증가한 2,309억달러를 기록했다.
• In the first half of this year, SK`s operating profit rose 466 percent year-on-year to 749 billion won ($650 million). (출처: The Korea Herald)
올 상반기에 SK㈜의 영업이익은 7,490억원(6억 5000만불)으로 전년대비 468퍼센트가 올랐다.
• The Labor Ministry announced the average income posted a year-on-year growth rate of 6.8 percent last October, up 1.4 percentage points from the same period in 2004. (출처: The Korea Herald)
노동부에 따르면 지난해 1-10월의 1인당 월평균 임금총액 상승률은 6.8%로 전년 동기에 비해 1.4% 포인트 증가했다.
• Operating profit in the same period soared 60 percent to 3.5 trillion won year-on-year, thanks to increased sales of high-value-added products and rising steel prices, the Pohang-based company said. (출처: The Korea Herald)
같은 기간 영업이익은 고부가가치 제품의 매출 증가와 철강 가격 인상에 힘 입어 전년동기 대비 60% 늘어난 3조5천억원을 기록했다고 포스코는 말했다.
• Following a brief dip in 1998 following the Asian currency crisis when it dropped to $4.6 billion, the trade deficit with Japan has been steadily rising, growing by an average 30 to 40 percent year-on-year since 1999 when it stood at $8.2 billion. (출처: The Korea Herald)
외환위기 직후인 98년 46억달러까지 감소했던 대일 적자는 99년 82억달러를 기록한 이후 해마다 30-40%대의 높은 증가율을 보여왔다.
• Industrial production experienced record year-on-year growth in the 42 months leading to February, while consumption finally emerged from its 11-month slump. (출처: The Korea Herald)
2월까지의 산업생산은 42개월만에 전년대비 최고치의 성장을 기록했고 소비는 드디어 11개월 동안의 부진에서 벗어났다.
• Last week, SK Telecom announced that its first-quarter net income dropped 18.6 percent year-on-year to 368.4 billion won ($368 million), the fourth consecutive quarter of declining profit. (출처: The Korea Herald)
지난 주에 SK 텔레콤은 1분기 순익이 3,684억원(3억 6800만불)으로 전년대비 18.6퍼센트 감소하면서 4분기 연속 감소를 기록했다.
• Last year, trade between the two countries grew slightly on-year to $61.1 billion, with Korea being the U.S.` seventh-largest trading partner. (출처: The Korea Herald)
지난해 한미 양국간 교역량은 전년대비 소폭 증가한 611억달러를 기록하며 한국은 미국의 7대 교역 상대국이 되었다.
• KT Freetel Co., Korea`s second-largest mobile-phone operator, said its net income dropped 30.3 percent year-on-year to 284 billion won in 2004, after the company spent more on marketing activities. (출처: The Korea Herald)
한국 2위의 휴대전화 사업자인 KT 프리텔은 2004년도 순익이 마케팅비용 증가로 인해 전년대비 30.3퍼센트가 감소한 2,840억원이라고 발표했다.
• Digital television exports rose 2.7 percent year-on-year to $150 million, while exports of set-top boxes dropped 7.3 percent during the same period at $70 million. (출처: The Korea Herald)
디지털 텔레비전 수출은 전년대비 2.7퍼센트가 늘어난 1억 5000만불이었고 셋톱 박스 수출은 같은 기간 동안 7.3퍼센트가 감소한 7,000만불이었다.
• NHN, operator of Naver and popular online game portal Hangame (www.hangame.com), saw its revenue grow 32.8 percent year-on-year to 58.5 billion won in the third quarter last year on operating profit 17.7 billion won. (출처: The Korea Herald)
포털사이트 네이버와 온라인 게임포털 한게임 (www.hangame.com)의 운영자인 NHN는 지난해 3분기 전년동분기 대비 32.8% 증가한 585억원의 순이익과 177억원의 영업이익을 기록했다.
• Shipments surged 30.57 percent year-on-year at $8 billion, or 21.16 percent of exports to the U.S. (출처: The Korea Herald)
1위의 대미 수출품목은 자동차로 전년동기 대비 30.57% 증가한 80억달러로 전체 수출액의 21.16%를 차지했다.
• Goodmorning Shinhan Securities expects Nong Shim, Korea`s No. 1 ramen producer, to post double-digit sales growth of 11.4 percent year-on-year in 2004, while a 7 to 8 percent sales growth should be sustainable in the mid to long-term. (출처: The Korea Herald)
굳모닝신한증권은 한국 최고의 라면업체인 농심이 2004년에는 전년대비 11.4퍼센트라는 두 자리 수의 성장을 그리고 중장기적으로는 7 내지 8퍼센트의 매출 신장을 기록할 것으로 예상하고 있다.
• Flash memory exports were up 31 percent year-on-year at $309 million, due to greater demand for mobile phones, digital cameras and portable music players. (출처: The Korea Herald)
플래시 메모리 수출은 휴대폰과 디지털 카메라 그리고 휴대용 음악 재생기의 수요 증가로 전년대비 31퍼센트가 늘어난 3억 900만불이었다.
• The monthly statistics office report also shows that prices for a basket of 156 daily necessities, including durable goods and fuel, moved up 6.7 percent year-on-year in August, the most since June 2001. (출처: The Korea Herald)
통계청의 월간 보고에 따르면 8월 내구재와 연료가 포함된 156개 생필품 가격은 전년동월 대비 6.7% 오르며 2001년 6월 이후 가장 큰 폭으로 상승했다.
• Yesterday`s figures also showed that the average monthly income of a working family in the urban area rose 3 percent on-year to 3.31 million ($3,181), which reflects the smallest gain since the 0.4 percent increase in the second quarter of 1999. (출처: The Korea Herald)
어제 발표된 수치에서는 또 도시지역 근로가정의 평균 월소득이 331만원(3,181불)으로 전년대비 3퍼센트 증가한 것으로 나타나 1999년 2분기의 0.4퍼센트 증가 이후 최저 증가폭이 되었다.
• Korean investment in overseas real estate increased more than 20-fold year-on-year to $15 million in January. (출처: The Korea Herald)
지난 1월 해외 부동산투자가 20배 이상 폭증한 것으로 나타났다.
• The survey indicated that 53 of the nation`s leading companies plan to hire a combined 9,317 new workers in the latter half, marking a 22 percent year-on-year increase. (출처: The Korea Herald)
헤럴드경제가 올 하반기 대졸 공채인원 수를 조사한 결과 53개 기업의 모집인원은 최대 9317명에 달할 것으로 나타났다.
• In November, information-technology imports also were tracked at $3.51 billion, up 5.3 percent year-on-year, resulting in a trade surplus of $3.38 billion, which was also an all-time high. (출처: The Korea Herald)
11월에 정보기술 수입 역시 전년동기대비 5.3퍼센트가 증가한 35억 1000만불에 달해 33억 8000만불의 무역흑자를 낳았는데 이 역시 사상최대였다.
• Net income dropped 10.3 percent year-on-year to 49.8 billion won, with the company spending more on its overseas operations that include Japan and China. (출처: The Korea Herald)
일본과 중국을 포함한 해외 사업에 대한 지출이 증가하면서 순이익은 전년대비 10.3% 감소한 498억원을 기록했다.
• Due to the nation`s weak economy, its total production slid 36.4 percent year-on-year to 71,527 units from January to November. (출처: The Korea Herald)
국내 경기 침체로 인해 올들어 11월까지 르노삼성의 자동차 생산대수는 전년동기대비 36.4% 감소한 71,527대를 기록했다.
• Core inflation, which excludes food and energy prices, rose 1.1 percent on-month and 2.7 percent on-year in March. (출처: The Korea Herald)
3월 농산물과 석유류를 제외한 근원물가는 전월대비 1.1%, 전년동월대비 2.7% 올랐다.
• Liquid-crystal-display monitors accounted for $430 million of the exports in November, an 18.5 percent drop year-on-year due to oversupply on the market. (출처: The Korea Herald)
액정 모니터의 11월 수출은 시장에서의 초과공급으로 인해 전년보다 18.5퍼센트가 감소한 4억 3000만불이었다.
• ACNielsen`s Market Information Digest Korea found that the stagnant economy led the consumables market to grow a scant 2 percent year-on-year to reach 21 trillion won. (출처: The Korea Herald)
AC닐슨사가 발표한 “한국의 시장정보 다이제스트”에 의하면 경기침체로 소비재 시장이 전년대비 불과 2퍼센트 증가한 21조원인 것으로 나타났다.
• Mobile-phone exports reached $1.93 billion last month, up 1.5 percent year-on-year, with the growth rate slowing on declining sales in the United States. (출처: The Korea Herald)
휴대전화 수출은 지난 달에 19억 3000만불에 달해 전년보다 1.5퍼센트가 증가했으나 그 증가율은 미국에서의 판매 감소로 둔화되고 있다.
• It said unit labor costs, calculated by dividing hourly wages with labor productivity, fell 1.6 percent year-on-year in the same quarter, compared with a 3.4 percent on-year rise the previous quarter. (출처: The Korea Herald)
이 보고서는 시간당 임금을 노동 생산성으로 나누어 산출하는 노동비용이 같은 분기에 전년대비 1.6퍼센트가 감소했고 그 전 분기에는 3.4퍼센트가 증가했었다고 말했다.
• The company, which reported 166 billion won ($150 million) in revenue and 55.5 billion won in net income last year, saw its revenue grow 32.8 percent year-on-year to 58.5 billion won in the third quarter. (출처: The Korea Herald)
작년에 1,660억원(1억 5000만불)의 매출액에 555억원의 순익을 발표했던 동사는 올 3분기에는 매출액이 전년대비 32.8퍼센트가 늘어난 585억원을 기록했다.
• It also said the number of domestic firms involved in the trade exceeded 500, marking a 9 percent on-year increase. (출처: The Korea Herald)
또 남북무역에 참가하는 국내 기업의 수도 500개를 넘어 작년보다 9퍼센트가 늘었다고 통일부는 말했다.
• LG Telecom saw its average revenue per user rise 6.4 percent year-on-year to 37,256 won, with increasing sales of non-voice data services such as mobile banking and wireless Internet. (출처: The Korea Herald)
LG텔레콤은 모바일뱅킹이나 무선인터넷 등 비음성 데이터 서비스의 매출이 증가해 가입자 한 명당 평균수입이 37,256원으로 전년대비 6.4퍼센트가 증가했다.
• The surveyed analysts predicted LG Electronics` second-quarter net income to drop more than 40 percent year-on-year and LG.Phillips LCD to make a loss. (출처: The Korea Herald)
애널리스트들은 LG전자의 2분기 순익이 전년동분기 대비 40% 이상 감소하고 LG필립스LCD는 적자를 시현할 것으로 전망했다.
• Buoyed by strong exports by its major customer, the company`s sales during the first half jumped 24.1 percent year-on-year to 132.3 billion won, with its net profit nearly tripling to 11.2 billion won. (출처: The Korea Herald)
주거래업체의 수출 호조세에 힘 입어 대우정밀의 올 상반기 매출은 전년 동분기대비 24.1% 증가한 1,323억원, 순이익은 거의 3배 증가한 112억원을 각각 기록했다.
• Although foreign direct investment inflows ended three straight years of decline and surged 70 percent year-on-year to $11 billion in 2004, most of the gain was driven by takeover deals rather than business expansion. (출처: The Korea Herald)
외국인직접투자는 3년 연속 감소하다가 2004년에 110억불로 전년대비 70퍼센트나 급증했지만 대부분의 증가가 업세 확장이라기 보다는 인수합병 거래에 따른 것이었다.
• Weak demand for low and mid-price cars dragged down local auto sales from January to October 18.9 percent year-on-year to 941,541 units. (출처: The Korea Herald)
중저가 자동차에 대한 수요 침체로 올들어 10월까지 국내 자동차 판매량은 전년동기대비 18.9% 감소한 941,541대를 기록했다.
• Overseas shipments by Hyundai Motor Co. and other local carmakers soared 31.2 percent on-year to $17.5 billion, while exports of semiconductors rose 17.5 percent to $19.5 billion, information-telecommunication devices surged 29 percent to $34.8 billion. (출처: The Korea Herald)
현대차를 비롯한 국내 자동차생산업체의 수출은 전년대비 31.2% 급증한 175억달러를 기록한 반면 반도체 수출은 17.5% 증가한 195억달러, 정보통신기기 수출은 29% 늘어난 348억달러를 각각 기록했다.
• On the over-the-counter Kosdaq market, 706 registered companies also saw their first-quarter net income soar 139.8 percent year-on-year to a combined 561.2 billion won. (출처: The Korea Herald)
장외시장인 코스닥의 경우 역시 706개 등록업체의 1분기 순이익이 전년대비 139.8퍼센트가 늘어난 5,612억원이었다.
• Apparel sales rose 13.5 percent on-year, while 9.7 percent more of electronic appliances were sold. (출처: The Korea Herald)
의류 판매는 전년대비 13.5퍼센트가 증가했고 가전제품은 9.7퍼센트나 판매가 늘어났다.
• Despite continued slump in consumer spending amid a slow economy, sales of imported vehicles jumped by nearly 40 percent year-on-year last month. (출처: The Korea Herald)
경기침체 속에 소비지출 부진이 계속되는 것과는 달리 지난 달 수입자동차 판매는 전년 같은 기간과 비교하여 40퍼센트 가까이 증가했다.
• Sales in North America, the largest export market for the company`s machinery business, jumped 134 percent year-on-year to $48 million during the first eight months this year, according to industry sources. (출처: The Korea Herald)
업계 소식통에 의하면 동사 기계류 사업의 가장 큰 수출시장인 북미에서의 매출은 금년 8개월 동안에 4,800만불로 전년과 비교하여 134퍼센트가 증가했다고 한다.
• Overseas shipments rose 23.5 percent year-on-year to $21 billion after climbing 29 percent in August, the Ministry of Commerce, Industry and Energy said yesterday. (출처: The Korea Herald)
수출은 8월 29% 증가한데 이어 9월에도 전년동월대비 23.5% 증가한 210억달러를 기록했다고 산업자원부가 어제 밝혔다.
• Although consumer inflation rose 3.5 percent on-year during the first seven months, core inflation, excluding food and energy prices, was up only 2.4 percent, which is lower than last year`s 3.1 percent, he said. (출처: The Korea Herald)
“올 7월까지 소비자물가가 전년대비 3.5퍼센트 올랐지만 식품과 에너지 물가를 제외한 핵심 인플레이션은 2.4퍼센트가 올랐을 뿐으로 작년의 3.1퍼센트보다는 낮다”고 그는 말했다.
• Korea`s economy, fueled by explosive overseas sales, grew 5.3 percent on year in the first quarter, but slower domestic spending and investment cast doubt on growth momentum. (출처: The Korea Herald)
폭발적인 수출 호조에 힘입어 한국경제는 올 1분기에 전년 동기대비 5.3퍼센트 성장했지만 내수와 투자가 부진해 성장 모멘텀에 의문을 던져주고 있다.
• According to a recent survey of 21 securities companies, their average operating profit target for Samsung Electronics for the second quarter is 1.9 trillion won, a 48 percent drop year-on-year. (출처: The Korea Herald)
최근 21개 증권사의 보고서에 따르면 2분기 삼성전자의 평균 영업이익은 전년동분기 대비 48% 줄어든 1조9천억원을 나타냈다.
• The ministry said that while hourly wages increased 9.7 percent year-on-year, the benchmark index of productivity rose by a lesser 5.6 percent with a reading of 113.1. (출처: The Korea Herald)
산자부는 시간당 임금은 전년동기대비 9.7퍼센트 증가한 반면에 생산성의 기준이 되는 지수는 그 보다 적은 5.6퍼센트 상승한 113.1이었다고 밝혔다.
• The number of unionized workers itself declined 0.8 percent year-on-year to 1.537 million while the number of labor unions also decreased 3.8 percent to 6,017, the data showed. (출처: The Korea Herald)
노조원의 수는 절대 수치로도 153만 7000명으로 전년대비 0.8퍼센트가 감소했고 노조의 수도 6,017개로 3.8퍼센트가 감소한 것으로 통계에 나타났다.
• It saw overseas car sales rise 8.9 percent year-on-year to 1.01 million in 2003, boosted by brisk sales in the world`s two biggest car markets, North America and Europe. (출처: The Korea Herald)
