Journalist

Kim SeongSeo
  • Number of EVs tops 1 million in cumulative registrations
    Number of EVs tops 1 million in cumulative registrations SEOUL, April 21 (AJP) - The number of registered electric vehicles this year has surpassed 100,000 as of last week, bringing cumulative registrations to more than 1 million, the Ministry of Climate, Energy and Environment said on Tuesday. The milestone is coming faster than in previous years, as it took until early July to hit 100,000 registrations last year, and until mid-September a year earlier. Until March, EVs accounted for about 20 percent of new vehicle registrations, or 83,533 units out of 415,746, much higher than 13 percent in 2025 and 8.9 percent in 2024. The ministry attributed the increase to a wave of new models, fiercer price competition among automakers, expanded government subsidies, and incentives for those switching from internal combustion vehicles. Some market watchers also pointed to surging fuel prices due to supply disruptions caused by the prolonged conflict in the Middle East. The trend is likely to continue, as the government's supplementary budget will extend subsidies to an additional 20,000 passenger cars and 9,000 trucks, bringing this year's estimated total to 280,000 passenger cars, 45,000 trucks, and 3,800 buses. "This year will be recorded as a historic year that opens the era of 1 million electric vehicles," said Minister Kim Sung-hwan, vowing that the government will take steps to ensure EV users face no inconvenience. 2026-04-21 15:59:30
  • South Korea’s EV Fleet Tops 1 Million as New Registrations Pass 100,000
    South Korea’s EV Fleet Tops 1 Million as New Registrations Pass 100,000 South Korea’s new electric-vehicle registrations have topped 100,000 this year, pushing cumulative registrations above 1 million. The Ministry of Climate, Energy and Environment said Tuesday that new EV registrations exceeded 100,000 on April 14. The pace has been faster than in recent years. In 2025, when EV adoption was highest for the year at 220,919 vehicles, registrations passed 100,000 in the second week of July. In 2024, with 146,902 vehicles, the milestone came in the second week of September. On April 15, cumulative EV registrations surpassed 1 million. As of April 17, the total stood at 1,004,727. Through March, EVs accounted for 83,533 of 415,746 new vehicles, or 20.1%. The EV share of new vehicles slipped slightly from 9.2% in 2023 to 8.9% in 2024, but rose to 13.0% in 2025. The ministry attributed the recent rise to a broader lineup of new models, price discount competition among automakers, expanded EV subsidies — including government support for switching from internal-combustion vehicles — and early implementation of distribution programs. Some observers also cited higher oil prices linked to the situation in the Middle East. The government recently secured additional EV purchase-subsidy funding in a supplementary budget for 20,000 passenger cars and 9,000 trucks. That brings this year’s planned subsidy volume to 280,000 passenger cars, 45,000 trucks and 3,800 buses. With many local governments running out of first-half subsidy allocations, the government plans to urge municipalities with remaining second-half allocations to move up their public notices. The municipalities planning to do so number 81 for passenger cars and 75 for trucks. The government also said it will allow municipalities that need to add budget for EV subsidies to pay subsidies first using national funds. Minister Kim Sung-hwan said, “This year will be recorded as a historic year that opens the era of 1 million electric vehicles,” adding that the government will pursue “effective and swift measures” so the public does not face inconvenience in using EVs.* This article has been translated by AI. 2026-04-21 14:06:06
  • South Korea Exports Jump 49.4% in April 1-20 on Semiconductor Surge; Crude Imports Rise for Third Month
    South Korea Exports Jump 49.4% in April 1-20 on Semiconductor Surge; Crude Imports Rise for Third Month Semiconductor-led growth pushed South Korea’s exports through mid-April to the highest level on record for the period, while crude oil imports extended a three-month rise amid war in the Middle East. Exports for April 1-20 totaled $50.4 billion, up 49.4% from a year earlier, the Korea Customs Service said Monday, citing preliminary customs-cleared data. It was the largest figure ever recorded for the first 20 days of April. With the same 15.5 working days as a year earlier, average daily exports came to $3.25 billion. Semiconductors drove the increase. Chip exports surged 182.5% to $18.3 billion, lifting their share of total exports to 36.3%, up 17.1 percentage points from a year earlier. Exports of petroleum products rose 48.4%, and computer peripherals jumped 399.0%. Passenger car exports fell 14.1%, and auto parts slipped 8.8%. By destination, exports rose to major markets including China (up 70.9%), the United States (51.7%), Vietnam (79.2%), the European Union (10.5%) and Taiwan (77.1%). Imports for the period increased 17.7% to $39.9 billion. Imports of semiconductors rose 58.3%, crude oil 13.1% and semiconductor manufacturing equipment 63.3%, while machinery edged down 0.6%. Energy imports — crude oil, gas and coal — increased 6.8%. Crude oil imports for April 1-20 rose for a third straight month, following $4.4 billion in February, $4.6 billion in March and $4.8 billion in April. With exports outpacing imports, the trade balance posted a $10.4 billion surplus.* This article has been translated by AI. 2026-04-21 13:46:25
