Korea’s current account has been in surplus for seven consecutive months as its exports recovered.Korea’s current account surplus stood at US$4.06 billion in November last year, according to provisional balance of payments statistics released by the Bank of Korea on Jan. 9. It had been in surplus fo
Korea’s three major battery makers lost to China’s CATL and BYD in the global electric vehicle battery market standings from January to November 2023, dropping by 1.3 percentage points year on year.According to SNE Research, a market research firm specializing in energy, the total usage of batteries
Vamos Formula E! This weekend, the ABB FIA Formula E World Championship gets Season 10 underway at a global metropolis with a population of roughly 22 million: Mexico City.The Hankook Mexico City E-Prix will take place on the 12th and 13th of January at Autodromo Hermanos Rodriguez in the Mexican ca
Ssangyong Engineering & Construction (E&C) announced that it has won the final order for the construction and operation of solar power generation facilities and energy storage system (ESS) facilities in Haiti ordered by Haiti’s Ministry of Economy and Finance (MEF).The project is to build and operat
STX has secured a stake in a local lithium mine in Peru to secure lithium, a key material for secondary batteries and trade lithium concentrates.STX announced on Jan. 9 that it has secured a stake in a lithium mine located in Puno Province in southeastern Peru and an off-take right to sell lithium c
With the re-addition of Guatemala, the only Central American country that had previously withdrawn from the Free Trade Agreement (FTA) with South Korea and Central American nations, the FTA has reached its final completion.The Ministry of Trade, Industry,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
In 2023, overseas construction orders totaled US$33.31 billion, exceeding US$30 billion for the fourth consecutive year. However, it is just short of the target of US$35 billion.According to the Ministry of Land, Infrastructure, and Transport (MOLIT) on Jan. 8, 321 Korean overseas construction compa
The big three Korean shipbuilders -- HD Korea Shipbuilding & Offshore Engineering, Samsung Heavy Industries, and Hanwha Ocean -- are expected to lower their annual order targets for 2024 compared to last year. According to a recent industry report, HD Hyundai’s shipbuilding intermediate holding comp
Starting from the second half of this year, South Korean companies will have the option to settle export and import payments in Korean won when engaging in trade transactions with certain countries from the Association of Southeast Asian Nations (ASEAN). This move is expected to allow businesses to
In the fourth quarter of last year, the annual performance of South Korea’s largest container shipping company HMM and bulk carrier operator Pan Ocean plummeted due to a slump in the shipping industry.According to financial information firm FnGuide on Jan. 8, the estimated performance consensus for
Despite a record influx of foreign workers, South Korea’s small and medium-sized enterprises (SMEs) are still facing a labor shortage.According to a comprehensive survey on foreign labor employment conducted by the Korea Federation of Small and Medium Business (K-Biz), 29.7% of the 1,200 SMEs employ
LG Electronics continued its strong performance in 2023, setting new records in sales for the third consecutive year and achieving significant growth. Notably, in the fourth quarter of 2023, its operating profit surged by an impressive 350.9% compared to the same period last year, demonstrating soli
Three mid-sized Korean-based automakers -- GM Korea, KG Mobility, and Renault Korea Motors -- exported eight out of every 10 units they sold last year, according to industry sources. These three companies, which exited the tunnel of losses by expanding exports, plan to solidify their rebound momentu
Hanwha Aerospace will borrow 400 billion won (US$304 million) and pay off all of its debts with the funds. Analysts say that the company will feel the burden of investing 1.3 trillion won to acquire Hanwha Ocean in 2023 more acutely.Hanwha Aerospace announced on Jan. 5 that it has finalized the issu
Last Edited Jan. 9, 2024, 12:40 p.m. A previous version of this story incorrectly said that the company had decided to stop taking orders, which the company asserts is not true. The previous version of the story also said that the company is planning to reduce the number of its docks, which the comp
Pernod Ricard Korea, the Korean subsidiary of the global liquor company Pernod Ricard Group, will donate 40 million KRW to the Corea Image Communication Institute (CICI) and sponsor in kind various cultural communication events organized by CICI in 2024.Pernod Ricard Group has set a 2030 Sustainabil
The majority of Chinese companies listed on the South Korean stock market have experienced a sharp decline in their stock prices over the past year. This is attributed to the economic downturn in China last year, which worsened investor sentiment towards Chinese companies coupled with accumulated di
According to market research firm Euromonitor, in 2023, the average coffee consumption per adult in South Korea reached 405 cups per year, more than double the global average of 152 cups. This marks the highest consumption rate among major Asian countries, translating to more than one cup of coffee
Previously dedicated to producing pouch-type batteries, SK on has now embarked on the development of the “4680 battery,” a product Tesla has successfully made a game-changer in the electric vehicle (EV) market. This move to broaden its portfolio by adding cylindrical batteries follows its success wi
Artist Dasom Park’s , which was held as the opening exhibition at Visaza, has been extended until January 5th of the new year after some time for rest and reorganization. This exhibition is a follow-up exhibition to artist Dasom Park’s