Korea's exports slip in May, undermined by US tariffs

SEOUL, June 01 (AJP) - South Korea’s exports declined in May, snapping a three-month streak of gains, as shipments to key markets including the United States and China weakened, government data showed Sunday. Exports fell 1.3 percent from a year earlier to $57.3 billion, according to the Ministry of Trade, Industry and Energy. The downturn was attributed largely to a sharp drop in shipments to the United States, where the Trump administration’s tariff policies have

June 1, 2025

Trump doubles steel tariffs to 50 percent, dealing blow to South Korea and other exporters

SEOUL, May 31 (AJP) - U.S. President Donald Trump announced on Saturday he would double tariffs on foreign steel imports to 50 percent from the current 25 percent, delivering a blow to overseas producers including South Korea as he unveiled a major investment partnership. Trump made the announcement during a speech at a U.S. Steel plant outside Pittsburgh, Pennsylvania, saying the measure would "further secure the steel industry." The move comes as part of a broader agreem

May 31, 2025

Calls grow for certified quality checks on exports amid global used car boom

SEOUL, May 30 (AJP) - With the rapid expansion of secondhand vehicles in the global market, there are mounting calls for South Korea to implement quality-certification measures for its exports. In a report released by the Korea Automotive Technology Institute on Friday, the used car market is expected to continue growing, with South Korea having ample potential for exports. Trade volume for used cars in the global market increased by 88.9 percent over the last decade, rising from

May 30, 2025

SK hynix union demands pay raise after record profits

SEOUL, May 30 (AJP) - SK hynix's union of technical and administrative workers is pushing for an 8.25 percent wage increase, following its best-ever sales performance last year, according to industry sources on Friday. The union and management held this year's first round of wage negotiations last Wednesday at the company's Icheon campus. The union's proposal includes raising the salary cap, expanding regular wages to cover vehicle maintenance and fuel costs, and

May 30, 2025

Saltlux unveils new AI agent platform at annual forum

SEOUL, May 29 (AJP) -South Korean artificial intelligence company Saltlux introduced its latest suite of AI technologies on Thursday, showcasing ambitions to gain a stronger foothold in the intensifying global AI race. At its 20th annual AI conference, held at GS Tower in Seoul, the company unveiled LUXIA 3, a next-generation AI model comprising three core components: LUXIA3 LLM for language generation and understanding, LUXIA3 Deep for advanced reasoning and decision-making, and

May 29, 2025

GM Korea to sell local facilities, reigniting withdrawal concerns

SEOUL, May 29 (AJP) - General Motors plans to sell a number of its service centers and underused production facilities in South Korea in a bid to streamline operations, a move that has reignited concerns about the automaker’s long-term commitment to its Korean unit. This came just hours after GM’s U.S. headquarters unveiled a sweeping $888 million investment in its Tonawanda engine plant in Buffalo, N.Y., marking a renewed focus on internal combustion engine production i

May 29, 2025

Korean biotech firms eye share of expanding gene therapy market

SEOUL, May 29 (AJP) - South Korean biotechnology companies are stepping up efforts to stake a claim in the burgeoning global gene therapy market, which is projected to swell to approximately $366 billion by 2032, according to a new industry report. The Korea Biotechnology Industry Organization has released an analysis citing data from the market research firm MarketsandMarkets, projecting the sector will grow at a compound annual rate of 19.4 percent — rising from $72 billion

May 29, 2025

Bank of Korea slashes interest rates as growth outlook dims sharply

SEOUL, May 29 (AJP) - South Korea’s central bank lowered its benchmark interest rate by a quarter percentage point on Thursday, the latest in a series of moves aimed at propping up a flagging economy that is on track for its weakest performance in years. The Bank of Korea reduced the policy rate to 2.50 percent, its fourth cut in just seven months. The move comes amid mounting evidence of a slowdown, including a 0.2 percent contraction in gross domestic product during the firs

May 29, 2025

CJ's billion-dollar bet on culture, cuisine pays off

Editor's Note: This article is the 20th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, May 28 (AJP) - Long before it became a champion of Korean cinema and cuisine, CJ Group began life amid the rubble of war as a modest sugar producer. Today, the company stands as a cultural and economic heavyweight, with its fingerprints on everything from Oscar-wi

May 29, 2025

Korea weighs US trade demands with economic impact study

SEOUL, May 28 (AJP) - South Korea has begun an economic feasibility study as part of ongoing trade consultations with the United States, signaling preparations for potential agreements that could carry broad implications for the country’s economy, according to government officials, Wednesday. The Ministry of Trade, Industry and Energy has commissioned the Korea Institute for International Economic Policy to assess the economic ramifications of current discussions with Washingt

May 28, 2025