  • South Korea Says Kuwait Force Majeure to Have Limited Impact; Russian Oil Imports Unlikely
    South Korea Says Kuwait Force Majeure to Have Limited Impact; Russian Oil Imports Unlikely The South Korean government said Kuwait’s declaration of force majeure on crude oil and petroleum product exports is unlikely to have a major domestic impact, citing the ongoing closure of the Strait of Hormuz. Officials also said additional imports of Russian crude or petrochemical products remain unlikely despite a temporary easing of U.S. sanctions. Yang Gi-uk, director general for industrial resources and security at the Ministry of Trade, Industry and Energy, said at a Middle East war response task force briefing on the 21st that some domestic refiners with contracts had been notified of Kuwait’s move. “Since the Strait of Hormuz has been blocked since the Middle East war, the force majeure will not affect us,” he said. Kuwait Petroleum Corp., the state oil company, sent letters to counterparties on the 16th notifying them it was invoking a force majeure clause. With the Strait of Hormuz closed, tankers have been unable to enter or leave the Persian Gulf, making it difficult to meet scheduled deliveries on time. Yang said the declaration did not appear to reflect damage to refining facilities, but rather a contractual step as April loading dates were ending. He said if the strait remains closed, Kuwait could declare force majeure on subsequent volumes as well. On the possibility of bringing in additional Russian crude and petroleum products, Yang said interest is low even after the United States on April 17 (local time) extended a sanctions easing related to Russian exports for one month. While transactions must be completed within that month, refiners have secured 70 million barrels of alternative supplies through the end of May, he said. Yang said the U.S. move reduced some risk, but “EU risk remains,” noting that many South Korean vessels rely on European Union insurers. That, he said, has kept interest in additional Russian supplies limited. On additional naphtha imports, Yang said companies are monitoring volumes based on experience from last month’s sanctions easing, but are still sounding out alternatives. “It does not appear companies are throwing everything into it,” he said. Yang also addressed the fourth round of South Korea’s oil products price cap system, set to take effect at midnight on the 24th. He called it an emergency measure chosen amid unstable global oil prices, and said the government is preparing to decide by weighing household economic conditions, fiscal burden, demand reduction and consumption patterns by fuel type. According to the ministry, Japan’s gasoline prices are 23.8% lower than South Korea’s and diesel prices are 28.3% lower. In the United States, gasoline prices are 20.8% lower, while diesel prices are 8.7% higher. Yang said Japan is believed to be deploying subsidies on a massive scale, and the United States has seen a sharper rise in prices than South Korea. He said South Korea should judge whether a price cap is suppressing prices by reviewing other countries’ cases. Asked about speculation that gasoline prices could rise more sharply as part of demand management, Yang said gasoline and diesel consumption are moving differently and it is difficult to discuss price increases or cuts at this stage. He said a decision would be made after considering a range of views. Yang also commented on a Malta-flagged tanker that recently exited the Strait of Hormuz and is heading to South Korea. He said it was not among the seven tankers in the Persian Gulf that the ministry previously announced, adding it was excluded because the government judged the likelihood of receiving its cargo was low. He described it as “a highly exceptional situation.” 2026-04-21 11:33:19
  • Nearly 3 million barrels delivered to refiners in first week of oil swap program
