The American Chamber of Commerce (AMCHAM) in Korea said on April 29 that its delegation recently visited Washington, D.C. to ask the U.S. government to refrain from imposing up to 25 percent of tariff on cars from South Korea."I asked the U.S. government not to apply Clause 232 of the Trade Expansio

Chilean President Sebastian Pinera, who is visiting South Korea, said on April 29 that his country will strengthen cooperation with Korea in 5G telecommunications, electric vehicles and clean energy."We will be able to cooperate in various areas, including 5G, where Korea has a lot of experience, an

The South Korean economy is estimated to have contracted 0.34 percent in the first quarter of the year from the previous quarter, the Bank of Korea announced on April 25.The central bank attributed the unexpected negative growth of Korea’s gross domestic product to a drop in capital investment and f

The Bank of Korea announced on April 24 that South Korea’s export volume index reached 151.16 last month, down 3 percent from a year earlier.The electrical and electronic equipment export volume fell 7 percent and the textile and leather product export volume dropped 12.4 percent from a year ago. Be

The Korea Economic Research Institute announced on April 24 that 13 South Korean companies put their names on the list of the world’s top 500 R&D investors last year, when South Korea came in ninth in terms of the number of companies and eighth in terms of total R&D expenditure.The 500 companies inc

The National Institute of Food and Drug Safety Evaluation (NIFDS) of the Ministry of Food and Drug Safety (MFDS) said on April 23 that it will implement an official development assistance (ODA) project for five developing countries in the Western Pacific region, including Cambodia, Laos, Vietnam, th

The Fair Trade Commission (FTC) of Korea has decided to look into competition in the over-the-top (OTT) industry. It will zero in on YouTube and Netflix which are growing rapidly in the Korean market.The FTC believes that Korea’s regulatory system for the broadcasting industry has failed to keep up

Chinese companies sold 63 electric buses in South Korea last year. The figure surpassed 56 units sold by Hyundai Motors Co., the largest electric bus producer in the nation, over the same period. This was largely due to the fact that the price of Chinese buses was 100 million won (US$87,530) cheaper

South Korea’s exports are sluggish due to the global economic downturn, weak demand for semiconductors and shrinking investment.The nation’s exports are more likely to remain sluggish as shipments of information and communication technology (ICT) products fell for the fifth straight month. There is

South Korean oil refining and petrochemical companies are becoming increasingly nervous as the United States has announced that it would impose blanket sanctions on Iranian crude oil exports. At present, the companies are highly dependent on Iranian condensate and the sanctions are likely to have a

South Korea will be banned from importing Iranian oil as the United States will no longer grant sanctions waivers to the eight countries, including Korea, that have been allowed to import Iranian crude.The Washington Post reported on April 21 (local time) that U.S. Secretary of State Mike Pompeo wil

The Ministry of Land, Infrastructure and Transport announced on April 21 that it would conduct an emergency safety inspection on nine local airlines’ 400 planes until the end of next month. The ministry is going to analyze the one-year defect history of each plane and recheck their parts that are li

Bank of Korea Governor Lee Ju-yeol held a press conference on April 18 and said that the central bank lowered its domestic economic growth forecast for this year from 2.6 percent to 2.5 percent in view of the less-than-expected Q1 exports and investments. He added that the forecast does not reflect

South Korea’s tax burden, the ratio of national taxes and local taxes relative to its gross domestic product (GDP), soared to an all-time high in 2018 due to the highest increase in 18 years. The nation’s total tax revenues surged with a rise in corporate taxes and capital gains taxes.South Korea co

North Korea is holding an international event regarding blockchain technology and cryptocurrencies from April 18 to 25. The event is being hosted by the Korean Friendship Association (KFA), which is located in Spain.The event is the first international event related to blockchain technology and cryp

The Bank of Korea lowered its domestic economic growth forecast for this year from 2.6 percent to 2.5 percent and maintained the benchmark interest rate at 1.75 percent. This has to do with less-than-expected consumption and investment and deteriorating export conditions for major items including se

South Korea and the Philippines agreed to conclude a free trade agreement in November at the latest.South Korean Trade Minister Yoo Myung-hee visited Manila on April 17 and met with her Filipino counterpart Ramon Lopez. They agreed to enhance their cooperation in the field of economy and trade in co

The United Nations Conference on Trade and Development (UNCTAD) said in its report released on April 17 that a no-deal Brexit is likely to have a negative trade impact on the European Union, Turkey, South Korea, Pakistan, Norway, Iceland, Cambodia and Switzerland.When it comes to South Korea’s expor

South Korea has obtained rights to sell the polyethylene (PE) and polypropylene (PP) that are produced at the Kiyanly Gas Chemical Plant, which is the first large gas chemical plant in Turkmenistan. The annual sales are estimated at US$700 million.South Korean President Moon Jae-in and Gurbanguly Be

High-ranking officials at the Ministry of Economy and Finance recently met with top executives at Samsung, Hyundai Motor, SK and LG Groups to discuss investment and employment issues.At the meeting, both sides shared their opinions on the current state of the South Korean economy. Those in the busin