Journalist

Park Ki-rock and Seo Min-ji
  • South Korea to crack down fuel price collusion amid Middle East tensions
    South Korea to crack down fuel price collusion amid Middle East tensions SEOUL, March 5 (AJP) - The government will crack down on price collusion and other unfair practices, and strict measures will be taken against any violations, Deputy Prime Minister and Finance Minister Koo Yoon-cheol said on Thursday. His remarks came as domestic fuel prices were already surging even before the impact of escalating tensions in the Middle East caused by last week's U.S.-led airstrikes against Iran under the military operation dubbed "Operation Epic Fury" was fully felt in the local market. Speaking at an emergency Cabinet meeting chaired by President Lee Jae Myung at Cheong Wa Dae, Koo said "We are seeing an excessive hike in gasoline and other petroleum prices," vowing to conduct intensive inspections to punish any collusion and implement corrective measures in cooperation with relevant industries. Koo said energy prices had climbed approximately 13 percent as of early Thursday morning, outlining contingency measures that include securing energy supplies beyond the Middle East, exercising pre-emptive purchase rights and tapping strategic oil reserves if necessary. Turning to the broader economic fallout, Koo said that about 49 small and medium-sized exporters had reported difficulties including shipping disruptions, delayed payments, and rising logistics costs. To support them, the government plans to provide 20.3 trillion Korean won (US$14 billion) in funding through interest rate cuts and expanded loans, along with tax relief measures for affected firms. Lee then ordered the immediate injection of 100 trillion won ($68.3 billion) into capital and financial markets to counter the fallout from the Middle East conflict. "Our first priority must be to actively address the increased market volatility across financial sectors, including equities and exchange rates," he said. If the Middle East conflict drags on and disrupts oil shipments through the Strait of Hormuz, a critical chokepoint for roughly one‑fifth of the world's oil supply, the government will help cover rising freight costs and deploy emergency response teams to monitor supply chains for goods heavily dependent on the perennially volatile region. Some 38 South Korean vessels are currently operating in and around the strategically vital waterway including 26 within the strait itself, with no incidents or damage reported so far. Meanwhile, Foreign Minister Cho Hyun said that a total of 18,472 South Korean nationals including some 4,935 short-term visitors, are currently in 14 Middle Eastern countries. Regarding their safety, Cho said, "There have been no casualties among our nationals so far," adding that evacuations to neighboring countries have been carried out with support from local diplomatic missions. Lee urged ministers to respond swiftly and thoroughly, stressing that the safety of South Korean nationals overseas should be treated as a matter of utmost priority. 2026-03-05 15:01:16
  • Another case of foot-and-mouth disease detected in Goyang
    Another case of foot-and-mouth disease detected in Goyang SEOUL, February 20 (AJP) - Another case of foot-and-mouth disease has been reported in Goyang, Gyeonggi province, health authorities said on Friday. It was detected at a farm raising 133 cattle, prompting quarantine officials to expand containment measures to nearby areas including Gimpo, Paju and Yangju, as well as Seoul. All cattle on the farm are set to be culled, and a 24-hour standstill order has been issued for workers and vehicles at livestock-related facilities, remaining in effect until early Saturday. Quarantine officials will also carry out clinical inspections and provide emergency vaccinations at some 1,092 farms raising cloven-hoofed animals in the affected areas. The latest case comes about three weeks after the first case this year was detected in Ganghwa, Incheon in late January. 2026-02-20 14:56:28
  • Overseas outlets of Korean dining brands jump 25 percent in 5 years
    Overseas outlets of Korean dining brands jump 25 percent in 5 years SEOUL, February 05 (AJP) - South Korean dining brands have increased their overseas store count by nearly 25 percent over the past five years, a government survey showed on Thursday. According to the survey, released by the Ministry of Agriculture, Food and Rural Affairs and the Korea Agro-Fisheries & Food Trade Corp. (aT), Korean dining companies operated 4,644 stores across 56 countries last year, up from 3,722 outlets in 48 countries in 2020. Over the same period, the number of companies operating overseas fell to 122 from 134, while the number of brands slipped to 139 from 147. The survey suggests companies are concentrating resources in key markets rather than expanding broadly, with many respondents reporting higher overseas sales over the past year. The United States was the largest market, accounting for 1,106 stores, or 23.8 percent of the total, more than double the 528 outlets recorded in 2020. China ranked second with 830 stores, down sharply from 1,368 five years earlier. Vietnam remained the largest base in Southeast Asia with 634 outlets, followed by the Philippines with 294, Thailand with 231 and Taiwan with 196 stores. By sector, chicken chains remained dominant, accounting for 39 percent of overseas outlets, followed by bakery brands at 25.5 percent. Together they made up nearly two-thirds of all stores abroad. The ministry said it plans to strengthen tailored support at each stage of overseas expansion, link restaurant operators with Korean food ingredient exporters and provide more detailed market information by country and region. "Overseas expansion has become an important pillar in boosting the global competitiveness of Korean cuisine and the broader food industry," said ministry official Jeong Gyeong-seok. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-05 13:58:34
