Despite Korea experiencing a boom in exports in the semiconductor industry, overall export growth for Korean goods is expected to fall short of the overall growth rate of worldwide trade due to worsening international competitiveness, according to the Bank of Korea on Wednesday.　The central bank forecast Korea’s exports would see 3.7 percent growth this year compared to last year. However, the figure is 0.5 percentage point lower than the International Monetary Fund’s global trade gr

Economy Nov. 22, 2017

South Korea continues to struggle with its high youth unemployment rate, with the number of employed Korean youths hitting a record low last month and the number of senior citizens in Korea continuing to climb, according to data from Statistics Korea on Tuesday. 　The number of employed Koreans aged 15 to 29 stood at 3.93 million in October, 52,000 lower compared to the same month last year. The employment figure also represents an all-time low percentage of 14.6 percent of Korea’s total em

Economy Nov. 21, 2017

Samsung Engineering has filed an investor-state dispute settlement suit against Saudi Arabia with the International Center for Settlement of Investment Disputes of the World Bank over changes made to its power plant construction contracts for Yanbu Industrial City. 　Earlier this year, Saudi Arabia’s Saline Water and Conversion Corp. canceled the contract for a major power and desalination plant in Yanbu Industrial City after disagreements arose with Samsung Engineering over changes to the projec

Industry Nov. 20, 2017

For the first time in 14 years, imports of US beef accounts for more than half of South Korea’s imported beef market on the back of the two countries’ free trade agreement, according to data from the Korea International Trade Association on Monday. 　From January to October this year, US beef imports hit $989 million, making up 50.7 percent of the country’s beef import market, marking the first time it has exceeded 50 percent after hitting a record-high 75.9 percent in 2003.&nbs

Economy Nov. 20, 2017

The cost to purchase a home in South Korea’s capital of Seoul surpasses that of Tokyo and is quickly catching up to New York, according to a report by the National Assembly Research Service on Sunday. 　The report showed that the price of a Seoul home cost an average of 100 million won ($91,500) more than that of a house in Japan’s capital. The median price for a Seoul home stood at 434.85 million won as of late last year, compared to Tokyo’s 311.36 million won.  　Purchasin

Market Nov. 19, 2017

Ahead of future trade amendments negotiations of the five-year Korea-US Free Trade Agreement, the United States is likely to demand an increased use of American-made parts on Korean vehicles exported to the states, according to industry experts on Sunday. 　As the Trump Administration is already pushing for a higher percentage of American auto parts to be used by its major trading partners through its ongoing North American Free Trade Agreement trade renegotiation talks, local trade officials are

Industry Nov. 19, 2017

Kim Young-joo, who was officially elected as the new chairman of the Korea International Trade Association on Thursday, said he would focus on helping Korea’s small and medium-sized enterprises thrive on a global level.  　“Korea’s SMEs account for a small share of exports compared to other advanced countries,” said Kim, during a press conference held at the InterContinental Seoul Coex on Thursday.　“We will seek various support measures to enable SMEs and start-

Economy Nov. 16, 2017

The Ministry of SMEs and Startups launched its three-day Growth Ecosystem ScaleUp Workshop in Changwon, South Gyeongsang Province, on Wednesday, highlighting a new vision to revitalize the local economy and create more jobs through customized solutions. 　The workshop, which is being held at the Pullman Ambassador Changwon hotel through Friday, is led by professor Daniel Isenberg. It includes participants and key leaders from various fields including public institutions, banks, universities and r

Economy Nov. 15, 2017

The World Trade Organization has ruled in favor of South Korea’s complaint that the United States’ anti-dumping duties against Korean steelmakers is in violation of international trade law, according to a statement by the Ministry of Trade, Industry and Energy on Wednesday. 　The ruling comes nearly three years after the Korean government filed a complaint against the US arguing that its profit data calculations for dumping rate margins, which led to the US levying tariffs on oil coun

Economy Nov. 15, 2017

Under the theme of “Proud Sponsor of Moms,” Procter & Gamble recently released the latest video for its “#LoveOverBias” ad campaign, voicing support and appreciation for mothers ahead of the upcoming 2018 Winter Olympic Games in PyeongChang. 　“One of the things that is commonly mentioned among various studies on the developmental process of infants and toddlers is the pivotal role of the mother,” said a statement by P&G, an American consumer goods corporation. “While there are many theories and

Industry Nov. 14, 2017

Local businesses have voiced concerns that Australia’s liquefied natural gas export restriction may mean tight times for Korean companies in the near future, considering President Moon Jae-in’s new eco-friendly energy policy that likely increase the country’s LNG consumption. 　Roughly 200 delegates from Korea and Australia attended the 38th annual Korea Australia Business Council, held in Brisbane from Nov. 12 to 14. Kwon Oh-Joon, the chairman of both Posco and the KABC, and Mark Vaile, chairman

Industry Nov. 14, 2017

A group of protesting local farmers took over Seoul’s public hearing on the Korea-US Free Trade Agreement on Friday morning, demanding the Seoul government terminate the agreement.　Ahead of trade revision talks on the Korea-US FTA, the Ministry of Trade, Industry and Energy was to hold the public hearing at Coex in Seoul, in accordance with the FTA amendment negotiation procedures to collect public opinion on the trade deal.　The hearing was intended to include a short government presentati

Economy Nov. 10, 2017

Negotiations between Seoul and Washington regarding the revision of the Korea-US Free Trade Agreement are expected to begin next month, according to the Ministry of Trade, Industry and Energy. 　The timeline for the FTA revision process still needs to be determined because the US has yet to officially announce whether it intends to push forward with a full or partial revision of the agreement, said a Trade Ministry official. However, if the two nation’s push for a speedy process, negotiatio

Economy Nov. 9, 2017

During his two-day state visit to Korea on Tuesday and Wednesday, US President Donald Trump spared no opportunity to stress his economic crusade to reduce US trade deficits. Trump revealed Seoul will be buying billions of dollars’ worth of American military equipment, while calling the Korea-US Free Trade Agreement “not very good for the United States.”　Although Washington has continuously cited its growing trade deficit with Korea as the main reason behind its discontent with

Economy Nov. 8, 2017

One day ahead of US President Donald Trump’s visit to Korea, the Ministry of Trade, Industry and Energy and Korea International Trade Association on Monday held an annual trade conference, discussing ways to combat trade protectionism. 　The fourth 2017 International Conference of Trade and Industry at Coex in Seoul opened under the theme of “A new cooperation paradigm for realizing free and inclusive trade,” with both local and international trade experts tackling growing conce

Economy Nov. 6, 2017