Hanwha Aerospace has announced a groundbreaking 175.9 billion won (US$143.4 million) contract with the U.K.’s BAE Systems for the supply of modular charge systems (MCS) for 155 mm artillery shells used by NATO member countries. The contract was revealed on Nov. 23.The MCS, a cylindrical modular prop
With Chinese authorities set to begin controlling graphite exports, a key raw material for anode materials for batteries, in December, they held an event with Korean companies only to explain how they will enforce their export control policy.This was the first time China, which has played the weapon
This year marks the first time that the number of countries importing Korean kimchi has surpassed 90. The global popularity of Korean kimchi, often attributed to the Hallyu wave and health trends such as vegetarianism, is leading the way in showcasing K-food on the international stage.According to t
“An accelerated reorganization of global supply chains that began after the U.S.-China hegemony war has led to the emergence of alternative countries as alternative production bases that can replace China,” said Lee Sang-won, head of product strategy at Korea Investment Management at an India & Viet
Korea’s real gross domestic product (GDP) is expected to rise by 2.0 percent next year from this year, according to the state-run Korea Institute for Industrial Economics and Trade (KIET) in its 2024 Economic and Industrial Outlook report released on Nov. 20. The relatively conservative forecast is
The value of the Japanese yen is nearing its lowest point in 33 years, emerging as a hidden challenge for South Korea’s industrial sector. Key industries such as steel, automotive, and electronic components, which directly compete with Japanese counterparts, are facing weakened price competitiveness
The export revenue of ramen, which celebrates its 60th anniversary this year, has surpassed 1 trillion won for the first time in history.According to trade statistics from the Korea Customs Service on Nov. 20, the export revenue of ramen for the first 10 months of this year reached US$785.25 million
As a result of President Yoon Suk-yeol’s visit to the United States for the Asia-Pacific Economic Cooperation (APEC) summit, four American companies, including General Motors (GM) and DuPont, have decided to invest a total of US$1.16 billion in South Korea.The Ministry of Trade, Industry, and Energy
Due to the increase in corporate export proceeds deposits, resident foreign currency deposits rebounded by approximately US$4.6 billion last month compared to a month earlier. Yen deposits reached a record high due to individual investment demand amid the yen depreciation trend as well as corporate
Contrary to the prevailing pessimism earlier this year, foreign media analysis suggests that the South Korean economy is exhibiting an encouraging trend.In his column on Nov. 15 (local time), Bloomberg opinion columnist Daniel Moss assessed the South Korean economy stating, “Critical exports are in
SK Geo Centric breaks ground on the world’s first integrated waste plastic recycling complex in Ulsan, opening a new chapter for South Korea’s circular economy. This world’s first factory is expected to enhance South Korea’s capabilities in tackling domestic environmental issues related to plastics
The author is an analyst for NH Investment & Securities. She can be reached at jiyoony@nhqv.com -- Ed.In 2023, the consumer goods portion of Korea’s exports surpassed that of capital goods for the first time in 25 years. While domestic consumption should weaken on higher interest expense burden in 2
The Ministry of Trade, Industry and Energy announced on Nov. 14 that last month’s exports in the Information and Communication Technology (ICT) sector amounted to US$17.06 billion, while imports recorded US$12.61 billion, resulting in a provisional trade surplus of US$4.44 billion.Notably, the incre
Kolmar BNH, a leading Korean health functional food ODM company, is setting its sights on the global market based on world-class manufacturing and quality technology. Notably, HemoHIM, an immune function-improving health functional food developed and manufactured by Kolmar BNH, is elevating the stat
HD Hyundai Oilbank has announced a long-term contract for petroleum product supply with the United States-based SUNOCO Corporation, set to commence next year. This expansion follows the company’s initial export of finished petroleum products to Hawaii in July 2021. Since 2022, HD Hyundai Oilbank has
Amid the global economic downturn and challenges such as weakened demand for petrochemical products as well as increased self-sufficiency in China, which is the largest market for domestic companies, the South Korean petrochemical industry is accelerating business restructuring.According to Korea Cr
Korean intermediate goods exporters have been entering Vietnam in large numbers after exiting the Chinese market for several years. But the share of Korean intermediate goods has been on the decline in the Vietnamese market since 2017. This is because Chinese intermediate products are rapidly replac
While Korea’s exports rebounded for the first time in 13 months in October, the value of Korea’s exports to Eastern European countries surged. Eastern European countries included Poland, Hungary and Turkiye. In general, they had previously accounted for small proportions of Korea’s exports.The Korea
Korea has posted a current account surplus for the fifth consecutive month. The Bank of Korea (BOK) forecast that Korea will be able to reach an annual current account surplus of US$27 billion by steadily enjoying current account surpluses.The BOK said on Nov. 8 that the current account posted a sur
The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Justice (MOJ) announced on Nov. 7 that a total of 14,359 production workers were injected into the Korean shipbuilding industry through the first three quarters of this year. The workers included Korean workers, foreign specializ