2003년에 현대차의 해외판매는 세계 최대의 자동차시장인 북미와 유럽에서의 판매 호조에 힘입어 전년대비 8.9퍼센트 증가한 101만대였다.
• In the United States and Canada, Hyundai sold 514,000 vehicles last year, up 7.5 percent from 2002, while sales jumped 14.7 percent year-on-year to 289,000 cars in Europe, the automaker reported. (출처: The Korea Herald)
현대차는 지난 해에 미국과 캐나다에서 514,000대를 판매해 2002년보다 7.5퍼센트가 늘어났고 유럽에서는 전년대비 14.7퍼센트나 급증한 289,000대를 판매했다고 회사측은 보고했다.
• Industrial output grew only 4.5 percent year-on-year, the lowest gain since August 2003, a National Statistical Office`s report showed. (출처: The Korea Herald)
통계청의 발표에 따르면 산업생산은 전년대비 4.5퍼센트 증가에 그쳐 2003년 8월 이후 가장 낮은 증가율을 보였다.
• December`s number of Internet users is a 4.7 percent increase year-on-year and a 2 percent increase from June last year, when Korea`s Internet population first exceeded 30 million. (출처: The Korea Herald)
작년 12월 인터넷 사용자 수는 전년동월대비 4.7%, 국내 인터넷 사용인구가 처음으로 3천만명을 넘어선 전년 6월대비 2% 증가했다.
• Operating profit was reported at 529 billion won, down 32.3 percent from 2003, while revenue climbed 15 percent year-on-year to 5.83 trillion won, with the company increasing its market share. (출처: The Korea Herald)
영업이익은 2003년에 비해 32.3퍼센트가 감소한 5,290억원인 반면에 매출액은 시장 점유비가 증가함에 따라 전년대비 15퍼센트가 증가한 5조 8300억원이었다.
• China continued to be Korea`s largest market for high-tech exports, with November shipments reaching $1.72 billion, up 20.3 percent year-on-year. (출처: The Korea Herald)
중국은 한국의 하이테크 수출에 있어 최대시장 자리를 유지하면서 11월 수출이 전년대비 20.3퍼센트가 늘어난 17억 2000만불에 달했다.
• But the volume has recently been waning, edging up only 1.11 percent year-on-year in 2002 and 3.9 percent last year. (출처: The Korea Herald)
그러나 최근들어 대미수출 증가율은 감소하기 시작해 2002년과 2003년 1.11%과 3.9%의 증가율을 기록했다.
• The price of Dubai crude, which accounts for 80 percent of Korea`s oil imports, gained about 50 percent year-on-year in 2005, beating economists` expectations. (출처: The Korea Herald)
우리나라가 수입하는 석유의 80%를 차지하고 있는 두바이유 가격은 올해 전년대비 50% 오르며 국내 경제 전문가들의 예상을 뒤엎었다.
• The consumer price index, which measures changes in retail prices, jumped 4.4 percent year-on-year last month after increasing 3.6 percent in June, according to data from the National Statistical Office Monday. (출처: The Korea Herald)
소매물가의 변동을 가름하는 소비자물가지수는 월요일에 발표된 통계청 자료에 의하면 6월의 3.6퍼센트 상승에 이어 지난 달에는 전년대비 4.4퍼센트가 상승했다.
• Sales rose 16.3 percent year-on-year to 4.3 trillion won, while operating profits soared 90.1 percent to 421.1 billion won and pre-provisioning income jumped 89.1 percent to 1 trillion won. (출처: The Korea Herald)
매출은 전년대비 16.3% 증가한 43조원, 영업이익은 90.1% 급증한 4,211억원 그리고 충당금 적립 이전 이익은 89.1% 늘어난 1조원에 달했다.
• While whiskey sales dropped more than 10 percent between January and May year-on-year, soju sales climbed 3.5 percent. (출처: The Korea Herald)
올들어 5월까지 위스키 판매량은 10% 이상 감소한 데 반해 소주 판매량은 3.5% 증가했다.
• According the report by FnGuide, local analysts expect Hynix`s second-quarter net income at around 142 billion won, a 77.3 percent drop year-on-year, on sales of around 1.15 trillion won. (출처: The Korea Herald)
FnGuide의 보고서에 따르면 국내 애널리스트들은 하이닉스의 2분기 순익을 1천420억원으로 추정했는데 이는 전년동분기 1조1천5백억원의 매출에 힙입은 순익에서 77.3% 감소한 수치이다.
• Korea`s exports jumped 49.4 percent on year to $10.1 billion so far this month, despite political instability, a shortage of raw materials and high oil prices, the Commerce Ministry said yesterday. (출처: The Korea Herald)
산업자원부는 어제 정치적 불안과 원자재 부족 그리고 유가 급등에도 불구하고 한국의 수출이 급증세를 보여 이달 들어 지금까지 전년동기대비 49.4퍼센트가 증가한 101억불을 기록했다고 발표했다.
• But carmaker saw their domestic sales tumble 19 percent year-on-year to 1.31 million units in 2003, as consumers tightened their purse strings amid a prolonged economic slump. (출처: The Korea Herald)
그러나 2003년에 내수의 경우는 불경기기 지속됨에 따라 소비자들이 좀체 지갑을 열지 않아 전년대비 19퍼센트가 감소한 131만대에 머물렀다.
• While Korea`s textile exports edged up 0.3 percent year-on-year to $1.27 billion in the first ten months to the end of October in 2004, imports surged 8.1 percent to $5.3 billion. (출처: The Korea Herald)
2004년 1월부터 10월말까지 우리나라의 화섬 수출은 전년동기대비 0.3% 소폭 증가한 12억7천만달러를 기록한 반면 수입은 8.1% 늘어난 53억원을 기록했다.
• Fourth-quarter net income fell 20 percent year-on-year to 348 billion won, dropping 12 percent from 395 billion won in the third quarter. (출처: The Korea Herald)
4분기 순이익은 전년동분기 대비 20%, 3분기의 3950억원에서 12% 각각 줄어든 3,480억원을 기록했다.
• LG Telecom Ltd., the smallest of the carriers with 16.6 percent of the market, saw its annual net income drop 71.3 percent year-on-year to 22.6 billion won, while its operating profit dropped 37.9 percent from last year to 131.1 billion won. (출처: The Korea Herald)
시장점유비가 16.6퍼센트로 가장 적은 LG텔레콤은 연간 순익이 전년대비 71.3퍼센트가 감소한 226억원이었고 영업이익은 전년보다 37.9퍼센트가 감소한 1,311억원이었다.
• Korea`s industrial output rose 14.2 percent year-on-year in January, the biggest increase in 11 months, due to robust exports and more working days. (출처: The Korea Herald)
한국의 1월 산업생산이 수출호조와 근무일수 증가로 전년대비 14.2퍼센트라는 11개월 이래 최고의 증가율을 보였다.
• The jobless rate hit a four-month high of 3.5 percent in July from 3.2 percent in June, while inflation jumped 4.4 percent year-on-year from 3.6 percent during the same period. (출처: The Korea Herald)
6월 3.2%였던 실업률은 7월 3.5%로 상승하며 4개월만에 최고치를 기록했고 같은 기간 인플레율은 3.6%에서 4.4%로 뛰어 올랐다.
• GM Daewoo`s total export volume during the first quarter of this year rose 9 percent year-on-year to 194,321 units, while domestic sales dropped 3 percent to 24,788 cars. (출처: The Korea Herald)
올 1분기 GM대우의 총 수출대수는 전년 동분기대비 9% 증가한 194,321대였던 데 반해 내수 판매는 3% 줄어든 24,788대를 기록했다.
• The two allies have agreed to cut Korea`s share of the budget by 8.9 percent on year to about 680 billion won, according to the Korean ministry. (출처: The Korea Herald)
양 동맹국은 올해 한국의 부담액을 약 6,800억원으로 8.9퍼센트 줄이기로 합의했다.
• That was a 10.6 percent year-on-year increase and the highest level since the fourth quarter of 2002, when shoppers put 45,825 billion won on their credit cards. (출처: The Korea Herald)
이는 지난해 같은 기간보다 10.6%나 늘어난 것으로 2002년 4분기(45조8,250억원) 이래 결제금액이 가장 많았다.
• Supported by the firmer foothold, LG Electronics said it will aim to achieve a 45 percent year-on-year increase in market share this year and sell 2 million mobile phones, which is about 135 percent more than last year. (출처: The Korea Herald)
LG전자는 입지가 더욱 확고해짐에 따라 올해는 시장점유율을 전년대비 45퍼센트 증가 달성을 목표로 하고 전년보다 135퍼센트가 늘어난 200만대의 휴대폰을 판매할 계획이다.
• Toyota`s Lexus had snatched the top spot from BMW in February for the first time, but its March sales dropped 31.4 percent year-on-year, possibly reflecting anti-Japan sentiment aroused by the sovereignty dispute over the Dokdo islets. (출처: The Korea Herald)
도요타의 렉서스는 2월에 BMW를 제치고 1위를 차지했지만 3월에는 전년동월대비 31.4%나 매출이 감소했다.
• Overseas sales rose 11.8 percent year-on-year in May to $23.3 billion, compared with an annual 6.9 percent gain the previous month. (출처: The Korea Herald)
5월 수출은 233억불로 전년대비 11.8퍼센트가 증가했으며 전월은 6.9퍼센트였다.
• In a separate statement, KorAm Bank, which is being sold to Citigroup Inc., said net profit skyrocketed a staggering 433.3 percent year-on-year to 118.4 billion won in the January-March period. (출처: The Korea Herald)
한편 시티그룹에 매각 절차를 밟고 있는 한미은행의 1분기 순이익은 전년 동분기대비 무려 433.3%가 급증한 1천184억원을 기록했다.
• The increase was mainly fueled by tax benefits granted to the corporate sector that increased almost 60 percent on-year for foreign companies. (출처: The Korea Herald)
조세지출이 이처럼 늘어난 것은 세금감면 혜택이 전년과 비교해 거의 60퍼센트나 증가한 외국기업을 비롯해 기업부문에 대한 세금감면 혜택에 주로 기인했다.
• The BOK predicts the economy will grow 4.5 percent in the second half year-on-year and a seasonally adjusted 1.6 percent. (출처: The Korea Herald)
한국은행은 경제가 하반기에는 전년대비 4.5퍼센트 그리고 계절적 요인을 감안한 후에는 1.6퍼센트 성장할 것으로 내다봤다.
• The inter-Korean trade volume in the first quarter of 2005 increased 58 percent year on year to $165 billion due largely to the Mount Geumgang tour, Gaesong industrial park project, and continuous commercial trades. (출처: The Korea Herald)
금강산 관광, 개성공단 사업, 지속적인 상업 교역 등에 힘 입어 올 1분기 남북 교역규모는 전년동분기대비 58% 증가한 1천650억달러를 기록했다.
• Although the carmakers offered big incentives and cash rebates to car buyers, their January sales plunged 39.4 percent year-on-year to 75,794 units, the worst monthly showing since February 1999, when 72,750 vehicles were sold. (출처: The Korea Herald)
자동차회사들이 자동차 구매자들에게 가격 할인 등 대폭적인 혜택을 제공했음에도 불구하고 1월 판매 대수는 75,794대로 전년동기대비 39.4퍼센트나 감소해 월별 실적으로는 72,750대가 팔렸던 1999년 2월 이후 최악의 실적이었다.
• Its domestic sales slid 30.4 percent year-on-year to 68,306 units from January to October, due to the weak economy. (출처: The Korea Herald)
동사의 내수 판매는 경기침체로 인해 올 10월까지 68,306대로 전년대비 30.4퍼센트가 감소했다.
• Rising by 10.4 percent year-on-year, last year`s steel imports mostly came from Japan and China, the Korean Steel Association said yesterday. (출처: The Korea Herald)
전년과 대비하여 10.4퍼센트가 늘어난 지난 해 철강 수입은 대부분이 일본과 중국에서 수입되었다고 어제 한국철강협회가 발표했다.
• Rising 0.1 percent from March, the consumer price index increased 3.1 percent on-year. (출처: The Korea Herald)
3월에 비해 0.1% 오른 소비자물가지수는 전년동월대비 3.1% 상승했다.
• By contrast, Korean automakers saw their domestic sales decline 24.9 percent year-on-year to 89,909 units last month. (출처: The Korea Herald)
이와는 반대로 국내 자동차회사들은 지난 달에 내수 판매가 89,909대로 전년 동기 대비 24.9퍼센트가 감소했다.
• During the sale between Jan. 7 and 23, Lotte Department Store, Hyundai Department Store and Shinsegae Department Store say they achieved year-on-year increases of 9.7 percent, 6 percent and 8.1 percent, respectively, excluding food sales. (출처: The Korea Herald)
1월 7일부터 23일까지의 세일 기간 동안 롯데백화점과 현대백화점 그리고 신세계백화점은 식품 판매를 제외하고 전년과 비교하여 각각 9.7퍼센트, 6퍼센트, 8.1퍼센트 매출 증가를 달성했다고 밝혔다.
• Despite the company`s prediction for 20 percent year-on-year growth for the second half of the year, however, LG Electronics faces slowing growth in the next six months with a likely supply glut of flat-panel screens and price competition from rival handset makers. (출처: The Korea Herald)
그러나 올 하반기 전년대비 20%의 성장세를 보일거라는 회사측 전망에도 불구하고 LG전자는 평면패널 화면 시장의 공급 과잉과 휴대폰 경쟁회사와의 가격 경쟁 등의 이유로 향후 6개월간 성장세 둔화 가능성에 직면해 있다.
• Defying the government`s hopes, retail sector output, a key gauge of domestic demand, fell 0.7 percent on-year in August and was down for an 18th straight month. (출처: The Korea Herald)
정부의 희망과는 달리 지난 8월 내수의 핵심 지표인 소매업종 생산은 전년 동월 대비 0.7% 감소하며 18개월 연속 감소세를 지속했다.
• The first-quarter figure plunged 14.2 percent year-on-year, the first drop in three years. (출처: The Korea Herald)
1분기 수치는 전년동분기 대비 14.2% 떨어지며 3년만에 처음 감소세를 나타냈다.
• She noted that the soju market this year grew 3 to 4 percent year-on-year, while in the second quarter sales shot up 16.6 percent year-on-year. (출처: The Korea Herald)
그녀는 올 소주 시장이 전년대비 3-4% 성장할 전망이고 2분기에는 매출액이 전년동분기대비 16.6%나 급증했다고 언급했다.
• Total outbound investment in January rose 25.6 percent year-on-year to $340 million during the month. (출처: The Korea Herald)
1월중 투자금액은 작년 동월에 비해 25.6% 급증했고 3억4천만달러에 달했다.
• On a year-on-year basis, credit card usage rose 9 percent in October, 16 percent in November and again 9 percent in December. (출처: The Korea Herald)
지난해 10월, 11월, 12월 카드 사용액은 전년동월대비 각각 9%, 16% 그리고 9% 증가세를 보였다.
• Global flash-memory sales increased 36.4 percent year-on-year at $15.9 billion in 2004, up from $11.6 billion in 2003, the group said. (출처: The Korea Herald)
2004년 전세계 플래시 메모리 매출은 전년의 116억달러에서 36.4% 증가한 159억달러를 기록했다고 아이서플라이는 말했다.
• On a year-on-year basis, industrial production rose 10.1 percent last month as exports of cars, computer chips and cell phones surged. (출처: The Korea Herald)
지난 달 산업생산은 자동차, 컴퓨터 칩, 휴대전화의 수출 급증세에 힙 입어 전년 동월대비 10.1% 증가했다.
• The combined profit of the seven biggest banks is estimated to rise 46 percent in the first quarter year-on-year after cutting provisions by almost a third, according to local banking analysts. (출처: The Korea Herald)
은행 업종 애널리스트들에 따르면 올 1분기 상위 7개 은행들의 순익을 모두 합한 금액은 대손충당금 적립액이 3분의 1 수준으로 감소하면서 전년 동기대비 46% 증가할 것으로 추정되고 있다.
• Consumer prices are expected to gather pace in the second half of the year by increasing 3.4 percent year-on-year after advancing 2.6 percent in the first half, the BOK said. (출처: The Korea Herald)
소비자물가는 상반기에 2.6퍼센트 상승한 후 하반기에는 전년대비 3.4퍼센트 상승하는 추세를 보일 것이라고 한국은행은 말했다.
• Helped by strong overseas sales of the new Rexton sport-utility vehicle and the growing popularity of the Rodius SUV in Europe, Ssangyong Motor Co.`s exports soared 139 percent year-on-year to 29,000 units. (출처: The Korea Herald)
