SEOUL, Aug. 7 (Korea Bizwire) – A recent survey has revealed that 7 out of 10 South Korean companies are either currently affected or anticipate future impacts from China’s aggressive low-price export strategy. This development comes amid concerns that the strategy may persist due to rising inventory levels in China. According to a study conducted by [...]
SEOUL, May 16 (Korea Bizwire) — South Korea’s industry ministry said Thursday it plans to make proactive efforts to help manufacturing firms roll out planned investments without delay amid looming challenges in the business environment. The announcement came amid growing uncertainties in the market, including prolonged monetary tightening, which may have an adverse impact on [...]
SEOUL, Feb. 16 (Korea Bizwire) — The South Korean economy has recovered centering on the manufacturing field, but private consumption and construction investment remained weak leading to widening disparities among sectors, the finance ministry said Friday. “Growing production and exports of the manufacturing sector have led an economic recovery recently amid moderating inflationary pressure,” the [...]
SEOUL, Jan. 31 (Korea Bizwire) — South Korea’s output from the manufacturing sector fell by the most in 25 years in 2023 due mainly to weak demand for semiconductors amid an industry downcycle, data showed Wednesday. Retail sales and investment also tumbled last year amid high interest rates and inflationary pressure, and concerns linger over weak domestic [...]
SEOUL, Dec. 27 (Korea Bizwire) — Most South Korean manufacturers expect their business conditions to worsen in the first quarter of 2024 due to sluggish domestic demand and high material costs, a poll showed Wednesday. A survey of 2,156 manufacturing firms nationwide put the business sentiment index (BSI) at 83 for the January-March period, down [...]
SEOUL, Oct. 13 (Korea Bizwire) — South Korea’s on-year employment growth accelerated for the second consecutive month in September, but jobs in the manufacturing sector fell by the most in five months amid an economic slowdown, data showed Friday. The number of employed people came to 28.69 million last month, up around 309,000 from a [...]
SEOUL, Sept. 26 (Korea Bizwire) – The midsize SUV market is gaining popularity in Korea, and it’s influencing the way cars are manufactured. Currently, SUV factories are working at full throttle, churning out a large number of vehicles, while production facilities dedicated to manufacturing sedans are experiencing a slowdown in output. This situation is evident at [...]
SEOUL, Oct. 27 (Korea Bizwire) — Three in 10 workers in the manufacturing sector are over 50 years of age, with a rapidly increasing proportion of senior workers, a report said Wednesday. The Federation of Korean Industries (FKI) reported that the proportion of senior workers over 50 years of age jumped from 11 percent in [...]
SEOUL, Oct. 18 (Korea Bizwire) — While employment in the manufacturing industry is recovering, there were more recruits from the older generation than the younger generation, data showed Monday. There were 4.53 million people employed in the manufacturing sector in August, up 240,000 from last year, according to Statistics Korea. Sorted by age, the number [...]
SEJONG, Feb. 7 (Korea Bizwire) – South Korea’s total supply in manufacturing fell in the fourth quarter from a year earlier on a decline in domestic supply, government data showed Wednesday. The manufacturing domestic supply index — which measures both goods produced locally and brought into South Korea — declined 3.3 percent on-year to stand [...]