One in five Korean exporters actually dialed up their exports over the past three years despite the COVID-19 pandemic, according to a survey.According to the survey on changes in exports before and after the pandemic released by the Korea Chamber of Commerce and Industry (KCCI) on July 30, 20.2 perc
With exports of domestic semiconductors, displays, and electronic devices plummeting recently, concerns are growing that the Korean electronics industry is losing its market competitiveness.According to sources in the Korean electronics industry on July 28, there were growing concerns that Korean sm
South Korea’s total population stood at 51,692.000 as of July 1 2022, down 46,000, or 0.1 percent, from 2021, according to the results of the 2022 Population and Housing Census released by Statistics Korea on July 27.The total population of the census includes foreigners who have been living in Kore
The difference in interest rates between Korea and the United States, which has reached 2 percentage points for the first time in history, is expected to continue for quite some time. However, the Korean foreign exchange market has been calm, starting at a low point in early trading despite concerns
As the global electric vehicle market is rapidly growing, the “K-Battery Trio” – LG Energy Solution, Samsung SDI, and SK innovation – have stepped on the growth accelerator. They recorded respective sales growth of 73%, 23%, and 170% (projected) in the second quarter compared to the same period last
Hanwha Aerospace has achieved the remarkable feat of supplying 129 Redback armored vehicles to the Australian Army.Hanwha Aerospace announced on July 27 that its Redback armored vehicle has been selected as the preferred model of Infantry Fighting Vehicle (IFV) in the “Land 400 Phase 3 Project,” whi
The Supreme Court of Korea has ruled that Philip Morris Korea evaded close to 100 billion won in taxes by simulating wholesale sales of its stored cigarettes in anticipation of a cigarette tax increase in 2015.On July 27, the Second Division of the Supreme Court stated that it had overturned the ori
Chey Tae-won, chairman of SK Group and the Korea Chamber of Commerce and Industry, clarified the rationale for hosting the 2030 Busan World Exposition (Expo).According to the Korea Chamber of Commerce and Industry, Chairman Chey held a briefing for foreign journalists on July 26 to share his reflect
After two decades since the establishment of diplomatic relations in 1992, China is likely to be knocked out from its role as the largest trading partner of the South Korean economy. The void left by China is quickly being filled by Korea’s ally, the United States.South Korea’s current account surpl
The export status to Australia of Hanwha Aerospace’s Infantry Fighting Vehicle (IFV), the Redback, is expected to be announced within a few days. When it was tendered in 2018, the project’s scale was 450 armored vehicles (approximately 16 to 24 trillion won), but due to the change of the Australian
Korea National Railway announced on July 26 that it had signed a memorandum of understanding (MOU) with Kyrgyz Railways for cooperation between the two entities, including a signal modernization project at Balykchy Station.Through this MOU, the two organizations will establish and operate a working
Hyundai Motor Group Chairman Chung Eui-sun has initiated efforts to secure groundbreaking technology in the battery sector. Collaborating with prominent scholars and experts in the domestic battery sector, the company aims to bolster research in next-generation batteries with a particular emphasis o
One Team Korea will dispatch a reconstruction cooperation delegation to Ukraine by the end of August.According to the Korean Ministry of Land, Infrastructure, and Transport (MOLIT) on July 24, the Korean government recently assembled a reconstruction cooperation team with government officials and th
The Net International Investment Position (NIIP) as a percentage of Gross Domestic Product (GDP), which indicates Korea’s ability to make international payments, stood at 46.3 percent last year, showing an increase of nearly 10 percentage points in just one year. This growth was driven by the expans
The Korean government has announced its intention to become the world’s No. 1 biopharmaceutical powerhouse by 2030 by attracting 15.7 trillion won in private investment and providing related support under the Bioeconomy 2.0 Initiative.At the Bioeconomy 2.0 Roundtable held at the Seoul BioHub on July
Korean Trade, Industry and Energy Minister Lee Chang-yang asked the government of Turkmenistan, the world’s fourth-largest natural gas producer, to support Korean companies in winning plant projects. The projects are worth US$2.5 billion (about 3.2 trillion won).Turkmenistan’s natural gas reserves a
Although the minimum wage for 2024 has been set at 9,860 won per hour, which is 2.5% higher than this year's minimum wage of 9,620 won, both labor and management have expressed opposition.Economic organizations and some employer groups have responded with mixed feelings, saying, “It is an inevit
Malicious code has been discovered in Chinese-made measurement devices supplied to government agencies. The National Intelligence Service (NIS) reported that the malicious code was pre-installed in the Chinese equipment before delivery, and they have decided to investigate all Chinese-made devices d
Elliott Management, a U.S.-based private equity fund, criticized the South Korean government’s decision to file an appeal lawsuit against an international investment dispute decision, saying that “the rejection of the decision sends the wrong message that South Korea is tolerant of corruption.” The
The South Korean government plans to contribute US$10 million to the World Bank’s Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund for Ukraine’s reconstruction.On July 18, according to the Ministry of Strategy and Finance, while attending the G20 Finance Ministers’ meeting in Gandhinag