Ministry of Finance and Economy

The Ministry of Finance and Economy plans to issue Korea Treasury Bonds worth approximately 19,000 billion won in March 2026 through competitive bidding.   Auction Schedule, March 2026 (Unit: KRW billion) Name Auction Notice Auction Date Settlement Date Issue Date Type Volume 2Y KTB 03000-2803 (26-1) February 26 March 3 March 4 March 10, 2026  F1 3,200 3Y KTB 02750-2812 (25-10) March 4 March 9 March 10 December 10, 2025 F 3,300 5Y KTB 03375-3103 (26-3) March 18 March 23 March 24 March 10, 2026 F 3,100 10Y KTB 03250-3512 (25-11) March 11 March 16 March 17 December 10, 2025 F 3,000 20Y KTB 02750-4509 (25-9) March 19 March 24 March 25 September 10, 2025 F 600 30Y KTB 03500-5603 (26-2) February 26 March 4 March 5 March 10, 2026 F 5,000 50Y KTB 02750-7409 (24-11) March 10 March 13 March 16 September 10, 2024 F 800 Conversion Offer Conventional March 12 March 17 March 19 March 10, 2026 F 400 Inflation-linked March 3 March 6 March 10 December 10, 2025 F 100   FXB 00000-2703 (26-03) March 17 March 20 March 23 March 10, 2026 N/A 1,250 1.       Fungible issue   * Under a fungible issue system, new KTBs issued within a specified period (six-month period for 2Y, 3Y, 5Y, 10Y and 30Y KTB, one-year period for 20Y KTB, and two-year period for KTBi and 50Y KTB) are regarded as the same KTB issue.     1) Non-competitive bids option I   For retail investors, KTBs worth 3,640 billion won (no more than 20% of the offered amount in the auction excluding 50Y KTBs) will be allocated first at the highest accepted bid rate.   2) Non-competitive bids option II   A non-competitive purchasing option II is granted to primary dealers (PD) whereby PDs can make additional purchases of 5-30%* of the accepted bid amount within three business days after the auction.   * Up to 20%p of the option is granted to the top-performing PDs, 15%p to the 2nd best-performing PDs, 10%p to the 3rd best-performing PDs, and 5%p to the rest, according to their market-making performances for the last six months. MOEF will grant additional 5-10%p to best performing PDs in the monthly evaluation.   3) Non-competitive bids option III   KTB STRIPS* are supplied on the third business day after the auctions, 284 billion won for 3Y, 5Y, and 10Y KTBs, 330 billion won for 30Y KTBs, and 146 billion won for 20Y KTBs. PDs that have obtained the right to purchase these KTB STRIPS can make purchases of up to 25 billion won.   ＊Non-competitive option Ⅵ Details have yet to be decided. If non-competitive option Ⅵ needs to be implemented, the Ministry will make an announcement on March 19 with a detailed plan.   4) Conversion offer   Date KTBs to be issued KTBs and KTBis to be purchased Amount March 17 10:40-11:00 am 30Y KTB 03500-5603 (26-2) (Maturing on March 10, 2056)   KTB 03250-3306 (23-5) KTB 03500-3406 (24-5) KTB 02625-3509 (15-6)  KTB 03250-4209 (22-11) KTB 03000-4212 (12-5) KTB 03875-4309 (23-9) KTB 02750-4412 (14-7)   * Further details will be provided on March 12 through the BOK website.   KRW 400 billion March 6 10:40-11:00 am 10Y KTB 03250-3512 (25-11) (Maturing on December 10, 2035)   KTBi 01750-2806 (18-5) KTBi 01125-3006 (20-5) KTBi 01625-3206 (22-6)   * Further details will be provided on March 3 through the BOK website.   KRW 100 billion   * Further details will be provided on February 6 through the BOK website.    

As of the end of 2025, Korea’s external debt stood at $766.9 billion, an increase of $94.0 billion compared to the end of the previous year ($672.9 billion). By maturity, short-term external debt (with a maturity of one year or less) rose by $32.5 billion year-on-year to $179.0 billion, while long-term external debt (with a maturity of more than one year) increased by $61.5 billion to $587.8 billion. By sector, external debt increased across all sectors: government (+$46.0 billion), central bank (+$2.4 billion), banks (+$15.5 billion), and other sectors (+$30.1 billion), respectively.   The increase in external debt in 2025 reflects continued capital inflows into Korea, including stronger foreign investment in Korean bonds ahead of their inclusion in the World Government Bond Index (WGBI) in April 2026.    Meanwhile, external claims reached $1,136.8 billion, an increase of $76.8 billion compared to the end of the previous year ($1,060.0 billion).   Net external claims (external claims minus external debt) amounted to $369.9 billion, down $17.2 billion from the end of the previous year ($387.1 billion).   With regard to soundness indicators, the ratio of short-term external debt to total external debt rose from 21.8% at the end of 2024 to 23.3% at the end of 2025, and the ratio of short-term external debt to reserves increased from 35.3% to 41.8% over the same period. Although these indicators edged up from a year earlier, they remain at stable levels. Meanwhile, the foreign currency liquidity coverage ratio (LCR), which indicates domestic banks’ ability to repay external debt, stood at 178.4% as of the end of 2025, significantly exceeding the regulatory requirement of 80%.   The government will make every effort to maintain external stability amid heightened uncertainties in the global environment, including changes in global trade conditions and monetary policy as well as persistent geopolitical risks. At the same time, it will continue to implement policies to promote the foreign exchange and capital markets in a consistent manner so as to support sustained foreign investment inflows into Korea.   Please refer to the attached files. 

