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S. Korea’s Export-dependent Economy Faces Lowered Growth Projection amid Weak Domestic Demand

SEOUL, Dec. 17 (Korea Bizwire) — Growth projections for South Korea’s export-dependent economy in 2024 have been revised downward, despite robust semiconductor exports, reflecting slower-than-expected recovery in domestic demand amid high interest rates and lingering effects of the COVID-19 pandemic. Earlier in the year, both the South Korean government and major international financial organizations projected [...]

Clothing Expenditure Falls to Record Low Amid Sluggish Demand and Warm Weather

SEOUL, Dec. 2 (Korea Bizwire) – Spending on clothing and footwear in South Korea has dropped to its lowest share of consumer expenditures, as domestic demand remains weak and unseasonably warm weather curbs the need for fall apparel. Data from Statistics Korea shows that in the third quarter of 2024, average monthly consumer spending per [...]

Weak Domestic Demand Continues to Affect S. Korean Economy: KDI

SEOUL, Oct. 10 (Korea Bizwire) — Weak domestic consumption and investment have hampered the South Korean economic recovery despite strong exports, a state-run think tank said Thursday. “The South Korean economy is experiencing limited improvement as the recovery of domestic demand, especially in construction investment, is delayed, despite favorable conditions in exports,” the Korea Development [...]

S. Korea’s Peak Electricity Demand Hits Record in Sept.

SEOUL, Oct. 9 (Korea Bizwire) — South Korea’s peak electricity demand hit a new record in September, as the scorching summer heat extended into the autumn season, data showed Wednesday. The country’s peak power demand last month averaged 78 gigawatts, a 6 percent increase from a year earlier, according to the Korea Power Exchange, marking [...]

Domestic Demand in S. Korea Shows Signs of Improvement: Finance Ministry

SEOUL, Jul. 12 (Korea Bizwire) — The economic recovery in South Korea has strengthened on solid exports, the manufacturing sector, and domestic demand showing signs of recovering, the finance ministry said Friday. The Ministry of Economy and Finance made the assessment in the Green Book, its monthly economic assessment report, while pointing to prolonged geopolitical [...]

Industrial Output Rebounds in April amid Weak Domestic Demand

SEOUL, May 31 (Korea Bizwire) — South Korea’s industrial output rebounded in April following a sharp fall a month earlier, but retail sales and investment dropped for the second consecutive month, data showed Friday. Industrial output rose 1.1 percent on-month in April, compared with a 2.1 percent fall a month earlier, according to the data [...]

Manufacturing Sentiment Drops for Q1 on Weak Domestic Demand

SEOUL, Dec. 27 (Korea Bizwire) — Most South Korean manufacturers expect their business conditions to worsen in the first quarter of 2024 due to sluggish domestic demand and high material costs, a poll showed Wednesday. A survey of 2,156 manufacturing firms nationwide put the business sentiment index (BSI) at 83 for the January-March period, down [...]

OLED Demand on Steep Rise for Monitors, Tablets and Automobiles

SEOUL, Aug. 17 (Korea Bizwire) — Despite the sluggish growth of the global display market, OLED sales remained solid in the second quarter of this year, justifying the shift that Samsung Display Co. and LG Display Co., South Korea’s two largest display makers, have made towards OLED-centered ventures. Global OLED panel revenue grew by 12 [...]

Food Delivery App Use Declines Sharply Due to Shift to ‘Living with COVID-19’

SEOUL, Nov. 16 (Korea Bizwire) — After expanding explosively during the COVID-19 pandemic, the demand for food delivery apps is now declining steeply primarily due to the nation’s gradual shift to the “living with COVID-19″ policy. According to the big data analytics firm Mobile Index, the number of Android smartphone users for the nation’s leading [...]

Samsung Unhappy Despite Robust Foldable Smartphone Sales

SEOUL, Oct. 11 (Korea Bizwire) — Samsung Electronics Co. doesn’t look that happy despite higher than expected sales of its new foldable smartphones primarily because the company is having difficulty satisfying robust demand due to a global chip shortage. The combined domestic sales of the Galaxy Z Fold3 and the Galaxy Z Flip3 surpassed the [...]