Retroactive US tariff cuts remove uncertainty for Korean exporters SEOUL, December 04 (AJP) - The United States has retroactively reduced tariffs on South Korean automobiles to 15 percent effective Nov. 1, following recent trade negotiations, South Korea’s government said Thursday. The two countries are working to ease related customs procedures for exporters, it added. The U.S. Department of Commerce and the Office of the U.S. Trade Representative issued a pre-release of the Federal Register on Dec. 3, with formal publication scheduled for Dec. 4. The revised tariffs apply to passenger vehicles and auto parts, while tariffs on pickup trucks will remain at 25 percent under the rules of the Korea-U.S. Free Trade Agreement — unchanged from those applied to the EU and Japan. Tariffs on mutual goods and wood products under Section 232, as well as aircraft and aircraft components, will also be applied retroactively to Nov. 14, the date the two countries signed a strategic investment memorandum of understanding. These items had been subject to an additional 15 percent duty since Aug. 7. For products whose most-favored nation (MFN) tariff rate is below 15 percent, the total tariff burden will be harmonized at 15 percent from Nov. 14. Goods that qualify under the bilateral FTA will also be subject to a 15 percent tariff ceiling. Wood products currently facing a 25 percent tariff will see duties lowered to 15 percent starting Jan. 1, while aircraft parts will become duty-free if they meet FTA requirements. The U.S. Customs and Border Protection has circulated guidance on the updated Harmonized System (HS) codes and import procedures, requiring South Korean exporters to adjust their customs declarations accordingly. In a statement, South Korea's Trade Minister Kim Jung-gwan said the tariff adjustments on major export categories — including automobiles, aircraft components and wood products — would “remove uncertainties” for South Korean exporters. He added that the government would continue efforts to resolve customs-related challenges through advisory services and voucher support programs. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-04 09:48:12

Chip boom lifts South Korea's November exports 8.4 percent SEOUL, December 01 (AJP) - South Korea’s exports rose more than 8 percent in November from a year earlier, extending their growth streak to six consecutive months and putting the country on course to reach an annual export of $700 billion for the first time. The Ministry of Trade, Industry and Energy said Monday that outbound shipments reached $61.04 billion in November, up 8.4 percent on-year. Average daily exports, adjusted for working days, climbed 13.3 percent to $2.71 billion, the highest level ever recorded for the month. Cumulative exports from January to November totaled $640.2 billion, an increase of $17.9 billion from a year earlier and surpassing the previous January–November record set in 2022. Semiconductors once again led the expansion. Chip exports surged 38.6 percent to $17.26 billion, buoyed by strong demand for high-value memory products used in data centers. The sector’s cumulative shipments reached $152.6 billion, already exceeding last year’s full-year total of $141.9 billion. Automobiles also performed strongly, with exports up 13.7 percent to $6.41 billion, bringing year-to-date shipments to a record $66.04 billion. Wireless communication devices rose 1.6 percent to $1.73 billion, while secondary battery exports edged up 2.2 percent to $670 million. Imports increased 1.2 percent to $51.3 billion in November. Energy imports dropped 18.4 percent to $8.72 billion, but non-energy imports rose 6.4 percent to $47 billion. As a result, South Korea posted a $9.73 billion trade surplus, widening by $4.17 billion from the previous year. The cumulative surplus for the first 11 months reached $66.07 billion, up $14.23 billion on-year. “November exports continued their upward trend for six months, demonstrating the resilience of Korean companies amid rising global protectionism,” Trade Minister Kim Jeong-gwan said in a press release. He added that the tariff deal with the U.S. could help ease uncertainties surrounding exports to the U.S. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-01 09:49:34

AI now essential in Korea's job market for both recruiters and applicants SEOUL, November 28 (AJP) - Artificial intelligence is rapidly becoming indispensable in South Korea’s job market, with four out of five companies now using AI tools in their hiring processes and a growing majority of job seekers relying on AI to boost their recruitment chances. The Ministry of Employment and Labor and the Korea Employment Information Service on Tuesday released the second part of their 2025 Corporate Hiring Trends Survey, conducted from Aug. 1 to Sept. 1. The survey covered HR managers at the top 500 companies by revenue and 3,093 young employees across 17 regions, focusing on AI usage in human resources. Among the 396 companies that responded, 86.7 percent use AI tools in HR either officially or unofficially. Of the 163 companies using AI formally, 52.8 percent apply it in hiring, followed by training (45.4 percent) and handling HR inquiries (45.4 percent). Among the 86 firms using AI specifically for hiring, 69.8 percent rely on AI-based aptitude or competency tests. Nearly half use AI to review application documents (46.5 percent) or during interviews (46.5 percent). Looking ahead, 74.5 percent of companies plan to adopt or further expand AI tools in hiring — with most focusing on AI-based tests (67.5 percent), document screening (63.4 percent), and managing the overall recruitment pipeline (55.6 percent). By contrast, 25.5 percent have no plans to introduce AI, mainly due to concerns over fairness and objectivity (36.6 percent) or a belief that final hiring decisions should remain human-led (19.8 percent). On the applicant side, 42.3 percent of young job seekers have used AI tools — mostly for writing résumés and cover letters (77.2 percent), interview preparation (36.4 percent), and company research (31.0 percent). Of them, 86.6 percent said AI tools were helpful. AI use is also spreading among young employees at work: 61.8 percent reported using AI for tasks like research and idea generation (63.6 percent), document creation (58.1 percent), and data analysis (35.4 percent). The government plans to introduce ethical guidelines and checklists for AI-based hiring by the end of the year and expand AI-related training for young people through programs such as the Tomorrow Learning Card. “As the AI ecosystem evolves rapidly, its use in hiring is diversifying,” said Lim Young-mi, Director of Employment Policy. “The government will support companies in adopting AI for fairer hiring and create more opportunities for young people to build AI-related skills.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-28 13:54:41

