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Korea

South Korea’s exports maintaining recovery pace

index rises

SEOUL: South Korea’s exports are maintaining their recovery momentum. The Korea Customs Service says the country’s outbound shipments came to 27.3 billion U.S. dollars during first 20 days of March, up almost 15 percent on-year. Korea’s exports have been on an upward trend since November of last year, putting an end to nearly two years of decline. The rise in ... Read More »

South Korea agrees to import Indian mangoes

mango

NEW DELHI: Mango exports from India might see a significant boost this year, with South Korea allowing imports of the fruit after conducting the stringent pest risk analysis (PRA). India’s entry into the South Korean market would boost competition, as mango originating from India has been popular in the Middle East, the Far East, the United States and Europe. In ... Read More »

South Korean LNG imports from Qatar boost in February

LNG imports

SEOUL: South Korean LNG imports from Qatar, in February, continued to boost as compared to the previous winter. Overall imports increased by 20% year on year to 3.6m tons, according to customs data. This is lower than December 2016 and January 2017 but higher than any preceding month since January 2015. It also extends to a fifth consecutive month of ... Read More »

South Korean oil imports from Iran rise 54% in February 2017

South Korean oil imports from Iran rise 54% in February 2017

SEOUL: South Korea imported 427,800 barrels per day (bpd) of oil from Iran in February 2017, a 54 percent rise from February 2016, according to the data released by the country’s customs administration. It is while South Korea’s imports of oil from Saudi Arabia fell 3.1 percent to stand at 944,793 bpd in this February compared to the same month ... Read More »

South Korean firm plans to invest US$112m in Bangladesh gas field

bay-of-bengal-sea

DHAKA: South Korea’s Posco Daewoo Corp plans to invest up to US$112 million over the next five years to explore for gas in a deep water block in the Bay of Bengal jointly with Petrobangla, officials said. Mahbub Sarwar of state-owned energy firm Petrobangla said a two-dimensional seismic survey would begin this year in a block adjacent to an area ... Read More »

South Korea’s investment triples under ‘Korea-US FTA’

South Korea’s investment triples under ‘Korea-US FTA’

SEOUL: The Ministry of Trade, Industry & Energy of South Korea announced that South Korea’s investment in the United States has almost tripled since the implementation of the ‘KORUS FTA’ and the cumulative investment has almost doubled during the same period. South Korea and the United States commemorated the 15th anniversary of their FTA on March 15. According to the ... Read More »

S. Korea expects exports growth by 8.5%

growth in exports

SEOUL: Exports of South Korean cultural content are expected to continue to grow despite China’s restrictions on its products and services in retaliation to the deployment of a Terminal High Altitude Area Defense (THAAD) battery here. The Korea Creative Content Agency (KOCCA) said in a 2017 Content Industry Forecast report that export figures are expected to grow on average by ... Read More »

South Korea to lift import tariffs for chicken from next month

chicken imports

SEOUL: South Korea plans to lift import tariffs for chicken from early next month in a bid to prevent price increases amid the country’s worst bird flu outbreak and a ban on US poultry imports, its agriculture ministry said yesterday. The agriculture ministry expected the cuts to help stabilise local prices as imported chickens are cheaper than domestic ones. The ... Read More »

South Korea to introduce bitcoin currency soon

South Korea to introduce bitcoin currency soon

SEOUL: A single bitcoin, a digital currency that exists as a computer record, is now worth more than one ounce of gold, attracting investors’ attention. As some say that the first bitcoin exchange-traded fund (ETF) to be issued in the United States is set to receive approval from the U.S. Securities and Exchange Commission (SEC), the investment in bitcoin is ... Read More »

S.Korea-U.S FTA beneficial for both countries’ EXIM

S.Korea-U.S FTA beneficial for both countries’ EXIM

SEOUL: The free trade agreement (FTA) between South Korea and the United States has been a win-win for both countries since its enactment five years earlier. The pact has brought about increases in an import market share in each other’s countries. According to a report titled “Evaluations and Implications for Five Years after Effectuation of Korea-US FTA” released by the ... Read More »