    Nearly 3 million barrels delivered to refiners in first week of oil swap program SEOUL, April 7 (AJP) - About 2.8 million barrels of crude oil have been supplied to refiners just a week after the launch of an "oil swap" program, which lends government-owned stockpiles to help them secure alternative supplies, the Ministry of Trade, Industry and Energy said on Tuesday. At a daily briefing at the government complex in the administrative city of Sejong, Yang Gi-uk, a ministry official, said the country's four major refiners had applied to swap more than 30 million barrels of crude oil, with two deals completed under which about 2.8 million barrels have already been delivered. "With at least four additional contracts scheduled for this week, total swapped volumes are expected to reach about 8 million barrels by the end of the week," Yang added. The program was launched on March 31 to ease supply disruptions by lending government oil reserves to refiners, who will be required to replenish them once they have secured their own supplies. Under the program, refiners who have faced difficulties importing Middle Eastern crude due to the closure of the Strait of Hormuz is able to secure substitute supplies. The program was launched on March 31 to ease supply disruptions by lending government oil reserves to refiners, which are required to replenish them once they secure their own supplies. Under the program, refiners facing difficulties importing Middle Eastern crude due to the closure of the Strait of Hormuz can secure alternative supplies. Meanwhile, the government has secured about 50 million barrels of alternative oil supplies for April and about 60 million barrels for May, equivalent to roughly 60 percent and 70 percent of typical levels, with supplies sourced from countries including Australia, Brazil, Saudi Arabia, the United Arab Emirates and the U.S. Naphtha supplies are also at about 70 percent of normal levels. "Imports of light naphtha stood at roughly 1.16 million tons last year, while expected imports for April are about 770,000 tons. Factoring in approximately 1.1 million tons produced domestically, overall supply is at more than 80 percent of typical levels," Yang said. Stressing the need to ensure a steady naphtha supply, he said the ministry will seek additional sources through measures financed by a supplementary budget. The ministry, however, said that key raw materials are being supplied stably despite surging petroleum prices and shortages of some packaging materials, pledging to keep monitoring high-demand items such as packaging for instant noodles and powdered milk, as well as trash bags. 2026-04-07 14:45:30
  • More companies voluntarily join efforts to save energy amid skyrocketing oil prices
    More companies voluntarily join efforts to save energy amid skyrocketing oil prices SEOUL, April 7 (AJP) - More companies are voluntarily joining energy-saving efforts including alternating vehicle use as part of measures to cope with energy shortages amid the prolonged conflict in the Middle East, the Ministry of Climate, Energy and Environment said on Tuesday. Major conglomerates such as CJ, GS, Hanwha, HD Hyundai, Hyundai Motor, Lotte, Samsung, SK, and POSCO are requiring employees to leave their cars at home once a week depending on the last digit of their license plates. The country's five major banks - Hana, KB Kookmin, NH NongHyup, Shinhan, and Woori - are also implementing similar measures. Business lobbies such as the Korea Chamber of Commerce and Industry, the Korea Employers Federation, and the Korea International Trade Association have also followed suit. According to the ministry, about 50 large and mid-sized companies including universities and other private institutions are taking part in these energy-saving efforts, just about a week after state-run agencies and public institutions took the lead late last month. Civil servants and staff at public institutions, previously mandated to leave their cars at home one day per week since March 25, are now required to commute by public transportation every other day starting from Wednesday. About 50 refiners, petrochemical companies, and others heavily reliant on petroleum have also pledged to reduce energy consumption, with plans to cut usage this year by 3.3 percent or 130,000 tons of oil equivalent from last year's 3.93 million toe. The 130,000 toe is equivalent to about 610 gigawatt-hours of energy, roughly the amount of electricity generated by a nuclear power plant operating for about a month. The ministry also plans to support companies that meet their reduction targets by subsidizing the installation of energy-saving facilities. Many workers are also participating by turning off lights during lunch breaks, using stairs instead of elevators, carpooling, or riding bicycles. "It is encouraging to see many companies and organizations voluntarily join despite difficulties caused by high oil prices," said Park Deok-yeol, a ministry official, vowing to further expand energy-saving efforts. 2026-04-07 09:14:00
  • South Korea launches oil swap program for refiners amid Middle East supply disruptions