신형 렉스턴 스포츠 유틸리티 차량의 수출호조와 로디우스 SUV가 유럽시장에서 인기를 얻은 데 힘입어 쌍용자동차의 수출은 29천대로 전년대비 139퍼센트가 증가했다.
• During the first three months, shipments leaving Korea spiked 38.9 percent year-on-year to reach $59.8 billion, while overseas investors ate up Korean shares worth a net 8.3 trillion won ($7.1 billion). (출처: The Korea Herald)
1분기 중에 한국의 수출은 전년대비 38.9퍼센트가 늘어난 598억불이었으며 외국인투자자가 사들인 한국 주식은 8조 3000억원(71억불)이었다.
• Samsung saw sales of semiconductors rise 11 percent year-on-year to surpass 5 trillion won for the first time on a quarterly basis (출처: The Korea Herald)
삼성은 반도체 매출이 전년대비 11퍼센트 증가해 분기 기준으로 처음으로 5조원을 넘어섰다.
• Exports spiked 37 percent year-on-year to $21.5 billion on a customs-cleared basis, while imports grew 27.4 percent to $18.8 billion. (출처: The Korea Herald)
수출은 작년 4월보다 37%가 증가한 215억달러(통관 기준)에 달했고 수입은 27.4%가 증가한 188억달러로 집계됐다.
• Real-estate sector output dropped 5.4 percent on-year last month, down for a fifth straight month. (출처: The Korea Herald)
8월 부동산업 생산은 전년 동월 대비 5.4% 감소하며 5개월 연속 감소세를 보였다.
• Its domestic sales plunged 27 percent year-on-year, while overseas shipment soared 31.2 percent. (출처: The Korea Herald)
내수판매는 전년대비 27퍼센트가 감소한 반면에 수출은 31.2퍼센트가 증가했다.
• December`s service sector output showed the first positive growth of 0.4 percent year-on-year after five months of decline, according to the National Statistical Office last week. (출처: The Korea Herald)
지난 주 통계청이 발표한 12월의 서비스부문 생산은 전년대비 0.4퍼센트가 증가해 5개월만에 처음으로 증가세를 나타났다.
• It was the first year-on-year contraction since May 2003 and the biggest slide since the agency began to track the figures in January 2000. (출처: The Korea Herald)
이는 2003년 5월 이후 8개월만의 감소세이고 지난 2000년 1월 통계청이 서비스업 생산 통계 작성을 시작한 이후 가장 큰 폭으로 감소한 것이다.
• For the fourth-quarter, net income jumped 28 percent year-on-year to 100 billion won, while revenue climbed 12 percent to 1.43 trillion won. (출처: The Korea Herald)
4분기 순익은 전년대비 28퍼센트가 급증한 1,000억원이었고 매출액은 12퍼센트가 늘어난 1조 4300억원이었다.
• Combined, Hyundai Motor Co., Kia Motors Corp., GM-Daewoo Auto & Technology Co., Ssangyong Motor Co. and Renault Samsung Motor Co. sold more than 1 million cars to escalate quarterly sales by 24.1 percent on-year. (출처: The Korea Herald)
현대자동차, 기아, GM대우, 쌍용, 르노삼성을 합쳐서 모두 100만대 이상의 자동차를 판매해 분기 매출이 전년보다 24.1퍼센트나 급증했다.
• The average annual salary of Korean wage earners rose 6.9 percent year-on-year to a pre-tax 31 million won (US$29,853) in 2003, tax authorities said yesterday. (출처: The Korea Herald)
한국인 급여 근로자의 2003년 평균 연봉이 세전 3,100만원(US$29,853)으로 전년대비 6.9퍼센트가 올랐다고 어제 세무당국이 발표했다.
• In a meeting to discuss national budget management between the government and ruling Uri Party lawmakers, the Defense Ministry proposed to increase the budget by a maximum 10 percent year-on-year from 2006 to 2010. (출처: The Korea Herald)
정부와 열린우리당 의원들이 국가 예산 편성을 논의한 회의에서 국방부 장관은 2006년부터 2010년까지 국방 예산을 매년 최대 10% 증액 편성할 것을 제안했다.
• Operating profit also fell 22.4 percent year-on-year to 378 billion won while sales came to 1.49 trillion won, down 3.3 percent. (출처: The Korea Herald)
영업이익도 3,780억원으로 전년대비 22.4퍼센트가 감소했고 매출액은 1조 4900억원으로 3.3퍼센트가 줄었다.
• The price of exported goods increased by 5.1 percent in November on a year-on-year basis but dropped 2.3 percent the following month. (출처: The Korea Herald)
11월에 수출상품 가격은 전년대비 5.1퍼센트가 올랐지만 다음 달에 2.3퍼센트가 내렸다.
• Semiconductor shipments surged a record 75.6 percent on-year, followed by autos at 60.5 percent, computers at 50.5 percent, ships at 49.4 percent and wireless telecom devices at 48.1 percent. (출처: The Korea Herald)
반도체가 전년 동기대비 75.6%의 기록적인 증가율을 나타낸 것을 비롯, 자동차(60.5%), 컴퓨터(50.5%), 선박(49.4%), 무선통신기기(48.1%) 등의 호조가 눈에 띄었다.
• Exports growth will slow to around 22.7 percent year-on-year on a customs-cleared basis, for a yearly growth of 30 percent to total $252 billion, according to the BOK. (출처: The Korea Herald)
한국은행에 따르면 수출증가율은 통관기준으로 전년대비 22.7퍼센트 정도로 감소하여 연간 증가율 30퍼센트에 총 2,520억불에 달할 것이라고 한다.
• This trimmed the Korean firms` earnings from stocks owned on their accounts by 241.3 billion won, or 67.9 percent year-on-year, to 141.1 billion won. (출처: The Korea Herald)
이에 따라 한국 증권회사들이 주식의 자기매매에서 벌어들인 돈은 1,411억원으로 전년 동기 대비 67.9퍼센트 즉 2,413억원이나 감소했다.
• Ministry estimates show that tax expenditure, also known as hidden subsidies, will climb to 19.98 trillion won this year, up slightly over 9 percent on-year. (출처: The Korea Herald)
재경부 추산에 따르면 숨겨진 보조금이라고도 하는 조세지출이 올해 19조 9800억원으로 전년보다 9퍼센트 이상 증가할 것으로 보인다.
• Apartment sales rose 45 percent year-on-year to 67,000 in January, while apartment construction jumped 60 percent compared to the average over the past three years. (출처: The Korea Herald)
아파트 매매가 1월에는 67,000가구로 전년대비 45퍼센트가 늘어났고 아파트 건설은 지난 3년 평균에 비해 60퍼센트나 급증했다.
• Apartment sales in Seoul were down 28.7 percent year-on-year to 144,600 units, and Gangnam saw sales plummet 50 percent. (출처: The Korea Herald)
서울 지역 아파트 매매는 전년대비 28.7% 감소한 144,600채였고 강남지역의 경우 50%나 매매가 급감했다.
• While imports from Chile during the first three months of the year swelled nearly 90 percent on-year to $462 million, exports grew just 4.3 percent to reach $134 million. (출처: The Korea Herald)
올 1분기 대칠레 수입은 4억 6200만불로 전년 대비 90퍼센트 가까이 늘어난 반면에 수출은 1억 3400만불로 4.3퍼센트 증가에 그쳤다.
• Last year, its sales reached 3.3 trillion won and net profit jumped 84 percent year-on-year to 589.6 billion won. (출처: The Korea Herald)
지난해 쌍용차의 매출액은 3조 3천억원이었고 순이익은 전년대비 84% 증가한 5,896억원을 기록했다.
• But because hourly nominal wages grew 8.9 percent on-year to surpass labor productivity growth, pushing the per unit labor cost up by 0.7 percent, the Ministry of Commerce, Industry and Energy said labor costs remained a burden. (출처: The Korea Herald)
하지만 시간당 명목임금은 전년대비 8.9퍼센트가 올라 노동생산성 상승을 앞지르면서 단위노동비용은 0.7퍼센트 오른 셈이 되어 인건비 부담이 여전히 계속되고 있다고 산업자원부가 밝혔다.
• It predicts consumer prices will gain 3.5 percent and corporate capital investment will jump 6.1 percent on-year. (출처: The Korea Herald)
경제개발연구원은 전년대비 올해 소비자물가는 3.5퍼센트 상승하고 기업의 설비투자는 6.1퍼센트 증가할 것으로 예상하고 있다.
• Auto production, which accounts for one-tenth of the nation`s industrial output, grew 6.1 percent year-on-year, slowing from a 19.8 percent expansion in February. (출처: The Korea Herald)
국내 제조업 생산의 10분의 1을 차지하고 있는 자동차 생산은 전년동월대비 6.1% 증가했지만 2월의 19.8%에 비해서는 성장세가 둔화되었다.
• The company`s operating profit also declined, by 36.1 percent year-on-year to 134 billion won, but sales climbed 2.4 percent to reach 1.7 trillion won. (출처: The Korea Herald)
동사의 영업이익 역시 감소해 1,340억원으로 전년대비 36.1퍼센트가 감소했으나 매출액은 2.4퍼센트 증가한 1조 7000억원이었다.
• Inflation rose 4.8 percent year-on-year in August, the biggest gain since July 2001. (출처: The Korea Herald)
8월 인플레율은 전년 동월대비 4.8% 오르며 2001년 7월 이래 최대 증가율을 기록했다.
• Due to the weak economy, Kia`s domestic sales slid 20.4 percent year-on-year to 232,074 units from January to November. (출처: The Korea Herald)
경기 침체로 인해 올들어 11월까지 기아차의 내수 판매는 전년동기대비 20.4% 감소한 232,074대를 기록했다.
• During the July to September period, service output accelerated 5.3 percent year-on-year to record the highest quarterly increase since 2002. (출처: The Korea Herald)
분기별로는 올해 3분기에 5.3% 증가해 지난 2002년 이후 최고치를 기록했다.
• As of March 17, imports rose 12.6 percent on year to $10.3 billion, due to more imports of semiconductors used in digital televisions and mobile phones, the ministry said. (출처: The Korea Herald)
수입은 3월 17일 현재 디지털 텔레비전과 휴대용 전화기에 사용되는 반도체 수입의 증가로 인해 전년대비 12.6퍼센트가 늘어난 103억불이었다고 산자부는 밝혔다.
• In the third quarter, it expanded 4.4 percent on-year to compare with the 3 percent increase during the first half of the year. (출처: The Korea Herald)
3분기에 한국경제는 올 상반기의 3퍼센트 성장에 비해 전년대비 4.4퍼센트의 성장율을 보였다.
• Shinsegae recorded a 35.5 percent year-on-year increase in sales of fur coats and undergarments during this month`s sale, while Lotte saw a 45 percent increase in fur coats alone. (출처: The Korea Herald)
신세계는 이달 세일 동안에 모피 코트와 속옷 매출이 전년대비 35.5퍼센트가 늘었고 롯데는 모피 코트 하나만 45퍼센트가 늘었다.
• In the first 10 months of this year, the entire whiskey market registered a 24 percent year-on-year drop to 754,927 cases. (출처: The Korea Herald)
올 10월까지 전체 위스키 시장은 전년대비 24퍼센트가 감소한 754,927상자를 기록했다.
• Exports to the United States were tracked at $1.40 billion won, while exports to Japan dropped 17.1 percent year-on-year to $420 million. (출처: The Korea Herald)
대미수출은 14억불이었고 대일수출은 전년대비 17.1퍼센트가 감소한 4억 2000만불이었다.
• Fueling the jump was improved consumer spending reflected in retail sales and wholesales that increased 4 percent on-year in August, compared with 2 percent in the previous month. (출처: The Korea Herald)
8월의 도소매 판매가 전년대비 전월의 2퍼센트 증가에 비해 4퍼센트가 증가하면서 소비지출이 개선된 것도 서비스 산업 생산이 크게 늘어나는 데 원인으로 작용했다.
• Korea Gas Corp. said it planned to quadruple year-on-year second half hiring from 41 last year to 179 this year. (출처: The Korea Herald)
한국가스공사도 작년 하반기 41명의 4배를 웃도는 179명을 뽑기로 해 정부의 일자리 창출에 대한 동참의지를 엿보게 했다.
• Shipments to the European Union climbed 11.4 percent on-year to reach $1.16 billion, but exports to the United States were sharply reduced by over 20 percent at $1 billion. (출처: The Korea Herald)
유럽연합 (EU)에 대한 수출은 전년동월 대비 11.4% 증가한 11억6천만달러를 기록했지만 미국에 대한 수출은 20% 이상 크게 감소한 10억달러에 그쳤다.
• The company said its most popular brand, Esse, saw sales of 472 million won last month, a year-on-year decline of 65.3 percent. (출처: The Korea Herald)
담배 종류별로는 국내 시장에서 가장 인기 있는 에쎄의 판매량이 4억7천200만 개비에 그쳐 작년 1월보다 65.3% 감소했다.
• LG Electronics Inc., the fifth-largest handset manufacturer in the world, also experienced a 40 percent on-year jump in its domestic mobile phone sales to 1.37 million units during the first three months of this year. (출처: The Korea Herald)
세계 5위의 휴대폰 제조업체인 LG전자도 올 1분기 국내 휴대폰 판매대수 137만대를 기록하며 전년 동분기 대비 40% 증가세를 보였다.
• A total of 105.4 billion cigarettes were purchased last year, posting a year-on-year rise of 22.4 percent, according to the National Statistical Office. (출처: The Korea Herald)
지난해 담배 내수 출하량은 총 1천54억개비로 전년에 비해 22.4%나 늘어났다.
• SK Telecom Co., Korea`s largest mobile-phone operator, said yesterday its net income fell 23 percent year-on-year to 1.49 trillion won ($1.45 billion) in 2004, with fewer customers and cuts to interconnection rates. (출처: The Korea Herald)
국내 최대의 이동통신사인 SK텔레콤은 어제 고객수 감소와 상호 접속료율 인하로 인해 2004년 순익이 전년대비 23% 감소한 1조4,900억원을 기록했다고 발표했다.
• Ssangyong Motor Co., which specialize in sport utility vehicles and large sedans, saw its sales fall 8.3 percent year-on-year to 146,696 units in 2003. (출처: The Korea Herald)
스포츠 유틸리티 차량과 대형 승용차에 주력하는 쌍용자동차는 2003년 매출이 전년대비 8.3퍼센트 감소한 146,696대였다.
• Lotte Chilsung Beverage Co. saw its Scotch Blue whiskey sales decline 3 percent year-on-year to 35,500 cases from 36,600 cases. (출처: The Korea Herald)
롯데칠성음료는 스카치블루 위스키의 판매가 전년의 36,600상자에서 35,500상자로 3퍼센트가 감소했다.
• Yesterday`s data showed that output in the wholesale and retail industry grew 0.6 percent year-on-year in April, unchanged from the previous month`s 0.6 percent rise. (출처: The Korea Herald)
어제 발표한 데이터에 따르면 4월 도소매업 생산은 전년동월대비 0.6% 증가했지만 전월에 비해서는 변화가 없었다.
• The consumer price index, the measure of changes in consumer prices, rose 4.1 percent on-year, slowing from the 4.9 percent growth in 2004. (출처: The Korea Herald)
소비자 물가의 변동을 측정하는 소비자물가지수 (CPI)는 전년대비 4.1% 오르며 2004년의 4.9%보다 인상률이 둔화되었다.
• Consumer prices in July grew at a 4.4 percent annual rate in July, the highest on-year growth in 16 months. (출처: The Korea Herald)
7월의 소비자물가는 연간으로 환산하여 4.4퍼센트가 올라 전년과 비교하면 16개월만에 최고치를 기록했다.
• In the third quarter, the company forecast a 45 percent year-on-year sales growth on steady demand for CDMA phones in North American market and fresh revenue from new GSM models. (출처: The Korea Herald)
동사는 3분기에는 북미시장에서의 CDMA 전화기에 대한 수요가 꾸준하고 신형 GSM 모델에서 매출이 발생하면서 전년대비 45퍼센트의 매출 증가를 예상하고 있다.
• Amid budding sings of recovery in corporate sectors, service output gained 5.8 percent year-on-year growth on the back of improving consumer spending. (출처: The Korea Herald)
기업 부문이 회복 기미를 보이고 있는 가운데 11월 서비스업 생산은 내수 회복에 힘 입어 전년동월대비 5.8% 증가했다.
• The country`s largest electronics maker reported 1.5 trillion won in net income during the first quarter, a 52 percent drop year-on-year, the biggest decline the company has seen in three years. (출처: The Korea Herald)