South Korea’s exports continue to recover

credit growth

South Korea’s exports will continue to recover with improving factory production and investment activities, even as domestic demand remains weak amid political uncertainties, the finance ministry said. Shipments of semiconductors and electronic components are driving the exports recovery, while sluggish domestic demand is holding back the overall growth, the ministry said in its monthly assessment of the economy. The ministry ... Read More »

South Korea urges exporters to strengthen trade deals with US

South-Korean-U.S.-Flags

SEOUL: South Korean exporters have been urged to put in place strategies to deal with potential changes to trading conditions with the United States. A free trade agreement between the United State and Korea – KORUS – entered into force on March 15, 2012. Within three years, the deal was to remove cross-border tariffs on nearly 95 percent of trade ... Read More »

South Korea wants to expand trade with India

South Korea India

SEOUL: India could emerge as an alternative export market to China for South Korea amid a diplomatic row between Seoul and Beijing over the deployment of a Terminal High Altitude Area Defense battery here, analysts said. Although Korea and India forged a bilateral trade deal, or the Comprehensive Economic Partnership Agreement in 2010, the two sides have not yet fully ... Read More »

South Korea to ban US poultry imports due to H7 bird flu

Canadapoultryimports

SEOUL: South Korea will ban imports of US poultry after a strain of H7 bird flu virus was confirmed at a US chicken farm, the agriculture ministry said on Monday (March 6), and cutting shipments from its main supplier during a current egg shortage. A case of the highly pathogenic H7 avian influenza was found on Sunday in a chicken ... Read More »

South Korean economy faces turmoil by China’s THAAD

South Korean economy faces turmoil by China’s THAAD

SEOUL: The South Korean economy is facing trials at home and abroad as China steps up its economic retaliation for Seoul’s Terminal High Altitude Area Defense (THAAD) deployment plan. Some of China’s measures are already having a visible impact, including the cancellation of large-scale South Korea visits by Chinese tour groups. Stock prices for duty-free stores and businesses involved in ... Read More »

South Korean exports shows positive signs in February, grows 20.2%

South Korean exports shows positive signs in February, grows 20.2%

SEOUL: South Korean exports grew at their fastest pace in five years in February in a further sign that global demand is strengthening, even as trade-reliant economies brace for a possible rise in U.S. protectionism. Both exports and imports grew more than expected, jumping 20.2 percent and 23.3 percent respectively, and both at the strongest pace since February 2012, data ... Read More »

South Korea ready to open its market for Brazilian mango

Brazilian mango

SEOUL: South Korea is opening its market to Brazilian mango after 13 years of negotiation, according to an announcement made this week by the Brazilian Ministry of Agriculture Livestock and Food Supply (Mapa). The partnership between the Asian and Latin American countries comes after a mission from South Korea joined Mapa’s minister Blairo Maggi on an inspection trip to the ... Read More »

South Korea’s crude oil imports up 5.1% in 2016

crude sales

SEOUL: South Korea’s imports of crude oil climbed 5.1% last year from a year earlier, driven by a surge in shipments of Iranian oil following the removal of international trade sanctions against the country, government data showed. The combined inbound purchase of crude oil reached 1.78 billion barrels at the end of December, compared with 1.26 billion barrels the previous ... Read More »

Indonesia seeks to boost exports to South Korea through AKC

customs-export

JAKARTA: The Trade Ministry expressed its commitment to boosting trade with South Korea through the ASEAN Korea Center (AKC), which aims to achieve trade worth a total of US$200 billion by 2020. The commitment was made during the ninth council of the AKC in Seoul. “In this year’s work program, we’ve committed to partaking actively in the game exhibition in ... Read More »

South Korean sea food imports rise for third straight year in 2016

fish

SEOUL: South Korea’s seafood imports rose for the third straight year in 2016 on rising demand for healthier food and ingredients, government data showed Thursday. The total value of imported seafood reached $4.79 billion in 2016, up 5.2 percent from a year earlier, according to the data compiled by the Ministry of Fisheries and Oceans. It marked the third consecutive ... Read More »