Korean shipbuilders gain market share as US sanctions target China SEOUL, July 29 (AJP) - South Korean shipbuilders saw their global market share recover to over 20 percent in the first half of 2025, benefiting from the United States sanctions on Chinese maritime industries, according to data released Tuesday by the Korea Development Bank's overseas economic research institute. South Korea's order share reached 25.1 percent in the January-June period based on compensated gross tonnage, up 8 percentage points from 17.2 percent a year earlier. The gap with top-ranked China narrowed from 51.0 percentage points to 26.7 percentage points as Korean yards capitalized on container ship orders shifting away from Chinese competitors. The rebound was driven by the US Trade Representative's decision to impose port fees on Chinese shipping companies and operators of Chinese-built vessels entering US ports. Container ships accounted for 53.3 percent of Korea's 4.87 million CGT in orders during the first half, compared to just two medium and large container ships ordered in the same period last year. However, the overall global shipbuilding market contracted sharply amid economic uncertainties. Global orders fell 54.5 percent to 19.39 million CGT in the first six months, with liquefied natural gas vessel orders - a Korean specialty - plunging 82.9 percent to 1.05 million CGT. The research institute warned that South Korean shipbuilders should use this temporary advantage to strengthen fundamental competitiveness rather than becoming complacent. The report noted that the market share recovery represents "fisherman's profit" from US-China tensions and urged companies to focus on widening quality gaps with Chinese rivals while the government provides active support given the industry's national security importance. 2025-07-29 16:06:43

[[K-Tech]] Older DDR4 chip prices rebound after Samsung, SK hynix raise contract rates SEOUL, July 28 (AJP) - Spot prices for older-generation DDR4 memory chips have staged a modest recovery after a lull earlier this month, driven by price hikes from major South Korean suppliers amid continued supply shortages, according to market research firm TrendForce. In its latest report, TrendForce said DDR4 prices climbed across several key models during the week of July 16–22, reversing a brief cooling trend that began in early July. The gains follow upward revisions to fixed contract prices by Samsung Electronics and SK hynix, two of the world’s largest memory chipmakers, as constrained supply continues to ripple through the consumer electronics market. “The rebound is primarily driven by supplier-side pricing actions, not a fundamental shift in demand,” TrendForce noted in a July 23 commentary. The firm cited significant hikes in fixed contract rates by both Samsung and SK hynix as contributing to renewed upward momentum in the spot market. 2025-07-28 15:11:09

S. Korea scrambles to avert tariffs as US seals trade deals with Japan, EU SEOUL, July 28 (AJP) - With the United States locking in trade agreements with Japan and the European Union, South Korea is making a last-ditch effort to avoid steep tariffs that could further strain its slowing economy. Deputy Prime Minister and Finance Minister Koo Yoon-cheol will travel to Washington this week for a face-to-face meeting with U.S. Treasury Secretary Scott Bessent on Friday, officials said Monday. The talks will take place on the final day of a temporary tariff grace period, and are widely seen as Seoul’s last opportunity to stave off a potential 25 percent levy on its exports. The urgency of the mission has intensified in recent days. On July 22, U.S. President Donald Trump announced a breakthrough agreement with Japan that sets a 15 percent tariff rate on Japanese exports to the United States and includes a $550 billion investment pledge from Tokyo. Five days later, a similar deal was reached with the European Union, establishing matching tariff terms and $600 billion in new European investments. South Korea, by contrast, remains on the outside looking in. Talks between Seoul and Washington have dragged on for months, and a previously planned “2+2” trade consultation was abruptly canceled earlier this month. Minister Koo was already en route to the U.S. when he was ordered to turn back at Incheon International Airport. Friday’s meeting is now expected to serve as final coordination before the tariff decision deadline. Korean officials warn that the imposition of mutual 25 percent tariffs would deal a heavy blow to Korea’s key manufacturing exporters, already reeling from U.S. steel and auto tariffs. The finance ministry has flagged a risk of “snowballing economic damage,” with additional levies potentially pushing South Korea’s growth trajectory deeper into stagnation. To break the impasse, Seoul is preparing a fresh set of negotiating offers. These include expanded industrial cooperation in shipbuilding — a sector that Trump has cited as strategically important — as well as a possible revision of South Korea’s “$100 billion” investment plan in the U.S. market. The move comes after Tokyo’s $550 billion commitment raised expectations for other allies to follow suit. Notably, South Korean officials have also confirmed that agricultural products are now on the negotiating table, raising speculation that the government may consider concessions on politically sensitive imports such as rice and beef — long regarded as untouchable due to strong domestic opposition. Trade experts caution that while Seoul faces pressure to align with the U.S. amid shifting global trade alignments, any deal must also protect core domestic industries already weakened by sluggish exports and thinning profit margins. 2025-07-28 14:11:52