국내 최대 규모의 가전제품 메이커인 삼성전자는 올 1분기 전년동분기 대비 52% 감소한 1조5천억원의 순익을 기록했는데 이는 3년만에 최대 하락폭이었다.
• Subscriber totals in Latin America and the Caribbean combined to total 39 million as of September, up 28 percent year-on-year. (출처: The Korea Herald)
9월 현재 남미지역과 카리브해 지역의 총 가입자 수는 3,900만명으로 전년동월대비 28% 증가한 수치이다.
• Lotte Department Store said quarterly sales rose 6 percent on-year, while Hyundai Department Store recorded a 4.2 percent increase. (출처: The Korea Herald)
롯데백화점은 분기 매출이 전년대비 6퍼센트 증가했고 현대백화점은 4.2퍼센트의 증가를 기록했다.
• Education spending increased the most, up 18.3 percent on-year in the first quarter, followed by a 14.6 percent rise in dining-out costs. (출처: The Korea Herald)
교육비 지출이 가장 많이 증가해 1분기에 전년보다 18.3퍼센트가 늘어났으며 이어서 외식비가 14.6퍼센트 증가해 뒤를 이었다.
• During the first half of 2004, its premium income ballooned 57.5 percent year-on-year to 1.1 trillion won. (출처: The Korea Herald)
2004년 상반기에는 수입보험료가 전년대비 57.5퍼센트가 증가한 1조 1000억원이었다.
• The company`s customer pool for 2.5-generation and third-generation mobile services, which provides data applications atop of voice services, grew to 16.7 million in the third quarter, up 24 percent year-on-year. (출처: The Korea Herald)
음성 서비스 외에 데이터 어플리케이션까지 제공되는 2.5세대 및 3세대 모바일 서비스를 이용하는 고객은 3분기에 1,670만명으로 전년 같은 기간에 비해 24퍼센트가 증가했다.
• Service industry output dropped 1.6 percent year-on-year in November, with the biggest drops in real estate and rental sector and entertainment, culture and sports-related businesses, according to the National Statistical Office. (출처: The Korea Herald)
통계청에 따르면 부동산과 임대업 그리고 오락, 문화, 스포츠관련 산업의 생산이 큰 폭으로 감소함으로써 서비스산업의 생산은 11월에 전년대비 1.6퍼센트가 감소했다고 한다.
• It said its sales decreased 4.9 percent year-on-year to 111,376 units last year, including 1,127 cars exported. (출처: The Korea Herald)
르노삼성은 지난 해 판매가 수출 1,127대를 포함하여 전년대비 4.9퍼센트 감소한 111,376대였다고 발표했다.
• In August, Korea`s consumer prices rose a record 4.8 percent year-on-year, while the unemployment rate stood at 3.5 percent. (출처: The Korea Herald)
지난 8월에 한국의 소비자 물가는 전년대비 4.8퍼센트가 올랐고 실업률은 3.5퍼센트였다.
• Apartment sales declined nearly 30 percent year-on-year in 2004 following tight government measures to prevent real estate speculation. (출처: The Korea Herald)
지난 해 정부의 부동산투기 근절대책 시행 이후 아파트 매매 물량은 전년대비 약 30% 감소했다.
• Consumer prices jumped 3.6 percent year-on-year in June, the biggest gain so far this year, driven by gains in industrial goods and private service charges, the National Statistical Office said yesterday. (출처: The Korea Herald)
6월 소비자 물가 상승률이 공상품과 개인서비스 물가가 지속적으로 오르면서 전년 동월대비 3.6% 오르면서 올들어 최고치를 기록했다고 통계청이 어제 밝혔다.
• According to a report by research group FnGuide Inc., which surveyed earnings estimates released by 21 securities companies, the average operating profit target for Samsung Electronics for the second quarter was 1.9 trillion won, a 48 percent drop year-on-year. (출처: The Korea Herald)
21개 증권사들이 발표한 순익 추정치를 조사한 리서치업체인 FnGuide의 보고서에 따르면 2분기 삼성전자의 평균 영업이익은 전년동분기 대비 48% 감소한 1조9천억원으로 나타났다.
• In comparison, second-ranking Hyundai Department Store saw sales in September shrink 1.4 percent year-on-year and gain 1.8 percent in October. (출처: The Korea Herald)
이와 비교하여 2위인 현대백화점은 9월 매출이 전년대비 1.4퍼센트 줄었고 10월 매출은 1.8퍼센트가 늘었다.
• Korea`s overseas sales swelled 40 percent year-on-year during the first half of this year, but the monthly pace of growth slid from 42 percent in May to 38.5 percent and 38.4 percent in the subsequent two months. (출처: The Korea Herald)
한국의 수출은 올 상반기에 전년대비 40퍼센트나 증가했지만 월별 증가율은 5월의 42퍼센트에서 이후 두 달 동안 각각 38.5퍼센트와 38.4퍼센트로 감소했다.
• Exports are expected to enjoy a year-on-year increase of 11 percent to total $317.5 billion, while imports are forecast to grow 13 percent to reach $295 billion. (출처: The Korea Herald)
수출은 3,175억불로 전년대비 11퍼센트가 증가하고 수입은 2,950억불로 13퍼센트가 증가할 것으로 예상된다.
• Industry experts forecast industrial output expanded an average 7.8 percent last month based year-on-year, compared to annual gains of 10.5 percent in August and 9.3 percent in September. (출처: The Korea Herald)
업계 전문가들은 지난 달 산업생산이 전년대비 평균 7.8퍼센트 증가할 것으로 전망했는데 8월의 경우 10.5퍼센트 그리고 9월에는 9.3퍼센트였다.
• Core inflation, excluding food and energy prices, was 0.1 percent on the month and 2.7 percent on-year in April. (출처: The Korea Herald)
농산물과 석유류를 제외한 근원 인플레이션은 전월비 0.1%, 작년 동월대비 2.7% 상승했다.
• Electrolytic galvanizing iron and hot-rolled plates dropped 15 percent and 2.3 percent, respectively, year-on-year. (출처: The Korea Herald)
전기아연도금강판은 15%, 열연강판은 2.3%가 전년대비 감소했다.
• It estimates sales of 28,500 cars in Europe, a 34 percent surge from February and 67 percent jump year-on-year. (출처: The Korea Herald)
동사는 유럽 수출이 28,500대로 2월보다는 34퍼센트 그리고 전년보다는 67퍼센트가 늘어날 것으로 예상하고 있다.
• Construction orders surged 14.9 percent year-on-year, with ongoing construction work for the month also up 6.5 percent. (출처: The Korea Herald)
건설수주는 전년대비 14.9퍼센트가 늘어났고 1월 중 건설기성도 6.5퍼센트가 늘어났다.
• Short-term borrowing surged 27 percent year-on-year to $22 billion, while long-term borrowing increased 6.3 percent. (출처: The Korea Herald)
만기별로는 단기차입액이 220억달러로 27%, 중장기차입액도 6.3% 증가했다.
• Providing further support for a recovery scenario, last month`s industrial output remained intact by growing more than 7 percent on-year despite strikes at automakers. (출처: The Korea Herald)
지난달 산업 생산이 자동차업체의 파업에도 불구하고 전년대비 7% 이상 증가한 것도 경기 회복 시나리오를 더욱 강하게 뒷받침했다.
• Overall, shipments to China, Korea`s largest export market, grew 24.5 percent year-on-year in September. (출처: The Korea Herald)
우리나라의 최대 수출시장인 중국으로의 수출은 9월 전년동월대비 24.5% 증가했다.
• Considering the trend that the number of defectors increases 10 to 15 percent year-on-year, some 1,500 North Koreans could arrive here by the end of this year, said Hong Jae-hyung, head of the Unification Ministry`s Social and Cultural Exchanges Bureau. (출처: The Korea Herald)
통일부 홍재형 사회문화교류국장은 “매년 10-15%의 증가세를 보이고 있는 탈북자 수를 감안할 때 약 1500여명의 탈북자가 올해말까지 귀순할 것으로 보인다”고 말했다.
• The preceeding general index, which is a barometer of industrial activity for the next six months, also rose 3.5 percent on-year, up for the seventh consecutive month in a row. (출처: The Korea Herald)
향후 산업활동의 바로미터가 되는 선행종합지수 역시 전년보다 3.5퍼센트가 증가해 7개월째 계속해서 증가세를 보이고 있다.
• Korea`s No. 1 home appliances maker marked year-on-year growth in all three core businesses - home appliances, display and media and telecommunications and information - with combined sales surpassing 6 trillion won for the first time. (출처: The Korea Herald)
국내 1위의 가전업체인 LG전자는 가전, 디스플레이와 미디어, 정보통신 등 3개 주력 사업부문 모두에서 전년에 비해 성장세를 보이며 사상 최초로 매출 6조원을 돌파했다.
• But on a month-on-month basis, the September growth rate was a bit lower than the 5.9 percent on-year gain recorded in August, said the National Statistical Office. (출처: The Korea Herald)
그러나 월별 기준으로 볼 때 9월의 증가율은 지난 8월의 5.9%에 비해서는 다소 낮았다고 통계청은 말했다.
• Investment in the manufacturing sector contracted 39.2 percent year-on-year to $920 million, while the service sector posted an 8.8 percent increase to total $2 billion. (출처: The Korea Herald)
제조업종에의 투자는 9억 2000만불로 전년대비 39.2퍼센트가 감소했고 서비스 업종은 20억불로 8.8퍼센트가 증가했다.
• Wholesale and retail sales grew 1.3 percent year-on-year in March, the first increase in nine months, signaling local consumption is finally emerging from two years of stagnation. (출처: The Korea Herald)
3월 도소매 매출은 9개월만에 처음으로 증가한 전년대비 1.3퍼센트 증가로 내수가 마침내 2년간의 정체에서 벗어나고 있다는 신호를 보냈다.
• Korean economists and currency traders expect the downward pressure to continue in the second half of the year as exports, the nation`s sole economic engine, see slowing year-on-year growth and the interest rate gap between Korea and the United States widens. (출처: The Korea Herald)
한국의 경제학자들과 외환 딜러들은 한국의 유일한 경제동력인 수출이 전년과 비교하여 둔화되고 있고 한국과 미국과의 금리차이가 확대되고 있어 올 하반기에도 하락 압력은 계속될 것으로 예상하고 있다.
• LGE`s second quarter growth was fueled by a 73.1 percent year-on-year growth of mobile handsets, thanks to a 262 percent jump in exports of GSM phones. (출처: The Korea Herald)
LG전자의 2분기 성장은 GSM폰 수출이 262퍼센트나 증가하면서 이동전화 단말기 매출이 전년대비 73.1퍼센트 증가한 데 크게 힘입었다.
• POSCO, Korea`s largest steelmaker, is expected to see its second-quarter revenue climb 35 percent on-year, according to brokerage estimates. (출처: The Korea Herald)
국내 최대의 철강업체인 포스코의 2분기 매출액이 전년대비 35% 증가할 것이라고 한 증권회사가 전망했다.
• Korea`s labor productivity in the manufacturing sector grew 7.7 percent year-on-year in the first quarter with a 3.5 percent gain in industrial output. (출처: The Korea Herald)
1분기 노동생산성이 전년동분기 대비 7.7% 상승하고 산업 생산도 3.5% 증가한 것으로 나타났다.
• The carmaker`s sales declined 30.4 percent year-on-year to 68,306 units from January to October, as the nation`s long recession curbed demand in the low and mid-price segments. (출처: The Korea Herald)
경기 침체 장기화로 중저가 자동차 수요가 줄어드는 바람에 올들어 10월까지 르노삼성의 매출은 전년동기대비 30.4% 감소한 68,306대를 기록했다.
• LG Electronics Inc. said that sales in May increased to 2.07 trillion won, up 34.1 percent year-on-year and 7.2 percent month-on-month, spurred by greater handset and flat-panel-display shipments, according to a regulatory filing yesterday. (출처: The Korea Herald)
LG전자는 휴대폰, PDP TV 등으 매출 호조에 힘 입어 지난 5월중 지난해 같은 기간대비 34.1%, 4월대비 7.2% 늘어난 2조700억원의 월매출을 올렸다고 월요일 공시했다.
• In the third quarter, capital expenditure rose 6.7 percent year-on-year, but the increase was attributable to last year`s low comparison base. (출처: The Korea Herald)
3분기 자본 지출은 전년동분기 대비 6.7% 증가했지만 이러한 증가세는 상대적으로 저조했던 지난 해 수치에 기인한 결과였다.
• As the nation`s consumer debt bubble collapsed, personal spending contracted 1.4 percent on-year, versus 7.9 percent growth in 2002, pulling down the GDP figure by 0.8 percentage point. (출처: The Korea Herald)
한국의 소비대출 거품이 붕괴되고 2002년에는 7.9퍼센트가 늘어났던 개인지출이 전년 동기대비 1.4퍼센트 감소함에 따라 국내총생산을 0.8퍼센티지 포인트 감소시켰다.
• But computers, consumer electronics, textiles and steel products are expected to see a year-on-year drop of 18 percent, 1.3 percent and 8.1 percent respectively, the KITA report said. (출처: The Korea Herald)
그러나 컴퓨터와 가전, 섬유, 철강제품은 전년대비 각각 18퍼센트, 1.3퍼센트, 8.1퍼센트가 감소할 것으로 KITA는 내다봤다.
• It rose slightly for six consecutive months year-on-year up to last month, but analysts say such a rebound could be a technical reaction from an earlier 30,000-job loss. (출처: The Korea Herald)
지난 달까지만 해도 전년과 대비해서 6개월 연속 소폭 증가했으나 분석가들은 그러한 반등이 앞서 3만개 일자리 감소에 따른 기술적 반응일 수 있다고 말하고 있다.
• Out of Hyundai`s 1.13 million cars exported last year, 419,000 were sold in the United States, a 4.6 percent year-on-year increase due to greater sales of large sedans and sport utility vehicles such as the Santa Fe, the company said. (출처: The Korea Herald)
지난해 현대차가 수출한 113만대의 자동차 중에서 41만9천대가 미국으로 수출되었는 데 이는 대형 세단과 산타페 등과 같은 SUV 차량 판매의 호조로 인해 전년대비 4.6% 증가한 수치이다.
• In yesterday`s statement, the BOK forecast private spending would pick up in the second half, growing 1.9 percent on-year, switching from a 1 percent fall during the January-June period. (출처: The Korea Herald)
한은은 어제 발표에서 민간지출이 상반기의 1퍼센트 감소에서 돌아서서 하반기에는 전년대비 1.9퍼센트 증가할 것으로 전망했다.
• Korea`s exports of information and communication technology products reached a monthly record high of $6.89 billion in November, a 20 percent increase year-on-year, according to the Ministry of Information and Communication yesterday. (출처: The Korea Herald)
어제 정보통신부에 따르면 한국의 정보통신기술 제품의 11월 수출이 전년동기대비 20퍼센트가 늘어난 68억 9000만불로 월간 수출로는 사상최대를 기록했다고 한다.
• Hyundai Motor Co. rose 1,450 won, or 3 percent, to 48,300 won after it reported on Friday a 81 percent year-on-year surge in net profit to 459 billion won for the fourth quarter of 2003. (출처: The Korea Herald)
현대자동차는 금요일에 2003년 4분기 순익이 4,590억원으로 전년동기대비 81퍼센트가 올랐다는 발표로 1,450원 즉 3퍼센트 오른 48,300원이었다.
• In comparison, May`s flash-memory exports increased 46.3 percent year-on-year at $390 million, driven by increasing demands in consumer electronic products such as mobile-phones, digital cameras and portable music players. (출처: The Korea Herald)
이와는 대조적으로 5월의 플래시 반도체의 수출은 휴대전화, 디지털 카메라, 포터블 음악 재생기 등 소비전자상품의 수요 증가로 인해 3억 9000만불로 전년대비 46.3퍼센트가 증가했다.
• LG Telecom`s first-quarter revenue jumped 7.4 percent year-on-year at 825 billion won, down 2.2 percent quarter-on-quarter, while operating profit reached 42 billion won. (출처: The Korea Herald)
LG텔레콤의 1분기 매출은 전년 같은 기간보다는 7.4퍼센트가 늘어나고 전분기보다는 2.2퍼센트가 감소한 8,250억원이었고 영업이익은 420억원에 달했다.
