SEOUL, Sept. 18 (Korea Bizwire) — The recent trend of value consumption, which stresses the importance of emotional satisfaction, is widely spreading and penetrating the convenience store ice cream market. According to convenience store chain 7-Eleven, the portion of high-end products in its overall sales of ice cream stood at 23.6 percent this year. The [...]
SEJONG, Sept. 16 (Korea Bizwire) — South Korean imports of Japanese beer fell 97 percent in August from a year earlier due to a boycott of Japanese products amid a bilateral trade spat, data showed Monday. The value of imports of Japanese beer came to US$223,000 in August, compared with $7.56 million in the same [...]
SEOUL, Sept. 13 (Korea Bizwire) — South Korean beer exports to China shot up nearly four-fold in the last three years, data from a state-run trade promotion agency showed Friday. According to the Korea Trade-Investment Promotion Agency (KOTRA), beer shipments to China reached US$91 million in 2018, up 83 percent from $50 million the previous [...]
SEOUL, Sept. 13 (Korea Bizwire) – Pepero Day, one of South Korea’s biggest marketing events – similar to Valentine’s Day that falls on November 11, is expected to be less successful this year as convenience stores are reluctant to order chocolate sticks from Japan. Pepero Day, the same day celebrated in China as Singles Day, [...]
SEOUL, Sept. 12 (Korea Bizwire) — South Korean imports of Japanese beer nose-dived this month due to a boycott of products from the Asian neighbor here amid a bilateral trade dispute, data showed Thursday. The combined imports of Japanese beer over the first 10 days of this month fell a whopping 99.9 percent from a [...]
SEOUL, Sept. 9 (Korea Bizwire) — A recent study has shown that purchases of ingredients needed for cooking are dropping as more people are buying home meal replacement (HMR) products. In addition, fewer South Korean households are making their own kimchi, which explains the increasing consumption of packed kimchi and dwindling sales of pepper paste [...]
SEOUL, Sept. 5 (Korea Bizwire) — South Korean food companies struggling with tepid domestic demand are turning their eyes to the U.S. for a breakthrough. As more Americans are taking an interest in Korean food, an increasing number of South Korean companies are beginning to see potential in the American market, many of which have [...]
SEOUL, Sept. 3 (Korea Bizwire) — Nongshim Co., South Korea’s top instant noodles maker, announced a plan on Tuesday to spend US$200 million in constructing a new factory in the United States as it aims to meet growing demand there. Its second factory, to be built in Corona, California, will manufacture instant noodle products ranging [...]
SEOUL, Aug. 29 (Korea Bizwire) — What would be the best-selling instant noodles at convenience store chain GS25? It is easy to think of Shin Ramyun, or Jin Ramyun, both popular options. But the answer is Hot Chicken Flavor Ramen, Samyang Foods Co.’s top-selling noodle product among 107 instant noodle offerings. There is one thing [...]
SEOUL, Aug. 29 (Korea Bizwire) — The National Tax Service has decided to rescind a controversial policy requiring suppliers to unify the price of liquor regardless of the amount of liquor they are supplying to various vendors, taking a step back from its original stance. The tax agency announced on Wednesday that it will implement [...]