SEOUL, June 10 (Korea Bizwire) — Despite its wealth of manufacturing data, South Korea lacks the standardization and integration infrastructure necessary to fully leverage industrial artificial intelligence (AI), according to a new report calling for more proactive engagement from both government and industry. In its latest publication, “AI-Driven Transformation of Korea’s Key Export Industries,” the [...]
SEOUL, May 22, 2025 (Korea Bizwire) — A new report warns that South Korea’s manufacturing sector remains disproportionately dependent on foreign demand—particularly from the United States and China—raising concerns about economic vulnerability amid ongoing global trade tensions. According to data released Wednesday by the Korea Employers Federation (KEF), 58.4% of South Korea’s manufacturing GDP in [...]
SEOUL, March 12 (Korea Bizwire) — South Korea added more than 130,000 jobs for the second consecutive month in February, but the construction and manufacturing sectors continued to see sharp declines, data showed Wednesday. The number of employed people came to 28.18 million as of the end of last month, up 136,000 from a year [...]
SEOUL, Dec. 23 (Korea Bizwire) — South Korea’s manufacturing and export sectors, the backbone of its economy, are bracing for significant challenges in early 2025 due to rising global trade tensions and domestic political instability. Concerns are growing over protectionist policies from major economies, particularly under the incoming Trump administration, and a leadership void in [...]
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 [...]