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Exports by Startups to Hit Record US$20 Billion This Year: KITA

Exports by Startups to Hit Record US$20 Billion This Year: KITA

SEOUL, Oct. 27 (Korea Bizwire) — Exports by South Korea’s venture startups will likely hit a record US$20 billion this year helped by surging shipments of instrumentation and control devices and semiconductor production equipment to China and Vietnam, industry data showed Friday. The amount reached $14.7 billion for the first nine months this year, up [...]

South Korea Aims to Join Food Assistance Convention, Donate 50,000 Tons of Rice

South Korea Aims to Join Food Assistance Convention, Donate 50,000 Tons of Rice

SEJONG, Sept. 6 (Korea Bizwire) – South Korea plans to give rice to developing nations after it joins an international food assistance convention as part of its ambition to stabilize the local rice supply and help the needy around the world, the farm ministry said Wednesday. The Ministry of Agriculture, Food and Rural Affairs said it is preparing steps [...]

U.S. 4th Largest Market for S. Korean Cosmetics in Q1

U.S. 4th Largest Market for S. Korean Cosmetics in Q1

SEOUL, May 4 (Korea Bizwire) – The United States ranked as the fourth-largest overseas market for South Korean cosmetic products in the first quarter of 2017 despite concerns of protectionism, a trade association said Thursday.  In the January-March period, South Korean companies trailed French, Canadian and Chinese firms in terms of makeup products shipped to [...]

Korean Firms Struggle with China’s Nitpicking Customs Screening

Korean Firms Struggle with China’s Nitpicking Customs Screening

SEOUL, March 20 (Korea Bizwire) – While Lotte is suffering the most from China’s retaliatory measures over South Korea’s deployment of a THAAD missle system – with almost 90 of 99 Lotte Mart outlets in China temporarily closed – other firms exporting to the country are struggling with customs clearance procedures that have become overly [...]

Korea Uses Satellites to Maintain Agricultural Produce Freshness During Shipping

Korea Uses Satellites to Maintain Agricultural Produce Freshness During Shipping

JINJU, South Korea, March 17 (Korea Bizwire) – The Foundation of Agricultural Technology Commercialization & Transfer (FACT) is testing a self-developed shipping container maintenance technology that allows for the export of fresh agricultural produce via container ships.  According to officials, 614 kilograms of strawberries from Jinju, South Gyeongsang Province, are being shipped off to Singapore [...]

Collapse of Hanjin Shipping to Push up Cost of Local Exporters: Survey

Collapse of Hanjin Shipping to Push up Cost of Local Exporters: Survey

SEOUL, March 2 (Korea Bizwire) – The collapse of Hanjin Shipping Co. is expected to push up shipping costs of local exporters, and thus undermine their competitiveness and profitability, a survey showed Thursday.  The once top South Korean shipping line was declared bankrupt on Feb. 17.  The failure of Hanjin is forcing local shippers to [...]

S. Korean Steel, Chemical Products Becoming Targets of Import Restrictions: KOTRA

S. Korean Steel, Chemical Products Becoming Targets of Import Restrictions: KOTRA

SEOUL, Feb. 8 (Korea Bizwire) – South Korean steel and chemical products, the country’s leading export items, have increasingly become targets of import restrictions in other countries, a trade agency said Wednesday.  Reports sent in by overseas offices of the Korea Trade-investment Promotion Agency (KOTRA) showed that of the 19 new investigations launched against products [...]