Archive for the ‘South Korea’ Category

News, South Korea, Trade Policy

February 17, 2025

In an effort to support South Korean exporters, Acting President Choi Sang-mok announced a landmark plan to provide 360 trillion won (approximately $249.3 billion) in trade policy financing. The initiative aims to help businesses navigate the challenges posed by evolving global trade dynamics and increasing pressures from U.S. tariff policies.   At a cabinet meeting […]

Economic Development, News, South Korea

February 11, 2025

South Korea’s Acting President Choi Sang-mok has called for a unified effort in parliament to approve an extra budget aimed at boosting trade and sustaining economic momentum. Emphasizing the importance of proactive financial measures, Choi highlighted the role of strategic investments in ensuring South Korea remains a competitive player in the global marketplace.   “I […]

Global Trade, News, South Korea

February 2, 2025

South Korea’s manufacturing sector started the year on a strong note, with factory activity expanding in January due to robust international demand. This signals a recovery in production and highlights the country’s crucial role in global trade.   According to S&P Global’s latest Purchasing Managers’ Index (PMI) report, South Korea’s PMI rose to 50.3 in […]

International Trade, News, South Korea

January 19, 2025

In response to potential changes in global trade dynamics, South Korea is making strategic moves to bolster its export sector and ensure the stability of its supply chains. The government has announced a significant increase in financing support for exporters, allocating a record 360 trillion won ($247.74 billion) in policy financing through state-run banks and […]

News, South Korea, Trade Relations

January 19, 2025

South Korea is exploring opportunities to enhance its trade relations with the United States by increasing imports of American agricultural products and energy resources. These initiatives aim to bolster economic ties and support mutual growth in one of the world’s most significant trade partnerships.   As a major importer of US agricultural goods, South Korea […]

The forthcoming trade agreement between the Philippines and South Korea is set to create new opportunities for the Philippine banana industry. Starting on January 1, 2025, the agreement will reduce tariffs on bananas, making the country’s exports more competitive in the South Korean market.   Trade Secretary Ma. Cristina Roque highlighted the potential benefits during […]

The National Economic and Development Authority Board has approved the implementation of the free trade agreement between the Philippines and Korea, marking a significant milestone in enhancing economic collaboration and trade relations. This agreement aims to reduce market barriers, foster investment opportunities, and provide expanded access to goods and services between the two countries.   […]

Energy Export, News, South Korea

December 4, 2024

South Korea is ramping up its efforts to expand its presence in the global energy infrastructure market. The government has launched a new initiative aimed at boosting the country’s energy exports, particularly in the areas of power generation, transmission, and distribution.   With growing global demand for energy infrastructure, driven by technological advancements and the […]

South Korea’s trade-reliant economy started 2024 on a positive note as exports rose for the fourth consecutive month. The surge in sales to China and the significant increase in chip shipments, the largest in six years, contributed to this boost.   January’s trade data indicated the favorable momentum, complemented by a national factory activity survey […]

The Philippines and South Korea have taken a significant step to enhance their agricultural trade partnership with the ratification of a free trade agreement (FTA). This agreement is expected to open new opportunities for the export of Philippine tropical fruits to South Korea, complementing the existing trade in vegetables and other agricultural products.   President […]

Korea’s cosmetic industry has achieved a significant milestone, with exports soaring to a record $9.3 billion from January to November 2024, according to the Ministry of Food and Drug Safety. This remarkable achievement surpasses the previous high of $9.2 billion in 2021, reflecting the growing global admiration for Korean beauty products and their influence on […]

Agricultural Exports, News, South Korea

November 26, 2024

Korea’s dried seaweed exports have achieved record-breaking success in 2024, underscoring the nation’s growing influence in the international food trade. According to the Ministry of Oceans and Fisheries, exports reached $850 million between January and October, already surpassing 2023’s annual record of $792 million. The year-end forecast predicts this figure will exceed $1 billion, marking […]

South Korea’s export sector has delivered encouraging results for the first 20 days of November, achieving a 5.8% year-on-year growth, according to recent customs data. This uptick reflects the nation’s ability to navigate global market dynamics and sustain its position as a vital player in international supply chains.   Imports during this period saw a […]

In a significant move reflecting the intricate dynamics of global trade relations, South Korea called upon the United States to provide clarity and resolution pertaining to uncertainties in U.S. export controls within the semiconductor sector, as well as conditions surrounding subsidies for chip investment. This request, articulated by Industry Minister Bang Moon-kyu during a meeting […]

Economic Policy, News, South Korea

November 6, 2024

South Korea is taking proactive steps to support local businesses and bolster trade resilience amid potential shifts in global trade policies. Finance Minister Choi Sang-mok announced that the government is working closely with industries to understand their needs and develop strategies that minimize any potential challenges in the evolving trade environment.   “We are committed […]