Senior bureaucrat named new trade minister SEOUL, August 21 (AJP) - Senior trade official Park Jung-sung was appointed South Korea's new trade minister, Cheong Wa Dae said on Friday. In a press briefing, presidential spokesperson Kang Yu-jung said Park is "the right person to maximize the national interest while maintaining continuity in negotiations amid urgent trade issues with the U.S." Park's appointment comes about a week after his predecessor was sacked for unknown reasons, as Seoul faces mounting August 21, 2026

Early-August exports hit record high as chip shipments stay strong SEOUL, August 21 (AJP) - South Korea's exports surged 56 percent from a year earlier to a record high for August in the first 20 days of this month, as semiconductor shipments nearly tripled and again drove the country's export growth, according to preliminary data released by the Korea Customs Service (KCS) on Friday. Exports totaled $55.21 billion from Aug. 1 to 20, the highest ever for the period, while imports rose 19.0 percent to $41.23 billion, resulting in a trade sur August 21, 2026

Financial authorities to offer more support for borrowers amid rising global yields SEOUL, August 21 (AJP) - South Korea will prepare additional support for vulnerable groups as rising long-term global bond yields threaten to raise borrowing costs for households and businesses, the Ministry of Economy and Finance (MOEF) said on Friday. Finance Minister and Deputy Prime Minister Koo Yun-cheol convened a joint meeting in Seoul with Financial Services Commission Chairman Lee Eog-weon, Financial Supervisory Service Governor Lee Chan-jin and Bank of Korea Deputy Governo August 21, 2026

Newly appointed BOK deputy governor signals focus on stability SEOUL, August 21 (AJP) - Seasoned foreign-exchange expert Kwon Min-soo was appointed senior deputy governor of the Bank of Korea. In his inaugural address on Friday, he highlighted inflation, household leverage, property prices and currency volatility, offering an early glimpse of a policy approach closely aligned with BOK governor Shin Hyun-song but shaped by his three decades of experience in foreign-exchange markets. Kwon said semiconductor strength had lifted growth beyond earli August 21, 2026

Producer prices fall for 1st time in 11 months SEOUL, August 21 (AJP) - South Korea's producer prices fell for the first time in 11 months in July as lower oil and import costs eased inflationary pressures that had built up earlier this year, while semiconductor prices continued to surge, according to data released by the Bank of Korea on Friday. An index gauging producer prices stood at 129.39, down 0.4 percent from June but up 7.7 percent from a year earlier, marking the first month-on-month decline since August last year. August 21, 2026

South Korea's short-term external debt ratio hits 15-year high SEOUL, August 20 (AJP) - South Korea's short-term external debt relative to its foreign-exchange reserves rose to the highest level in about 15 years in the second quarter, even as the government said the country's overall external payment capacity remained sound. The ratio climbed to 46.5 percent at the end of June from 43.3 percent three months earlier, the Ministry of Economy and Finance said Thursday. It was the highest reading since the second quarter of 2011, when t August 20, 2026

South Korea extends curbs on hoarding urea, syringes for two more months SEOUL, August 20 (AJP) - South Korea will extend anti-hoarding measures on automotive urea solution and medical syringes for two months through the end of October, the Ministry of Economy and Finance said Thursday. The ministry made the decision at an emergency meeting chaired by Finance Minister and Deputy Prime Minister Koo Yun-cheol. But it will ease inventory rules for urea as supply conditions improve. The measures, which were due to expire at the end of this month, will remai August 20, 2026

South Korea to trial selective volunteer military recruitment next year SEOUL, August 20 (AJP) - South Korea will recruit about 3,000 technology-focused noncommissioned officers (NCOs) next year on a voluntary basis, Defense Minister Ahn Gyu-back said Thursday. The move is part of efforts to attract more skilled personnel through voluntary-based, selective recruitment. During a parliamentary hearing in Seoul, Ahn said the government plans to begin selective recruitment in 2027, with about 3,000 volunteers to be trained as technology-focused NCOs capable August 20, 2026

Chief justice faces mounting pressure for impeachment amid political rift SEOUL, August 20 (AJP) - The nomination of two Supreme Court justices by chief justice Cho Hee-dae earlier this week has escalated into a broader political confrontation, with ruling Democratic Party (DP) lawmakers calling for his resignation and some raising the possibility of impeachment. The controversy is intensifying on Thursday after newly-elected DP leader Kim Min-seok said the previous day that he had ordered the party to put up banners nationwide calling for Cho's resig August 20, 2026

Chinese FM Wang Yi arrives in Seoul for two-day visit SEOUL, August 19 (AJP) - Chinese Foreign Minister Wang Yi arrived in Seoul on Wednesday for talks with his South Korean counterpart Cho Hyun. Wang's two-day visit marks his first trip to South Korea since September 2021 and the first meeting between the two countries' foreign ministers since they met in Beijing last September. During their talks, the two ministers are expected to discuss bilateral ties, the situation on the Korean Peninsula and other regional issues. T August 19, 2026