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Economy

Naphtha up 68 percent, ethylene up 61 percent as March producer prices post biggest rise in 4 years

South Korea’s producer prices rose at their fastest pace in nearly four years in March as international oil prices surged in the aftermath of the Iran war. The producer price index climbed 1.6 percent from February to 125.24, the biggest monthly rise since April 2022, and extended gains for a seventh straight month. Oil products and chemical items jumped, while farm and fisheries products fell and services were flat.

Games & Commerce

EMS postage to get up to 6 percent additional discount to cut exporters\' burden

South Korea’s post office is offering additional discounts on international express mail to help small export companies cut overseas shipping costs. The Ministry of Science and ICT’s Postal Service said contract customers sending items abroad via EMS and EMS Premium will receive an extra 4 to 6 percent discount from April 20 to May 31. The benefit applies to existing and new contract customers during the period. The agency expects savings felt by customers to exceed about 10 percent when combined with a fee freeze.

Industry

President Lee Jae-myung urges turning crisis into opportunity, stresses sovereign wealth fund and manufacturing sovereignty

South Korean President Lee Jae-myung said a supply chain crisis triggered by the Middle East war should be used as an opportunity for industrial restructuring and stressed the creation of a Korean-style sovereign wealth fund. He warned that the global trade order is at a major turning point as free trade retreats and geopolitical risks deepen. Lee also urged government-led demand creation through public procurement and protection of advanced technology and talent.