SEOUL, Apr. 16 (Korea Bizwire) — South Korea’s import prices rose for a third consecutive month in March due to an increase in oil prices amid a rise in the Korean won against the U.S. dollar, central bank data showed Tuesday. The import price index rose 0.4 percent last month from a month earlier following [...]
SEOUL, Apr. 16 (Korea Bizwire) — BMW Group Korea announced on April 15 that the German automaker purchased components worth 4.5 billion euros (approximately 6.63 trillion won) from South Korean suppliers in 2023, a figure that surpasses the company’s total revenue of 6.17 trillion won in the country last year. The 2023 purchase amount represents a [...]
SEOUL, Apr. 16 (Korea Bizwire) — In a significant shift within South Korea’s imported car market, hybrid vehicle sales surpassed gasoline-powered models for the first time in the first quarter of this year, signaling a robust trend favoring hybrid offerings. Following the initial milestone in November 2023, when hybrid cars outsold gasoline variants on a monthly [...]
SEOUL, Apr. 16 (Korea Bizwire) — Last year, all three major South Korean battery makers – LG Energy Solution, Samsung SDI, and SK On – secured positions within the top five in the global electric vehicle battery market, according to a recent report. According to SNE Research, an energy market research firm, the total electric vehicle [...]
SEOUL, Apr. 15 (Korea Bizwire) — Despite a significant drop in sales for major online luxury goods platforms in South Korea due to the economic downturn, the pre-owned luxury market has shown resilience, even setting a record transaction volume last month in line with the start of the new school year, industry data showed on April [...]
SEOUL, Apr. 15 (Korea Bizwire) — GN Food, the operator of South Korea’s leading roasted-chicken franchise Goobne Chicken, said Monday it has opened its fourth outlet in the United States. With the opening of the store located in Los Angeles’ Korea Town, Goobne has four U.S. outlets that include two in LA and one in [...]
SEOUL, Apr. 15 (Korea Bizwire) — South Korea’s top container shipper HMM Co. said Monday it will push to expand its fleet sharply over the next seven years in a bid to boost its competitive edge and secure a stable business base. Under the mid- and long-term strategy, HMM will raise its container shipping capacity [...]
SEOUL, Apr. 15 (Korea Bizwire) — Container shipping costs from South Korea to Europe soared nearly 40 percent on-year in March amid ongoing tensions surrounding the Red Sea, the customs agency said Monday. The average shipping cost for a 40-foot container for the South Korea-European Union route came to 4.25 million won (US$3,077) last month, [...]
SEOUL, Apr. 15 (Korea Bizwire) — South Korea’s exports of information and communication technology (ICT) products gained ground for the fifth consecutive month in March, driven by a yearly high performance of semiconductors, data showed Monday. Outbound shipments of ICT products came to US$18.8 billion last month, up 19.4 percent from $15.8 billion a year [...]
SEOUL, Apr. 15 (Korea Bizwire) – The government will extend the tax cut on fuel consumption by an additional two months amid growing tensions in the Middle East, Finance Minister Choi Sang-mok said Monday. South Korea has applied a 25 percent discount on the consumption of gasoline and a 37 percent discount on the consumption [...]