News about BYD’s entry into South Korea has drawn attention to changes in the share of the South Korean electric vehicle market dominated by Hyundai Motor. BYD is a Chinese electric vehicle maker. Experts predict that BYD’s price competitiveness will play a big role in determining its success in the
Korean carmakers and car importers are in a flurry of activity as the Korean Ministry of Environment laid out a plan on Feb. 6 to change subsidies for electric vehicles (EVs) in 2024. According to the revised plan, Hyundai and Kia will remain at the same level, while mid-sized Korean-based carmakers
Last year, South Korea achieved a historic high in whiskey imports, surpassing 30,000 tons. In contrast, wine imports decreased by over 20 percent, showing a downward trend for the second consecutive year.According to the trade statistics released by the Korea Customs Service on Jan. 30, the import
South Korea’s share of China’s import market fell to 6 percent last year. This is the lowest level in 30 years since 5.2 percent in 1993, the year after the establishment of diplomatic relations between South Korea and China. South Korea also slipped to third place in the rankings of countries from
South Korea’s foothold in the Chinese market is narrowing while its dependency on imports from China is growing. The relationship that used to yield the most trade surplus for South Korea with China seems to have reversed.According to the Korea International Trade Association (KITA) on Jan. 28, Chin
Local customs officials have apprehended executives of a distribution company involved in the smuggling of U.S.-made semiconductor integrated circuit (IC) chips, classified as strategic items, into China after importing them for domestic use. This marks the first instance of customs discovering the
The Korean steel industry is preparing to file an anti-dumping case against cheap Chinese and Japanese hot-rolled steel products.The Korean steel industry led by POSCO is preparing to file an anti-dumping complaint against Chinese and Japanese steel products, according to sources in the steel indust
In 2023, the volume of kimchi exports turned to growth, reaching a new record high. The global K-content craze had an impact on the increase in kimchi exports, experts say.According to the Korea Customs Service on Jan. 21, South Korea exported 44,041 tons of kimchi in 2023, up 7.1% from 41,118 tons
The Korean beauty care industry is turning its eyes to the Japanese market. It is a strategy to try to rebound by targeting Japan as an alternative market as its performance weakened due to a decline in the market share of Korean cosmetics in China.LG Household and Health Care’s cumulative sales thr
With the re-addition of Guatemala, the only Central American country that had previously withdrawn from the Free Trade Agreement (FTA) with South Korea and Central American nations, the FTA has reached its final completion.The Ministry of Trade, Industry, and Energy (MOTIE) announced that it formall
BMW Korea has reclaimed its position as the leader in the South Korean imported car market for the first time in eight years, surpassing Mercedes-Benz Korea. Sales of eco-friendly cars, including electric and hybrid vehicles, have overtaken gasoline cars.According to the Korea Automobile Importers &
In the domestic automotive market, a significant deceleration in the demand for electric cars is becoming apparent. Specifically, there will also be a decrease in government subsidies for electric car purchases this year. The aversion of domestic consumers towards electric cars, which are positioned
LS Cable Asia marks the first trading day of the new year under its revised name, LS Eco Energy. Listed on the Korea Exchange’s KOSPI market since Sept. 22, 2016, LS Eco Energy is strategizing to boost corporate value by venturing into new businesses like undersea cables and rare earth elements.Acco
Earnings at Samsung C&T have been leveling upwards on strong earnings at the construction division through captive clients and brisk growth at the bio division. Based on such, the firm has announced plans to: 1) expand investment to strengthen its business portfolio; and 2) retire all of its treasur
The imported car market in Korea which has been dominated by Mercedes-Benz, BMW, Audi, and Volkswagen, is in the midst of a fierce standings battle in the lead up to the end of 2023 so much attention is being paid to whether the market landscape will change. Mercedes-Benz, which has held the top spo
On Dec. 27, POSCO Holdings announced that it signed a joint venture agreement with China’s Zhongtai Cryogenic Technology on Dec. 22 for the production of high-purity rare gases. POSCO Holdings and Zhongtai will hold 75.1% and 24.9% in the joint venture, respectively.Zhongtai, listed on the Shenzhen
Recent reports indicate that the rear windows of Tesla’s mid-sized SUV, the “Model Y Rear-Wheel Drive (RWD),” are shattering. It is presumed that extreme cold weather, with perceived temperatures reaching as low as -26 degrees Celsius, is influencing this phenomenon.On Dec. 20, multiple community pl
South Korea’s growing imports of secondary battery materials and intermediate goods from China were blamed for South Korea’s trade balance with China which is expected to post its first deficit in 31 years.According to the Bank of Korea (BOK) on Dec. 20, South Korea’s trade balance with China posted
POSCO Holdings has succeeded in localizing electrodialysis membranes, a key component for lithium extraction, with a small but promising Korean company.On Dec. 14, POSCO Holdings and WSK announced that they signed a business agreement to jointly develop electrodialysis membranes for lithium producti
The Korean government has decided to lower Korea’s import dependence on 185 key items for semiconductors, secondary batteries, automobiles and shipbuilding to 50% by 2030. As of last year, Korea’s import dependence averaged 70%, with some items exceeding 90%.The Ministry of Trade, Industry and Energ