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
Experts are anticipating that the economic growth rate for South Korea will reach 2.2 percent this year. This aligns with the forecasts presented by the government and the International Monetary Fund (IMF), both indicating a 2.2 percent growth. It slightly surpasses the Bank of Korea’s projection of
South Korea’s economy continued to grow slowly throughout the year of 2023 with an annualized growth rate in the low 1 percent range. Exports are expecting it to continue to improve, but a strong rebound is unlikely this year as domestic demand remains weak.The Bank of Korea (BOK) released prelimina
The Ministry of Trade, Industry and Energy (MOTIE) announced that the amendment to the “Act on Trade Adjustment Assistance” passed through the National Assembly plenary session on Jan. 25.As part of the measures to strengthen the manufacturing sector in response to the implementation of Free Trade A
Representatives of foreign chambers in South Korea, including those from the United States, Europe, and Japan, have proposed plans for improvement to boost investment in South Korea.The Korea Chamber of Commerce and Industry (KCCI) held the “2024 Foreign Chamber Day: Meeting with Foreign Chambers in
Hyundai Oilbank, led by CEO Chu Young-min, has embarked on entering the North American market by supplying lubricant products, specifically the XTeer series, to the global industrial vehicle manufacturing company HD Hyundai XiteSolution.The supplied products include lubricants such as hydraulic oil
The Ministry of Trade, Industry, and Energy (MOTIE) has announced plans to achieve a US$700 billion export target this year. To attain this goal, the ministry will tailor export strategies per market by dividing them into key, strategic and emerging categories such as the United States, China, the E
After surpassing LG, SK has reclaimed the second position in group market capitalization. This marks a comeback after a two-year period since January 2022 when LG Energy Solution was listed, pushing SK to the third spot in market capitalization.According to the analysis conducted by the Korea CXO Re
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
South Korea’s six major high-tech strategic industries have seen their shares in export markets plummet, losing ground to rival countries. The six strategic industries include semiconductors, displays, secondary batteries, future vehicles, biotech, and robotics.The six industries’ exports in 2022 wa
A forecast has emerged predicting substantial growth in South Korea’s exports this year. On Jan. 18, the Bank of Korea (BOK) published an issue note titled “Assessment and Insights on Global Growth and Trade Post-Pandemic – BOK Issue Note.”The BOK foresees an expansion in South Korea’s export growth
Korean companies doing business in China expect the Chinese market to improve in the second half of this year and beyond. In particular, they expect their sales to ascend from 2023.The largest number of the respondents (40 percent) expect an improvement in their business in China after 2024, followe
The number of technical regulations notified by World Trade Organization (WTO) member countries in 2023 exceeded 4,000 for the first time ever, a record high, showing that technical barriers to trade were rising among countries.The Korean Agency for Technology and Standards under the Ministry of Tra
As the maturity date for equity-linked securities (ELS) linked to Hong Kong’s Hang Seng China Enterprises Index (HSCEI) worth 10 trillion won (US$7.6 billion) approaches in the first half of the year, it has been revealed that a confirmed loss of 100 billion won has been incurred since the beginning
Foreign tourists spent 5.64 million won (US$4,297) and 1.43 million won on duty-free goods per capita in November 2022 and November 2023, respectively. The amount plunged by more than 70%.The number of foreigners who visited domestic duty-free shops in November more than doubled to 646,000 from the
The Bank of Korea (BOK) has decided to maintain the benchmark interest rate at 3.50 percent during its first Monetary Policy Committee meeting of the year, marking the “eighth consecutive” freeze. This decision is interpreted as a cautious stance, considering the ongoing global trend of major centra
Mirae Asset Global Investments announced on Jan. 11 that its Canadian ETF subsidiary, Horizons ETFs, has surpassed 30 billion Canadian dollars in assets under management. Acquired by Mirae Asset Global Investments in November 2011, Horizons ETFs has grown its assets about ninefold from the initial C
South Korea would be hit hard if China invaded Taiwan and a war broke out, according to a forecast by Bloomberg Economics.On Jan. 9 (local time), Bloomberg Economics, an economic research institute affiliated with Bloomberg News, said the geopolitical crisis in Taiwan could intensify ahead of a pres
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
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