Economy

South Korea’s Top 10 Exports to the world

South Korea’s Top 10 Exports to the world!

South Korea is one of the largest economies in the world. A country’s export exert a deep influence on its economic growth. A healthy economy is the one where exports and imports are growing. It is even included in the group of Next Eleven countries that will dominate the global economy in the middle of the 21st century. Especially when we talk about big economies like Korea. South Korea’s exports amounted to US$495.5 billion in 2016 which is a [...]

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How to import goods from Korea

How to import goods from Korea ?

FROM microlithic stone tool technology to carve toolkits, To having developed own operating system – “Red Star” and Seoul being ranked “The Tech Capital of the World”, Korea has laid milestones in the field of technology. It is one of the leading Global research nations of the world and ranks 6th in exports. Harbouring the infrastructure to meet dense volumes of the population, its working culture has the immense capability ensuring products of strong particularity. South Korea, also called “Launchpad of [...]

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‘Public diplomacy essential for stronger Korea-US ties'

Over the course of his US presidential campaign, Donald Trump spared no criticism against the country’s free trade pact with South Korea. Calling it a “disaster” and a “job killer,” the populist politician threatened to pull out of the treaty once he took office. But the US president was not the first to express such a negative view about the deal. Ever since negotiations kicked off in 2007, Trump-like rhetoric had resonated with South Koreans, particularly among liberal politicians and [...]

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Finance chief says US rate hike hopes mirrored in market

South Korea’s financial market has already factored in expectations for US interest rate hikes this year, the finance minister said Friday, indicating it is well-positioned to withstand their impact. After boosting its benchmark interest rate by a quarter point to 0.75 percent in December, the US Fed forecast it could raise the federal funds target rate three times in 2017, instead of the two quarter-point increases previously projected. “A rate hike in March would raise the possibility of three rises this [...]

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Korea needs to cut reliance on US economy: think tank

South Korea should reduce its reliance on the US economy and push to galvanize domestic demand as the world’s No. 1 economy is expected to continue its slow growth down the road, a state think tank said Friday. In a report on the future of the US economy, the Korea Institute for International Economic Policy forecast its annualized average growth rate to hover below 2 percent until 2060 due mainly to its population aging and the slowing pace of technological [...]

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Korea's experience can be role model of Asian development

South Korea will play a bigger role in Asia’s investment in sustainable infrastructure through its experience of economic development and constant investment in basic facilities, a senior official at an international institution said. “I would say that Korea is a very important member of our bank,” Danny Alexander, vice president of the China-led Asia Infrastructure Investment Bank, said in an interview with Yonhap News Agency in Seoul Monday. “Korea’s experience of the last 50 years of rapid economic development and [...]

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Trump govt. unlikely to focus on Korean economy

The US government will likely put South Korean economic issues on the back burner for a while as it will focus more on security concerns in the northeast Asian region, experts said Thursday. According to the report by the state-run Korea Development Institute, researchers and experts from renowned think tanks, including the Korea Institute for International Economic Policy, held round-table talks in Seoul last week to discuss the future of Northeast Asia and the Korean Peninsula in the Trump era. “In [...]

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Report says Korea-US trade mutually beneficial

South Korea continues to profit from its bilateral trade with the United States, but its trade surpluses largely come from outbound shipments of intermediate goods needed by US manufacturers to produce their own finished goods, making their trade both complementary and mutually beneficial, a report said Wednesday. According to the report from the Korea International Trade Association, intermediate products accounted for 46.3 percent of overall South Korean exports to the US in 2015, when such goods accounted for only about [...]

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Acting president vows expanded support for SMEs

Acting President and Prime Minister Hwang Kyo-ahn on Thursday vowed to expand policy support for small and medium-sized enterprises, stressing their role in creating jobs and revitalizing the economy. During the New Year’s greeting session with local SME leaders, Hwang also said that his government will strive harder to promote the globalization of SMEs as part of efforts to shore up flagging exports. “SMEs are the root of our economy. They are locomotives for another leap forward and the stabilizing force [...]

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Debate brews in Korea on universal basic income

Debate is brewing here on whether South Korea should introduce a universal basic income for its citizens. The world’s first national trial of the idea, which began in Finland on Jan. 1, has boosted the discussion, which is expected to heat up in the lead-up to the presidential election this year to choose a successor to impeached President Park Geun-hye. Some liberal-minded potential presidential candidates have shown support for the basic income scheme. Seongnam Mayor Lee Jae-myung, whose approval rating has risen [...]

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