S. Korean defense industry secures $42 mln export deal from Middle East through online counseling

SEOUL -- South Korean companies secured an export deal worth about $42 million through online business counseling before presenting their solutions at a major defense exhibition in the Middle East. After the online consultation, the domestic firms took part in the defense event in Saudi Arabia, with more than 700 exhibitors from over 45 nations. According to KOTRA, a state-run trade promotion agency, 15 South Korean companies advised 24 Middle Eastern buyers ahead of the "Wor

February 12, 2024

Online apparel shopping mall operator to make foray into offline department stores and shopping complexes

SEOUL -- Musinsa, a leading South Korean online apparel store operator, has announced its expansion into offline retail as part of its strategic growth plans. The move aims to position the company for increased competition in the fashion industry, particularly against other affordable clothing brands, including sub-labels operated by major clothing companies. Established in 2003 as a small online fashion community, Musinsa has since evolved into a popular online shopping mall, gai

February 11, 2024

Exports of S. Korea's aircraft surpass $1 billion for first time in 2023

SEOUL -- Exports of South Korean aircraft soared 320.5 percent year-on-year to a record high of some $1 billion in 2023, state data showed. This marks the highest export figure since the development of the Buhwal, the first homemade aircraft crafted during the Korean War in 1953. According to data provided by the Korea International Trade Association (KITA) on February 10, South Korea's aircraft exports in 2023 totaled $1,010,000,000. Out of this sum, exports to Poland reached

February 10, 2024

Ice and snow vehicle equipment become popular in S. Korea due to frequent snow

SEOUL -- As South Korea experiences colder temperatures and more frequent snowfall compared to previous years, data released by major ecommerce platforms indicates a surge in the popularity of ice and snow equipment for vehicles. December 2023 saw the country's largest snowfall on record, with a maximum accumulation of 12.2 centimeters (4.8 inches), followed by continued snowfall throughout January. While main streets in Seoul are typically cleared of snow promptly to prevent it

February 9, 2024

Coupang takes top spot in S. Korean customer satisfaction for online shopping

SEOUL -- Coupang, the South Korean counterpart of global retail giant Amazon, took the first spot in a domestic customer satisfaction index for online shopping, beating the country's online shopping giant Naver. The satisfaction index was determined by multiple categories, including service quality, consumer experience, and how well the experience met customers' expectations. A total of five online shopping mall operators were involved. According to a survey of 1,500 South

February 8, 2024

LG Chem secures $18.8 bln deal to supply EV battery electrode material to General Motors

SEOUL -- South Korea's major chemical company LG Chem secured a nine-year deal worth 25 trillion won ($18.8 billion) to supply key materials for electric vehicle batteries to General Motors. The global automaker will receive more than 500,000 tons of cathode materials, enough for over five million electric vehicles with a range of 500 kilometers (310.7 miles) on a single charge. Along with anodes, cathodes are used to help the conduction of electricity through electrolyte mate

February 7, 2024

Pulmuone's plant-based protein snack 'Tofu Bar' garners explosive popularity in Japan

SEOUL -- South Korea's food company Pulmuone has recorded 2.16 billion yen ($14.6 million) in sales of plant-based protein snack "Tofu Bar" in Japan in 2023, marking a 241 percent increase from 2021. An average of 80,000 units of the high-protein food are sold daily at some 30,000 convenience stores in Japan including 7-Eleven and FamilyMart. The plant-based snack, which provides 10 grams (0.02 pounds) of protein per bar, was released in Japan in November 2020, throu

February 7, 2024

Samsung's leader Jay Y. Lee acquitted of 2015 merger case

SEOUL -- The leader of South Korea’s top conglomerate, Samsung, was acquitted in a merger case of Samsung C&T, a Samsung Group unit involved in trade, and Cheil Industries, the apparel and resort unit. The prosecution has claimed that the group's chairman conducted the 2015 merger for a stable succession of management rights. The Seoul Central District Court ruled on February 5 that there is no evidence to prove Samsung Chairman Jay Y. Lee's charges. The prosecut

February 5, 2024

LS Electric's subsidiary completes construction of EV parts plant in Mexico

SEOUL -- LS e-Mobility Solutions, an electric vehicle component producer affiliated with South Korea's power solution provider LS Electric, has completed the construction of a plant in Mexico. Through the new plant that can produce up to five million electric vehicle relays and four million battery disconnect units annually, LS e-Mobility Solutions aims to strengthen its presence in the North American electric vehicle market. LS Electric said on February 5 that LS e-Mobility S

February 5, 2024

HD Hyundai to make foray into floating offshore nuclear power market

SEOUL -- South Korea's HD Hyundai will make a foray into the floating offshore nuclear power market. Compared to conventional land-based plants, offshore nuclear power plants are recognized for their enhanced safety during natural disasters such as earthquakes and tsunamis, as well as a reduced probability of local conflicts during the site acquisition process. The company will work with global nuclear power firms, focusing on small modular reactors such as TerraPower, an America

February 5, 2024