    South Korea launches oil swap program for refiners amid Middle East supply disruptions SEOUL, March 31 (AJP) - South Korea is implementing an "oil swap" program that lends government-owned stockpiles to refiners to help them secure alternative oil supplies, the Ministry of Trade, Industry and Resources said Tuesday. At a daily briefing at the government complex in the administrative city of Sejong, Yang Gi-uk, a ministry official, said the government is "releasing stockpiles" for refiners. Yang said Middle Eastern crude makes up the largest share of the government's stockpiles, and that South Korea holds more than 20 million barrels, which he said should be sufficient. The program aims to ease supply disruptions by lending government oil reserves to refiners, who will be required to replenish them once they have secured their own supplies. Under the program, which runs for two months and could be extended if necessary with the ministry's approval, refiners, who have faced difficulties importing Middle Eastern crude due to the closure of the Strait of Hormuz, will be able to secure substitute supplies. Monthly settlements will be calculated based on price differences between government stockpiles and refiners' secured supplies. Amid supply disruptions from the Middle East, most refiners have turned to Africa, Australia, Central Asia, and the Americas for oil , with shipments taking 14 to 50 days. According to the ministry, the country's four major refiners have applied for the program, with a decision to be made after the Korea National Oil Corporation verifies their applications and assesses feasibility before releasing stockpiles. 2026-03-31 15:14:51
  • Seoul enforces ban on naphtha exports for 5 months amid supply crunch
    Seoul enforces ban on naphtha exports for 5 months amid supply crunch SEOUL, March 27 (AJP) -South Korea will keep domestic naphtha at home after its shortage from the widened conflicts in the Middle East has crippled a cracking facility, sending downstream ripples across factory floors to plastic delivery bags and cartons. The Ministry of Trade, Industry and Energy on midnight Friday issued a gazette enforcing ban on naphtha exports immediately for five months as a part of a package of "wartime" measures that included deeper and longer cuts to fuel tax and supplementary budget. Naphtha is an essential feedstock for producing petrochemical materials used by industries including semiconductors and autos. South Korea relies on imports for 45 percent of domestic demand, and supplies from the Middle East — which account for 77 percent of imports — have been disrupted by the war, the ministry said. The government previously supported efforts to secure alternative import sources, including those from Russia after Washington lifted some sanctions, and designated naphtha as an economic security item, making it eligible for low-interest financing through a supply chain fund. As the situation dragged on, it moved to stronger steps, including shifting restricted export volumes to the domestic market and banning hoarding. Under the notice, exports of all naphtha are restricted in principle, with exceptions allowed only with approval from the industry minister. Naphtha businesses (refiners) and users (petrochemical companies) must report daily to the ministry on production, imports, use, sales and inventories. Hoarding is prohibited. If a naphtha business’ weekly shipment ratio drops by more than 20 percent from 2025 without a reasonable explanation, the minister can order steps such as adjusting sales and inventories. The government can also order refiners to produce naphtha and take supply-adjustment measures to ensure naphtha produced domestically or brought in from overseas is supplied to specific petrochemical companies. According to industry minister Kim Jung-kwan, “Because naphtha is a basic raw material that supports South Korea’s industry, the government will secure as much volume as possible through support for overseas procurement.” He urged cooperation so that naphtha and related petrochemical products are distributed and managed in line with the purpose of the new notice. “The government will supply naphtha as a top priority so there is no impact on health care, key industries and the production of essential goods,” Kim added. The emergency step comes as supply disruptions have already begun to hit production lines. One of the country’s largest naphtha cracking centers has been forced to halt operations due to feedstock shortages, according to industry sources, amplifying concerns over a broader shutdown across the petrochemical chain. The shock is cascading into everyday goods. Plastic processors and packaging firms are reporting delays in securing raw materials, while distributors warn of tightening supplies of garbage bags and industrial films, echoing early signs of hoarding in retail channels. Seoul is also weighing more controversial options to plug the supply gap. Officials said the government is in talks with industry players over the possibility of resuming imports of Russian crude oil and naphtha, a move that would require easing sanctions imposed after Moscow’s invasion of Ukraine. South Korea halted Russian crude imports in December 2022, though the country previously relied on Russia for about 5.6 percent of