[[K-Tech]] Samsung Electronics secures $16.5 billion Tesla chip contract SEOUL, July 28 (AJP) - Samsung Electronics announced on Monday that it has secured one of the largest chip supply contracts in its history — a deal worth 22.8 trillion won, or approximately $16.5 billion — with what the company described as a “major global customer.” While Samsung declined to name the buyer, Tesla CEO Elon Musk revealed shortly after that the contract involves the production of the automaker’s next-generation AI chipset. The agreement, which spans from July 24 through the end of 2033, runs more than eight years and accounts for 7.6 percent of Samsung’s projected 2024 revenue. Analysts see the deal as a major step forward in the South Korean firm's bid to revitalize its struggling foundry business and narrow the gap with industry leader Taiwan Semiconductor Manufacturing Company (TSMC). “This is a critical turning point for Samsung’s foundry operations,” said Lee Min-woo, a semiconductor analyst at NH Investment & Securities. “Not only is the size of the contract significant, but it also signals that top-tier customers are increasingly willing to diversify away from TSMC.” Samsung’s foundry division, which manufactures custom chips for clients, has reported a string of losses in recent quarters as it struggled to keep pace with TSMC’s dominance in advanced chipmaking. The Taiwanese rival holds a commanding lead in the production of high-performance chips used in artificial intelligence, mobile devices, and automotive applications. Samsung's shares closed at 70,400 won on Monday, climbing 4,500 won, or 6.83 percent, from the previous trading day. It was the first time Samsung's stock had finished above 70,000 won in roughly 11 months since Sept. 4 of last year, when its closing price was exactly 70,000 won. The identity of Samsung’s client had been withheld for confidentiality reasons, but Musk confirmed on his social media platform X (formerly Twitter) that Samsung will manufacture Tesla’s upcoming “AI6” chip at its new Texas facility. “Samsung’s giant new Texas fab will be dedicated to making Tesla’s next-generation AI6 chip,” Musk wrote. “The strategic importance of this is hard to overstate.” Tesla currently relies on Samsung for production of its AI4 chip, while the AI5 — which Musk said just completed design — will be fabricated by TSMC, initially in Taiwan and later at its Arizona plant. The AI6, expected to debut between 2027 and 2028, is aimed at delivering up to 6,000 trillion operations per second (TOPS), more than double the peak performance of AI5. Musk added that Tesla would be closely involved in optimizing manufacturing at Samsung’s U.S. fab. “Samsung agreed to allow Tesla to assist in maximizing manufacturing efficiency. This is a critical point, as I will walk the line personally to accelerate the pace of progress,” he said. “And the fab is conveniently located not far from my house.” Beyond Tesla vehicles, the AI6 chip is expected to play a central role in a broader range of Tesla products, including its autonomous robots, such as the Optimus humanoid. Industry observers say the deal not only bolsters Samsung’s credentials in the race for next-generation AI chips, but also reflects a growing push by companies to diversify their supply chains amid rising geopolitical uncertainty and capacity constraints in Taiwan. 2025-07-28 10:56:58

Heat wave claims over 1 million livestock, elevates human casualties SEOUL, July 27 (AJP) - A relentless heat wave gripping South Korea has led to a surge in heat-related deaths, claiming over a million livestock and a growing number of human lives. Heatwave warnings were in effect across the nation on Sunday. According to the Ministry of Interior and Safety, a total of 1,011,243 livestock animals have perished this year as of July 25. The ministry noted a sharp escalation in these numbers recently, directly attributing it to the sweltering temperatures. This year's tally represents more than a 10-fold increase compared with the same period last year, the ministry said. On July 24 alone, 13,842 livestock animals succumbed to the heat, including 209 pigs and 13,633 poultry such as chickens and ducks. The human toll has also escalated significantly. The number of individuals suffering from heat-related illnesses has reached 2,183 this year, marking a 2.5-fold increase over the 871 cases reported during the same period last year. On July 25, a man in his 50s was discovered collapsed on a street in Seongnam, Gyeonggi Province, around 2:20 p.m., bringing the total number of heat-related fatalities this year to 11. The Korea Meteorological Administration has cautioned that the extreme conditions are expected to persist. Daytime temperatures are forecast to remain around 35 degrees Celsius across the country for the time being, with many areas also experiencing "tropical nights," where temperatures do not drop below 25 degrees Celsius. 2025-07-27 15:01:03