South Korea forms council to speed up development of next-generation aircraft engine SEOUL, November 28 (AJP) - South Korea is accelerating efforts to develop next-generation aircraft engines. The Ministry of Trade, Industry and Energy said Friday it, together with related government bodies, inaugurated a council to review development plans for advanced propulsion systems for future fighter jets and streamline cooperation across ministries. Only a handful of countries — including the United States, the United Kingdom, France and Russia — possess homegrown aircraft engine technology. The sector requires heavy investment, long development timelines and strict regulatory oversight, making it one of the most strategically sensitive areas in defense manufacturing. Officials say domestic development could significantly cut maintenance costs currently paid to overseas suppliers and strengthen the export competitiveness of Korean-built fighter aircraft. In January, the Defense Acquisition Program Administration (DAPA) set out a preliminary roadmap for the program, outlining priorities such as workforce training and the establishment of core infrastructure. The newly formed council will work to avoid budget duplication among agencies and will hold regular discussions on major R&D challenges. Lee Sun-hye, a senior official at the trade ministry, said technological self-reliance and supply-chain stability were essential for the program’s success. Choi Seung-wook of the Ministry of Land, Infrastructure and Transport stressed that securing proper certification would be crucial for both domestic deployment and overseas sales. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-28 10:17:57

South Korean petrochemical firms seek approval for major restructuring deal SEOUL, November 26 (AJP) - Lotte Chemical and HD Hyundai Chemical have submitted a preliminary review request for their planned merger of petrochemical facilities, South Korea’s Fair Trade Commission (FTC) said on Wednesday. This marks the first restructuring case to move forward under a government-led initiative to revive the struggling petrochemical sector. Both companies operate naphtha cracking facilities within the Daesan petrochemical complex in South Chungcheong Province. The FTC’s preliminary review is intended to assess whether the deal could substantially restrict competition before the companies proceed with a formal merger filing. Under the restructuring plan, Lotte Chemical will spin off its Daesan plant and merge the unit with HD Hyundai Chemical, after which Lotte Chemical will acquire additional shares in the combined company. Lotte Chemical and HD Hyundai Oilbank — the parent company of HD Hyundai Chemical — will ultimately each hold a 50 percent stake in the merged entity. The move comes as South Korea’s petrochemical industry faces its most severe downturn in years, driven by global overcapacity, weak demand, and intensifying competition from China and the Middle East. Margins for key products such as ethylene and polyethylene have fallen sharply, and domestic firms have been under pressure to consolidate production, close inefficient facilities and scale up investments in higher-value materials. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-26 14:24:12

South Korea targets AI, R&D collaboration in broader ASEAN strategy SEOUL, November 17 (AJP) - South Korea is seeking to upgrade its free trade agreement with the Association of Southeast Asian Nations (ASEAN) to strengthen digital trade and ease regulatory hurdles for companies operating in the region, a senior government official said Monday. Yeo Han-koo, South Korea’s chief trade negotiator, said the government plans to prioritize the removal of non-tariff barriers that have slowed South Korean firms’ entry into fast-growing ASEAN markets. He made the comments at the “2025 Mid-sized Enterprises International Cooperation Meet-up Day” in Seoul. The event, co-hosted by the Federation of Middle Market Enterprises of Korea and the Korea Importers Association, focused on expanding overseas networks for mid-sized companies. While such firms make up just 1.3 percent of all South Korean businesses, they accounted for 21 percent of the nation’s exports to ASEAN last year. Exports from mid-sized enterprises to ASEAN rose 7.6 percent in 2024, far outpacing the country’s overall export growth of 2.7 percent. Officials say the numbers underscore the sector’s growing role in diversifying South Korea’s export portfolio beyond its traditional dependence on semiconductors and heavy industry. Yeo also met with ASEAN diplomats attending the event, including Malaysian Ambassador Zamruni Khalid, to discuss follow-up steps from last month’s South Korea–ASEAN summit in Malaysia. A recent report from the Hyundai Research Institute said deepening business networks in ASEAN will require joint research and development in emerging industries such as artificial intelligence, as well as investments in logistics capabilities and cultural soft power to support long-term growth. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-17 09:46:12

