Imports of Japanese beer have surged while imports of Japanese fish and seafood have plummeted, creating a mixed picture of Japanese imports in the Korean market.Korea imported 1,910 tons of fish and seafood in June, down 34.7 percent from a year earlier, according to trade statistics from the Korea
South Korea’s nominal gross domestic product (GDP) is provisionally ranked 13th in the world. It has dropped out of the global top 10.According to statistics released by the Bank of Korea (BOK) on July 12, South Korea’s nominal GDP at market exchange rates was US$1.6732 trillion in 2022. It ranked 1
Nearly half of men aged 25 to 49 in South Korea have never been married, and one in three women in the same age group are also unmarried. While the world’s population is expected to grow by 28 percent from this year to 2070, South Korea’s population is expected to shrink by 27 percent.Statistics Kor
The exports of automotive lubricants by Korean companies to Russia have surged since Russia’s invasion of Ukraine, raising suspicions that the goods may have been diverted for military use. The Korean companies have strongly denied these suspicions.On July 9 (local time), Britain’s Financial Times (
Last year, South Korea’s cosmetics exports to China fell for the first time in five years. Amid the ongoing slowdown in the Chinese market, concerns about the leakage of business secrets of domestic companies have increased due to the Chinese government’s intensified cosmetics regulations since 2020
The amount of foreign direct investment (FDI) declared in Korea in the first half of this year has recorded its highest since statistics started being compiled in 1962. Analysis suggests that Korea has emerged as an alternative investment destination to China due to U.S.-China tensions.The Ministry
It has been 30 years since Korea began hiring foreign workers in earnest with the introduction of the Industrial Trainee System in 1993, which was replaced by the employment permit system in 2004. But chaos is still lingering in the field.According to small and medium-sized enterprises (SMEs) on Jul
CJ Logistics, a leading innovative technology company in Korea, has announced a strategic partnership with the Korea Ocean Business Corporation (KOBC) to construct large-scale logistics centers in the United States through a public-private collaboration. With a total investment of approximately $457
According to the 2022 International Investment Balance Sheet by Region and Currency (Provisional) released by the Bank of Korea (BOK) on June 27, the balance of Korea’s external financial assets, excluding reserves, stood at US$1.7456 trillion at the end of last year. This represented a drop of US$1
The Chinese battery industry, which had been focused on attacking the European electric vehicle battery market led by Korea, is extending its reach to the energy storage system (ESS) market. They are partnering with their country’s strong solar power value chain to challenge the European household s
Analysis suggests that Korean Air will be handing over 49 airport slots (rights to land and take off at specific times) to China as part of its approval process for the corporate merger with Asiana Airlines. The Chinese competition authority, fearing a monopoly, demanded the return of coveted slots
Korean secondary batteries for electric vehicles are expanding overseas with flying colors. However, Korea’s trade balance in secondary batteries has turned into a deficit due to the increasing number of reverse imports of Korean secondary batteries from overseas.On June 22, the Korea International
Korea placed 28th out of 64 countries in the latest Global Competitiveness Index by the International Institute for Management Development (IMD) in Switzerland. Its ranking fell by one notch from 2022.The Korean Ministry of Strategy and Finance disclosed the results of the 2023 National Competitiven
Last year, companies’ debt-to-equity ratio hit an eight-year high of about 102 percent. The rising interest rate increased interest burdens and toughened business conditions. The number of zombie companies unable to cover interest expenses with operating income reached 35 percent.The interest covera
The income gap between workers at large companies and small and medium-sized enterprises (SMEs) widens from 1.4 times when they are in their early 20s to 2.5 times when in their early 50s.According to job administrative statistics by the Korean Statistical Information Service (KOSIS) on June 11, the
The South Korean government has jumped into the semiconductor power struggle between the United States and China. President Yoon Suk-yeol presided over a National Semiconductor Strategy Meeting held on the morning of June 8. During the meeting, President Yoon said, “The competition in semiconductors
The number of YouTube users is rapidly closing in on Kakao. If the current trend continues, it appears that YouTube will surpass Kakao in the second half of the year. Meanwhile, as Google expands its influence in search, local portal Naver is witnessing a reduction in its footprint.According to the
With the introduction of the new International Financial Reporting Standard 17 (IFRS 17), financial authorities have prepared guidelines to prevent insurance companies from inflating Contractual Service Margins (CSM) through arbitrary and optimistic actuarial assumptions.In particular, the guideline
Once recognized as a profitable commodity, secondary batteries recorded their first-ever trade deficit this year.The deficit can be attributed to the Korean battery industry’s expanded overseas investment in response to new trade environments like the U.S. Inflation Reduction Act (IRA) and the sharp
The Chevrolet Trailblazer, produced by GM Korea, has topped the monthly sales in the U.S. small sports utility vehicle (SUV) market.According to GM Korea and U.S. market research firm JD Power on May 17, the Trailblazer sold 11,130 units in the U.S. last month, a 176.3% increase from the same month