Journalist

Kwon Sung-jin
  • Koreas instant-noodle exports top $1.5 billion, doubling in three years
    Korea's instant-noodle exports top $1.5 billion, doubling in three years S​​​​EOUL, January 11 (AJP) -South Korea’s ramyeon exports topped US$1.5 billion last year, extending a long-running rise as the product becomes a leading item in the country’s food exports. Preliminary Korea Customs Service data released Sunday showed ramyeon exports rose 21.8 percent from a year earlier to a record US$1.521 billion (about 2.2 trillion won). Exports were US$952 million in 2023, below US$1 billion, but climbed by more than US$500 million in just two years. Compared with 2022, when exports totaled US$765 million, the figure has doubled in three years. It is up sevenfold over the past decade from US$219 million in 2015. Samyang Foods, which built the “Buldak” stir-fried noodle brand, produces all of its products in South Korea for export. Nongshim, by contrast, also has factories in the United States and China, suggesting overseas sales of Korean ramyeon are far larger than export totals alone. Ramyeon exports have increased for 11 straight years since 2014, with faster growth in recent years. Since 2021, exports have risen an average of 23 percent annually over five years. Korean ramyeon has gained visibility overseas alongside K-pop and Korean dramas. Reflecting that cultural reach, “ramyeon” has been listed as an English word in the Oxford English Dictionary, which defines it as a Korean-style instant noodle dish. “Ramen,” a Japanese term, was already included. Last year, a scene in the Netflix animated film “K-pop Demon Hunters” showing fictional K-pop group members eating cup noodles with gimbap drew attention. British The Times reported in November under the headline, “Thanks to K-pop Demon Hunters, Korean spicy noodles are popular in the U.K.” Ramyeon makers are pushing further into global markets. Nongshim has rolled out “K-pop Demon Hunters” collaboration ramyeon in key markets including the United States since last year and named girl group aespa as the first global ambassador for Shin Ramyun. Samyang Foods completed its Miryang Plant No. 2 last year and is building its first overseas factory in Jiaxing, China. It decided to install eight production lines, two more than originally planned. Still, the Trump administration’s tariff war has weighed on exports. Ramyeon exports to the United States rose 18.1 percent last year, below the overall export growth rate. U.S.-bound ramyeon exports grew an average of 68 percent a year from 2022 to 2024, but the growth rate fell sharply last year after the Trump government’s 15% reciprocal tariff took effect. From August, when the reciprocal tariff was introduced, through December, ramyeon exports to the United States totaled US$100 million, up just 1.4% from the same period a year earlier. 2026-01-11 13:40:25
  • South Koreas finance chief warns wons volatility remains high, vows swift action
    South Korea's finance chief warns won's volatility remains high, vows swift action SEOUL, January 08 (AJP) - South Korea’s deputy prime minister and finance minister Koo Yun-cheol said on Thursday that volatility in the foreign exchange market “remains high," pledging swift follow-up measures to stabilize overall conditions. Koo made the remarks at a policy coordination meeting attended by Bank of Korea Governor Lee Chang-yong, Financial Supervisory Service Governor Lee Chan-jin and Financial Services Commission Vice Chairman Kwon Dae-young. He said the current exchange rate appeared to be diverging from economic fundamentals and stressed the need for authorities to maintain “firm and consistent” policy responses. Koo said equity and financial markets have remained buoyant, citing foreign investor inflows, while government bond yields have stayed stable, leaving overall market conditions “generally stable.” However, he warned that downside risks persist in global markets, pointing to geopolitical uncertainty and shifts in monetary policy by major economies. Authorities will maintain a 24-hour market monitoring system and closely track external developments, he said. Koo also said the government would step up so-called productive finance to channel funding toward advanced industries as well as venture and startup firms. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-08 10:03:35
  • Budget minister nominee defines Korea under near-term perfect storm
