Korea – tax revenue boom

One of the transmission mechanisms by which commodity price booms affect local economies is fiscal policy. As nominal growth rises, so tax revenue grows more quickly, giving the government more money to spend. The first part of that is on track, with tax revenue up 20% YoY in June.

Paul Cavey

Aug 13, 2026 • 1 min read

Subscribers Only

East Asia Today

Credit growth continues to slow in China. The trend for M1 also remains down, warning of more deflationary pressure in 2027. In Q3, the current account surplus widened. In Korea, the TOT dipped in October, hinting at a peak in the spectacular rise in national incomes of recent months.

Subscribers Only

Korea – first signs of a peak

The terms of trade dipped in October, hinting at a peak in the spectacular rise in national incomes of recent months. However, when thinking about the implications, two caveats are needed: is the October decline monthly noise, and is the rise in national incomes just the first phase of the semi boom

Subscribers Only

East Asia Today

Rather than Asada's speech today, I spent most of the day thinking about Ueda's much more interesting remarks at the weekend. Import price inflation in Japan accelerated in October, CPI in Korea is on track to get back to 3% this month, and interest rates in China continue to fall.