Korea's semiconductor shipments turn negative after 16 months SEOUL, March 03 (AJP) - South Korea’s average daily exports fell nearly 6 percent in February compared with a year earlier, bringing total exports for the first two months of the year down by more than 4 percent. Semiconductor shipments, which account for about 20 percent of South Korea’s total exports, posted their first decline in 16 months. The downturn has raised concerns about the country’s economic outlook, particularly as the auto sector — South Korea’s second-largest export industry — faces potential headwinds from U.S. tariffs. According to the Ministry of Trade, Industry and Energy, Sunday, South Korea’s total exports in February reached $52.6 billion, a 1 percent increase from a year earlier. While January saw a decline, ending a 16-month streak of export growth, February’s rebound was muted. When adjusted for the number of working days, average daily exports stood at $2.39 billion, down 5.9 percent from the previous year. For the first two months of 2025, cumulative exports totaled $101.73 billion, a 4.75 percent drop from the same period in 2024. Exports to South Korea’s two largest trading partners, China and the United States, remained weak. Shipments to China fell 1.4 percent year-over-year to $9.5 billion, while exports to the United States edged up 1 percent to $9.9 billion. The decline in exports to China was largely driven by weakening semiconductor sales. Semiconductors, South Korea’s top export category, totaled approximately $9.6 billion in February, a 3 percent drop from the previous year. It was the first contraction in chip exports in 16 months. Shipments to China, which account for the largest share of South Korea’s semiconductor exports, plunged 15.3 percent year-over-year to $2.52 billion. A ministry official attributed the slump to falling prices of general-purpose memory chips, despite steady demand for high-value semiconductors used in artificial intelligence applications. 2025-03-03 12:46:02

US sends aircraft carrier to South Korea amid heightened N. Korea threats SEOUL, March 03 (AJP) - The USS Carl Vinson, a nuclear-powered U.S. aircraft carrier, arrived at a South Korean naval base on Sunday, marking the first visit by a U.S. carrier to the country since President Donald Trump returned to the White House in January. The vessel, part of Carrier Strike Group 1, docked at the port in Busan, accompanied by the guided-missile cruiser USS Princeton and the Aegis-equipped destroyer USS Sterett. The South Korean military described the visit as part of ongoing efforts to reinforce Washington's extended deterrence commitment to South Korea and to strengthen the allies’ joint defense posture in response to persistent threats from North Korea. South Korean and U.S. forces plan to use the visit to enhance interoperability between their naval forces and conduct a series of cooperative military activities, the South Korean Navy said. Gen. Xavier Brunson, commander of U.S. Forces Korea, the United Nations Command, and the Combined Forces Command, underscored the significance of the carrier’s deployment in maintaining regional security. “The Carl Vinson’s carrier strike group operations demonstrate our commitment to bolster the defense of allies and partners, and strengthen our ability to ‘fight tonight and win,’” Brunson said after observing flight operations aboard the carrier. “This visit, especially when coupled with realistic, all-domain joint and combined training, increases interoperability and ensures we build the readiness posture to deter aggression and maintain stability in the Republic of Korea and the region.” 2025-03-03 12:27:33

Korea's opposition party gains ground as ruling party support declines, poll finds SEOUL, March 03 (AJP) - Support for South Korea’s main opposition Democratic Party (DP) has risen to 44.2 percent, surpassing the ruling People Power Party (PPP) by a margin greater than the survey’s margin of error, according to a new poll released on Monday. The survey, conducted by Realmeter among 1,506 adults aged 18 and older last week, found that the DP’s approval rating climbed 3.1 percentage points from the previous week. Meanwhile, support for the PPP declined by 5.1 percentage points, falling to 37.6 percent. The poll carries a margin of error of plus or minus 2.5 percentage points, with a confidence level of 95 percent. Political tensions are escalating in South Korea as the DP criticized lawmakers from the ruling party for attending a rally opposing the impeachment of President Yoon Suk Yeol. In a statement, DP spokesperson Hwang Jung-ah accused the PPP of embracing far-right politics by supporting what she described as President Yoon’s "delusive" political behavior. “It is outrageous to invoke the spirit of the March 1st Independence Movement to defend a leader who seeks to trample on the people’s rights for the sake of one-man rule," Hwang said. Hwang also denounced remarks made by PPP lawmaker Seo Cheon-ho at the rally, where he called for dismantling the Constitutional Court, the election commission, and the Corruption Investigation Office for High-Ranking Officials. The DP spokesperson denounced him of inciting unrest among hardline supporters and undermining the rule of law. The PPP pushed back, arguing that the DP was disregarding public sentiment and unfairly labeling citizens as extremists. “The people are raising their voices against the DP's parliamentary dictatorship and demanding reforms at the Constitutional Court and election commission, both of which have been mired in allegations of bias and corruption,” PPP spokesperson Seo Ji-young said in a statement. Seo also criticized the DP’s characterization of the protest, asking, “Are the hundreds of thousands of citizens who filled the streets extremists? Is every critic of the DP to be labeled far-right?” Meanwhile, the survey's findings also showed growing support for DP leader Lee Jae-myung as a potential future presidential candidate. In the same survey, 46.3 percent of respondents said they backed Lee, while Labor Minister Kim Moon-soo received 18.9 percent support. Former PPP leader Han Dong-hoon trailed with 6.9 percent. 2025-03-03 12:10:41

