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Korea

Korea’s Trade Dependence on China Soars in Seven Years

The Korea International Trade Association announced that North Korea’s trade with China accounted for 91.8 percent of the total trade value of North Korea last year, increasing more than five-fold in seven years. Back in 2001, Japan, China and South Korea accounted for 30.1 percent, 17.3 percent and 8.8 percent of North Korea’s total trade value, respectively. Last year, however, ... Read More »

Japan beer exports to Korea hit zero amid trade spat

Japanese beer exports to South Korea hit zero last month amid boycotts sparked by a simmering trade row between the Asian neighbours. Official figures on Thursday showed Japan food exports were down 58.1% in October, according to broadcaster NHK. Sake shipments tumbled more than 90% and instant noodles also flat-lined, it said. What began as a diplomatic feud over wartime ... Read More »

Korea’s Exports Likely to Decrease Even If US-China Trade Talks Succeed

The International Monetary Fund (IMF) said in its report that the potential trade agreement between the United States and China is likely to include managed trade elements, that is, purchases from each other, the agreement is expected to contribute to the global economy in the form of lower tariffs and reduced policy uncertainties, and yet exports from South Korea, Japan ... Read More »

President Moon to Meet with Chinese Business Leaders in December

President Moon Jae-in will meet with key business leaders from China at the Blue House on Dec. 4 as part of his efforts to lift China’s prolonged ban on Korean products. The Korea Chamber of Commerce and Industry (KCCI) told officials of major Korean companies such as Hyundai Motor and SK on Nov. 14 that a dialogue between Korean and ... Read More »

Korea’s Auto Industry Loses 10,000 of Its Workers This Year

With Korea’s vehicle output falling rapidly, the number of employees in the automobile industry declined by about 10,000 this year. That is, about 1,000 workers per month have left the industry. As the automobile industry, which is a foundation of the Korean manufacturing industry, undergoes a crisis of “production cliff,” workplaces and jobs are disappearing at once, causing concerns that ... Read More »

Descente slashes net profit outlook by 82% amid Korea boycott of Japanese goods

Sportswear-maker Descente Ltd. on Wednesday sharply slashed its net profit outlook for fiscal 2019, hit by a widespread boycott of Japanese products in its mainstay South Korean market. The seller of Umbro, Le Coq Sportif and Munsingwear brands said it expects group net profit to plummet 82.3 percent to ¥700 million ($6.4 million) in the year to March 2020, down ... Read More »

Korean Government Completes Procedures for CABEI Membership

The South Korean government announced on Oct. 31 that an amendment to the Act on the Measures for the Admission to International Financial Institutions passed the plenary session of the National Assembly. The purpose of the amendment is for South Korea to become a member of the Central American Bank for Economic Integration (CABEI). The multilateral development bank, which has ... Read More »

2 Firms in Japan Framed in Car Smuggling to N. Korea: Probe

Two companies in Japan allegedly involved in the smuggling of German-made luxury cars to North Korea handled the vehicles without knowing that they were bound for the reclusive country, according to a summary of an investigation report by a team of lawyers. Mino Logistics Japan Co. in the western city of Osaka and affiliated Zuisyo Co. in Hyogo Prefecture, near ... Read More »

Vietnamese woman accused of smuggling drugs to Korea

A Vietnamese woman was nabbed by police in her home country for allegedly trying to smuggle drugs into Korea, a Vietnamese media outlet said. The VN Express reported that Le Thi Loan, a 29-year-old Vietnamese national married to a Korean man, was caught Wednesday for allegedly attempting to traffic narcotics to Seoul. Vietnamese police seized another Vietnamese woman with 140 ... Read More »

Korea cuts rates to record low to boost growth

The Bank of Korea on Wednesday cut its main policy rate by a quarter point to a record low of 1.25 per cent to shore up growth as the export-driven economy struggles with global trade frictions and weaker chip prices. Calls for monetary policy easing have increased recently, following the country’s first drop in consumer prices in September and 10 ... Read More »