  • Authorities warn of spread of livestock disease as Lunar New Year migration looms
    Authorities warn of spread of livestock disease as Lunar New Year migration looms SEOUL, February 2 (AJP) - South Korea is on alert for the potential spread of livestock diseases ahead of the Lunar New Year holiday, when many people travel nationwide to their ancestral hometowns. Agriculture Minister Song Mi-ryeong on Monday convened a meeting at the government complex in Sejong to discuss stricter quarantine measures aimed at preventing outbreaks of highly pathogenic avian influenza, African swine fever and foot-and-mouth disease. Quarantine officials said that highly pathogenic avian influenza has been appearing sporadically this winter with the arrival of migratory birds, prompting authorities to implement preventive culling and impose movement restrictions around affected farms. African swine fever has also shown signs of spreading into some previously unaffected regions. Adding to concerns, foot-and-mouth disease has also returned after roughly nine months, with a case detected at a cattle farm in Ganghwa, Incheon, at the end of last month. Officials said that one to two weeks after the holiday, which begins late next week, will likely determine whether the diseases have spread, given their incubation periods. Government authorities are urging livestock farmers and related workers to step up surveillance and step up disinfection measures. 2026-02-02 16:53:56
  • K-economy analysis: hot chips, hot stocks — and a narrow growth base
    K-economy analysis: hot chips, hot stocks — and a narrow growth base SEOUL, February 02 (AJP) -A booming semiconductor cycle and a frothy equity rally have lifted sentiment around the Korean economy, but the apparent strength rests on an increasingly narrow base, leaving broader growth and domestic demand lagging behind. Exports and stock prices are sending powerful bullish signals. Korea’s benchmark equity index surged to record territory in January, while outbound shipments continue with record-setting growth streak, fueling talk of a durable recovery. Yet headline momentum obscures a deeper imbalance: growth is being pulled forward by a handful of capital-intensive industries, while large swaths of manufacturing, domestic demand and employment remain stuck in stagnation. The divergence is most evident in international comparison. Korea’s real GDP growth rounded to 1.0 percent last year, among the weakest in Asia. Taiwan — also heavily exposed to semiconductors — expanded 8.63 percent, while China grew 5 percent, Singapore 4.8 percent, and Hong Kong 3.5 percent. Despite sharing a similar export profile with Taiwan, Korea has captured far less spillover into consumption, jobs and non-IT investment. Exports remain strong. Shipments rose 3.8 percent last year to $709.4 billion, crossing the $700 billion mark for the first time. January exports surged 33.9 percent on year to $65.85 billion, reinforcing expectations of another strong annual performance. But the rebound is highly concentrated. Semiconductor exports jumped 21.9 percent last year to $175.3 billion, riding a global chip supercycle amplified by artificial intelligence investment. Passenger car exports edged up 0.3 percent, while ship exports climbed 24 percent. The chip strength maintained over 20-percent growth in January. Traditional manufacturing tells a different story. Steel exports fell 4.5 percent, petroleum products 9.4 percent, auto parts 6.5 percent, wireless communication devices 6.2 percent, and home appliances 17 percent, reflecting global oversupply, rising trade barriers and weakening downstream demand. As a result, export dependence has deepened. Semiconductors accounted for 25 percent of total exports last year, up sharply from 16 percent in 2023. The top five export items — semiconductors, passenger cars, steel, petroleum products and ships — together made up 52 percent of total shipments, underscoring the growing concentration of Korea’s export engine. Stock-market strength outpaces the real economy Equity markets have amplified the sense of recovery. Chipmakers, shipbuilder and defense-related stocks have driven index gains, buoyed by strong earnings and optimistic forward guidance. But the rally has remained sector-specific, offering limited support to small manufacturers, service firms or regional economies. Domestic demand remains subdued. Retail sales rose just 0.5 percent last year, with spending gains concentrated in automobiles and communication devices. Sales of clothing, cosmetics and other everyday goods declined, highlighting the disconnect between asset prices and household sentiment. Industrial activity reflects the same split. Overall