SEJONG, Sept. 2 (Korea Bizwire) – South Korea will pour more than 65 trillion won (US$58.1 billion) into the local economy next year to revitalize the economy, which has been plagued by faltering exports and rising uncertainties in the global market, the trade ministry said Friday. Out of the 400.7 trillion won budget for 2017, [...]
SEOUL, Aug. 18 (Korea Bizwire) – Smaller startup and emerging companies are boosting their shipments abroad despite a prolonged downturn in Korea’s export sector. According to the Korea International Trade Association (KITA), while Korea’s total exports from January to July 2016 decreased by 10.1 percent compared to the same period last year, exports by emerging [...]
SEOUL, April 14 (Korea Bizwire) – South Korea’s exports of automobiles plunged 10.8 percent in the first quarter from a year earlier, data showed Wednesday, amid falling demand from emerging markets. South Korean carmakers shipped 654,494 units of vehicles abroad over the January-March period, compared with the 733,759 units posted a year earlier, the data compiled by the Korea Automobile Manufacturers’ Association [...]
SEJONG, April 5 (Korea Bizwire) – Sales of Korean cosmetics abroad have shown dramatic growth over the past few years, with exports now eclipsing the three trillion won mark. The Chinese market showed particular interest in Korean beauty products. According to data from the Korea Customs Service, exports last year increased by 53.1 percent compared [...]
SEOUL, March 30 (Korea Bizwire) – South Korea is badly in need of exporting more consumer goods to China to help improve a longstanding imbalance between export items and gain a share in the rapidly-growing consumer goods market there, a bank report said Wednesday. In 2014, Korea topped other countries by posting US$190 billion in [...]
SEOUL/SEJONG, Feb. 3 (Korea Bizwire) – South Korea will make all-out efforts to push up exports critical for economic growth after its outbound shipments dropped at the fastest rate in more than six years in January, the trade and industry minister said Wednesday. Chairing a meeting of economy-related officials and business community leaders in Seoul, [...]
SEOUL, Jan.28 (Korea Bizwire) – Data shows that imports of food and medication from 57 countries that are members of the Organization of Islamic Cooperation (OIC) have more than doubled over the past 10 years. However, Korean exports to OIC countries are still negligible, raising the issue of halal assurance in the food and medication [...]
SEJONG, Jan. 14 (Korea Bizwire) - South Korea will make full use of its free trade agreements (FTAs) and diversify products and services it sells overseas to revive exports in 2016 after a disappointing performance a year earlier, the trade ministry said Thursday. In a 2016 policy report to President Park Geun-hye, the Ministry of Trade, [...]
SEOUL, Dec. 14 (Korea Bizwire) – South Korea’s exports will likely grow at a slower pace than the global average for the second straight year in 2015, a state-run think tank said Sunday, pointing to unfavorable overseas market conditions facing many Korean companies. According to the Korea Development Institute (KDI), South Korea’s exports in terms of volume are expected to remain unchanged from a year earlier. This will be lower than the 3.2 percent gain that the International Monetary Fund is [...]
SEOUL/SEJONG, Nov. 27 (Korea Bizwire) - Weak exports are starting to impact industrial output and business investment in South Korea, the country’s top economic policymaker said Friday. Chairing the meeting of foreign economy-related ministers in Seoul, Finance Minister Choi Kyung-hwan said outbound shipments in October plunged at the sharpest rate in more than two years. “This [...]