SEOUL, March 12 (Korea Bizwire) — Trade volume of goods between South Korea and the United States grew nearly 70 percent, and bilateral investment more than doubled over the past decade since their free trade agreement, Seoul’s industry ministry said Friday. The Korea-U.S. Free Trade Agreement (KORUS FTA) marked its 10th anniversary this month, as [...]
SEOUL, Oct. 24 (Korea Bizwire) — Cargo processed at South Korean seaports advanced 8.1 percent in the third quarter of this year as trade gained traction amid the global economic recovery from the pandemic, the oceans ministry said Sunday. Cargo handled at the country’s ports came to 393.03 million tons during the July-September period, up [...]
SEOUL, Aug. 17 (Korea Bizwire) — South Korea’s exports and imports of camping goods reached a fresh high in 2020 amid the coronavirus pandemic, a report showed Tuesday. Asia’s fourth-largest economy exported and imported US$399 million worth of camping equipment last year, an all-time high and up 40 percent from the previous year, according to [...]
SEOUL, June 21 (Korea Bizwire) — South Korea became the world’s third-largest exporter of cosmetics products in 2020 with its trade balance in the sector remaining in the black for nine straight years, government data showed Monday. The country exported US$7.57 billion worth of cosmetics goods last year, up 16.1 percent from a year earlier, [...]
SEOUL, Aug. 4 (Korea Bizwire) — South Korean fashion firms based in Vietnam are expected to benefit from the free trade agreement (FTA) between the Southeast Asian country and the European Union, which went into effect this month, a report showed Tuesday. “Under the agreement, clothes producers based in Vietnam can enjoy the benefit of [...]
SEOUL, June 17 (Korea Bizwire) — South Korea’s cosmetics-related trade surplus surpassed the 6 trillion-won mark (US$4.9 billion) for the first time in 2019, data showed Wednesday. The trade surplus of locally made beauty products came to 6.15 trillion won last year, up 12.4 percent from 5.47 trillion won tallied the previous year, according to [...]
SEJONG, Dec. 24 (Korea Bizwire) — South Korea’s Cabinet on Tuesday approved a plan to lower tariff rates on 77 products next year to bolster the country’s industrial competitiveness and stabilize prices of domestic goods. The products covered by a tariff quota include crude oil, liquefied natural gas and cobalt sulfate, a key ingredient in [...]
SEOUL, SOUTH KOREA, Dec. 9 (Korea Bizwire) - South Korea’s trade is set to experience moderate growth in the machinery and technology industries, offering some optimism amidst a continuing trade for the three-month period ending in January 2020, according to data from the DHL Global Trade Barometer released by DHL, the world’s leading logistics company. The [...]
SEOUL KOREA, Oct. 8 (Korea Bizwire) - In the face of an overall decrease in trade outlook and a three-point contraction in air trade, South Korea’s ocean trade is set to buoy the country’s trade prospects over the next three months, according to data from the DHL Global Trade Barometer released by DHL, the world’s leading [...]
SEOUL, Jul. 19 (Korea Bizwire) — Amid a tentative truce in the U.S.-China trade war, another potentially calamitous conflict is looming between two other key players in the global economy and regional security — South Korea and Japan — with trade weaponized as well. Often prickly Seoul-Tokyo relations are at the worst level since the [...]