• Local shipments to the European Union increased an average 20 percent on-year following this year`s union expansion. (출처: The Korea Herald)
올해 유럽연합의 회원국이 늘어나면서 EU에 대한 한국 상품의 수출은 전년보다 평균 20퍼센트가 증가했다.
• The combined operating income is also expected to fall 11.3 percent year-on-year, according to Samsung. (출처: The Korea Herald)
삼성증권에 따르면 전체 영업이익 역시 전년대비 11.3퍼센트가 감소할 것으로 예상된다.
• The government predicts that consumption for naphtha will rise 4.4 percent year-on-year on expectations of an improvement in the petrochemical industry. (출처: The Korea Herald)
정부는 나프타 소비는 석유화학산업의 실적 향상이 기대됨에 따라 전년대비 4.4퍼센트가 증가할 것으로 예상하고 있다.
• During the three months which ended June 30, ING Life Korea`s premium income jumped 53 percent year-on-year to 538 billion won. (출처: The Korea Herald)
6월 30일로 끝난 2분기에 ING생명의 보험료 수입은 5,380억원으로 전년동기대비 53퍼센트가 증가했다.
• Food prices jumped 1.5 percent on-month and 5.8 percent on-year due to higher meat prices, while petroleum product prices added 0.6 percent on-month and 1.9 percent on-year. (출처: The Korea Herald)
식료품 가격은 육류 가격의 인상으로 인해 전월대비 1.5%, 전년동월대비 5.8%의 상승률을 기록한 반면 석유 제품 가격도 각각 0.6%와 1.9% 올랐다.
• Industrial output should see an annual average increase of more than 5 percent on-year to meet Korea`s predicted economic growth rate of 5-6 percent. (출처: The Korea Herald)
한국의 예상 경제성장률 5 내지 6퍼센트를 달성하려면 연평균 산업생산이 전년대비 5퍼센트 이상 증가해야 한다.
• Korea`s listed companies saw their net profits nearly double year-on-year to a combined 26.8 trillion won in the first half of this year, according to the Korea Stock Exchange. (출처: The Korea Herald)
증권거래소에 따르면 국내 상장사의 올 상반기 순이익이 전년동기대비 거의 2배 증가한 26조8천억원인 것으로 나타났다.
• The central bank`s year-on-year economic growth forecast for 2005 is 4 percent. (출처: The Korea Herald)
한은은 올 경제성장률을 4%로 잡고 있다.
• During the discount event held from Dec. 3 to 12, Hyundai`s sales dropped 3.7 percent year-on-year, while Shinsegae`s fell 2.2 percent. (출처: The Korea Herald)
12월 3일부터 12일까지 계속된 백화점 할인행사 기간 중 현대백화점의 매출은 전년 동기대비 3.7% 감소했고 신세계백화점의 매출도 2.2% 줄었다.
• Take that (bullish stock market) away and service output growth would fall to below 3 percent on-year, he said. (출처: The Korea Herald)
“(주식시장 강세를) 제외하면 서비스 생산 증가는 전년대비 3퍼센트 이하로 떨어질 것”이라고 그는 말했다.
• Hyundai sold 350,000 cars in Europe last year, marking a 20 percent surge year-on-year. (출처: The Korea Herald)
지난해 현대차는 유럽지역에서 전년보다 20% 증가한 35만대의 자동차를 판매했다.
• The European market overtook the United States as Korea`s second-largest export destination with the total shipments reaching $1.46 billion, up 55.6 percent year-on-year. (출처: The Korea Herald)
유럽시장은 총수출이 전년보다 55.6퍼센트가 늘어난 14억 6000만불에 달해 미국을 제치고 제2의 수출시장으로 떠올랐다.
• By contrast, China moved up in the ranking one notch to fourth, expanding its production 36.7 percent year-on-year to 4.44 million vehicles last year. (출처: The Korea Herald)
한편 중국의 자동차 생산량은 지난 해 전년대비 36.7% 증가한 444만대로 한 단계 올라선 세계 4위를 차지했다.
• Despite the rapid growth that Korea`s foreign car market is experiencing, Volkswagen saw its sales decline 12.5 percent year-on-year to 785 units during the first 10 months of this year. (출처: The Korea Herald)
국내 수입차 시장의 급성장세에도 불구하고 올들어 10월까지 폴크스바겐의 매출액은 전년동기대비 12.5% 감소한 785대를 기록했다.
• Still, the companies sold a combined 75,794 vehicles domestically last month, the lowest figure in nearly five years, after seeing sales tumble 19 percent year-on-year to 1.31 million units in 2003. (출처: The Korea Herald)
그럼에도 불구하고 자동차 메이커들이 지난 달에 국내에서 판매한 자동차의 총 대수는 75,794대로 약 5년만에 최저를 기록했는데 2003년에는 판매 대수가 131만대로 전년대비 19퍼센트나 감소했다.
• Korea`s consumer prices rose 3.1 percent year-on-year in January, in line with the government`s target inflation rate of the low 3 percent level, the National Statistical Office said yesterday. (출처: The Korea Herald)
어제 통계청 발표에 따르면 지난 1월 소비자물가가 전년동월대비 3.1% 상승세를 기록하며 정부의 올해 물가억제 목표인 3%대 초반을 유지했다.
• Exports grew 11.3 percent to $29.20 billion, while imports totaled $38.68 billion, posting an on-year increase of 22.1 percent. (출처: The Korea Herald)
수출은 292억불로 11.3퍼센트가 증가했고 수입은 총 386억 8000만불로 전년대비 22.1퍼센트의 증가를 기록했다.
• Korea`s exports last month grew 10.4 percent on-year to total $23.91 billion, though it was a drop from May`s 11.8 percent growth, according to the Ministry of Commerce, Industry and Energy. (출처: The Korea Herald)
산업자원부에 따르면 지난달 수출은 전년동월대비 10.4% 증가한 239억1천만달러를 기록했지만 5월의 11.8%의 증가율에는 못미쳤다.
• Apartment prices, which have been sliding for two straight months following the anti-speculation measures announced in August, rose by 0.2 percent on-year in October, KDI said. (출처: The Korea Herald)
8월 발표된 정부의 부동산 종합대책 이후 두달 연속 하락하던 아파트 가격은 10월 전년동월 대비 0.2% 증가했다고 KDI는 말했다.
• Samsung Electronics Co., Korea`s largest electronics manufacturer, strengthened its global lead in the flash-memory market last year, with sales growing 77 percent year-on-year at $3.99 billion won, from $2.3 billion in 2003. (출처: The Korea Herald)
국내 최대 전자제품 업체인 삼성전자는 지난해 플래시 메모리 시장에서 선두 지위를 강화하며 매출이 전년의 23억달러에서 77% 증가한 39억9천만달러를 기록했다.
• Yesterday`s data showed that output in the wholesale and retail industry grew 0.5 percent year-on-year in March, compared to a 1.9 percent decline the previous month. (출처: The Korea Herald)
어제 자료에서는 도소매 업종의 생산은 전월에 1.9퍼센트 감소했던 것과는 달리 3월에는 전년과 비교해 0.5퍼센트 증가한 것으로 나타났다.
• The new budget had to be set before the year ended in order to prevent the government working on an emergency budget based on last year`s figures, and the operation of 3,600 Korean troops in Iraq this year would have become unlawful because the Assembly had previously authorized their deployment until to the end of 2004. (출처: The Korea Herald)
정부가 작년 예산을 기준으로 하여 준예산을 편성하지 않기 위해서는 새해 예산이 해가 가기 전에 정해져야 하고 3,600명 한국군의 이라크 파병은 당초 국회가 파병을 2004년 말까지 승인했기 때문에 올해부터는 불법이 될 뻔 했다.
• The nationwide polls will be one of the biggest events on this year`s political calendar not only because of the numerous local public offices up for grabs, but also because they will act as a telling indicator of the fierce battle ahead for the presidential office in 2007, analysts say. (출처: The Korea Herald)
다수의 지방 공직이 걸려 있는 동시에 2007년 대선의 향배를 가늠할 지표 역할을 한다는 점에서 지방선거는 새해의 정치 일정 중 최대 이벤트 중 하나가 될 거라고 정치 전문가들은 말하고 있다.
• Reflecting on this year past, it seems necessary for the administration`s emphasis to be placed no longer on wealth distribution, but on breeding the impetus for growth, was the policy suggestion from more than two-thirds of the respondents. (출처: The Korea Herald)
“지난 한 해를 돌이켜 보면 정부는 더 이상 부의 분배가 아닌 성장 동력 육성에 중점을 두는 것이 필요한 것 같다”는 게 응답자 2/3 이상의 정책 제안이었다.
• It is the first time for two countries to make a joint production on the issue, and it plans to broadcast in both countries on this year`s 60th anniversary of the Independence Day of Korea, August 15. (출처: The Korea Herald)
한일 양국이 신사 참배를 이슈로 공동 다큐멘터리 제작에 나선 것은 이번이 처음이며 이 다큐는 8-15 광복절에 두 나라에서 동시에 상영될 예정이다.
• For the first four months this year, the price index climbed 3.2 percent on the year, which is within the 3 percent inflation range set by the central bank for 2004. (출처: The Korea Herald)
물가관리 목표치를 나타내는 전년 동기(1-4월) 상승률은 3.2%를 기록해 연중 3%대 초반 물가 관리 범위에 들어왔다.
• For the first seven months this year, the index was up 3.5 percent on the year, which is within the 3 percent to 4 percent inflation range set by the Bank of Korea for 2004. (출처: The Korea Herald)
올해 7월까지 물가지수는 전년 동기 대비 3.5퍼센트가 올랐는데 이는 한국은행이 정한 2004년 전체 물가상승 범위인 3~4퍼센트 범위 내다.
• It has been proposed by ruling lawmakers in an effort to encourage police officials. (출처: The Korea Herald)
이 법안은 경찰의 사기 진작을 위해 열린우리당 의원들이 발의했다.
• He and 25 other Uri lawmakers announced the bill. (출처: The Korea Herald)
그를 비롯한 26명의 우리당 의원들이 이 법안을 발의했다.
• I have a proposal to make to this meeting. (출처: 동아 프라임 한영사전)
이 집회에 발의하고 싶은 것이 있다
• A National Assembly majority is required to introduce such a motion and then at least two-thirds of its members must approve it within 72 hour. (출처: The Korea Herald)
그 안을 발의하기 위해서는 국회에서 과반수의 동의가 있어야 하고 72시간 이내에 최소한 의석의 2/3가 찬성해야 한다.
• The Uri Party is set on acting on the prepared reform bills as soon as the session is over Saturday next week. (출처: The Korea Herald)
우리당은 다음 주 토요일 국정감사가 끝나는 대로 개혁안을 발의할 예정이다.
• Given this situation, the National Assembly finds it has no choice but to impeach the president to straighten out the disrupted Constitution and stabilize state affairs. (출처: The Korea Herald)
“현 상황을 감안할 때 국회는 헌정 무질서를 바로 잡고 국정을 안정시키기 위해 탄핵소추안을 발의할 수밖에 없다.”
• He expressed his willingness to resign on Sunday after its representatives voted to reject his proposed action plan to deal with the government-initiated appraisal system. (출처: The Korea Herald)
이수일 위원장은 일요일 열린 전국대의원대회에서 자신이 발의한 교원평가 시범실시 강행 국면에서 투쟁과 교섭방침 승인 안건이 찬성 투표에서 과반수 득표에 실패하자 사의를 표했다.
• This would be achieved by dissatisfied voters collecting signatures of 10 percent of residents in a respective district to stage a recall vote. (출처: The Korea Herald)
국민소환제는 이를 발의한 유권자가 재소환 투표를 실시하려는 지역구 주민 10%의 서명을 받음으로써 시행할 수 있다.
• In the last special session of the National Assembly, parliamentarians delayed the handling of government-initiated bills on non-regular workers in the face of vehement opposition from labor and failed to reach an agreement on how to reform the national pension scheme. (출처: The Korea Herald)
지난번 임시국회 회기중 국회의원들은 노동계의 거센 반대에 직면해 정부가 발의한 비정규직 법안 처리를 연기했고 국민연금 개혁 방안을 놓고 합의에 이르지 못했다.
• It was proposed by lawmakers of the ruling Uri Party in an effort to encourage police officials. (출처: The Korea Herald)
이 법안은 경찰의 사기 진작을 위해 열린우리당 의원들이 발의했다.
• Members of the ruling Uri Party proposed a bill to prevent foreign speculative funds from taking over local blue chip companies. (출처: The Korea Herald)
여당인 우리당 소속 국회의원들이 외국의 “투기적” 펀드가 국내 우량회사들을 인수하는 것을 막기 위한 법안을 발의했다.
• After a crushing defeat in the April 30 by-elections and fast diminishing public support for the governing camp, there is no question that Thursday`s success in fending off the GNP`s cries for Yoon`s head appears to have helped Uri regain its composure. (출처: The Korea Herald)
4월 30일 재보궐 선거에서 참패하고 지배여당에 대한 지지도가 급격히 하락한 상황에서 목요일 한나라당이 발의한 윤 국방장관 해임건의안의 부결이 우리당의 안정 회복에 기여할 거라는 데는 의문의 여지가 없다.
• But Thursday`s vote of 158 to 131 to reject the motion against Yoon proposed by the GNP was a turning point for Uri lawmakers, who acknowledged afterward that the party was still capable of unification. (출처: The Korea Herald)
그러나 한나라당이 발의한 윤 장관 해임건의안이 목요일 찬성 158 대 반대 131표로 부결된 것은 우리당 의원들에게 있어 전환점이 되었고 소속 의원들도 향후 우리당의 결속이 여전히 가능할 거라고 인정하고 있다.
• According to the bill submitted by the minor Democratic Labor Party lawmaker Shim Sang-jeong, all bribes discovered and forfeited after the prosecution`s investigation would be taxed. (출처: The Korea Herald)
민주노동당 심상정 의원이 발의한 소득세법 개정안에 따라 수사과정을 통해 밝혀지거나 몰수 추징되는 뇌물은 예외없이 소득세 과세대상에 포함되게 되었다.
• Prosecutors strongly opposed to the revisions proposed by the Uri say the prosecutors should maintain substantive authority to supervise police probes in order to protect human rights during criminal investigations. (출처: The Korea Herald)
검찰은 피의자 조사 시 인권 보호를 위해 검찰이 수사권을 계속 보유해야 한다며 열린우리당이 발의한 개정안에 거세게 반대했다.
• Chairman Chough Soon-hyung told a news conference at MDP headquarters if there is no apology his party will submit an impeachment motion on Roh on Monday when the National Assembly reconvenes a five-day session today. (출처: The Korea Herald)
조순형 대표는 민주당 당사에서 열린 기자회견에서 사과가 없으면 민주당은 국회가 닷새 일정으로 속개되는 월요일에 노 대통령에 대한 탄핵안을 발의할 것이라고 말했다.
• The legislation, a special law on state crimes against humanity, was introduced in mid-July by Uri Rep. Lee Won-young following a call by President Roh Moo-hyun to right wrongdoings by past governments. (출처: The Korea Herald)
비인도적인 국가 범죄에 대한 특별법안은 노무현 대통령이 지난 정권의 범죄행위를 바로잡자고 말한 후 이원영 우리당 의원이 7월 중순에 발의했다.
• Earlier in the day, Prime Minister Lee Hae-chan voiced strong opposition to the Uri-proposed legislation, calling it `illogical.` (출처: The Korea Herald)
앞서 이날 이해찬 총리는 우리당이 발의한 이 법안을 놓고 ‘불합리’하다며 거센 반대 의사를 표명했다.
Monday, March 31, 2008
South Korea Industrial Output February 2008
South Korea's industrial production unexpectedly fell for the second time in three months in February, indicating economic growth may be cooling. Output declined 0.2 percent from January, when it jumped 2.5 percent, the National Statistical Office said today in Gwacheon.