manufacturing output increased 1.6 percent, but total shipments were flat as domestic shipments fell 2.6 percent, offsetting export growth. The recovery is export-led, not consumption-led — a pattern that limits job creation and income growth. A K-shaped economy hardens The imbalance is becoming structural. Production at small and medium-sized manufacturers fell 3.3 percent last year, the steepest decline since records began a decade ago. Large manufacturers posted a 3.0 percent increase, pushing their output index to a record high. Growth accounting underscores the distortion. Without the semiconductor boom, Korea’s growth rate would have fallen to around 0.4 percent. The IT sector contributed roughly 0.6 percentage points to growth, with semiconductors alone accounting for about 0.9 percentage points, offsetting sharp contractions elsewhere. Construction investment dropped nearly 10 percent, shaving 1.4 percentage points off growth. Employment-intensive sectors such as construction, steel and petrochemicals continue to struggle, while job gains have been concentrated in services linked to aging demographics rather than productive investment. Policy constraints come into focus The chip-led surge leaves policymakers with limited tools. Broad monetary easing, the central bank argues, would do little to address sectoral polarization and could worsen asset and income inequality by further inflating stocks and property. Instead, authorities are relying on targeted credit programs and industrial support for vulnerable sectors, while holding interest rates steady. The strategy reflects a growing consensus that Korea’s challenge is not cyclical weakness, but structural imbalance — one that interest rates alone cannot fix. For now, booming chips and soaring stocks provide a powerful narrative of resilience. But the longer growth remains dependent on a narrow set of industries, the greater the risk that today’s recovery hardens into a prolonged K-shaped expansion — one that lifts markets but leaves jobs, incomes and domestic demand behind. As AI and semiconductor investment accelerate, Korea faces a paradox: the industries driving growth are also those least capable of spreading it widely. Without a broader revival in traditional manufacturing and consumption, the gap between headline strength and economic reality is set to widen further. * This article, published by Aju Business Daily, was edited by AJP. 2026-02-02 07:21:17
  • Koreas finance minister touts AI, new growth sectors in talks with Moodys
    Korea's finance minister touts AI, new growth sectors in talks with Moody's SEOUL, January 30 (AJP) - South Korea’s Deputy Prime Minister and Finance Minister Koo Yun-cheol met with a delegation from Moody’s Investors Service on Friday, outlining the country’s plan to bolster medium- and long-term competitiveness through artificial intelligence and new growth industries. Koo met the Moody's team, which included Anushka Shah, a director overseeing sovereign ratings, at the Government Complex Seoul to discuss recent economic developments and the policy outlook. Outlining the government’s growth strategy, Koo identified semiconductors, the defense industry and K-culture as core sectors, while citing “physical AI” and power semiconductors as next-generation growth engines. He said fostering new industries would be critical to sustaining and expanding the country’s competitiveness. “The government is providing broad-based support, including workforce training, capital supply and regulatory easing,” Koo said. Responding to questions from Moody’s on the impact of artificial intelligence on employment, Koo said opinions vary but that AI-driven transformation across key industries, along with the emergence of new sectors, could generate new jobs built on core technologies. On geopolitical risks, Koo said the Lee Jae Myung administration has worked to maintain peace and stability on the Korean Peninsula since Lee took office, adding that conditions have remained broadly stable. Koo also addressed the management of national debt over the medium to long term, ministry officials said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-30 14:12:53
  • Korea Rural Economic Institute Announces New Appointments
    Korea Rural Economic Institute Announces New Appointments ◇Korea Rural Economic Institute △Appointments ▷Seo Dae Seok, head of the Agribusiness Innovation Research Division ▷Kook Seung Yong, head of the Agricultural Finance and Fiscal Policy Research Office under the Macroeconomic Agricultural Policy Research Division ▷Seong Jae Hoon, head of the AI Agricultural Policy Research Team * This article has been translated by AI. 2026-01-29 08:27:00
  • Rice consumption falls further in South Korea as dietary shift continues
