Archive for the ‘South Korea’ Category

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 […]

Korea’s agricultural exports reached a new milestone through October 2024, underscoring the country’s increasing role in global trade. With a surge in demand for both fresh and processed food items, total agricultural exports rose to $8.18 billion, marking an impressive 8.7% year-over-year growth, according to the Ministry of Agriculture, Food and Rural Affairs.   The […]

The anticipated free trade agreement (FTA) between the Philippines and South Korea is expected to provide a moderate increase in textile exports from the Philippines. According to Robert Young, President of the Foreign Buyers Association of the Philippines (Fobap), the country exported approximately $50 million worth of mixed apparel to South Korea in 2023.   […]

In a significant advancement for trade and regional cooperation, South Korea and Singapore have announced their intention to establish a strategic partnership in 2025, coinciding with the 50th anniversary of their diplomatic relations. This exciting development was unveiled during a joint press conference by South Korean President Yoon Suk Yeol and Singapore’s Prime Minister Lawrence […]

In a remarkable display of economic resilience, South Korea’s exports surged 7.5% year-on-year in September, totaling a record $58.77 billion. This outstanding performance marks the 12th consecutive month of growth, reflecting the nation’s strong position in global trade.   Leading the charge were the semiconductor and automobile sectors, which achieved all-time highs. Semiconductor exports soared […]

Economic Policy, News, South Korea

February 14, 2024

In a bid to bolster key sectors and alleviate challenges faced by small businesses amidst high interest rates, South Korea has introduced a substantial financial support program totaling 75.9 trillion won ($56.97 billion).   The initiative encompasses various measures, including 15 trillion won in affordable policy loans from a state-run bank designated for pivotal industries […]

International Trade, News, South Korea

February 12, 2024

South Korea has once again secured its position among the world’s top 10 defense exporters, with exports totaling approximately $14 billion in 2023. This marks the second consecutive year that South Korea has achieved this milestone, showcasing its growing influence in the global defense market. Anticipating continued demand, bolstered by substantial deals already in place, […]

International Trade, News, South Korea

January 29, 2024

South Korea’s export-import cargo experienced a 1 percent growth in 2023, signaling a recovery in the country’s exports, according to the Ministry of Oceans and Fisheries. The seaports in South Korea handled a total of 1.32 billion tons of export-import cargo, a slight increase from the previous year’s 1.31 billion tons. However, overall cargo processed […]

International Trade, News, South Korea

January 24, 2024

In a significant milestone, South Korean water purifiers achieved record-breaking exports in 2023, propelled by their exceptional quality, design, and service. With a growing global demand for clean and healthy water, Korean water purifiers are poised to accelerate their expansion into international markets.   Data from the Korea Trade-Investment Promotion Agency (KOTRA) revealed that South […]