SEOUL, Mar. 6 (Korea Bizwire) – Despite the significant increase in fruit and vegetable prices, government interventions to regulate import quantities as a means to manage inflation are not feasible for apples, which have seen substantial price hikes, earning them the nickname “golden apples.” The stringent quarantine system is the primary barrier. According to the Korea [...]
SEJONG, Dec. 7 (Korea Bizwire) — The South Korean government will push to pay for part of urea imports when companies need to buy the chemical from nations other than China as part of efforts to prevent a supply shortage and ensure a longer-term stable supply, the industry minister has said. Industry Minister Bang Moon-kyu [...]
SEOUL, Nov. 16 (Korea Bizwire) — South Korea’s beer imports from China plunged more than 40 percent last month from a year earlier following the release of a viral video showing a man urinating into a tank at Tsingtao Brewery, the customs office said Thursday. The amount of beer imports from China fell 43 percent [...]
SEOUL, Nov. 9 (Korea Bizwire) – The percentage of imported passenger cars in the domestic market is anticipated to drop below 20 percent this year, marking the first decline in four years. This decrease can be attributed to the relative success of domestic passenger car models, particularly Hyundai Motor’s luxury brand, Genesis, and the overall decrease [...]
SEOUL, Sept. 18 (Korea Bizwire) — South Korean imports of Japanese seafood fell for the fifth consecutive month in August on concerns over Japan’s release of treated radioactive water, government data showed Monday. Seoul imported US$7.81 million worth of fishery products from the neighboring country last month, down 34.8 percent from a year earlier, according [...]
SEOUL, Sept. 14 (Korea Bizwire) — South Korea has imported urea from China normally and the domestic supply remains stable, Seoul’s industry ministry said Thursday, dismissing concerns of a shortage over some exporters’ recent cut in shipments of the industry substance. Some Chinese urea exporters announced a plan to reduce their export volume, though the South Korean [...]
SEOUL, June 16 (Korea Bizwire) — South Korea’s current ban on imports of seafood from Japan’s Fukushima area will remain in place regardless of Japan’s planned release of contaminated water from its crippled Fukushima nuclear power plant, a senior government official said Friday. South Korea has banned all seafood imports from eight Japanese prefectures near [...]
SEOUL, March 7 (Korea Bizwire) – Korea faces a slowdown in job growth due to changes in its demographic structure, which will reduce the country’s potential growth rate in the coming years. According to Park Yang-soo, head of the Bank of Korea’s Economic Research Institute, the average annual increase in the number of employed people [...]
SEOUL, Feb. 4 (Korea Bizwire) — The amount of wheat and other grains brought home by South Korean agricultural firms more than doubled in 2020 from a year earlier, data showed Thursday, in line with the country’s efforts to revamp its national food security. The combined amount of grains excluding rice imported through South Korean [...]
SEOUL, Jan. 23 (Korea Bizwire) — Beer imports in South Korea declined last year for the first time in a decade, a phenomenon not seen since the 2009 global financial crisis. Analysts say beer imports, which recently peaked in terms of growth, showed signs of falling. Adding to the symptom of decline was a boycott [...]