South Korean exporters are facing growing protectionism as economies around the globe, in particular those in developing countries, still struggle to shield their local industries from a prolonged economic slowdown and surge in foreign imports, industry data showed Sunday. According to the data compiled by the Korea International Trade Association (KITA), a total of 34 import restrictions, including anti-dumping measures, were newly imposed on South Korean-made goods by 17 countries last year

July 6, 2014

Negotiations between South Korea and China on a bilateral free trade agreement appear likely to pick up pace as the presidents of the two countries have set the end of the year as the deadline for concluding the deal. For this end, South Korea is expected to yield on the agro-fishery industry while the Chinese counterpart is expected to give in on opening the manufacturing market, insiders say. “Chinese President Xi Jinping is determined to push the Chinese officials to accelerate the talks. Chi

July 4, 2014

Exports of kimchi to China may finally get a boost following the bilateral summit meeting between South Korean President Park Geun-hye and her Chinese counterpart Xi Jinping.At talks held Thursday, the two leaders agreed to expand cooperation and exchanges in the food sector as well as review various regulatory standards that Seoul has argued effectively made it impossible to export kimchi to China.Kimchi is a salted, spicy fermented side dish made with either pickled cabbage, cucumber or radish

July 4, 2014

South Korean shipbuilders were overtaken by their Chinese rivals in the first half of the year, yielding their top position, industry data showed Friday. Data showed they also lagged behind Japan in June.South Korean shipyards clinched new orders for 164 ships totaling 5.55 million compensated gross tons in the January-June period, down 29.5 percent from 230 ships totaling 7.87 million CGTs a year ago, according to the data by global market researcher Clarkson Research Services.During the same p

July 4, 2014

Some 30 companies are likely to be put under restructuring this year, mostly those in ailing sectors such as construction and shipbuilding that are in a prolonged slump, sources from creditor banks said Friday. The Financial Supervisory Service and creditor banks have completed assessing the credit risks of companies that have 500 billion won ($495 million) or more in bank loans and are set to soon announce the list of firms subject to restructuring. Although the national economy still remains d

July 4, 2014

South Korea’s imported car sales surged 39.2 percent on-year in June on the back of strong demand, according to a local trade association on Friday.Sales for June ― 17,803 vehicles ― rose 16.3 percent from the previous month, posting a new monthly record, the Korea Automobile Importers and Distributors Association said. April’s sales had set a previous record of 16,712 units.The total amount represents just under 2.4 percent of the 750,381 new cars sold in the country last month. This figure inc

July 4, 2014

South Korea and China agreed to conclude their bilateral free trade negotiations by the end of this year, Cheong Wa Dae said Thursday.The bodies also agreed that Korea would be able to set up an offshore renminbi trading center in Seoul, enabling clearance and settlement of trade between the two countries in Chinese currency, while Korean institutional investors have been given an 80 billion yuan quota to use Chinese money for mainland equity purchases.This series of deals came after President P

July 3, 2014

Each new discount chain that opens can lead to 22 grocery stores closing down in the same neighborhood, a report said Thursday, supporting views that conglomerate-affiliated retail firms are bound to hurt the business of their smaller rivals. The report from the central bank showed that the number of small discount stores and grocery stores fell 18.6 percent and 12.6 percent on average, respectively, in the five years following the establishment of a large discount store in the areas they operat

July 3, 2014

South Korea is set to ink a major deal with China that will increase the use of each other’s currencies in cross-border transactions.The leaders of the two countries are expected to sign an agreement to allow direct trading of the Korean won and the Chinese yuan following their summit Thursday, sources close to the matter said. The Seoul government has openly pushed to sign the deal as a part of its strategic plans to become an offshore trading hub for the yuan in Asia. Experts here say the dire

July 2, 2014

The South Korean government has postponed a decision on whether to liberalize the local rice market, due to strong objections from farmers as well as ongoing debates about import duties on rice.The government, which is preparing to open the rice market, was supposed to announce its decision at a meeting of economy-related ministers on Monday.However, it decided to delay the announcement until sometime in July, citing lack of time to gain public consensus on the issue.The Ministry of Agriculture,

June 30, 2014

Business sentiment for July among South Korean manufacturers fell to its lowest level in seven months, central bank data showed Monday, raising concerns over a protracted slump in domestic demand.The index, which measures manufacturers’ outlook on business conditions for the coming month, came in at 78 for July, compared with 81 for June, according to a monthly survey by the Bank of Korea.The July data marks the lowest since the outlook for December reached 78.“Overall, it seems that concerns ov

June 30, 2014

South Korea is likely to announce its position on the rice market liberalization issue in "mid-July," a government source said Monday, apparently delaying its final decision that had been expected within this month."We are likely to postpone an official announcement on rice liberalization as we need more time to gather consensus with lawmakers," a government source close to the matter told Yonhap News Agency on condition of anonymity. "We cannot wait indefinitely, however, since we have to notif

June 30, 2014

Foreign tourists who visited South Korea to experience “hallyu,” or the Korean wave firsthand, spent an average $2,100 per person during their stay, a poll released by the Korea National Tourism Organization showed Sunday.The survey was conducted by a dedicated local pollster on 1,230 tourists who visited the country this year. Hallyu refers to South Korean pop songs, soap operas and movies that are popular abroad. Studies have shown that there may be over 3.3 million “hardcore” fans all across

June 29, 2014

South Korea’s free trade pact with the European Union, which went into effect in July 2011, allowed growth of local exports to the giant economic bloc, helping Asia’s fourth-largest economy to outpace rivals, a report showed Sunday.According to data by the Korea International Trade Association, exports to the EU following the free trade agreement consistently did better than those of China, Japan and Taiwan, despite weak demand caused by the recent European financial crisis that hurt trade acros

June 29, 2014

South Korea’s trade deficit with China in textiles and clothing reached $1.43 billion in the first five months of this year due mainly to the inflow of cheap goods, a report showed Sunday.In the January-May period, South Korea imported $2.47 billion worth of goods and shipped some $1.04 billion in clothing and textiles, the report by the Korea Institute for Industrial Economics and Trade said.The size of the deficit is equal to 39.8 percent of the $3.59 billion deficit posted for the whole of la

June 29, 2014

South Korea's trade deficit with China in textiles and clothing reached $1.43 billion in the first five months of this year due mainly to the inflow of cheap goods, a report showed Sunday.   In the January-May period, South Korea imported $2.47 billion worth of goods and shipped some $1.04 billion in clothing and textiles, the report by the Korea Institute for Industrial Economics and Trade said.   The size of the deficit is equal to 39.8 percent of the $3.59 billion deficit posted for the whole

June 29, 2014