Registrations of electric vehicles surpass 200,000 in South Korea this year SEOUL, November 16 (AJP) - The number of registered electric vehicles in South Korea have exceeded over 200,000 units this year, the Ministry of Climate, Energy, and Environment said on Sunday. According to the ministry, 200,650 electric vehicles have been registered so far this year, surpassing the previous record of 164,486 set in 2022. The government's efforts to promote electric vehicles have driven sales from 100,000 units in 2021 to over 200,000 units in just four years. Passenger cars account for 172,309 units, followed by 25,723 trucks, 2,483 uses, and 23 special-purpose vehicles. Domestic brands make up 54.7 percent of passenger cars, 63.7 percent of buses, and 92.7 percent of trucks, partly boosted by the release of Hyundai's new Nexo model. The cumulative number of electric and hydrogen vehicles is around 950,000, with projections to reach 1 million early next year. The ministry attributed the growth to subsidies for buyers of eco-friendly cars, along with the release of new models and the expansion of charging facilities. Encouraged by this, the government plans to further promote electric vehicles to help achieve its greenhouse gas reduction target by 2035. "Our goal is for electric and hydrogen vehicles to make up more than 40 percent of new vehicles by 2030 and 70 percent by 2035," said Minister Kim Sung-hwan. "We will support the automotive industry to remain competitive while helping create more job opportunities." * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-16 14:18:22

Leading chip equipment maker ASML sets up major campus in South Korea SEOUL, November 12 (AJP) - ASML, the Dutch maker of the world’s most advanced semiconductor manufacturing equipment, has completed construction of a new campus in Hwaseong, Gyeonggi Province. The complex is designed to support South Korea’s leading chipmakers, Samsung Electronics and SK hynix, while strengthening local technical capabilities and supply chain stability. The new site will serve as ASML’s key Asian hub, housing a remanufacturing center for deep ultraviolet (DUV) and extreme ultraviolet (EUV) lithography equipment as well as a training facility for advanced technology transfer, according to ASML. The Dutch firm holds a near monopoly in the production of EUV lithography machines, indispensable tools for fabricating the most advanced semiconductors. Each unit, costing more than $150 million, is supplied to a select group of companies, including Samsung, SK hynix, and Taiwan’s TSMC. Officials from the South Korean government said it is expected to help localize technology expertise and promote a stronger ecosystem for materials, parts, and equipment suppliers. ASML said it plans to expand collaboration with Korean chipmakers on process development and to build closer partnerships with domestic suppliers to establish a “symbiotic ecosystem” within the country’s semiconductor value chain. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-12 11:23:38

Hazardous towers demolished at Ulsan power plant as search for missing workers continues SEOUL, November 11 (AJP) - Two large boiler towers at a thermal power plant in the southeastern city of Ulsan were blown up at around noon on Tuesday to facilitate rescue operations for four workers still missing after a similar structure collapsed during demolition work last week. The towers at the state-run utility company Korea East-West Power had posed an obstacle to search efforts due to the risk that they could also collapse. According to rescue officials, search operations will resume after inspecting the site and implementing necessary safety measures. Nine workers were at the site when a 60-meter boiler tower fell during demolition with explosives last Thursday. Three were killed shortly after the collapse, two were injured, two remain missing, and two are trapped in the rubble and feared dead. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-11 14:50:24

South Korea begins efforts to spur commercial use of quantum technologies SEOUL, November 05 (AJP) - South Korea’s Ministry of Trade, Industry and Energy on Wednesday launched a team designed to accelerate the transition of quantum technology from laboratory research to industrial application. The so-called K-Quantum Industry Alliance brings together companies, universities, research institutes, and financial organizations in a coordinated effort to strengthen the country’s quantum ecosystem. During a ceremony in Seoul, participants signed a memorandum of understanding pledging to collaborate on industry-specific projects, improve standards and regulatory frameworks, and support the global expansion of Korean quantum firms. As part of the initiative, the ministry unveiled a project aimed at boosting domestic production of key components such as superconducting quantum processing unit (QPU) packaging and cryogenic coolers — both essential for stable quantum computing systems. The project will also expand efforts in quantum software development and validation, while building a platform that integrates quantum and supercomputing capabilities. The goal, officials said, is to allow companies to design and test quantum models directly, shortening the path from research to real-world use. “We will help domestic component makers join the global value chain and ensure that quantum technologies can be rapidly deployed to solve industrial challenges,” said Vice Minister Moon Shin-hak during the ceremony. The project came as South Korea is seeking to stake a stronger claim in the global race for quantum leadership — a field expected to reshape computing, communications, and advanced manufacturing in the years ahead. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-05 16:20:31