Korea's fiscal deficit tops 100 trln won for second year despite ratio easing SEOUL, April 6 (AJP) - South Korea's managed fiscal deficit ratio to gross domestic product eased slightly to below 4 percent last year on improved tax revenue, while the deficit still exceeded 100 trillion won ($66.3 billion) for a second consecutive year, according to a government settlement report for fiscal 2025. The Ministry of Economy and Finance confirmed the managed fiscal balance at a deficit of 104.2 trillion won last year, slightly narrowing from 104.8 trillion won in April 6, 2026

Seoul eyes alternative routes, envoys to Gulf as Hormuz disruption persists SEOUL, April 06 (AJP) - South Korea is exploring alternative shipping routes — including the Houthi-risk Red Sea — and preparing diplomatic outreach to major oil producers, as officials brace for prolonged supply disruptions from the Middle East conflict likely to extend through April. The shift reflects growing concern that instability in the Strait of Hormuz — a chokepoint handling roughly one-fifth of global oil and LNG trade — will not ease quickly, forci April 6, 2026

Private contracts offer some relief for Korea from Australia's hint of LNG export curbs SEOUL, April 06 (AJP) -South Korea’s liquefied natural gas supply chain faces a fresh hit as Australia — an increasingly critical supplier amid Middle East disruptions — signals possible export curbs to prioritize domestic demand. warning comes as Seoul leans more heavily on Australian LNG to offset heightened risks stemming from the Middle East war. Despite government reassurance of stable supply, industry officials caution that tightening export controls by m April 6, 2026

Seoul remains cautious while more foreign vessels slip through the Strati of Hormuz SEOUL, April 05 (AJP) -A number of foreign-flagged vessels have begun slipping through the heavily militarized Strait of Hormuz, offering tentative signs of movement in a waterway that remains effectively under Iran’s control — but for South Korea, the path out is still far from clear. The latest breakthroughs have come from Europe and Japan. A French-owned container ship operated by CMA CGM successfully transited the strait this week, becoming one of the first We April 5, 2026

BOK nominee holds half of assets in foreign currency, raising concerns ahead of hearing SEOUL, April 5 (AJP) - Shin Hyun‑song, a nominee to lead the Bank of Korea, holds more than half of his assets in foreign currencies, raising concerns over potential conflicts of interest. According to a financial disclosure submitted to the National Assembly on Sunday ahead of his confirmation hearing slated for later this month, Shin and his family including his spouse and eldest son hold total assets of 8.24 billion Korean won (approximately US$5.49 million). Of that, ro April 5, 2026

Washington expands metal tariffs as weight thresholds trigger new duties SEOUL, April 03 (AJP) - Washington upended the global household appliance market Thursday (local time) by imposing a flat 25 percent tariff on metal-intensive goods, a move that places South Korea’s leading exporters in a defensive crouch just as a separate pharmaceutical trade wall begins to rise. The new policy, anchored in a Section 232 national security justification, targets any finished product where steel, aluminum, or copper accounts for more than 15 percent of the t April 3, 2026

Korea, France summits to work on normalizing Hormuz SEOUL, April 03 (AJP) -South Korean President Lee Jae Myung and French President Emmanuel Macron agreed Friday to strengthen cooperation in securing maritime shipping lanes in the Strait of Hormuz, as disruptions from the Middle East war continue to threaten global energy supply. Speaking at a joint press statement following their summit at Cheong Wa Dae, Lee said the two leaders aligned on a coordinated response to the economic and energy fallout from the conflict. &ldquo April 3, 2026

Seoul waives duties on freight surge to curb inflation spillover SEOUL, April 3 (AJP) — South Korea will waive customs duties on extraordinary freight cost increases for imports from the Middle East, as the crippling of the Strait of Hormuz threatens to spill into domestic prices and broader inflation. The emergency measure, announced Friday by the Ministry of Economy and Finance, allows companies to exclude surging shipping costs incurred from longer alternative routes when calculating import duties. The move comes as tanker freight r April 3, 2026

Korea and France hold summit to elevate ties to strategic partnership SEOUL, April 03 (AJP) -South Korea and France are elevating bilateral ties to a “global strategic partnership” during French President Emmanuel Macron’s two-day state visit — his first to Korea since taking office in 2017 and the first by a French president in 11 years — which began Friday amid mounting geopolitical tensions. Macron arrived in Seoul on Thursday for a two-day visit following a trip to Japan, in what French officials described as an eff April 3, 2026

S. Korea to join UK-led virtual meeting on Hormuz as US shift burden on allies SEOUL, April 02 (AJP) -South Korea will join a U.K.-hosted virtual foreign ministerial meeting Thursday aimed at coordinating international efforts to secure the Strait of Hormuz, as Washington signals that responsibility for safeguarding the core oil route should fall on its primary dependents. Chung Eui-hae, deputy foreign minister for political affairs, will participate via video link in the meeting involving 35 countries that have backed a joint statement condemning attempts April 2, 2026