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Korea

South Korean fruit imports rise in 2016: Customs Data

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SEJONG: The amount of fruit imported by South Korea reached record high levels last year on growing demand for dietary diversity, customs data showed Saturday. A total of 863,663 tons of fruit were imported in 2016, up 4.2 percent from a year earlier, according to the data compiled by the Korea Customs Service. It surpass the earlier annual record of ... Read More »

South Korea, Vietnam to boost trade under FTA

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SEOUL: The three-year-old free trade agreement with Vietnam will allow South Korean companies to further increase their auto, steel and petrochemical exports on tax removal or cuts, customs experts said Thursday. In a seminar held at the Korea Chamber of Commerce and Industry (KCCI) in central Seoul, customs experts called on Korean companies to aggressively take advantage of tariff benefits ... Read More »

South Korea, India ink accord to avoid double taxation

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SEOUL: South Korea’s top tax official and his Indian counterpart agreed to avoid double taxation between the two countries, the government said Wednesday. National Tax Service chief Lim Hwan-soo and India’s Revenue Secretary Hasmukh Adhia also agreed to create stable tax conditions for investments during their meeting in Seoul, according to the NTS. The bilateral double taxation avoidance pact was ... Read More »

South Korea Q1 GDP growth to bounce sharply

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SEOUL: South Korea’s economic growth likely accelerated at a sharper pace in the first three months of the year than the previous quarter as exports and capital investment tracked a recovery in the global economy. The local economy is expected to have expanded by a median 0.7 percent over January-March in seasonally adjusted terms from the previous quarter, according to ... Read More »

South Korean fruit imports hits record levels in 2016

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SEOUL: The Korea Customs Service said 863,660 tons of fruit were imported last year, up more than four percent from 2015. Fruit imports have steadily risen over the years from under 350,000 tons in 2000 to some 840,000 in 2012. Avocados posted the steepest growth of 92 percent. More than 2,900 tons were imported last year. Orange imports were up ... Read More »

S. Korea losing port calls after Hanjin Shipping bankruptcy

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SEOUL: Global shipping companies have reduced their calls at South Korean ports despite adding more worldwide services, partly a result of Hanjin Shipping going bankrupt, a research organization said. Four different shipping alliances have been realigned into three major players — 2M, The Alliance and Ocean Alliance — in April after South Korea’s Hanjin, once the world’s seventh largest maritime ... Read More »

Despite bird flu South Korea to keep importing eggs

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SEOUL: South Korea is set to keep importing eggs from overseas for the next few weeks despite downgrading the country’s worst-ever bird flu outbreak by one notch from the highest level. The downgrade was introduced from Wednesday as no new cases of the virus have emerged for about two weeks, but government sources said egg imports would keep pouring into ... Read More »

U.S wants to enhance free trade deal with South Korea: Mike Pence

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SEOUL: The US trade relationship with South Korea is “falling short”, with the free-trade deal between the countries under review, Vice-President Mike Pence said on Tuesday. “We’ll pursue trade that is both free and fair,” Pence said during remarks at a US business chamber gathering in Seoul. “And that’ll be true in all our trade relationships, including Korus,” he said, ... Read More »

South Korean economy to suffer if US put trade curbs on China

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SEOUL: South Korea’s economy would suffer modest collateral damage if the United States were to impose trade restrictions on China, the state-run Korea Development Institute (KDI) think tank said in a report on Monday. The KDI reckoned a 10 per cent fall in Chinese exports to the United Sates would erase 0.31 per cent from South Korea’s total gross domestic ... Read More »

South Korea probes possible meth-smuggling ring involving US soldiers

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SEOUL: The care packages looked innocent enough, filled with cereal boxes and cookies for soldiers far from home. But a closer inspection revealed crystal methamphetamine worth millions of dollars hidden inside. Four soldiers — two from Camp Humphreys and two from Camp Stanley — have been accused in separate cases of using the Military Postal Service Agency to try to ... Read More »

