Economy

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  Marine ministry to invest $295.1 mln to accelerate distribution of eco-friendly vessels SEOUL -- South Korea's marine ministry will inject 362.3 billion won ($295.1 million) into the private and public sectors in 2023 to accelerate the development and deployment of eco-friendly vessels that use liquefied natural gas, hydrogen, or electricity as their main source of fuel in a bid to reduce the emission of greenhouse gases by 50 percent in 2050, compared to the total amount (11.8 million tons) emitted by ships in 2017. Through a 30-year roadmap to go drastically red 2023-01-30
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  Domestic service industry suffers cumulative trade deficit of $252 billion SEOUL -- The domestic services industry needs to take measures to reduce its snowballing trade deficit, the Korea Enterprises Federation (KEF) said in a report on January 29. The KEF estimated the services sector’s cumulative trade shortfall at $252.9 billion (321.3 trillion won) between 2000 and 2021. The figure was in contrast to an average surplus of $727.3 billion for G-7 industrialized countries. South Korea’s loss was less than Germany’s shortfall of $ 2023-01-30
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  Lifting of indoor mask mandate unlikely to help improve consumer sentiment SEOUL -- South Korea’s lifting of the mask mandate for most indoor places on January 30 is unlikely to help speed up an economic recovery immediately. Economists said it is uncertain if the improved COVID-19 situation will be a shot in the arm for the slumping economy, pointing out that runaway inflation and high interest rates are still weighing on consumer sentiment. Soaring heating bills this winter and an anticipated hike in public utility charges are predicted to force 2023-01-30
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  South Korea's passenger car exports hit all-time high of $49 billion in 2022 SEOUL -- South Korea’s passenger car exports reached a record high of $49.02 billion last year, helped by rising global demand for eco-friendly models, according to the Korea Customs Service (KCS) on January 30. The sum represented a robust 15 percent increase from 2021. The number of exported cars climbed 10.1 percent year-on-year to 2.31 million units. The KCS said the upbeat performance was attributed to a surge in the shipments of environmental-friendly cars, a stabil 2023-01-30
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  KT's financial services wing partners with Mongolia's central bank to establish payment linkage system SEOUL -- BC Card, the financial services wing of South Korea's major telecom company KT, will work with the central bank of Mongolia to establish a payment linkage system between South Korea and Mongolia. Mongolians can use their national payment system using automatic teller machines in South Korea. According to data released by South Korea’s foreign ministry, 39,746 Mongolians were living in South Korea as of June 2022. A total of 113,864 Mongolian tourists visited Sout 2023-01-30
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  LS Electric clinches $39.7 mln order to build railway signaling system in Taiwan SEOUL -- LS Electric, a power solution provider affiliated with South Korea's LS Group, has clinched an order worth $39.7 million from Taiwan's railway operator to build a railway signaling system that provides various operation conditions for moving trains. Through the establishment of the safety system, the company aims to secure its foothold in the Southeast Asian market. The railway signaling system is crucial for locomotive engineers as it ensures that there is enoug 2023-01-27
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  South Korea's kimchi imports hit record high of $169.4 million last year SEOUL -- South Korea’s imports of kimchi, a traditional Korean side dish made of fermented cabbage, hit a record high of $169.4 million last year, according to the Korea Customs Service (KCS). The sum marked a 20.4 percent increase from 2021. The surge of kimchi imports was attributed to soaring inflation which made consumers prefer cheaper products from China. Locally made kimchi products became expensive due to high prices of cabbage and other ingredients. The increase 2023-01-27
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  GS Retail partners with laundry service franchise to make foray into self-service laundry market SEOUL -- GS Retail, the operator of South Korea's convenience store franchise GS25, partnered with Cleantopia, a domestic laundry service franchise operator, to make a foray into the country's unmanned self-service laundry market. This is the first time for a major South Korean conglomerate to enter the laundry market where the majority of businesses are operated by private owners. According to the state statistical information service, South Korea's laundry market whic 2023-01-27
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  South Korea suffers trade deficit of $10.26 billion in the first 20 days of this month SEOUL -- South Korea posted a trade deficit of $10.26 billion in the first 20 days of this month, according to the Korea Customs Service (KCS). The sum is equivalent to 21.6 percent of last year’s trade shortfall of $47.23 billion. The deficit was attributed to a sizable fall in exports of key items such as semiconductors and petrochemical products. At the same time, imports rose considerably as the country brought in a greater amount of oil and gas from overseas. The KCS 2023-01-27
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  KT teams up with Mongolian government for distribution of rare earth elements to S. Korea SEOUL -- KT, one of South Korea's three major telecom companies, will work with the Mongolian government to supply rare earth elements that would help many domestic sectors such as renewable energy, home appliances, and automotive parts to produce high-tech devices. KT will support Mongolia to carry out digital transformation projects in many different industries including medicine, finance, and media. Rare earth used as a crucial part of advanced devices are a set of 17 kinds 2023-01-26