Korea to open anti-dumping probe into Chinese, Japanese steel SEOUL, February 28 (AJP) - South Korea’s trade commission will launch an investigation into alleged dumping of hot-rolled steel products from China and Japan, the Ministry of Trade, Industry and Energy said on Friday. The Korea Trade Commission is set to formally begin its probe after publishing a notice in the government gazette on March 4. The investigation will unfold in two phases: an initial inquiry lasting up to five months, with preliminary findings expected as early as June, followed by a final determination period that could take an additional three to five months. The probe was prompted by a December 2024 complaint from Hyundai Steel, one of South Korea’s major steelmakers, which claimed that artificially low-priced imports from China and Japan were inflicting damage on the domestic steel industry. According to data from the Korea Iron & Steel Association, China and Japan accounted for 96.2 percent of South Korea’s hot-rolled steel imports between January and November 2024. During this period, South Korea imported 1.53 million tons from China and 1.77 million tons from Japan, out of total imports of 3.43 million tons. Industry sources suggest that Chinese and Japanese hot-rolled steel products are being sold in South Korea at prices 10 to 20 percent lower than domestic alternatives, with discounts reaching as high as 30 percent in some cases. This investigation comes on the heels of South Korea’s decision earlier this month to impose provisional anti-dumping duties of 27.9 to 38 percent on Chinese steel plates. That decision, announced on February 20, was based on findings that those imports had caused harm to South Korean producers. Hot-rolled steel is a critical material used across industries, including automotive manufacturing, shipbuilding, construction, and industrial machinery. 2025-02-28 16:05:54

300 tons of molten iron spills at Hyundai Steel plant in Dangjin Firefighters work to extinguish flames after 300 tons of molten iron leaked from a transport train in Dangjin, South Chungcheong Province, Feb. 28, 2025. Yonhap SEOUL, February 28 (AJP) - A fire broke out early Friday at Hyundai Steel’s furnace in Dangjin, South Chungcheong Province, after approximately 300 tons of molten iron spilled from a cracked transport container, fire authorities said. The incident occurred at 2:26 a.m. as the molten iron was being transported via the plant’s internal railway system. A fissure in the container caused the material to leak onto the tracks, igniting a blaze. Emergency workers responded swiftly, dispatching 22 fire trucks and 66 personnel to the scene. Firefighters brought the fire under control by 4:09 a.m., extinguishing it roughly an hour and 43 minutes after it began. Authorities reported no injuries, and the fire did not spread beyond the railway system to other plant facilities, preventing further damage or secondary accidents. Officials from the police and fire departments, in collaboration with Hyundai Steel representatives, have launched an investigation into the exact cause of the accident and are assessing the extent of the damage. 2025-02-28 14:12:09

Orion's Choco Pie hits record sales of 4 billion units in 2024 SEOUL, February 28 (AJP) - Orion Corp.'s signature confection, the Choco Pie, achieved record-breaking global sales in 2024, surpassing 4 billion units and generating revenue of 580 billion won ($435 million), the company said Friday. The chocolate-covered marshmallow treat, which marked its 50th anniversary last year, has sold more than 50 billion units since its 1974 debut. Over the past five decades, total sales have exceeded 8 trillion won, with international markets accounting for approximately 67 percent, or 5.5 trillion won, of that figure. Orion has expanded its global footprint through manufacturing facilities in China, Vietnam, Russia, and India, distributing Choco Pie in more than 60 countries. The company currently offers 24 variations of the snack worldwide, tailoring flavors and ingredients to suit regional preferences. In China, Choco Pie has been ranked first in the pie category seven times in the Chinese Customer Recommendation Index. In Vietnam, it has achieved a cultural foothold as a “national snack,” dominating the market and even making appearances on traditional ceremonial tables. Russia remains one of Orion’s strongest markets, with 1.6 billion units sold there in 2024 alone. The company produces 12 variations of Choco Pie for Russian consumers, including jam-filled varieties designed to align with local tastes. “Choco Pie represents the culmination of our confectionery expertise, combining chocolate, biscuit, and candy-making techniques,” an Orion spokesperson said, adding it aims to continue developing the product as a global favorite. 2025-02-28 11:03:12

