SEOUL, May 14 (Korea Bizwire) — South Korea’s state-run economic think tank on Wednesday sharply cut its growth forecast for the local economy this year to 0.8 percent, citing rising global trade uncertainties and weakening exports. The revised projection by the Korea Development Institute (KDI) represents a 0.8 percentage-point drop from its previous estimate of [...]
SEOUL, May 12 (Korea Bizwire) — South Korea’s exports dropped 23.8 percent from a year earlier in the first 10 days of this month mainly due to a reduced number of working days, data showed Monday. Outbound shipments reached US$12.83 billion in the May 1-10 period, compared with $16.84 billion tallied a year earlier, according [...]
SEOUL, Jun. 27 (Korea Bizwire) — South Korea’s business sentiment improved for a fourth consecutive month in July amid a steady recovery in exports, which offsets a slowdown in private spending, a central bank poll showed Thursday. Local companies’ business sentiment index (BSI) stood at 93.1 for the coming month, up from 91.8 the previous [...]
SEOUL, Mar. 21 (Korea Bizwire) – South Korea’s exports of eco-friendly vehicles, including hybrid and electric cars, experienced a significant decline in February, marking the first contraction in over three years, a concerning trend given the country’s rising dependence on electric vehicle (EV) exports. According to data released on March 20 by the Korea Automobile Manufacturers [...]
SEOUL, Mar. 15 (Korea Bizwire) — The South Korean economy has been on a recovery track on the solid growth of exports, but disparities among sectors remain wide amid weak consumption and investment, the finance ministry said Friday. “As shown in manufacturing production and exports, the country has seen an economic recovery and a stable [...]
SEJONG, Feb. 1 (Korea Bizwire) — South Korea’s exports moved up for the fourth consecutive month in January as exports of chips rose at the sharpest rate in around six years, data showed Thursday. Outbound shipments advanced 18 percent on-year to US$54.6 billion last month, according to the data compiled by the Ministry of Trade, [...]
SEOUL, Jan. 16 (Korea Bizwire) — South Korea’s car exports jumped 31 percent on-year last year, driven by the growing global demand for premium eco-friendly automobiles, data showed Tuesday. Outbound shipments of cars reached US$70.9 billion in 2023, compared with $54.1 billion a year ago, according to the Ministry of Trade, Industry and Energy. Of [...]
SEJONG, Nov. 1 (Korea Bizwire) — South Korea’s exports moved up on-year for the first time in 13 months in October, driven by robust automobile shipments, along with signs of improvement in the chip sector, data showed Wednesday. Outbound shipments moved up 5.1 percent on-year to US$55 billion last month, according to the data compiled [...]
SEOUL, Sept. 6 (Korea Bizwire) — South Korea’s exports of cathode materials have experienced significant growth, primarily driven by the rapid expansion of the secondary battery industry, especially in the electric vehicle sector. However, a substantial portion of the earnings from South Korea’s cathode material exports are flowing back to China, which supplies crucial ingredient [...]
SEOUL, Sept. 4 (Korea Bizwire) — South Korea’s exports of lipsticks are anticipated to hit a new record in 2023, the customs agency said Monday, on the back of increasing demand as people have taken off masks around the globe. The outlook came as exports of the products reached a record high of US$198 million [...]