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  Korean economy shrinks 0.4% in fourth quarter of 2022, dimming growth outlook for this year SEOUL -- The South Korean economy contracted 0.4 percent year-on-year in the fourth quarter of last year due to falling domestic consumption and exports amid sluggish global demand, runaway inflation and higher interest rates, according to the Bank of Korea (BOK) on January 26. The economic contraction was the first of its kind since the country posted a 3 percent negative growth in the second quarter of 2020 in the aftermath of the COVID-19 pandemic. Despite the fourth quart 2023-01-26
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  Shinsegae to open alternative meat store in premium food shopping mall located in Gangnam SEOUL -- The food product wing of South Korea's retail giant Shinsegae will open a store for its alternative meat product called "Better Meat" in a premium food store in Gangnam, the heart of fashion and trends, in southern Seoul. The retail giant saw a glimpse of success through Better Meat when some 13,000 customers visited a temporary pop-up store in Gangnam between July and December 2022. Alternative meat, also known as vegan meat, is made using plant-based ingr 2023-01-25
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  Falling semiconductor exports to take toll on economic growth SEOUL -- Falling exports of semiconductors are likely to lower the country’s economic growth to as low as 1 percent this year, according to a report released on January 25 by the Korea Chamber of Commerce and Industry (KCCI). The report predicted that if semiconductor exports decline 10 percent, the economic growth rate will drop by 0.64 percentage point. It also said that the growth rate will decrease further by 1.27 percentage points if semiconductor exports fall 20 percent. 2023-01-25
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  South Korean battery makers struggling to reduce reliance on China for key materials SEOUL -- Domestic manufacturers of electric vehicle batteries have made little progress in reducing their reliance on China for core materials, casting a dark cloud over exports of their products to the United States which discriminates against batteries made of Chinese materials under the Inflation Reduction Act (IRA). According to the Korea International Trade Association (KITA), South Korea imported $3.23 billion worth of lithium hydroxide, a core material for secondary batterie 2023-01-25
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  Convenience store chain CU releases meal kit brand using plant-based egg SEOUL -- Targeting South Korea's steadily growing vegan population, the country's top convenience store franchise CU released a vegan meal-kit brand using plant-based eggs. Alternative eggs created by processing mung beans, pumpkin, and soybean were included in food menus such as sandwiches. Meal kits, also known as home meal replacement (HMR) products, are convenient heat-and-eat food packages. They are favored by busy students and workers as they can easily complete the 2023-01-25
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  GS Retail makes foray into S. Korea's flower delivery service market using on-foot delivery platform SEOUL -- GS Retail, the operator of South Korea's convenience store franchise GS25, made a foray into the country's flower delivery service by forging a partnership with Songdo Flower Market, a flower wholesale marketplace located in Songdo located some 35 kilometers (21.7 miles) Seoul. The two companies will use GS Retail's on-foot delivery platform launched two years ago. According to the state statistical information service, South Korea had a 1.2 trillion won ($72.2 2023-01-25
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  LG Uplus' canine psychology test platform attracts more than 150,000 dogs SEOUL -- For Dong, a dog personality analysis and training platform created by South Korea's mobile carrier LG Uplus, has attracted more than 150,000 registered dogs only six months after its launch. The operator of For Dong which provides personalized training programs depending on the pet's character will hold a special discount event to gain more users. For Dong provides a psychology test called "Dong Behavior Type Indicator (DBTI)." Pet owners can receive adv 2023-01-24
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  Convenience store chain CU operator to release mini-bags made by upcycling discarded banners SEOUL -- Using an eco-friendly polyester fiber produced by an upcycling company, BGF Retail, the operator of South Korea's top convenience store chain CU, will recreate discarded banners into everyday items such as bags. Currently, most banners used for special events such as the Luna New Year and Valentine's Day are being discarded. The eco-friendly polyester fiber called "regen" is normally made from recycled polyethylene terephthalate (PET) bottles to manufactu 2023-01-24
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  Yanolja's cloud solution wing teams up with UAE travel company AL Rais Travel targeting Mideastern market SEOUL -- The cloud solution wing of Yanolja, a leading reservation service platform for travel and leisure activity in South Korea, has teamed up with Mideastern travel companies -- Al Rais Travel and Wego -- to carry out digital transformation projects for the Middle Eastern leisure industry. The South Korean company's cloud-based hospitality solutions will be combined with the two travel firms' local networks. The tie-up was announced at a business forum while Yanolja Clo 2023-01-20
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  ​Producer prices hit 14-year high in 2022, but fall for second straight month in December SEOUL -- Producer prices hit a 14-year high last year, driven by runaway inflation arising from high global oil and gas prices and the falling value of the Korean won against the U.S. dollar. According to the Bank of Korea (BOK) on January 20, the producer price index jumped 8.4 percent in 2022 from a year before, marking the highest growth since 2008 when the index surged 8.6 percent. Prices of manufactured goods climbed 11.7 percent. Particularly coal and petroleum products 2023-01-20