In December 2025, industrial production, services production, retail sales and construction investment increased, while facilities investment declined.   Production in the industrial sector (+1.5% m-o-m, +1.8% y-o-y), construction (+12.1%, -4.2%) and services (+1.1%, +3.7%) rose, leading to an increase in total industrial production (+1.5%, +1.8%).   Retail sales moved up (+0.9% m-o-m, +1.2% y-o-y), while facilities investment went down (-3.6%, -10.3%).   Exports in January 2026 climbed by 33.9% year-on-year, supported by strong semiconductor performance. Average daily exports rose by 14.0% in January compared to the same month of last year.   The consumer sentiment index (CSI) in January went up by 1.0 points month-on-month to 110.8. The composite business sentiment index (CBSI) decreased by 0.2 points to 94.0 and the CBSI outlook for February rose by 1.0 points to 91.0.   The cyclical indicator of the coincident composite index for December moved down by 0.2 points and the cyclical indicator of the leading composite index moved up by 0.6 points.   In January, the increase in the number of employed persons moderated, with consumer prices rising at a slower pace.   The number of employed persons grew by 108,000 compared to the same month last year, and the unemployment rate rose by 0.4%p to 4.1%.   The year-on-year consumer price index (CPI) climbed by 2.0%, as the pace of increase in agricultural, livestock and fisheries product prices moderated. The CPI excluding food and energy grew by 2.0% compared to the same month of last year.   In January, stock prices increased, Korean Treasury Bond yields rose and the Korean won weakened.   In December, both housing prices (+0.26%, m-o-m) and Jeonse[1] prices rose (+0.28%, m-o-m).   Recently, the Korean economy has continued to show a recovery trend, supported by improvements in domestic demand such as consumption and strong export performance led by semiconductors.   Indicators that had recorded strong gains in the third quarter temporarily adjusted in October due to base effects, but resumed a recovery trend from November onward. However, employment difficulties in vulnerable sectors persist, with uncertainties remaining over the pace of recovery in construction investment and the impact of U.S. tariff measures.   The global economy faces continued volatility in global financial markets and energy prices, along with concerns over slowing trade and growth, amid a worsening trade environment stemming from tariff measures imposed by major economies and heightened geopolitical uncertainties.   With an aim to broaden the momentum of the economic recovery going forward, the government will continue to implement proactive macroeconomic policies and pursue targeted measures to revitalize consumption, investment, and exports. It will also move forward expeditiously with the 2026 Economic Growth Strategy to boost potential growth, promote balanced growth, address economic polarization, and strengthen the foundations for a major economic leap.   [1] lump-sum deposits with no monthly payments Key Statistics Employment   2025 2026 Annual Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Number of employed  (million) 28.77 27.88 28.18 28.59 28.89 29.16 29.09 29.03 28.97 29.15 29.04 29.05 28.21 27.99 Employment rate  (%) 62.9 61.0 61.7 62.5 63.2 63.8 63.6 63.4 63.3 63.7 63.4 63.4 61.5 61.0 (Seasonally adjusted)  62.9 62.9 63.0 63.0 63.1 62.9 62.8 62.8 62.8 63.1 62.9 62.9 62.7 62.8 Consumer Price Index                                                                                          (%)   2024                                                                                                  2025 Aug Sep Oct Nov Dec Jan Feb Mar  Apr    May  Jun  Jul  Aug  Sep Oct Nov Dec y-o-y 2.0 1.6 1.3 1.5 1.9 2.2 2.0 2.1 2.1 1.9 2.2 2.1 1.7 2.1 2.4 2.4 2.3 m-o-m 0.4 0.1 0.0 -0.3 0.4 0.7 0.3 0.2 0.1 -0.1 0.0 0.2 -0.1 0.5 0.3 -0.2 0.3   Retail Sales (Percentage change from the previous period, %)   2023   