According to the National Statistical Office (NSO) Monday, although industrial output fell month on month it still grew by a healthy 10.1 percent year on year rate in February on increasing production of semiconductors and audio and visual equipment. This compared with an 11.3 percent year on year gain in January.




Service output also increased at a slower rate of 5.9 percent in February from a year ago, down from a 6.8 percent growth the previous month. The finance and insurance sector saw output increase by 15.4 percent, but those of entertainment and sports-related sectors and educational service businesses fell by 3.4 percent and 3.3percent, respectively.
Posted by Edward Hugh at 12:13 AM
South Korean CPI Due On Wednesday
RTTNews) - South Korea is scheduled to release December numbers for its consumer price index on Wednesday, marking the only item on the calendar for Asian economic news.

Analysts are looking for inflation to increase 4 percent on year, easing from the 4.5 percent annual expansion in November.

Also, the stock markets in Japan, South Korea, the Philippines and Thailand are closed on Wednesday for New Year's Eve. The KOSPI will re-open on Friday, while the Thai bourse won't return to action until Monday.

For comments and feedback: contact editorial@rttnews.com

• Adding to the bleaker outlook, the Bank of Korea said that the nation posted a current account deficit of $909.5 million in April, compared with a revised surplus of $1.11 billion a month earlier. (출처: The Korea Herald)
이는 3월의 11억1천만달러의 흑자에서 적자로 전환된 것이다.
• The surplus compared with a revised $2.8 billion in October and a $2.8 billion surplus in November last year. (출처: The Korea Herald)
경상수지 흑자가 10월에는 28억불이었고 작년 11월에도 28억불이었다.
• The March figure compares with a $910.7 million surplus a year earlier and a revised $969.3 million surplus in February, according to a preliminary report released by the central bank. (출처: The Korea Herald)
중앙은행이 공개한 예비보고에 따르면 3월 수치는 1년 전의 9억 1070만불과 비교되며 2월의 9억 6930만불과도 비교된다.
• The December figure compares with a 1.9 billion surplus a year and a revised $2.9 billion surplus in November, according to the preliminary report released by the central bank. (출처: The Korea Herald)
중앙은행이 발표한 잠정발표에 의하면 12월의 경상수지 흑자는 1년 전의 19억불과 11월의 수정된 수치인 29억불과 비교된다고 한다.
• The current account surplus reached $541.6 million last month, compared with $2.81 billion a year earlier and a revised $2.2 billion in November, the BOK said. (출처: The Korea Herald)
지난해 12월 한달간 경상수지 흑자액은 5억4천160만달러를 기록하며 전년동월의 28억1천만달러와 11월의 22억달러에 비해 크게 줄어들었다.
• The trade balance surplus, the broadest gauge of the nation`s exports and imports, totaled $2.4 billion last month from a revised $3.11 billion in March. (출처: The Korea Herald)
국내 수출입 현황을 측정하는 가장 광범위한 지표인 무역수지의 흑자는 4월 24억달러로 3월의 31억1,000만달러보다 감소했다.
• The trade surplus, which makes up the largest chunk of the current account, widened to $3.23 billion in March compared with $2.7 billion a year earlier and a revised $1.69 billion in the previous month. (출처: The Korea Herald)
경상수지에서 가장 큰 부분을 차지하는 무역흑자는 3월에 32억 3000만불로 1년 전의 27억불과 전월의 수정후 16억 9000만불에 비해 더 많아졌다.
• The forecast budget surplus was quickly revised, upon National coming into office, to a large budget deficit. (출처: Wikipedia)
S. Korea's consumer prices rise 4.1 pct in Dec.

SEOUL, Dec. 31 (Yonhap) -- South Korea's consumer prices grew at a slower pace in December than in the previous month as falling crude oil prices cut import costs, a government report showed Wednesday.

The consumer price index rose 4.1 percent this month from a year earlier, slowing down from a 4.5 percent on-year advance in the previous month, according to the National Statistical Office (NSO).

Eased inflationary pressure stemmed from a sharp drop in prices of oil and other commodities. The price of Dubai crude, South Korea's benchmark, has fallen more than US$100 since surpassing $140 per barrel in mid-July.

The December inflation figure still breached the central bank's 2.5-3.5 percent target range for a 13th straight month. For 2008, average consumer prices grew 4.7 percent, much higher than 2.5 percent a year earlier.
S. Korea urged to 'unconditionally' resume tours to N. Korea

(ATTN: Please note the new spelling Mount Kumgang in paras 2, 5. The change from Geumgang to Kumgang is in conformity with North Korean Romanization)
SEOUL, Dec. 31 (Yonhap) -- A South Korean company operating businesses in North Korea urged the Seoul government Wednesday to "unconditionally" resume tours to North Korea, despite worsening inter-Korean ties.

Tours to Mount Kumgang on North Korea's east coast, the first destination in the North opened to tourists in 1998, have been halted since July when a South Korean tourist was fatally shot by a North Korean soldier.

Another tour program to North Korea's ancient border city was suspended early this month after Pyongyang took a series of retaliatory steps against the South's hard-line policy toward it.

The South Korean government "should declare an unconditional resumption of tours to Mt. Kumgang" to improve ties with the North, said Cho Kun-shik, chief executive of Hyundai Asan Corp., an affiliate of Hyundai Group.

Cho, a former vice minister with the South's unification ministry in charge of North Korean affairs, reiterated that the Seoul government should take "bold steps" to normalize relations with the North.

The tourist's death in July further deteriorated inter-Korean ties already soured with the inauguration of conservative South Korean President Lee Myung-bak, who took office in February with a pledge to get tough on Pyongyang.

Lee has said South Korea would help North Korea only when the communist regime gives up its nuclear ambitions.

In response, North Korea has accused the Lee government of failing to live up to two summit agreements reached by his two liberal predecessors that call for massive investment in the North.
Hyundai Heavy misses 2008 order target

SEOUL, Dec. 31 (Yonhap) -- Hyundai Heavy Industries Co., the world's largest shipbuilder, said Wednesday that it failed to meet this year's order target due to the global economic slump.

It received orders valued at US$28.2 billion this year, up 12.77 percent from $25 billion last year, the shipyard said in a regulatory filing.

But it fell short of its yearly target of $29.4 billion, according to Hyundai Heavy.

Its sales increased 23.36 percent to 19.63 trillion won this year as vessels were ordered at higher prices.
Dubai crude prices may hover at US$50 per barrel in 2009: report

SEOUL, Dec. 31 (Yonhap) -- The price of Dubai brand crude is expected to hover at around US$50 per barrel next year as sluggish economic growth affects consumption, a state-run energy think tank said Wednesday.

The report by the Korea Energy Economic Institute (KEEI) said the average price for the Middle East benchmark crude may reach $51.9 for the whole of 2009. This is lower than the $60 per barrel estimated by experts from the government, the Korea National Oil Corp., KEEI, the Bank of Korea and civilian laboratories earlier in the month.

Dubai crude prices reached an average of $97 per barrel this year from $68 for the whole of 2007.

"The adjustment in numbers reflects a continuous downgrading of growth forecasts by governments around the world in recent weeks," said a researcher. He, however, stressed that because there are too many variables, even the latest estimate will likely be revised.

He said based on current data, the Dubai crude, which make up the bulk of local imports, may dip to $40 per barrel levels in the first half before rising to $60 from June to December as countries makes a slow comeback.

The expert, however, said that if the global economy makes a faster-than-expected comeback, the average price per barrel may hit $67.9.
Lee vows non-political approach to North Korea

By Yoo Cheong-mo
SEOUL, Dec. 31 (Yonhap) -- President Lee Myung-bak on Wednesday pledged to take a long-term, non-political approach to strained relations with North Korea and map out fundamental strategies to promote peaceful coexistence and co-prosperity on the Korean Peninsula.

Meeting with top officials of the foreign, unification and defense ministries over their key policy plans for 2009, Lee said that his government would further reinforce its energy and resource diplomacy and make greater preparations for global climate change by deploying more private experts to its overseas embassies.

"Inter-Korean relations underwent a period of readjustment over the past year, as we have consistently held fast to principles. We're still determined to build a solid inter-Korean relationship, instead of making any hasty move," Lee was quoted by his spokesman as saying.

"A short-sighted judgment is not desirable. I'll approach the North Korea problems from a long-term perspective. I will never use inter-Korean relations for political purposes. We need to devise fundamental strategies for inter-Korean coexistence and co-prosperity."
In the foreign affairs field, the president again emphasized the need to beef up diplomatic efforts in the fields of energy and resources and climate change.

"Overseas ambassadors have an important role to play, as far as energy and resource diplomacy and preparations for climate change are concerned. More private-sector experts should be sent to the nation's embassies worldwide," the president was quoted as saying.

Lee instructed defense ministry officials to make efforts to promote communications between young conscripted soldiers and ranking officers.

Explaining his decision to complete policy briefing sessions by all ministries by the year's end, Lee reiterated his determination to overcome the economic crisis ahead of any other countries worldwide.

"Today marks the last day of ministerial policy briefings. I moved up the schedule in order to overcome the economic crisis in 2009 and prepare for the future earlier than any other countries," said Lee.

At Lee's instruction, the South Korean government advanced the schedule for its 22 ministries' yearly policy briefings to the president by approximately one month in a bid to implement its economic stimulus measures as soon as possible. The first policy briefing by the finance ministry was held on Dec. 18. The preceding administrations held their annual policy briefings between January and February.

Meanwhile, the Ministry of Foreign Affairs and Trade reported to Lee that it aims to conclude free trade talks with the European Union in the first quarter of 2009 and increase the number of participants in overseas working holiday programs to over 50,000 to help ease the nation's youth unemployment.

The ministry also vowed to play a greater role in helping Korean companies' exports and overseas business activities, deepen the alliance with the new U.S. government through summits and other strategic talks and regularize cooperation talks with Japan and China.

The Unification Ministry reported its plan to resume dialogue with North Korea and participate in the North's railway repairs and mine development projects, while the Defense Ministry unveiled its plan to ship US$1.2 billion worth of defense goods abroad next year.
Japanese PM to visit S. Korea next month for summit

SEOUL, Dec. 31 (Yonhap) -- Japanese Prime Minister Taro Aso will arrive in Seoul on Jan. 11 for a two-day trip to hold a summit with his South Korean counterpart Lee Myung-bak, Seoul's top diplomat said Wednesday.

"Prime Minister Aso will arrive in South Korea around noon on Jan. 11 and leave the country around noon on Jan. 12," Foreign Minister Yu Myung-hwan said in a press briefing.

During his stay, Aso will hold a summit with Lee, followed by a joint press conference and meetings with business leaders, the minister added.
Minor opposition head fined for defamation but keeps seat

JINJU, South Korea, Dec. 31 (Yonhap) -- A South Korean court Wednesday fined a minor opposition party leader 800,000 won (US$611) on charges of violating election laws, effectively preserving the seat of the progressive lawmaker.

In a public hearing, the Changwon District Court fined the farmer-turned-legislator for his alleged defamation of a rival candidate during the April parliamentary elections. His campaign chairman was fined 2.5 million won.

Kang was indicted in late October for distributing leaflets containing criticism of rival Lee Bang-ho, the former secretary general of the ruling Grand National Party (GNP), during the April 9 general election campaign.

The Gyeongsang Province lawmaker would have lost his seat had the court sentenced him to more than 1 million won. Prosecutors demanded a penalty of 3 million won earlier this month.

The ruling comes amid a deadlock between opposition parties and the ruling Grand National Party over the Korea-U.S. free trade agreement ratification, leading to a boycott of the Assembly and parliamentary paralysis since mid-December to idle all pending bills.

Kang is a prominent dissenter of the trade deal signed in June 2007. The deal requires legislative approval from both countries to be put into effect.