Shipbuilding emerges as key leverage for Seoul in trade talks with Washington SEOUL, July 27 (AJP) - As the clock ticks down to the Aug. 1 deadline for tariff exemptions, South Korea is intensifying its push for a comprehensive trade agreement with the United States. High-level talks are scheduled for this week, with key officials from both nations expected to hold separate meetings to finalize negotiations. South Korea's Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol is slated to meet with his American counterpart, Scott Bessent, the treasury secretary, for a critical round of last-minute discussions. Simultaneously, South Korea's Foreign Minister Cho Hyun will hold a separate meeting with Marco Rubio, the U.S. secretary of state, this week. South Korea's presidential office held emergency meetings on trade relations with the United States on July 25 and 26. These sessions served to update officials on the ongoing high-level negotiations and to reiterate Seoul’s commitment to dedicating full effort to the talks until the August 1 deadline. In a statement released on July 26, the presidential office affirmed, "As Deputy Prime Minister Koo and Minister Cho are scheduled to meet with Treasury Secretary Bessent and Secretary of State Rubio, respectively, in the coming week, the government has decided to exert full effort in trade negotiations with the U.S. before Aug. 1." It was also noted that the American side had already communicated the specific date for Koo and Bessent’s meeting. During the emergency discussions, Minister of Trade, Industry and Energy Kim Jung-kwan reported on the outcome of his late-night meeting on July 25 with Howard Lutnick, the U.S. secretary of commerce, in the United States. The presidential office indicated that "our side confirmed the U.S. side's strong interest in the shipbuilding sector, and we have agreed to work towards mutually agreeable solutions, including cooperation in shipbuilding between the two countries." The South Korean government has laid a broad array of proposals on the negotiating table with the United States, including pledges of large-scale investments in the U.S., cooperation in strategic industries, and discussions on non-tariff issues such as agriculture, livestock, and digital trade. Security cooperation has also been a consistent component of these ongoing discussions. However, a renewed focus by the United States on its shipbuilding industry is now shifting the dynamics of the talks. This has significantly increased the likelihood that South Korea's robust shipbuilding capabilities could become a crucial negotiating leverage. The United States has identified both South Korea and Japan as potential partners in its efforts to revitalize its domestic shipbuilding sector. Analysts suggest that South Korea, benefiting from its advanced technology and superior production capacity, has most likely put forth concrete proposals. These could encompass the establishment of shipyards within the United States, equity investments, or offering technological and human resource support to the American shipbuilding industry. 2025-07-27 10:59:47

Foreign residents in South Korea rise to all-time high, exceeding 2.7 million SEOUL, July 27 (AJP) - The number of foreign nationals residing in South Korea has surged to an all-time high, surpassing 2.73 million, driven by a post-pandemic rebound in entries for academic, employment, and tourism purposes. As of the end of June this year, the total foreign resident population in the country reached 2,732,797, according to data released by the Ministry of Justice's Korea Immigration Service, Sunday. This figure represents a 1.5 percent increase, or 40,068 people, compared with the previous month. The rising numbers reflect a steady recovery from the pandemic-induced slowdown. The foreign population in South Korea rebounded to over 2.51 million in 2023, and continued to climb to approximately 2.65 million last year. After reaching roughly 2.72 million in March of this year, the total saw slight dips to around 2.71 million in April and 2.69 million in May, before setting a new record of over 2.73 million last month. Of the total, long-term residents comprise the majority. Registered foreign nationals accounted for 1,559,975, while foreign citizens of Korean descent who have reported their domestic residence numbered 552,419. Short-term visitors, including tourists, made up 620,403. By nationality, Chinese citizens constituted the largest group, with 972,176 individuals, representing 35.6 percent of all foreign residents. Vietnam followed with 341,153, then the United States with 196,664, Thailand with 173,710, and Uzbekistan with 98,457. A significant concentration of registered foreign residents, more than half, were found to be living in the Seoul metropolitan area. Other major regions included Yeongnam, with 317,286 people (20.3 percent); Chungcheong, with 200,939 (12.9 percent); and Honam, with 136,990 (8.8 percent). 2025-07-27 10:15:34