2024                                               2025 Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3  Q4  Annual¹ Q1 Q2  Q3  Q4¹    Oct  Nov¹  Dec¹ Retail sales -1.3 -0.7 0.4 -1.3 0.8 -2.1 -2.2 -0.3 0.7 -0.4 0.5 0.4 -0.9 1.5 0.8 3.6 -3.2 0.9 (y-o-y) - -1.4 -0.4 -2.6 -1.2 - -1.6 -3.1 -1.5  -2.0 - -0.3 0.0 1.5 0.8 0.4 0.8 1.2 1. Preliminary Facility Investment Index (Percentage change from the previous period, %)   2023                                                                2024                                           2025 Annual Q1 Q2   Q3 Q4 Annual Q1 Q2 Q3 Q4  Annual     Q1      Q2      Q3     Q4¹         Dec¹ Facility investment index -4.8 -9.0 1.5 -3.8 3.5 2.9 -1.5 -1.4 10.2 -1.8     1.7 -1.7 0.0 5.7 -7.9 -3.6 (y-o-y) - -1.5 -0.9 -10.5 -5.8 - -1.4 -3.3 11.5 5.3    - 5.7 5.3 1.9 -5.4 -10.3 1. Preliminary    Construction Completed  (Percentage change from the previous period, %)   2023                                                2024                                           2025   Annual Q1 Q2 Q3 Q4   Annual      Q1 Q2 Q3 Q4  Annual      Q1      Q2     Q3    Q4¹       Dec¹ Construction Completed (Constant) 7.8 3.4 -0.4 1.9 -4.2 -4.7 7.7 -8.2 -3.8 -5.1   -16.2 -6.4 -3.2 2.7 -8.7 12.1 (y-o-y) - 12.0 9.5 10.8 0.8 - 4.0 -3.1 -9.1 -9.7       - -21.2 -17.4 -11.8 -14.3 -4.2 1. Preliminary Exports and Imports  (US$ billion, y-o-y, %)   2023 2024 2025     2026 Annual Annual          Q2          Q3         Q4 Annual       Q2          Q3        Q4            Jan          Dec       Dec Exports 632.23 683.61 171.51 173.65 175.15 61.36 709.41 175.14 184.91 189.83 69.54 65.86 (y-o-y, %) -7.5 8.1 10.1 10.5 4.2 6.6 3.8 2.1 6.5 8.4 13.3 33.9 Average daily exports 2.34 2.53 2.58 2.53 2.56 2.67 2.64 2.63 2.59 2.85 2.90 2.80 Imports 642.59 631.77 157.04 160.00 159.92 54.88 631.75 154.26 162.44 162.18 57.37 57.12 (y-o-y, %) -12.1 -1.6 -1.4 6.2 0.9 3.3 -0.0 -1.8 1.5 1.4 4.6 11.7 Average daily imports 2.38 2.34 2.36 2.34 2.33 2.67 2.35 2.32 2.27 2.44 2.39 2.43 Industrial Production (Mining, Manufacturing, Electricity and Gas Production)                 (Percentage change from the previous period, %) 2023  2024                                              2025 Annual Q4 Annual Q1 Q2 Q3 Q4 Q1 Q2 Q3       Q4 Dec¹ Total Production2 m-o-m, q-o-q - 1.8 - -0.8 1.8 -0.5 1.5 0.2 0.0 1.6 -3.2 1.7 y-o-y -2.6 4.8 4.1 5.3 5.2 2.4 3.5 2.0 2.1 6.0 -3.3 -0.3 Manufacturing Production m-o-m, q-o-q - 1.9 - -0.8 1.8 -0.8 2.1 0.1 -0.2 1.5 -2.9 1.9 y-o-y -2.6 5.2 4.2 5.8 5.3 2.2 3.7 2.0 2.3 6.1 -3.3 -0.4 Shipments (m-o-m, q-o-q) - 2.0 - -2.8 1.8 -1.0 0.2 -1.1 1.2 0.1 -1.7 2.5 Inventory3 (m-o-m, q-o-q) - -5.2 - -2.1 -0.5 0.1 -0.5 -4.5 0.0 1.2 -0.8 0.7 Production capacity (y-o-y) -0.5 1.5 0.7 1.0 0.9 0.4 0.6 0.7 1.0 1.4 0.2 -0.2 Average operation ratio4 72.1 72.7 72.7 72.4 73.4 72.5 72.5 73.5 72.5 73.6 71.5 72.7   1. Preliminary   2. Mining, Manufacturing, Electricity and Gas Production   3. End-point (month, quarter, and year)   4. Average operation ratio for the month (or quarter)    Service Output            (Percentage change from the previous period, %)   2023                                                2024                                                 2025 Annual Q3 Q4  Annual  Q1 Q2 Q3 Q4  Annual¹ Q1 Q2 Q3 Q4¹     Oct    Nov¹    Dec¹ Service output 3.4 1.0 0.3 1.1  0.3 0.0      -0.3       0.7     1.9 0.3  0.7 0.9 1.2 -0.5 0.5     1.1     1. Preliminary Composite Indices of Coincident and Leading Indicators                                                                                            (Points)             2025 Feb Mar Apr May Jun Jul Aug Sep Oct¹ Nov¹ Dec¹ Cyclical indicator of coincident composite index 99.1 99.3 99.5 99.1 99.1 99.0 99.2 99.4 99.0 98.7 98.5 m-o-m (points) 0.2 0.2 0.2 -0.4 0.0 -0.1 0.2 0.2 -0.4 -0.3 -0.2 Cyclical indicator of leading composite index 100.3 100.5 100.8 100.8 101.0 101.6 102.1 102.2 102.2 102.5 103.1 m-o-m (points) 0.1 0.2 0.3 0.0 0.2 0.6 0.5 0.1 0.0 0.3 0.6 1. Preliminary   Please refer to the attached files.