DOING BUSINESS IN KOREA
A SHORT FORM-BUSINESS PROFILE


INTRODUCTION
The Korean peninsula is 222,154 square kilometers, almost the same size as the U.K. The administrative area of the Republic of Korea is 99,392 square kilometers. Korea has a varied terrain, though about 70% of the territory is mountainous
The Koreans are one ethnic family speaking one language. As at December 2000, the population was 46.1 million, of which approximately 68% live in urban areas and 21% live in Seoul

EXCHANGE CONTROL

In late 1997, the currency crisis broke out and Korea turned to the IMF on November 21, 1997. Nevertheless, taking advantage of the opportunity presented by the crisis, Korea has accelerated the speed of capital account liberalization. It shifted to a free-floating exchange rate system on December 16, 1997. From March 1998, foreign financial institutions have been allowed to establish subsidiaries of banks and securities companies and to set up joint-venture banks. The ceiling on foreign investment in Korean equities was entirely abolished in May 1998, and the local bond markets and money markets were completely opened to foreigners.
In June 1998, the government announced a plan to liberalize all foreign exchange transactions in two stages. The first stage of liberalization, which took effect on April 1, 1999 with the introduction of the new Foreign Exchange Transaction Act, included streamlining procedures for current account transactions by corporations and financial institutions and changing from a Positive List System to a Negative List System for regulating capital account transactions.
The second stage of liberalization, took effect on the beginning of 2001. The remaining restrictions on foreign exchange transactions was eliminated, with a few exceptions such as those related to national security and prevention of criminal activities.
The Foreign Exchange Transaction Act (FETA) regulates the exchange rate system, foreign exchange operations, payment and receipt of foreign exchange and certain capital movements. It also delineates the business and responsibilities of foreign exchange business institutions.
The foreign exchange system is operated mainly by the Ministry of Finance and Economy (MOFE) and the Bank of Korea. Much of the authority is, however, delegated to certain banks, referred to as foreign exchange banks.
Not only the import and export of all commodities but also the payments and receipts arising from such trade are freely permitted without limitation. Only a few specific trade settlement methods such as netting, payments exceeding the periods prescribed by the MOFE, third party payments, and payments bypassing foreign exchange banks are subject to declaration to the Bank of Korea or, in certain cases, the designated foreign exchange bank.
Most payments for invisibles are freely permitted. In particular, payments of less than the equivalent of US$ 5,000 do not require any documentation. Only some invisible transactions, such as overseas travel expenses, are subject to payment limits.
Foreigners have been able to invest directly in Korean stocks since January 1992.
At present, almost all restrictions governing foreigners' portfolio investment have been abolished. Aggregate and individual ceilings for the purchase of stocks listed on the Korean Stock Exchange exist for stocks of only 39 domestic firms, which are regulated by separate acts.
A foreigner who wishes to purchase Korean securities should first register as a foreign investor and receive a personal identification number from the Financial Supervisory Service. He should then open an account exclusively for securities investment at a foreign exchange bank, and remit or collect the investment funds through it. Remittance abroad of dividends and legally obtained profits accrued from stocks or bonds is freely permitted.
Direct investment is allowed in all industries except those specified on a "negative" list. As of July 1999, the negative list consisted of 21 industries out of the 1,148 industries listed in the Korean standard industrial classification, representing a liberalization ratio of 98.1 per cent. Business categories which are reserved are those which have the market natures of public goods, and which most OECD member countries have also reserved.
Nonresident individual or juridical persons may lease real estate in Korea for residential purposes without permission. Nonresidents may acquire real estate in Korea with funds remitted or carried in, by making declaration to their designated foreign exchange banks. Nonresidents who wish to purchase land in Korea also need permission of the Ministry of Construction and Transportation.
Foreign enterprises may establish domestic branches and offices in Korea upon declaration to their designated foreign exchange bank. Introduction of operating funds and the remittance of operating income should be made through the designated bank. The establishment of a branch or an office of a foreign financial institution requires declaration to the MOFE, and the same requirements as those for domestic financial institutions must be met.

BANKING & FINANCE

The Korean financial system is composed of the Bank of Korea(BOK), deposit banks and non-banking financial institutions.
As Korea’s central banking authority, BOK issues money and executes monetary related policy. In the capacity of guide and supervisor over financial institutions, it plans for the stabilization of currency valuation and the healthy growth of banks.
Deposit banks can be broadly categorized as either general banks or specialized banks. Usually, general banks are involved in the supply of funds for commercial financial dealings. General banks in Korea include 11 national banks, 6 regional banks and 44 foreign banks that have branch offices in Korea. Specialized banks are established to facilitate financing for special areas of the national economy. There are currently five specialized bank in Korea.
Korean non-banking financial institutions can be categorized into four different types according to the business with which they deal. There are non-bank depository, insurance, securities, and other institutions.
After the 1980s, the Korean government has been consistently promoting financial liberalization and foreign exchange deregulation. The result has been a comprehensive financial system with many foreign financial institutions and well-developed domestic financial institutions, as well as Korean foreign investment companies. Following the trend of financial globalization, the Korean government has maintained its commitment to carrying out the liberalization of interest rates to increase the efficiency and competitiveness of the domestic financial market.

TYPES OF BUSINESS ENTERPRISE



Based upon the Korean Commercial Code and other related regulations, the following principal types of business enterprise are permitted :
• Corporation (Chusik Hoesa) - A joint-stock company, which is very similar to a U.S. style corporation
• Company (Yuhan Hoesa) – A limited liability company, which is very similar to GmbH in Germany or SARL in France
• Unlimited partnership (Hapmyong Hoesa) – All partners are liable for the obligation of the partnership
• Limited partnership (Hapja Hoesa) – Two types of partners are designated : a general partner and a limited partner

A foreign company cannot form an unlimited partnership or a limited partnership. In practice, the Chusik Hoesa is the usual form of doing business by foreign companies involved in joint ventures in Korea. The Yuhan Hoesa has been used by some foreign firms involved in joint ventures in the pharmaceutical industry or used by family-owned business. Foreign corporations may establish branch offices and liaison offices in Korea. Sole proprietorships are rarely used by foreigners.

COMPANY ADMINISTRATION
A corporation is formed by one or more persons subscribing their names to the memorandum and articles of incorporation and by-laws of the proposed company. None of the promoters need to be a Korean citizen.
The regular annual meeting of the shareholders must be held at least once a year. A corporation is required to have a board of directors, with at least three directors to be elected by the shareholders. A director’s term is limited to three years, but he may run for re-election. The Korean Commercial Code requires that a corporation has at least one auditor who is elected by the shareholders and is not a director or officer of the company. The role of an auditor is to check all statements and records submitted by the board of directors to the shareholders with the books and various supporting documents and to report his findings to the shareholders. The term of an auditor is three years, and he may be re-elected.
A company (Yuhan Hoesa) is an incorporated enterprise whose shareholders’ liability is limited to the amount of contribution. Two to fifty persons are required to form Yuhan Hoesa. The number of shareholders is limited to fifty. A Yuhan Hoesa may not issue debentures to the public. In most other respects, the formation, structure and conduct of Yuhan Hoesa is similar to a corporation.

ACCOUNTING AND REPORTING REQUIREMENTS

The Korea Commercial Code and Tax regulations require all but very small-scale businesses to maintain various accounting ledger, a register of shareholders and a minute book. The records must properly support the transactions of the company and be maintained for ten years. The documents must be maintained in Korean, although bilingual recording is permitted and practiced by most subsidiaries of foreign corporations. The tax office reserves the right to audit corporate records for the preceding five years.
The Law on the External Audit of Corporation specifies that independent audits by CPAs be conducted for corporations with total assets more than seven billion Won. Additionally, audits performed by independent auditors are also required in most regulated industries covering not only domestic corporations but also branch offices of foreign banks, etc. Remittance of dividends and royalties also requires audited financial statements
A corporation tax return must be filed within three months from the last day of the business year and be required to announce its balance sheets in a daily newspaper by the last day of the return filing period

TAXATION OF COMPAIES
Taxes on corporation income consist of national corporation tax and local resident surtax (10 % of corporation tax).
Effective from 1 January 2002, the corporation tax is calculated by applying the following tax rates to taxable income:
• Not over 100 million Won - 15%
• Over 100 million Won – 16million Won plus 27% in excess of 100 million Won

A company resident in Korea is liable to corporation tax on their worldwide income. A non-resident company is liable to corporation tax only on income derived from sources within Korea. However, no corporation tax is levied on the liquidation income of a non-resident company.
Taxable income includes the income calculated using accounting principles, with specified adjustment, liquidation income. Tax losses can be carried forward up to five years for offset against future profits.
Branch profits tax is imposed in addition to the normal corporation tax on the adjusted taxable income of the Korean branch of the non-resident company if the tax treaty allows imposition of a branch tax. Branch profit tax is imposed at 25% (or at a reduced rate as provided in the tax treaty) of the adjusted taxable income effective from 1 January, 1999

TAXATION OF INDIVIDUALS


Resident individuals are liable to Korean income tax on all their assessable income. Non-resident individuals are liable to income tax only on assessable income derived in Korea. However, there are exceptions under convention for avoid of double taxation.
Taxes on individual income consist of national income tax and local resident surtax (10% of income tax)
Individual’s income tax is grouped into four types:
• Global income tax
• Retirement income tax
• Capital gains tax
• Timber income tax

Taxable global income includes interest, dividend (including deemed dividend), real estate income, wage and salary, business income, and other incomes. Global income tax is computed on taxable global income by applying the progressive income tax rates ranging from 9% to 36%. Non-global income is separately assessed from the global taxation.

VALUE ADDED TAXES


VAT is charged by all businesses with few exceptions. In general, tax charged on sales to customers is paid over to the tax authorities after deducting VAT paid on purchases from suppliers. The present rate of VAT is 10%
WITHHOLDING TAXES



Withholding tax must normally be deducted from interest, dividend, royalty and other income paid to residents and non-residents. Withholding tax on interest is normally at 15% for residents and corporations and 25% for non-residents. Withholding tax on personal service income is 20% and dividend, royalty and other income are 25% for non-residents.
THIN CAPITALIZATION



In particular circumstances, the deductibility of interest paid to offshore entities by residents taxpayers may be subject to the thin capitalization rules.
The thin capitalization rules will operate to deny a deduction for interest paid on debt to related offshore entities to the extent that the specified debt to equity ratio is exceeded.
For the majority of taxpayers this ratio is 3:1, for financial institutions the ratio is 6:1.

OTHER TAXES / CHARGES


Special excise tax is assessed on sales of special items and on entrance fees earned by certain entertainment and gambling places
Excess profits tax is assessed on profits by setting price above the base level specified by government. The tax is 100% of excess profits.
Stamp tax is levied on a person who prepares a document certifying establishment, transfer, or change of rights to property.
Customs duties are levied at varying rates on some imported goods.
TAX INCENTIVES



The Special Tax Treatment Control Law is the most important law covering tax incentives Korea. It was enacted to enhance the equity (or fairness) of the tax burden and to contribute to the sound development of the nation economy by regulating matters pertaining to the exemption and reduction.
Enterprises requiring high technology or located in the free trade areas may receive tax privileges under the Foreign Investment Promotion Act when so requested by the foreign investor.


INTERNATIONAL TAX AGREEMENT



International tax agreements have been entered into with the following countries:
Australia, Austria, Bangladesh, Belgium, Brazil, Bulgaria, Canada, China, Czech, Denmark, Egypt, Fiji, Finland, France, Germany, Greece, Hungary, India, Indonesia, Israel, Ireland, Italy, Japan, Kazakhstan, Kuwait, Luxembourg, Malaysia, Malta, Mexico, Mongolia, Morocco, Netherlands, New Zealand, Norway, Papua New Guinea, Pakistan, Philippines, Poland, Portugal, Romania, Russia, Singapore, South Africa, Spain, Sri Lanka, Sweden, Switzerland, Thailand, Tunisia, Turkey, Ukraine, United Kingdom, United states of America, Uzbekistan and Vietnam.
Generally the treaties avoid the double taxation of income by allowing foreign tax credits.





EMPLOYMENT AND INDUSTRIAL RELATIONS


The basic legislation governing working conditions in Korea is the Labor Standard Act.
The Acts prescribes minimum standards of working conditions and deals with employment contracts, wages, working hour, health and safety, accident compensation, etc.
The Labor Relations Commission is a public institution that handles labor disputes and judges in cases of wrongful dismissal and unfair labor practices.
Due to the growing national concern over the stability of prices and labor costs, the government has implemented inflation and labor cost stabilization measures. The autonomous wage decision making process involving both high level labor and management parties reflects a new cooperative order between labor and management.


Disclaimer:
The material contained in this publication is in the nature of general comment and information only and neither purports, nor is intended, to be advice on any particular matter. Readers should not act or rely upon any matter or information contained in or implied by this publication without taking appropriate professional advice.



The Plan for Advancing FX Transaction System (Jun 20, 2002)


Date 06/20/2002
Division Foreign Exchange Regulation & External Debt Div Tel
The Plan for Advancing FX Transaction System
The Plan for Advancing FX Transaction System
Foreign Exchange Regulation & External Debt Div : INT 82-2-503-8652

¢Â On April 16, 2002, the Korean government announced "the Plan for the Development of the Korean Foreign Exchange Market" - which includes the full liberalization of the FX regulation - to bring up Korea as a business hub of Northeast Asia by 2011. The government had successfully carried out deregulation measures in 1999 and 2001, respectively.
¢Â As the first step to implement "the plan", the Korean government is going to introduce following measures from July 1. 2002.
¨ç Ease the procedural regulation concerned with an individual's external payment and a corporation's current account transaction
¨è Permit a securities company and an insurance company to participate in inter-bank FX market and alleviating the procedure for establishing a FX Broker Company from the current Approval System to a Registration System
* It will go into effect from January 1, 2004 taking into account the time for FX broker companies' adjustment as well as amendment of the law.
¨é Liberalize the export of Korean Won
¨ê Others
¢Â These measures will go into effect since July 1, 2002, following the amendment of FX Transaction Act and detailed regulations of Bank of Korea(BOK).
II. Main contents of FX transaction system advancement.
1. Alleviating Procedural limitation
¨ç BOK confirmation procedure & notification on residents' external payments for donation and overseas living and education expenses as well as taking out of overseas travel expenses will be abolished.
¡à BOK confirmation & notification procedure on individuals' external payment beyond a certain amount (donation US$ 50,000 per case, overseas living and education expenses US$ 100,000 per case) as well as taking out of overseas travel expenses (US$ 50,000 per case) will be abolished.
¢¡ The external remittance is to be completely liberalized.
* Regardless of the above mentioned easing measures, the notification system to the National Tax Service(NTS) related with remittance of donation(more than US$ 10,000 per year), remittance of overseas living and education expenses(more than US$ 100,000 per year) and the taking out of overseas travel expenses(US$ 10,000 per case) is to be maintained for the purpose of preventing the outflow of illicit money.
¨è Permitting the multi-netting of domestic foreign investment firms
¡à The comprehensive multi-netting(netting of circular claims and liabilities) will be permitted for those domestic branches of a multinational corporations whose headquarter office is located overseas with the notification to BOK.
* The multi-netting has already been permitted for companies that have headquarter office in Korea.
¡à This measures will allow a multinational corporation to reduce the transaction cost and FX risk by reducing the settlement of external claims and liabilities in current account transaction and capital account transaction.
¨é Simplifying submitting process of documentary evidence for the settlement of export & import bills
¡à The export or import via remittance needs original proof documents for its settlement. But when the total amount of export or import is US$ 100 thousand or less, this original document can be replaced by duplicates or electronic ones.
* For LC or DA/DP, it is not necessary to submit proof documents, since LC or DA/DP by themselves can be used as documentary evidence.
¨ê Abolishing the ceiling on the domestic settlement of overseas transaction by credit card
¡à To comply with the expansion of electronic commercial transaction by internet and activate external transaction, the ceiling(US$ 5000 per case) on the domestic settlement of overseas transaction by credit card is to be nullified.
* The current notification to NTS about a resident's overseas payment by credit card(more than US$ 20 thousand per year) is sustained.
¡à This measure will prevent negligent people from breaking the law, since more than 60% of FX lawbreakers are related with over payment against the ceiling on the settlement of credit card.

