SEOUL, May 22 (Korea Bizwire) — Despite the thriving global electric vehicle (EV) industry, South Korea’s trade balance in secondary batteries has unexpectedly shown a deficit for the first time this year, signaling significant changes in the market, a trade body said Sunday. The deficit in rechargeable batteries, which were previously recognized as a representative [...]
SEOUL, March 29 (Korea Bizwire) — While exports to China were once behind South Korea’s largest trade surplus with a foreign country, Beijing is now the source of Seoul’s largest trade deficit, a state-run trade agency said Tuesday. South Korea’s trade balance with China was a deficit of US$3.9 billion in January, with China becoming [...]
SEOUL, Jan. 1 (Korea Bizwire) — South Korea’s exports rose 6.1 percent in 2022 from a year earlier to reach an all-time high, but it suffered the largest ever trade deficit on high global energy prices, the industry ministry said Sunday. The country is forecast to see a 4.5 percent fall in exports in 2023 [...]
SEOUL, March 25 (Korea Bizwire) — South Korea’s deficit in the trade of intellectual property rights touched a record low in 2021 on increased exports of cultural content, central bank data showed Friday. The nation’s deficit in the intellectual property account stood at US$30 million last year, compared with a $2.02 billion shortfall in 2020, [...]
SEOUL, Nov. 26 (Korea Bizwire) — South Korea’s trade deficit with Japan edged up in the first 10 months of the year, data showed Thursday, as a local boycott of Japanese consumer goods shows signs of losing steam. Seoul posted a trade deficit of US$16.56 billion in the January-October period, compared with $16.42 billion during [...]
SEOUL, Jan. 17 (Korea Bizwire) — South Korea’s deficit in kimchi trade reached US$47.28 million last year, up 11 percent from the year before, as cheap products from China flooded in, customs office statistics showed Wednesday. Last year’s deficit is the largest since the Korea Customs Service began to track data in 2000. Data showed [...]
SEOUL, Sept. 28 (Korea Bizwire) – When it comes to overseas direct purchasing (ODC), there is too much coming in and not enough coming out, leaving yearly trade deficits of over 1 trillion won. According to the Science, ICT, Broadcasting, and Communications Committee of the central government, a report by the Korea Customs Service revealed [...]
SEOUL, Sept. 5 (Korea Bizwire) — While the alleged development of a hydrogen bomb by North Korea is keeping the military on alert, Donald Trump’s allusions to a possible termination of the Korea – U.S. Free Trade Agreement is keeping the nation’s economy in a similar state. In the latest stream of news either decrying [...]
SEJONG, June 13 (Korea Bizwire) – The South Korean government vowed Tuesday to take all necessary measures to deal with growing U.S. barriers against its trade surplus and steel products. “As the U.S. government has been moving to strengthen trade restrictions and raise barriers, all government ministries need to formulate countermeasures against such developments,” Deputy [...]