China rejects coal shipments from North Korea, buys more from USA

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BEIJING: A fleet of North Korean cargo ships laden with coal is returning to their home port of Nampo after China ordered its trading companies to refuse the shipments. This appears to show China is committed to the ban on imports of North Korean coal after Pyongyang carried out globally criticized missile tests. Coal is the crucial export product of ... Read More »

South Korea’s net exports of goods surge 18.9% in 2016

Philippines Jan. exports rise at fastest pace in 3 years

SEOUL: South Korea’s net exports of goods through merchanting trade jumped 18.9 percent in 2016 from a year earlier due to brisk sales of smartphones, central bank data showed Monday. The country’s net exports of goods under a merchanting arrangement came to $9.46 billion in 2016, up $1.5 billion, according to data compiled by the Bank of Korea. The increase ... Read More »

South Korea, Turkmenistan hold talks on economic cooperation

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ASHGABAT: Ashgabat hosted a meeting of the Turkmenistan-South Korea intergovernmental commission on commercial, economic, scientific and technological cooperation, said the Turkmen Foreign Ministry in a message. The Turkmen side was headed by Deputy Prime Minister Maksat Babayev, the South Korean side – by Minister of Trade, Industry and Energy Joo Hyunghwan. The meeting’s agenda included the issues of development of ... Read More »

Japan extends sanctions against North Korea

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TOKYO: With no end in sight to North Korea’s nuclear and ballistic missile ambitions or a return of Japanese citizens abducted by the rogue state, Tokyo yesterday said it would extend its own sanctions against Pyongyang for two more years. The unilateral penalties, which were first imposed in 2006, were due to expire next Thursday, and complement six sets of ... Read More »

S. Korea seeking double taxation agreement with Kingdom

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SEOUL: South Korea is pushing forward with discussions to hammer out a double taxation agreement (DTA) with the Kingdom that would provide an additional incentive for Korean businesses to set up shop and increase fiscal transparency while shielding individuals and corporations from being taxed twice. Speaking at a memorandum of understanding signing yesterday between the Korea International Trade Association and ... Read More »

South Korean economy on modest recovery due to investment

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SEOUL: The South Korean economy has been seeing a modest recovery in recent months on the back of improvement in investment and exports, a state-run think tank said Thursday. “The Korean economy continued to grow at a moderate pace on improving investment and exports,” the Korea Development Institute (KDI) said in its monthly evaluation of the country’s economic conditions. “Both ... Read More »

S. Korea’s seafood exports increase nearly 11% in Q1

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SEOUL: South Korea’s exports of seafood rose 10.9 percent in the first three months of the year on steady overseas demand, government data showed Wednesday. Outbound shipments of South Korean seafood reached US$482 million in the January-March period, up from $434.7 million tallied a year ago, according to the data compiled by the Ministry of Oceans and Fisheries. It marked ... Read More »

S.Korea March inflation jumps to near 5-yr high on food, service costs

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SEOUL: Consumer price growth in South Korea picked up at the fastest pace in nearly five years in March as the prices of fresh food and services rose, signalling a rebound in domestic demand after months of weakening consumer sentiment over a corruption scandal that led to the ouster of President Park Geun-hye. The consumer price index rose 2.2 percent ... Read More »

GM Korea March sales fall 12.4% on weak exports

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SEOUL:  GM Korea Co. said Monday it posted a double-digit on-year drop in sales last month due to lower demand for small cars and its flagship models. In March, the company’s domestic sales plunged 12.4 percent year-on-year to 14,778 vehicles from 16,868. Exports were also down 8.2 percent to 36,072 from 39,276, GM Korea said in a statement. The South ... Read More »

S. Korea’s exports jump 13.7% in March

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SEJONG:  South Korea’s exports rose for the fifth straight month in March on the back of brisk sales of chips, displays and cosmetics, the trade ministry said Saturday. Outbound shipments came to a more-than-two-year high of US$48.9 billion last month, up 13.7 percent from $43 billion tallied a year earlier, according to the Ministry of Trade, Industry and Energy. The ... Read More »