2. Expansion of FX market
¨ç Permitting a securities company and an insurance company to participate in inter-bank FX market and approving a securities company to deal with OTC FX derivatives transaction.
¡à A Securities company and an insurance companies will be allowed to take part in inter-bank FX market.
¤• However their FX spot transaction with individuals will not be allowed.
¡à The securities company which meet a certain condition* will be allowed to take part in OTC FX derivatives transaction.
* Its equity capital should be KRW 100 billion or more. And its net working capital should be 300% or more. In addition, risk management and internal control system should be set up.
¤• However, their transactions with individuals and derivatives related to credit risk will be excluded.
¢¡ Those measures are expected to expand the scope of FX market by increasing the number of participants and help securities companies diversify the sources of income by inventing new financial goods related with risk hedge and FX derivatives.
¨è The procedure for establishing a FX Broker Company will be eased from the current Approval system to Registration system.
¡à To advance FX transaction and expand FX market, the procedure for establishing a FX Broker Company will be eased from the current Approval system to Registration system. Therefore, the current approval condition* will be nullified.
* Its supplied capital should be KRW 5 billion or more and should secure required electronic system and professionals.
¡à This measure will go into effect from January 1, 2004 taking into account the time for companies' adjustment and amendment of the law.

3. Internalization of Korean won
¨ç Liberalizing export of the Korean won and a banker's check.
¡à The ceiling on exporting of the Korean won and a banker's check* denominated by the Korean won is to be abolished.
¤• However it should be notified to the Customs when the amount of exported Korean won is more than US$ 10,000.
¡à A financial institute' exporting of the Korean won for the use of overseas exchange needs only to be notified to BOK after the export without the notification to the Customs.
¢¡ This measure will allow the Korean Won to be exchanged with other foreign currencies overseas.
* A banker's check denominated by the Korean won is legally treated as Korean currency, for both of them are practically handled in the same way.
** Similar Notification system exist in both Japan (more than 1 million yen) and the U.S. (more than US$ 10,000)

4. Others
¨ç The transfer of fund between a general account and a offshore account of banks is to be permitted. In addition the limitation on the transferable funds are up to 10% of the previous year's average balance of the offshore account.
* Currently, it is permitted only when funds are transferred from the general account to the offshore account within 5% of the average balance of offshore account.
¢¡ It will improve the soundness of banks by liquidating non performing assets and settling the mis-match of off shore account early.
¨è The procedure for a non-resident to acquire less than 10% of a domestic corporation's shares from residents will be alleviated from the current Notification to BOK to Notification to FX bank.
¢¡ This measure takes into account the fact that the Foreign Investment Acceleration Law allows non-residents to acquire 10% or KRW 50 million or more of domestic corporation's shares, needing only the Notification to FX bank.
¨é The procedure for taking out funds acquired from selling real estate whose purchase had previously been notified to BOK will be eased from the current Notification to BOK to Notification to FX bank.
¢¡ It is unnecessary to require notification for the selling of the real estate whose purchase was already notified to BOK.
¨ê The ceiling on domestic corporation's loan to a non-resident will be increased from the current US$ 300,000 to US$ 10 million.
¢¡ It will be helpful for a domestic headquarter to loan short-term working fund to overseas branches and for a domestic branch of a multinational corporation to loan to other overseas branches.
¨ë The procedure for a foreigner or a non-resident to take out salary and income which have been acquired in domestic area exceeding US$ 10,000 will be alleviated from the current Notification to BOK to Notification to FX bank.
¨ì The standard to estimate the price of FX selling and buying will be changed from the current "Value Tom" to "Value Spot", which is internationally accepted.
청와대 업무보고… 내년 대출ㆍ보증형태로 200조원 지원

산은ㆍ기은 중기에 14조5000억 풀어
신보ㆍ기보는 56조5000억 보증 제공


산업은행 등 금융공기업들이 내년에 기업과 가계를 위해 대출과 보증 형태로 200조원에 달하는 자금을 지원하기로 했다.

금융위원회 소관 산업은행, 기업은행, 자산관리공사(캠코), 주택금융공사, 예금보험공사, 신용보증기금, 기술보증기금 등 7대 금융공기업들은 30일 청와대 업무보고에서 내년에 경기침체로 어려움을 겪고 있는 기업과 가계에 130조원의 대출을 지원하고 69조원 규모의 보증을 제공하기로 했다고 밝혔다.

우선 산업은행과 기업은행은 내년에 일시적인 자금난에 허덕이는 가계와 기업을 살리기 위해 28조7000억원의 자금을 지원한다. 두 은행은 글로벌 금융위기와 경기침체로 자금난을 겪고 있는 기업들에 각각 11조원, 9조원을 공급한다. 이 중 14조5000억원의 자금이 중소기업에 지원된다.

또한 기업은행은 내년에 무주택 서민을 위해 3조7000억원 규모의 가계대출, 주택금융공사는 5조원 규모의 고정금리 주택담보대출 상품인 보금자리론을 지원한다.

이와 별도로 산업은행과 기업은행은 내년에 우리 경제를 이끌 성장산업 육성을 위해 41조원을 공급하기로 했다. 세부적으로는 녹색성장산업 1조원, 성장동력산업 10조8000억원, 서비스산업 3조7000억원, 중소기업 설비투자 7조5000억원 등에 자금을 지원한다.

아울러 수출입은행도 내년에 수출 및 중소기업 지원과 외화유동성 안정을 위해 내년에 60조 안팎의 자금을 공급할 방침이다.

수출입은행은 중소기업과 플랜트나 선박 등의 수출 기업 등에 44조원의 자금을 공급하고 금융시장 안정을 위해 110억 달러(13조원 수준)의 외화유동성도 공급할 예정이다. 이밖에 녹색성장 및 해외자원 개발 등의 성장산업 지원을 위해 내년에 2조8000억원을 지원한다.

또한 캠코, 주택금융공사 신용보증기금, 기술보증기금은 신용도가 낮아 금융기관으로부터 돈을 빌리기 어려운 기업과 가계, 학생 등에게 총 68조9000억원 규모의 보증을 제공한다.

캠코, 주택금융공사는 금융소외자의 채무나 주택ㆍ학자금 대출 등에 12조4000억원 규모의 신용보증을 제공해 서민과 학생 살리기에 나선다. 신보와 기보는 창업 지원 등을 위해 각각 총 42조, 14조5000조원의 보증을 제공할 예정이다.

송정훈기자 repor@
[34개 공기업 업무보고] 금융 공기업
3대 국책銀 성장산업에 44조 지원

산업은행 등 9개 금융 공기업이 30일 내놓은 새해 업무계획의 핵심은 아낌없이 돈을 풀어 기업과 가계를 살리겠다는 것이다.대출(133조원)과 보증(66조원,수보 제외) 등 자금 지원규모가 200조원에 육박한다.올해(계획 기준)보다 39조원(대출 25조원,보증 14조원) 더 푼다.그러나 이미 한차례씩 발표했던 내용을 모아놓은 ‘종합선물세트’여서 눈에 띄는 ‘깜짝 선물’은 없었다.


▲ 30일 청와대에서 열린 한국전력•주택공사•토지공사 등 34개 공기업의 합동 업무보고에서 공기업 최고경영자들이 이명박 대통령의 인사말을 듣고 있다.
최해국기자 seaworld@seoul.co.kr

●내년 자금 지원규모 200조 육박
우선 산업은행과 기업은행은 기업에 각각 11조원,9조원을 공급한다.절반 이상(14조 5000억원)은 중소기업에 배정한다.수출입은행의 기업 지원분(44조원)을 합하면 60조원이 넘는다.
주택금융공사는 무주택 서민들을 위해 5조원 규모의 고정금리 주택담보대출 상품(보금자리론)을 제공한다.기업은행도 가계대출에 3조 7000억원을 배정해 ‘내 집 장만’을 도울 계획이다.
신용도가 낮은 계층에는 11조 9000억원의 보증을 제공한다.자산관리공사(캠코)가 저소득층의 환승론(고금리 대출에서 저금리 대출로의 갈아타기) 보증에 2조 1000억원,
주택금융공사가 주택 보증 및 주택연금 보증(7조 5000억원),학자금 대출 보증(2조 3000억원)에 9조 8000억원을 쓴다.총 88만명이 보증 혜택을 볼 것으로 예상된다.
●무주택자 지원 보금자리론 5조원



3대 국책은행(산은,기은,수출입은)은 성장산업 육성을 위해 기업 시설투자에도 44조원을 지원한다.신용보증기금(19조 5000억원)과 기술신용보증기금(5조 7000억원)은 창업 지원 등을 위해 37조 6000억원의 보증을 기업체에 제공한다.
금융권 부실 털어내기에도 적극적이다.캠코는 4조 30000억원(채권금액 기준) 어치의 금융회사 부실채권을 매입할 방침이다.금융기관의 구조조정을 돕기 위해 비업무용 자산도 적극 인수하기로 한 점이 눈에 띈다.
자체 경영 효율화를 위해 2012년까지 각각 전체 인원의 10~15%를 줄인다.
안미현기자 hyun@seoul.co.kr



34개 공공기관, 새해 투자액 70% SOC 집중
대통령 업무보고
25개 기관서 총 57조… 에너지 관련 21% 증가
금융공기업, 기업•가계에 200조 대출•보증 지원

문향란기자 iami@hk.co.kr
문준모기자 moonjm@hk.co.kr


이명박 대통령이 30일 청와대에서 열린 한국전력 등 34개 공기업의 신년 업무보고에서 공기업의 대대적 개혁을 촉구하고 있다. 손용석기자 stones@hk.co.kr











주요 공기업들이 내년에 올해보다 9조원 늘어난 57조원의 막대한 돈을 푼다. 산업은행 등 금융공기업들도 내년에 기업과 가계 등을 살리기 위해 대출과 보증 형태로 200조원에 육박하는 자금을 지원키로 했다.

34개 주요 공공기관이 30일 이명박 대통령에게 보고한 내년도 업무계획에 따르면, 9개 금융 공기업을 제외한 25개 공공기관의 내년 투자액은 올해보다 18.5% 증가한 57조원에 이른다. 특히 내년 상반기에만 전체 투자의 61%를 집행하기로 했다. 기획재정부 장영철 공공정책국장은 "공공기관이 합동으로 업무보고를 한 것은 이번이 처음"이라며 "공공기관도 경제난국 극복을 위해 신속하고 적극적으로 대응하자는 취지"라고 설명했다.

공기업들도 정부와 마찬가지로 내년 경기 부양과 일자리 창출에 올인하겠다는 확고한 의지를 밝혔다. 내년 공공기관 투자의 70% 이상이 SOC 확충에 집중된다. 주택공사, 토지공사, 도로공사 등 SOC 관련 7개 공기업의 투자규모는 40조3,887억원으로, 올해(34조4,361억원)보다 17.3%나 늘어난다. 최대의 투자 공기업은 주택공사로 내년 한해 건설공사(9조9,590억원) 토지보상(5조8,522억원) 등에 올해보다 10.4% 많은 15조8,112억원을 투자한다.

토지공사는 12조6,996억원(26.3% 증가)을, 철도시설공단은 6조997억원(31.8% 증가)을 쓴다. 에너지 관련 공공기관의 내년 투자액은 14조7,565억원으로, 올해(12조1,346억원)보다 21.6% 증가했다. 이 중 한국전력(4조7,212억원)과 발전자회사, 한국수력원자력(4조6,467억원)이 12조4,000억원을 넘고 있는데, 한전과 발전자회사는 설비 투자와 전산 및 업무 자동화, 그리고 해외 인수합병(M&A) 등을 추진할 계획이다. 농촌공사(1조6,037억원)를 비롯한 농업 및 관광 분야에서는 1조9,762억원이 쓰인다.

금융위원회 및 기획재정부 산하 7개 금융 공기업들도 경기침체로 어려움을 겪고 있는 기업과 가계를 지원하고 성장산업을 육성하기 위해 약 130조원의 대출을 지원하고, 66조원 가량의 보증을 제공키로 했다고 밝혔다. 내년 대출액과 보증규모는 올해보다 각각 25조원, 14조원 늘어난 수치다.

공공기관들은 전체 투자액의 22%인 12조7,872억원은 정부 예산 지원을 받지만 44조3,342억원은 자체 조달할 계획. 재정부 관계자는 "여러 가지 재원조달 창구가 있어 커다란 문제는 되지 않을 것"이라고 설명했지만, 올해보다 어려운 경제 여건 속에서 7조원을 더 조달하는 것도 쉽지 않아보인다.


아침 지하철 훈남~알고보니[2585+무선인터넷키]
<저작권자 ⓒ 인터넷한국일보, 무단전재 및 재배포 금지>
The nation`s state-run financial firms will release some 200 trillion won ($142 billion) into the market next year to provide liquidity to cash-strapped companies and households and boost growth-engine industries, the Financial Services Commission said yesterday.

Reporting to President Lee Myung-bak, the five state-run financial firms under the FSC said that they will encourage lenders to extend loans of 130 trillion won, up by 25 trillion won from this year, to households and companies. They will also increase credit guarantees by 14 trillion won to 66 trillion won next year.

The five state-run organizations plan to provide a total of 69.7 trillion won to households and firms faltering from a liquidity pinch. Some 37.6 trillion won has been set aside for the financially neglected, including smaller firms, households and students.

The Korea Development Bank, Korea Asset Management Corporation and the Korea Housing Finance Corporation will spend 10.2 trillion won to buy out bad loans held by commercial lenders and liquidate corporate and housing loans.

The KDB will inject an additional 1 trillion won into bond fund, which the bank has already invested 1 trillion won this year in a bid to provide liquidity to cash-strapped companies. The state-run bank will also invest 2 trillion won in local banks to raise commercial lenders` BIS capital adequacy ratio.

KAMCO has set aside 2.7 trillion won to buy out bad loans held by commercial lenders. The corporation will primarily purchase 1.3 trillion won in default loans held by savings banks extended to property developers.

The KDB and the Industrial Bank of Korea will provide 11 trillion won and 9 trillion won each to firms suffering from a temporary liquidity pinch. Some 14.5 trillion won, in particular, will be used to support small- and medium-sized firms, they said.

The two state-run banks will also invest 41 trillion won in order to nurture growth-engine industries next year, which include green-growth industries, service industries and new facility investment by SME enterprises.

The Export Import Bank of Korea will provide $11 billion in the local forex market to maintain stable foreign currency reserves. It will also offer some 44 trillion won to smaller firms whose income highly depends on exports.

The Korea Housing Finance Corporation and the IBK will provide 5 trillion won and 3.7 trillion won each to support banks to extend new housing loans to households. KAMCO and the housing corporation together will guarantee up to 12.4 trillion won in order to facilitate borrowings by low income households and students.

While trying to privatize the state-run organizations, firms will try to raise efficiency by downsizing their corporations. The Korea Deposit Insurance Corporation will sell government-owned shares in firms such as Woori Financial Holdings Inc., Shinhan Financial Holdings Inc. and Korea Life Insurance by 2012. The KDIC, however, said that it will consider market condition to decide when and how it will sell its shares in these firms.

KAMCO will also sell its shares in Daewoo affiliates within the next year.

The FSC said that the five public financial firms will also reduce their workforce by 10 to 15 percent by 2012 and cut executive officers` wage by up to 48 percent next year.

By Jeong Hyeon-ji

(hannahj@heraldm.com)