its crude supply. Since then, dependence on the Middle East has deepened, leaving the economy more exposed to disruptions around the Strait of Hormuz — a chokepoint through which roughly 70 percent of the country’s crude and about half of its naphtha imports pass. Finance Minister Koo Yun-cheol earlier signaled the shift toward more interventionist policy, describing the export curb and stockpiling controls as necessary to stabilize supply chains under what the government views as wartime conditions. Whether the measures can fully contain the fallout remains uncertain. Without a de-escalation in the Middle East, industry officials warn that shortages could persist, raising the risk of prolonged disruptions not only in petrochemicals but across manufacturing sectors that rely on plastic and synthetic materials as foundational inputs. 2026-03-27 07:29:30
  • Natural scenery lures over 2 million foreigners to South Koreas national parks
    Natural scenery lures over 2 million foreigners to South Korea's national parks SEOUL, March 25 (AJP) - Over 2 million foreigners visited national parks in South Korea last year, with Mt. Hallasan on the southern resort island of Jeju attracting the most visitors, according to an analysis released by the Korea National Park Service (KNPS) on Wednesday. Among them, an estimated 1.13 million were overseas tourists and 920,000 were foreign residents living in here. The ballpark figures were based on mobile roaming data from foreign visitors, which the KNPS analyzed to track their itineraries in national parks across the country. Mt. Hallasan drew the most foreign visitors with 270,000, followed by Dadohaehaesang National Park, a sprawling park along the southwestern coast with 140,000, and Taeanhaean National Park in South Chungcheong Province and Hallyeohaesang National Park in southern coastal areas with 130,000 each. The NPS attributed the parks' popularity to their scenic beauty, with picturesque beaches and rock formations. By nationality, Chinese visitors made up the largest group with 250,000 or 21.9 percent, followed by Taiwanese with 130,000, Filipinos with 90,000, Indonesians with 80,000 and Americans with 60,000. To respond to a growing number of foreign visitors to national parks, the KNPA said it plans to provide more promotional videos, English-language programs, and other services tailored to foreigners, including rentals of backpacks, hiking shoes, and other safety gear. "The influx of foreign visitors to national parks reflects that natural scenery is a key draw for travelers, which would also enhance South Korea's competitiveness in tourism," KNPS chairman Joo Dae-young said. 2026-03-25 10:39:51
  • South Korea hit hard by rising costs as Middle East conflict drags on, think tank warns
    South Korea hit hard by rising costs as Middle East conflict drags on, think tank warns SEOUL, March 16 (AJP) - A prolonged conflict between the U.S. and Iran could drive up energy and logistics costs for South Korea, with a 10-percent rise in global oil prices projected to push domestic manufacturing production costs up by an average of 0.71 percent, a report released by a state-run think tank on Monday suggests. The Korea Institute for Industrial Economics and Trade (KIET) warned that ongoing tensions around the Strait of Hormuz, a critical chokepoint for roughly one-fifth of the world's oil supply, have already pushed oil prices higher, and further escalation there could intensify supply disruptions and inflationary pressures on South Korea's energy‑intensive industries. Oil prices have jumped sharply since U.S.‑led airstrikes on Iran late last month, as the conflict has escalated into a broader regional war with the U.S. vowing further strikes and Iran responding with retaliatory attacks. Dubai crude oil has risen more than 40 percent, to about US$103 a barrel from around $72 before the fresh conflict began in the already volatile region. With Middle Eastern crude accounting for about 70 percent of South Korea's oil imports, and most shipments passing through the strategically important Strait of Hormuz, cost pressures on the country are intensifying further. Exporters also face uncertainty. South Korea's shipments to the Middle East have grown steadily since 2020, though the region accounts for just about three percent of total exports. Even so, the institute warned that shipping disruptions could hit exporters directly or indirectly through higher freight costs, delivery delays, and broader supply chain disruptions. The institute called for steps to stabilize energy supply chains through various measures including diversifying import sources and tapping strategic oil reserves, given South Korea's heavy reliance on Middle Eastern crude and liquefied petroleum gas. "If the rise in global oil prices is prolonged, higher manufacturing costs and mounting price pressures could fuel inflation and raise the possibility of stagflation," said Hong Seong‑uk, the KIET's head. 2026-03-16 16:35:13