    Rice consumption falls further in South Korea as dietary shift continues SEOUL, January 22 (AJP) - South Korea’s per-capita rice consumption declined again last year, extending a decades-long slide as household eating habits continue to shift, government data showed on Thursday. According to the National Data Center’s survey results, annual per-capita grain consumption in the household sector fell 3 percent from a year earlier to 62.5 kilograms. Rice consumption accounted for 53.9 kilograms, down 3.4 percent, or 1.9 kilograms, from the previous year. Annual per-capita rice consumption is now about half of the 106.5 kilograms recorded in 1995 and has been on a steady downward trend since 1981. Average daily rice consumption also declined, falling 5.2 grams from a year earlier to 147.7 grams. In contrast, rice use in the business sector rose, driven by demand from food manufacturers. Rice used as an ingredient in food and beverage production increased 6.7 percent to 932,102 tons. Within that total, rice consumption by food manufacturers climbed 12.6 percent, while usage in beverage manufacturing declined 5.2 percent. By industry, rice cake manufacturers accounted for the largest share of business-sector rice consumption at 28.3 percent, followed by distilled alcohol producers at 23.2 percent and makers of other processed and ready-to-eat foods at 16.6 percent. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-22 14:33:28
  • Record number of South Koreans reaped handsome profits from overseas stocks
    Record number of South Koreans reaped handsome profits from overseas stocks SEOUL, January 22 (AJP) - South Koreans who reported taxes on profits from overseas stock investments topped 500,000 for the first time, tax data reveals. According to data submitted by the National Tax Service to Park Sung-hoon of the main opposition People Power Party (PPP) and released on Thursday, some 523,709 people filed tax returns on profits earned in 2024, up from 207,231 a year earlier. Those who invest in overseas stock markets and sell them for profits are required to pay a 22 percent tax here on gains exceeding 2.5 million won (US$1,700). The increase was attributed to a bullish U.S. market that year, with the S&P 500 up 23.3 percent and the Nasdaq up 28.6 percent. Another factor is the growing interest in overseas stock investment among retail investors seeking higher returns, as profitability improved sharply. Total reported capital gains in 2024 reached 14.42 trillion won, up 303.1 percent from 3.58 trillion won the previous year, with average gains per person around 28 million won. U.S. stocks accounted for the largest share of their investment. According to the Korea Securities Depository, the value of U.S. stocks they held rose from US$44.2 billion in 2022 to $68 billion in 2023, $112.1 billion in 2024, and $163.6 billion by the end of last year. To encourage them to return to the domestic market, the Ministry of Economy and Finance is mulling a temporary tax incentive for those who sell overseas stocks and reinvest their profits in domestic assets, under a scheme to be tabled at the National Assembly next month. 2026-01-22 10:45:04
  • South Korea seizes record 1,150 tons of illegally imported Chinese farm goods
    South Korea seizes record 1,150 tons of illegally imported Chinese farm goods SEOUL, January 12 (AJP) - South Korea has uncovered a large-scale scheme to illegally import Chinese agricultural products that bypassed quarantine procedures or included items banned from entry. The Animal and Plant Quarantine Agency said Monday it had identified 12 suspects — three brokers and nine importers — accused of bringing uninspected Chinese dried jujubes, raw peanuts and dried chili peppers, as well as prohibited items such as fresh fruit and apple seedlings, through Incheon port between December 2023 and January 2025. Nine of the suspects are expected to be referred to the Incheon District Prosecutors’ Office later this month, the agency said. Authorities said the seized and confirmed illegal imports totaled about 1,150 metric tons, the largest amount ever detected by the agency, with an estimated domestic wholesale value of 15.8 billion won. Investigators said they initially discovered 33 tons of Chinese dried farm products during a raid on a warehouse in Gimpo in January last year. A subsequent analysis of electronic data, including mobile phones belonging to the suspects, uncovered evidence of an additional 1,100 tons of illegally imported Chinese seedlings and farm products over roughly a year — equivalent to an average of about 10 container trucks a month. According to the agency, the suspects worked with Chinese exporters and used a concealment method known as “curtain covering,” disguising agricultural goods as pet supplies in shipping containers. Investigators said the group filed false customs declarations claiming the shipments contained only pet products, allowing them to evade quarantine inspections and customs checks. Chinese apple seedlings and fresh fruit are strictly banned from import because they can host fire blight, a highly contagious plant disease that has caused recent damage to South Korean apple and pear orchards, the agency said. Dried agricultural products such as chili peppers and jujubes are also subject to mandatory quarantine inspections to prevent the introduction of invasive pests and plant diseases. Under South Korea’s Plant Protection Act, illegally importing agricultural products without quarantine inspection carries penalties of up to three years in prison or fines of up to 30 million won. “Unregulated imports of uninspected dried farm products, seedlings and banned fresh fruit pose a direct risk of introducing invasive pests and diseases and can seriously harm agriculture and forestry,” Choi Jeong-rok, head of the Animal and Plant Quarantine Agency, said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-12 14:10:56