Samsung Electronics flags 56% fall in third quarter profits

Samsung Electronics says it expects operating profits to drop more than 50% in Q3 amid a continued slump in the global chip market. Operating profits for July to September was expected to reach 7.7 trillion won (US$6.4 billion), down 56.2% from a year earlier – this from the world’s largest maker of smartphones and memory chips. It marks the fourth ... Read More »

Economist warns on larger ripple effect of Japan-South Korea trade war

An escalation of the trade war between Japan and South Korea will have a greater ripple effect than is priced in the markets, as it could disrupt the technology supply chain starting with China, S&P Global Ratings has warned. While there may be isolated winners in the stock market, an ongoing dispute will have global implications, boosting production costs for ... Read More »

South Korea and Japan business leaders call for end to dispute

Business leaders from South Korea and Japan have urged both governments to find a quick diplomatic solution for the deepening trade disputes, warning of negative economic consequences for both countries. About 300 businessmen from the two neighbouring countries made the call from the annual conference of the Korea-Japan Economic Association in Seoul, which has served as the leading platform for ... Read More »

South Korean Economy Reached Its Latest Peak Two Years Ago

The South Korean government officially announced on Sept. 20 that the South Korean economy hit its latest peak in September 2017, which means a downtrend began after President Moon Jae-in took office. Some experts are pointing out that the Moon Jae-in administration is accelerating the downtrend with its policies such as a higher corporate tax rate and a rapid increase ... Read More »

South Korea set to exclude Japan from whitelist this week

SEOUL — South Korea is set to exclude Japan from its export control whitelist this week in response to Tokyo’s earlier decision to remove Seoul as a preferred trading partner and impose tighter controls on exports. Since the Aug. 12 announcement by Industry Minister Sung Yun-mo that Korea would drop Japan as a preferred trading partner, the ministry has completed ... Read More »

Asian stocks mixed after US, Chinese tariff hikes

Asian stocks were mixed Monday after Washington and Beijing escalated their trade war with new tariff hikes. Shanghai advanced while Tokyo and Hong Kong declined. South Korea’s main index was unchanged. The Shanghai Composite Index gained 0.7% to 2,907.51 and Hong Kong’s Hang Seng lost 0.7% to 25,546.70. Tokyo’s Nikkei 225 shed 0.2% to 20.653.99. Seoul’s Kospi was flat at ... Read More »

South Korea’s top court ruling on Samsung heir and ex-president

SEOUL: Samsung Group will discover the fate of its de facto leader on Thursday as South Korea’s Supreme Court rules whether to uphold the bribery conviction of Jay Y. Lee, in a scandal that unseated the president and trained public ire on corporate untouchables. The ruling will also determine how much Lee, 51, can focus on steering the group’s flagship ... Read More »

Japanese Govt Likely to Become More Meticulous in Implementing Export Curbs

With the General Security of Military Information Agreement (GSOMIA) terminated, the Japanese government is expected to put pressure on South Korean industries by slightly increasing the number of items subject to export restrictions or delaying export inspection procedures rather than coming up with new high-impact measures. The Japanese government conducted its first economic retaliation against South Korea early last month ... Read More »

Samsung profit slumps more than half as chip market weakens

The world’s biggest smartphone and memory chip maker Samsung Electronics reported second-quarter net profits slumping by more than half in the face of a weakening chip market, and as a trade row builds between Seoul and Tokyo. The flagship subsidiary of the sprawling Samsung Group has enjoyed record profits in recent years despite a series of setbacks but is now ... Read More »

Korea to invest ¥679 billion to cut reliance on Japanese imports

SEOUL – South Korea said Monday it plans to spend 7.8 trillion won (¥679 billion) over the next seven years to develop technologies for industrial materials and parts in hopes of reducing dependence on Japan amid the escalating trade row. Trade minister Sung Yun-mo said the government would also financially support South Korean companies in mergers and acquisitions of foreign ... Read More »