Korea’s auto exports set a new monthly record in August, marking the 14th consecutive month of double-digit growth since July last year, bringing this year’s cumulative auto exports to US$46.45 billion at the end of August.According to the Ministry of Trade, Industry and Energy (MOTIE) on Sept. 19,
As of April this year, South Korea has emerged as one of the top three external importers of the European Union (EU). Excluding European countries, South Korea has secured the third position in this ranking, following China and the United States. This marks the first time that South Korea has surpas
While the U.S. protects its domestic industries through the Inflation Reduction Act (IRA) and the European Union (EU) is investigating potential market distortions caused by subsidies provided to Chinese electric vehicle (EV) companies, the South Korean government is seemingly more complacent, opera
The Korea Atomic Energy Research Institute (KAERI) announced on Sept. 14 that it has developed a process to mass-produce bentonite, a high-quality material used to dispose of spent nuclear fuel. “If this material is supplied domestically through a localized process, it will save the Korean economy a
Hanwha Aerospace is expediting the development of core materials for aviation engines. The company plans to localize manned and unmanned combat aircraft engines. These engines are hard for Korean companies to import and constraints hamper transfers of technologies for these engines to Korean compani
Korea has more than 40,000 imported cars worth more than 200 million won registered as company vehicles. Among them, nearly 8,000 were to the tune of over 300 million won per car. On the other hand, the number of imported cars under 50 million won has descended.The nation had 40,483 imported cars wo
The large-scale imports of Chinese-made vehicles and batteries is expected to have a significant impact on the domestic car market and parts industry in Korea. The increase in Chinese imports can be attributed to competitive pricing, driven in part by rising raw material costs.Experts argue that whi
As the power struggle between the U.S. and China continues, recent moves by Middle Eastern countries, long-standing allies and the largest weapon importers from the U.S., are noteworthy.According to industry sources and foreign media on Sept. 9, Saudi Arabia, Qatar, Kuwait, and the United Arab Emira
Despite the slowing growth of the domestic electric vehicle market, sales of imported brands have increased.According to the new registration statistics from the Korea Imported Car Association (KAIDA) on Sept. 10, the number of imported electric vehicles sold in the domestic market from January to A
SK bioscience, an innovative vaccine and biotech company committed to promoting human health from prevention to cure, announced that Ana Brnabić, Prime Minister of the Republic of Serbia (Serbia) has visited the SK bioscience headquarters and signed a memorandum of understanding (MOU) with the compa
The U.S.-China semiconductor battle has escalated into a “mineral war.” China, possessing core materials for semiconductors and electric vehicle batteries, is playing its mineral export restriction card in response to U.S. controls on semiconductor technology. Concerns over China’s weaponization of
In response to the United States’ semiconductor sanctions, China’s “Semiconductor Self-Reliance” strategy is gradually coming to the surface. Given the immediate challenge of countering U.S. sanctions, China is discreetly pouring substantial funds into attracting overseas semiconductor talent. Furth
Korea Aerospace Industries (KAI) is actively carrying out marketing activities for European countries at the International Defense Industry Exhibition (MSPO) which kicked off in Kielce, Poland, on Sept. 5 (local time). The MSPO is Poland’s annual national defense exhibition supported by the Polish G
As South Korean President Yoon Suk-yeol embarks on a tour of Indonesia and India Sept. 5-10, much attention is being paid to the South Korean defense industry’s issues with Indonesia and India. Indonesia is a major defense export destination with which South Korea has close military ties, although t
Mercedes-Benz has overtaken BMW as the No. 1 brand in monthly imported car sales after three months in the Korean imported car market. Audi remained in third place for the second consecutive month.The Korea Automobile Importers and Distributors Association (KAIDA) said on Sept. 5 that 23,350 importe
Sales of Hyundai and Kia’s electric vehicles (EVs) in South Korea are steadily declining. This drop is attributed to decreasing subsidies, rising charging costs, and intensified competition as imported car brands aggressively penetrate the domestic EV market.According to Hyundai Motor Group on Sept.
The Korea International Trade Association (KITA) has expressed deep concerns, indicating that the electric vehicle (EV) subsidy reform proposed by the French government might violate the Korea-European Union (EU) Free Trade Agreement (FTA). France is pushing forward with the introduction of new envi
“Every Mercedes-Benz vehicle in the world has a piece of Korea in it,” said Ola Källenius, chairman of the Board of Management at Mercedes-Benz Group in an all-electric showcase meeting with local media at Shilla Hotel in Seoul on Aug. 24. “Korea is a very important market. I believe our cooperation
Amid concerns of dampened consumer sentiment in the latter half of this year, imported car manufacturers are launching aggressive discount campaigns.According to industry sources on Aug. 23, the “Big Three” German car manufacturers – BMW, Mercedes-Benz, and Audi – initiated their discount promotions
The domestic car market is rapidly reorienting around SUVs. For the first time, SUVs have surpassed 60% of the total new car market share this year.According to industry sources on Aug. 22, a total of 546,230 SUVs, including leisure vehicles (RVs), were sold domestically from January to July this ye