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No More Special Treatment for Chaebol at Airports

No More Special Treatment for Chaebol at Airports

SEOUL, Jun. 20 (Korea Bizwire) — Going forward, the transport of goods by a third party on behalf of South Korean conglomerate (chaebol) heads will be banned completely. A new system will enable customs officials to monitor passageways for airport employees which, some say, acted as channels for smuggling. This is according to recommendations by [...]

Semiconductor Exports Hit Record High in 2017: Data

Semiconductor Exports Hit Record High in 2017: Data

SEJONG, March 23 (Korea Bizwire) – Exports of semiconductors produced by South Korean firms reached a record high last year on soaring prices and firm demand, customs data showed on Friday. The outbound shipment of chips reached US$99.71 billion last year, sharply up 60.2 percent from the $62.23 billion tallied a year earlier, according to the data compiled by the Korea Customs Service. The 2017 [...]

Tariff on LNG Imports Faces Backlash from Energy Firms

Tariff on LNG Imports Faces Backlash from Energy Firms

SEJONG, Dec. 12 (Korea Bizwire) — South Korean energy companies are resisting a recent government decision to impose a huge tariff on steel giant POSCO for its imports of low-priced liquefied natural gas (LNG), industry sources said Tuesday. The backlash comes after the Korea Customs Service (KCS) informed the country’s leading steelmaker on Nov. 30 [...]

South Korea Delays Opening of New Duty-Free Shops amid THAAD Row

South Korea Delays Opening of New Duty-Free Shops amid THAAD Row

SEOUL, Sept. 29 (Korea Bizwire) – South Korea has postponed the opening of new duty-free shops by one year amid a diplomatic  row  between Seoul and Beijing over a missile defense system, industry sources said Friday. In December last year, the Korea Customs Service (KCS) announced six new operators of duty-free shops in Seoul and two provincial cities, giving them 12 months to prepare to open their shops. The KCS [...]

S. Korea’s Overseas Direct Purchases Surge in H1

S. Korea’s Overseas Direct Purchases Surge in H1

SEJONG, Aug. 11 (Korea Bizwire) — South Koreans’ direct purchases from foreign countries rose sharply in the first six months of the year on rising demand for cheaper price tags, customs data showed Friday. A total of US$974.1 million worth of foreign goods was directly bought by South Korean shoppers via international shopping malls in [...]

Rebidding for Remaining New Incheon Airport Duty-free Shops Fails Again

Rebidding for Remaining New Incheon Airport Duty-free Shops Fails Again

SEOUL, May 10 (Korea Bizwire) – An attempt to lease out the remaining duty-free store licenses by tender at the new terminal at Incheon International Airport has failed again, as no duty-free operators made a bid, authorities and industry sources said Wednesday. The auction for licensing to run the apparel and accessories store at the [...]