Korea-US trade talks end second day without agreement, more internal discussions needed SEOUL, July 26 (AJP) - Korean Industry Minister Kim Jeong-kwan and U.S. Commerce Secretary Howard Lutnick concluded their second day of intensive trade negotiations Saturday at Lutnick's private residence in New York, according to trade sources Saturday. The talks followed Thursday's meeting at the Commerce Department in Washington as both sides work toward reaching an agreement before the August 1 deadline for reciprocal tariff implementation. Kim presented revised proposals based on discussions from a trade strategy meeting held at the presidential office on Friday, offering more advanced positions than Thursday's initial negotiations. The Korean delegation reportedly made additional approaches on contentious issues including U.S. investment commitments and agricultural products such as beef and rice. However, sources indicated that Lutnick continued to demand greater concessions from South Korea despite the revised proposals. Trade sources said the negotiation results require additional internal discussions, suggesting significant gaps remain between the two sides. Kim reported the outcome of Friday's additional talks with Lutnick to Seoul, and the presidential office is expected to hold another trade strategy meeting on Saturday chaired by the chief of staff to discuss Korea's response direction for achieving a tariff negotiation settlement. Kim had originally been scheduled to return to Korea on Friday but may remain in the United States along with Trade Representative Yeo Han-gu to oversee intensive last-minute negotiations as the deadline approaches. The presidential office is considering having both officials stay to lead comprehensive U.S. negotiations given the time constraints and the need for continued high-level engagement. Both countries are conducting intensive negotiations with the goal of reaching a trade agreement before August 1, when President Donald Trump's moratorium on reciprocal tariff implementation expires. The extended talks in New York demonstrate the urgency both sides feel to resolve outstanding trade issues, though significant differences appear to remain on key investment and agricultural market access commitments. 2025-07-26 16:33:22

LG Electronics to boost Mexico, U.S. production to counter tariffs SEOUL, July 26 (AJP) - LG Electronics said Friday it will expand production in Mexico and the United States to respond to reciprocal tariffs taking effect August 1, while considering price increases as part of its strategy to counter rising costs. The South Korean appliance maker outlined its tariff response plans during a second-quarter earnings conference call, warning that policy volatility and weakening consumer sentiment are dampening home appliance demand outlook. The company said it faces cost pressures from 50 percent steel tariffs and reciprocal tariffs, which will create greater market price uncertainty in the second half. LG Electronics plans to begin washing machine production at its Mexicali, Mexico facility in September to provide flexibility in responding to tariff impacts. The company will expand supply from both U.S. and Mexican production sites once reciprocal tariffs take effect on August 1. LG Electronics currently manufactures washing machines and dryers at its Tennessee plant, while producing home appliances and televisions in Mexico and refrigerators and washing machines in Vietnam. The company said it will maintain its current production system while operating regional product supply bases in the U.S. based on competitiveness considerations. Regarding potential price increases, executives said decisions would be made carefully after considering policy changes, economic trends and discussions with distribution channels. The company's vehicle components business through LG Magna is also expanding international production, with the Mexico plant accounting for 30 percent of sales in the first quarter and expected to reach the low 40 percent range by the fourth quarter. LG Magna's Hungary plant, completed in December 2024, is scheduled to begin operations in mid-2026. The air conditioning division reported order backlogs growing three times compared to the previous year, driven by data center demand. LG Electronics expects shipping costs to improve in the second half compared to the first half, citing completed maritime freight bidding for second-half contracted volumes and declining sea freight rates starting in July. The company is also conducting early shipments of sales volumes and expanding regional production ratios as part of its U.S. tariff response measures, while mixing existing and new shipping companies to secure additional freight competitiveness. 2025-07-26 15:02:33

Amorepacific's Aestura brand expands to Canada and Australia markets SEOUL, July 26 (AJP) - Amorepacific's dermatological skincare brand Aestura announced Friday it will launch in Canada and Australia in August, expanding its global presence following its February entry into the U.S. market. The Korean beauty company will distribute products through Sephora stores in both countries as part of its exclusive partnership with the global cosmetics retailer. The brand will focus on its Atobarrier 365 product line in the new markets, launching eight products including the flagship Atobarrier 365 cream, bubble cleanser, serum, hydro essence, lotion, soothing cream, mist and body lotion. The company will also offer a bestseller trial kit alongside the main product range. The Atobarrier 365 cream has sold over 7 million units since its launch. Aestura first entered international markets in September 2023 with Japan, followed by Vietnam, Thailand and the United States. The brand initially gained traction in the U.S. through Amazon before officially launching through Sephora in February 2025. The company said the products performed well on Amazon rankings prior to the official Sephora launch. In an interview with this publication, an Amorepacific representative said the company does not disclose brand-specific sales figures when asked about expected revenue from the Canadian and Australian markets. The representative noted that Aestura products had gained popularity through cross-border purchases on Amazon before the official U.S. launch, with the Atobarrier cream receiving particularly positive reception. "Aestura as a brand has heritage from Taepyeongyang Pharmaceutical. Based on Amore research, we will continue to approach with the mindset of always thinking about customers with sensitive skin," the company representative told this publication. The brand plans to continue expanding into additional global markets following the Canada and Australia launches, targeting consumers seeking dermatological skincare solutions. 2025-07-26 11:34:06