Korean instant noodle exports hit record high in February

SEOUL, March 12 (AJP) - South Korea’s instant noodle exports surged to a record monthly high of $121.15 million in February, a 30.4 percent increase from the same period last year, according to data released Wednesday by the Korea Customs Service. Total exports for the first two months of the year reached $228.64 million, up 28 percent year-on-year, with export volume rising 30.2 percent to 57,190 tons. The figures highlight the growing global appetite for Korean instant noodl

March 12, 2025

Soaring debt, housing slump threaten Korean construction industry

SEOUL, March 12 (AJP) - Anxiety is mounting among small and mid-sized construction firms in South Korea as a wave of bankruptcies sweeps through the industry. At least seven companies, including Shindonga Construction and Sambu Construction, have filed for court receivership this year, underscoring the financial distress gripping the sector. According to data from the Ministry of Land, Infrastructure and Transport, 109 construction firms shut down by February 28 this year &mdas

March 12, 2025

US steel, aluminum tariffs take effect; South Korea's exemption quota scrapped

SEOUL, March 12 (AJP) - The Trump administration’s 25 percent tariffs on steel and aluminum imports took effect on Wednesday, marking the first sweeping trade measure imposed on all U.S. trading partners since the president’s return to office in January. The tariffs, enacted through executive order last month, apply a uniform 25 percent duty on all imported steel and aluminum products, encompassing 253 derivative items. The policy eliminates South Korea’s previo

March 12, 2025

US bill targeting Chinese batteries may open opportunities for Korean firms

SEOUL, March 12 (AJP) - The U.S. House of Representatives on Monday approved the "Reducing Dependency on Foreign Adversary Batteries Act," marking a significant shift in U.S. policy by establishing the first non-tariff barrier against Chinese battery manufacturers. The legislation, which now heads to the Senate, would prohibit the use of batteries from six leading Chinese companies in projects involving the Department of Homeland Security (DHS) or funded by the agency.

March 12, 2025

Trump's escalating tariff policy raises global recession concerns

SEOUL, March 12 (AJP) - Concerns over a potential global recession triggered by U.S. President Donald Trump's tariff war have intensified in recent days as his escalating trade policies threaten global economic stability. Last week, the president imposed a 25 percent tariff on imports from Mexico and Canada while doubling levies on Chinese goods to 20 percent — only to announce two days later that he would delay some of those increases until April 2. A 25 percent tariff on

March 12, 2025

Hyundai, Toyota refocus on China amid US market uncertainty

SEOUL, March 11 (AJP) - Hyundai Motor and Toyota Motor are recalibrating their strategies in China, while the United States grapples with economic uncertainty driven by President Donald Trump’s escalating tariff regulations. China, one of the world’s most significant automotive markets, saw its electric vehicle sector capture a 30.2 percent market share in 2024, marking a 38.8 percent year-on-year increase. Overall, vehicle sales — including wholesales and imports

March 11, 2025

Antitrust watchdog probes whether pharmacists blocked low-cost health products at Daiso

SEOUL, March 11 (AJP) - South Korea’s Fair Trade Commission has opened an inquiry into Ilyang Pharmaceutical’s sudden withdrawal of health supplements from Daiso stores, amid concerns that the country’s pharmacists’ association may have played a role in the decision, industry sources said Tuesday. The antitrust regulator is investigating whether the association’s involvement, if confirmed, constitutes a violation of fair trade laws. Ilyang Pharmace

March 11, 2025

SK Energy to supply sustainable aviation fuel to Hong Kong carrier

SEOUL, March 11 (AJP) - SK Energy announced Tuesday that it will supply more than 20,000 tons of sustainable aviation fuel to Cathay Pacific Airways by 2027, marking the first major agreement of its kind between a South Korean refiner and a Hong Kong-based airline. The deal, finalized on Monday, builds on a partnership that began in November, when Cathay Pacific started using SK Energy’s sustainable fuel for all aircraft departing from Incheon International Airport. The compan

March 11, 2025

Homeplus debt crisis deepens, shaking Korea's financial sector

SEOUL, March 11 (AJP) - South Korea’s financial sector is reeling from the aftershocks of major retailer Homeplus’ surprise filing for court-led debt restructuring last week, raising concerns over potential losses for retail investors and sparking allegations of misconduct. The nation’s second-largest retailer entered court receivership on March 4, sending shockwaves through financial markets, where approximately 600 billion won (US$411.5 million) in debt securitie

March 11, 2025

Korea slips to seventh in global auto production due to weak domestic demand

SEOUL, March 10 (AJP) - South Korea’s auto industry slipped to seventh place in global vehicle production last year, as sluggish domestic demand outweighed modest gains in exports, according to a report released Monday by the Korea Automobile & Mobility Industry Association (KAMA). The country produced 4.13 million vehicles in 2024, marking a 2.7 percent decline from the previous year. Domestic sales fell to their lowest level since 2013, dropping 6.5 percent year-on-yea

March 10, 2025