Despite a slowdown in the growth of electric vehicles, it was revealed that the usage of electric vehicle batteries increased by 38.6 percent last year compared a year earlier. Chinese companies CATL and BYD jointly secured the top two positions in the global market. The market share of South Korea’
The Korea Development Institute (KDI) recently evaluated the state of the South Korean economy, noting a recovery in exports but a slowdown in domestic consumption. This marks the third consecutive month that the KDI has assessed a “slowdown in domestic consumption.”On Feb. 7, the KDI assessed the e
SK innovation reported on Feb. 6 that its revenue for the last year amounted to 77.2885 trillion won (US$58.2400 billion) with an operating profit of 1.9039 trillion won. Compared to the previous year, revenue and operating profit decreased by 0.98% and 51%, respectively.In the fourth quarter of las
Due to the strength of the U.S. dollar, the foreign exchange reserves decreased last month for the first time in three months.According to the statistics of the “Foreign Reserves as of the End of January 2024” publication released by the Bank of Korea (BOK) on Feb. 5, South Korea’s foreign reserves
On Feb. 6, a joint research team at the Ulsan National Institute of Science and Technology (UNIST), led by Professor Lee Jae-sung, Professor Jang Ji-wook, and Professor Seok Sang-il from the Department of Energy and Chemical Engineering and Professor Lim Han-kwon from the Graduate School of Carbon N
The author is an analyst for NH Investment & Securities. He can be reached at sw.kang@nhqv.com -- Ed.While Secretary Yellen's key goal in 2023 was to secure TGA cash despite a massive fiscal deficit, the one for 2024 is to be improving the fiscal balance by using the tax revenue surplus. This implie
The South Korean battery industry, on the brink of achieving an annual export milestone of US$10 billion, has seen a slowdown in its growth momentum. This deceleration is attributed to a reduction in battery demand due to a slowdown in electric vehicle (EV) demand, along with the relocation of produ
South Korea’s exports posted double-digit growth in January, led by a recovery in semiconductor exports.Korea’s exports totaled US$54.69 billion in January, while Korea’s imports totaled US$54.39 billion, according to the Korean Ministry of Trade, Industry and Energy (MOTIE).Exports increased 18 per
Last year, South Korea’s online shopping transactions nearly reached 230 trillion won (US$172.67 billion), setting a new all-time record. The surge was attributed to a sharp increase in travel demand and the unprecedented milestone of overseas direct purchases surpassing 6 trillion won for the first
Samsung Electronics has emerged as the leading investor in semiconductor capital expenditures (CAPEX) globally over the past ten years.Andrea Lati, a researcher at TechInsights, announced during a press briefing at SEMICON Korea 2024 on Jan. 31 that “the semiconductor market will exhibit a robust gr
LG Electronics has maintained its position as the world’s number one home appliance manufacturer for the second consecutive year, surpassing American competitor Whirlpool. On Jan. 30, Whirlpool reported annual revenues of US$19.455 billion and an operating profit of US$1.015 billion for the past yea
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
Samsung, Kia and other major Korean companies spent a record amount of money on lobbying the U.S. government in 2023 as they prepared for uncertainties in their trade environments.Last year, Samsung Group (Samsung Semiconductor, Samsung Electronics America and Samsung SDI America) spent US$6.3 milli
As international oil prices and refining margins both experienced a simultaneous decline in the fourth quarter of last year, the oil industry’s performance was once again placed in a state of emergency.In the worst-case scenario, four major oil companies -- SK Energy, GS Caltex, S-Oil, and HD Hyunda
The secondary battery sector, which propelled the stock market last year, has experienced a persistent decline since the beginning of this year, leading to a reduction in market capitalization of nearly 50 trillion won.According to the Korea Exchange, the aggregated market capitalization of nine sec
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
Samsung Biologics has made history by becoming the first in the domestic pharmaceutical and biotech industry to surpass 1 trillion won in annual operating profit. Following the achievement of 3 trillion won in annual sales in 2022 and surpassing 1 trillion won in quarterly sales in the third quarter
The global slowdown in electric vehicle (EV) demand has significantly impacted POSCO FUTURE M’s profitability, as reflected in their sharp decline in operating profit last year.On Jan. 23, POSCO FUTURE M announced that its operating profit for the last year was 35.9 billion won (US$26.8 million), a