Major Korean card firms likely to adopt Apple Pay next month SEOUL, February 27 (AJP) - Shinhan Card and KB Kookmin Card are set to introduce Apple Pay as early as next month, following Hyundai Card’s initial rollout. The expansion is expected to significantly widen the mobile payment service’s reach from its current 12.65 million users to potentially all iPhone users in South Korea. The broader adoption of Apple Pay, however, may place financial pressure on small business owners. Only 10 percent of South Korea’s 3.2 million merchant locations currently have the EMV contactless payment terminals required for Apple Pay. If the remaining 2.88 million small merchants upgrade their terminals at an average cost of 175,000 won per unit, the total expense could reach 504 billion won ($380 million). “Small business owners will have no choice but to invest in new terminals,” an industry official said. Market analysts warn that credit card companies may seek to offset the 0.15 percent fee paid to Apple by scaling back customer benefits. Hyundai Card has already reduced rewards on its private-label credit cards since launching Apple Pay in March 2023, raising annual fees and increasing minimum spending requirements for multiple card products in 2024 and into early 2025. Financial Services Commission Chairman Kim Byung-hwan downplayed these concerns, stating that “Apple Pay’s share of market transactions remains minimal.” Meanwhile, Financial Supervisory Service Governor Lee Bok-hyun indicated that regulators are considering forming a task force to address emerging issues surrounding Apple Pay’s expansion. 2025-02-27 15:24:18

Toxic levels of lead found in pens sold on Chinese e-commerce platforms SEOUL, February 27 (AJP) - Ballpoint pens sold on Chinese e-commerce platforms contained lead at levels 231 times higher than South Korea’s legal safety limits, according to tests conducted by the Seoul Metropolitan Government. The city government examined 16 stationery products available on platforms including Temu, Shein, and AliExpress ahead of the new school season. The results, released Thursday, revealed that seven of the items contained hazardous substances exceeding domestic safety standards. One particularly concerning case involved a notebook and pen set. Officials found that the pen’s refill contained lead at 231 times the permitted level. The notebook cover also tested positive for high levels of toxic substances, including cadmium at 5.6 times the legal limit and phthalate plasticizers at 92.2 times the allowable amount. Other problematic products included a pencil set that contained phthalate plasticizers at 28.4 times the safety limit and bendable pencils with phthalate levels reaching 111.5 times the permitted threshold. Children's leather pencil cases were found to contain excessive amounts of all three hazardous substances. Concerns extended beyond writing materials. A watercolor set contained green paint with lead levels exceeding standards by 5.1 times. Meanwhile, a children’s xylophone was found to have barium — an element that can irritate the skin and eyes — at 3.4 times the permissible level. Seoul city officials said they plan to expand their safety inspections in March to include children’s clothing, sneakers, and sunglasses. The full test results will be made available on the website. 2025-02-27 14:01:55

Shinsegae Tomboy's goose down products found to contain duck feathers SEOUL, February 24 (AJP) - South Korean fashion company Shinsegae Tomboy has announced a voluntary recall and refund for 13 down-filled garments after discovering that products marketed as containing goose down were instead filled with duck feathers. The affected items, nine from the VOV brand and four from G-Cut, were part of the company’s 2024 winter collection. The discrepancy was identified during an internal quality inspection of down-filled products supplied by partner manufacturers, the company said in a statement on Monday. Shinsegae Tomboy found that one supplier had mislabeled the filling materials, using duck down in products advertised as goose down. Further investigation revealed that the supplier had submitted falsified test reports and sourced materials from an unverified vendor. In response, the company immediately halted sales of the affected products and has begun a recall of items already in circulation. Customers who purchased the garments will be eligible for a full refund and additional compensation. Shinsegae Tomboy also said it would sever ties with the supplier in question and pursue legal action. William Kim, the company’s chief executive, issued a public apology, pledging stricter oversight in the production process. “To prevent such incidents in the future and restore customer trust, we will enhance quality verification at every stage of production and overhaul our supplier management system,” he wrote in a statement on the company’s website. He added, “We sincerely apologize to our customers for the inconvenience caused and to those who have supported VOV and G-Cut.” 2025-02-24 17:54:53

KEPCO, KHNP to seek international arbitration over additional costs from UAE nuclear project SEOUL, February 24 (AJP) - Korea Electric Power Corp. (KEPCO) and its subsidiary Korea Hydro & Nuclear Power (KHNP) are preparing for international arbitration over $1 billion of additional costs related to the Barakah nuclear power plant project in the United Arab Emirates. Negotiations between the two entities have stalled, sources said. Recent discussions between KEPCO’s chief executive, Kim Dong-chul, and KHNP’s president, Hwang Joo-ho, failed to resolve the impasse over cost settlements for South Korea’s first overseas nuclear initiative, originally valued at approximately 20 trillion won ($15 billion). In January, KHNP formally filed a claim seeking $1 billion in additional compensation, citing project delays and extra work orders it attributed to KEPCO and the UAE. Despite being a wholly owned subsidiary of KEPCO, KHNP argues that settlements should be handled independently under the terms of their Operating Support Services (OSS) contract. “We cannot accept this,” Kim said during a National Assembly committee meeting, expressing frustration over KHNP’s demand for compensation from its parent company. Following his remarks, KHNP reportedly began preparing to take the matter to the London Court of International Arbitration. The dispute threatens to push the project’s cumulative profit margin into negative territory from its current 1 percent level. If unresolved, KHNP could face potential losses amounting to 1.4 trillion won ($1 billion), while KEPCO may need to reflect additional financial setbacks if it is unable to secure compensation from the UAE. Both companies have already engaged legal counsel in anticipation of arbitration, as outlined in their OSS contract for dispute resolution. 2025-02-24 14:12:14