K-Beauty’s diversification of export products and destinations has been evident. The continued success of products like color cosmetics since last year, and a decreasing dependence on China in favor of exports to a variety of other countries, has been a notable trend.According to the Korea Customs S
In the span of 9 months, the number of South Korean users on the Chinese e-commerce platform TEMU has increased elevenfold. With the surge in user numbers, TEMU has been actively seeking to establish a South Korean corporation and is on the lookout for domestic advertising agencies to intensify its
LG Electronics emphasized its commitment to leading the global AI home appliance market by applying its proprietary AI chip, developed for the implementation of “empathetic intelligence,” to its major products. This move is seen as a direct response to Samsung Electronics’ vision to lead the AI home
On April 3, both the KOSPI and KOSDAQ indices began trading with declines of over 1 percent.With foreign capital inflows continuing throughout the year, the market capitalization share in the securities market has been steadily increasing. There are expectations that the optimism surrounding the gov
It has been revealed that South Korea’s foreign reserves in March increased by approximately US$3.5 billion compared to the previous month.On April 3, the Bank of Korea announced the “Foreign Reserves at the End of March.” According to this data, South Korea’s foreign reserves last month amounted to
Hyosung, the leading company in the global spandex market, is accelerating its pace in fostering future businesses by making substantial investments in eco-friendly bio-material ventures.Hyosung TNC announced on April 3 that it received investment approval from the government of Ba Ria-Vung Tau Prov
SPC Group’s bakery brand, Paris Baguette, announced on April 2 the opening of its 20th store in Singapore, located at Square 2.The new Singapore Square 2 store is situated on the first floor of the Square 2 shopping mall, which is connected to Novena Station. The Square 2 shopping mall is a complex
SK C&C announced on April 2 that it has supplied cloud-native technology to CJ Logistics’ new home delivery system dubbed “LoIS Parcel.”LoIS Parcel, which CJ Logistics has been working on for three years since 2021, is a digital delivery system that can handle ultra-high volumes of up to 20 million
Korea’s secondary battery exports were in a slump with the steepest downward curve among the 15 major items in the first quarter of this year, down more than 20 percent. However, the Korean government expects the slump to be a temporary one due to a plunge in raw material prices, and secondary batte
The price of Samsung Electronics stock has risen by 4 percent, reaching the 85,000 won (US$63) mark for the first time in about three years. This means its market capitalization has surpassed 500 trillion won.On April 2, Samsung Electronics concluded trading at 85,000 won, marking a 3.66 percent inc
It is forecast that private investment in the field of biopharmaceuticals will reach 17.7 trillion won by 2030. To facilitate this, the government plans to allocate a budget of 2.1 trillion won for research and development (R&D), workforce training, and other initiatives to act as a facilitator.On A
At the 47th regular shareholders’ meeting held on March 28, Ssangyong Engineering & Construction announced that it achieved a profitability turnaround in 2023 as it approved the financial statements for the year.In the 2023 fiscal year, the company achieved sales of 1.44 trillion won (US$1.06 billio
Despite Chinese online shopping platforms like AliExpress, Temu, and Shein entering the South Korean market with competitively priced products, a survey reveals low satisfaction levels among domestic consumers.On April 1, the Korea Chamber of Commerce and Industry conducted a survey of 800 consumers
Kolmar Group’s holding company, Kolmar Korea Holdings, is changing its name to Kolmar Holdings. This change reflects its aim to expand into the global market and establish its identity as an integrated brand.Kolmar Korea Holdings held a shareholders’ meeting on March 29 and decided to change its nam
SK hynix announced on April 1 that it has developed the semiconductor industry’s first neon gas recycling technology in collaboration with the domestic specialty gas company TEMC. This achievement comes just over a year after starting the development of recycling technology with a domestic material,
GM's Korean Operations sold 51,388 vehicles in March. Sales were up 26.0% compared to the same month last year. It marked the 21st consecutive month of year-over-year growth.Overseas sales of GM's Korean Operations reached 49,350 units last month, up 26.3% on an annual basis, marking the 24th consec
Korea’s exports of beauty care products, which have been shrinking while going through China’s restrictions and the COVID-19 pandemic, are rebounding thanks to steady Korean Wave effects and increased exports to other regions.According to the Korea International Trade Association (KITA) on March 31,
The author, Hyungcho Chung, is the founder and CEO of Scomot -- Ed.We might think that data storage is something that has come about in the tech age of the past few decades. This simply isn’t the case. We have been storing data for centuries, allowing us to process information, keep records and comm
Despite a downturn in the industry, petrochemical companies in South Korea have reportedly invested a record amount in research and development (R&D). This move is interpreted as part of a differentiation strategy to enhance competitiveness in new business areas such as high-value added (specialty)
As large offshore wind power projects are being actively pursued in South Korea, it is estimated that investments could reach up to 100 trillion won by 2030.According to the Ministry of Trade, Industry and Energy, the government aims to deploy offshore wind power facilities with a total capacity of