    Budget minister nominee defines Korea under near-term perfect storm SEOUL, December 29 (AJP) -Lee Hye-hoon, a former three-term opposition lawmaker and economist tapped as the inaugural Minister of Planning and Budget, on Monday described the South Korean economy under a near-term "perfect storm", requiring a fundamental rethink of government spending priorities are set. “We need an approach that finds and eliminates unnecessary spending, while investing boldly in people’s livelihoods and growth,” Lee said as she reported for work at her temporary office at the Korea Deposit Insurance Corp. in Seoul, a day after her nomination. Observing the economy in "structural and complex" crisis, she named structural challenges: a population crisis, climate change, deepening polarization, sweeping industrial and technological disruption, and the decline of regional communities. She described the situation not as an unforeseen “black swan,” but as a “gray rhino” — a widely recognized and repeatedly warned-of risk that has long been ignored until becoming dangerous. “The challenges we face today were visible for a long time,” she said. “What we are dealing with now is the result of failing to respond early enough.” Lee said the newly created Ministry of Planning and Budget was established to move beyond short-term, reactive policymaking and instead serve as a “strategic planning control tower” for the country’s future. She stressed the need to more tightly link planning and budgeting, rather than allocating funds on a case-by-case basis. “I will ensure that taxpayers’ money becomes investment for the future, and that this investment in turn improves people’s lives,” she said. “That is how we create a virtuous strategic cycle.” Lee, a long-time critic of cash-driven fiscal expansion pursued by liberal governments, stopped short of commenting on Lee Jae Myung administration's expansionary fiscal stance, saying she would speak on the matter separately. 2025-12-29 10:28:43
  • South Korea sees steady rise in fathers taking parental leave
    South Korea sees steady rise in fathers taking parental leave SEOUL, December 17 (AJP) - The number of fathers taking parental leave in South Korea surpassed 60,000 for the first time last year, accounting for 30 percent of all parental leave takers. According to data released by the Ministry of Data and Statistics on Wednesday, the number of parental leave takers reached 206,226 in 2024, up four percent from the previous year, with some 29.2 percent being fathers. The number of fathers taking parental leave has steadily increased from 32,051 in 2019 to 50,815 in 2023, with most of them in their late 30s. About 67.9 percent of fathers and 57.7 percent of mothers were employed at large companies with over 300 employees. By region, Gyeonggi Province had the highest number of parental leave takers with 60,917, followed by Seoul with 37,265, Incheon with 12,549, and Busan with 11,358. Under relevant laws, parental leave allows pregnant women or parents with children under the age of 8 to take up to one year off from work. 2025-12-17 16:41:54
  • Koreas construction sector posts sharpest downturn in decades amid weak domestic demand
    Korea's construction sector posts sharpest downturn in decades amid weak domestic demand SEOUL, December 16 (AJP) - South Korea’s construction industry recorded its sharpest revenue decline since 1999 last year, as weak domestic demand weighed heavily on the sector, official data showed on Tuesday. According to the 2025 Construction Industry Survey released by the National Data Agency, industry revenue fell 3.8 percent from a year earlier to 487.7 trillion won. It marked the largest annual contraction in more than two decades. The downturn was most pronounced in the domestic market, where revenue slid 5.6 percent to 439.3 trillion won. In contrast, overseas construction revenue rose 17.1 percent to 48.4 trillion won, offering limited relief to the overall industry. Construction costs and value added also posted their steepest declines since 1999. Total construction costs fell 2.6 percent to 477.7 trillion won, while value added dropped 5.2 percent to 143.2 trillion won. Employment in the sector continued to shrink, with the number of construction workers down 2.8 percent to 1.76 million. Employment in general construction fell 3.9 percent to 1.129 million, while specialized construction employment declined 1 percent to 629,000. Despite the contraction, the number of registered construction companies increased 1.4 percent from a year earlier to 89,101. “The impact of the construction market downturn is becoming increasingly evident, with key indicators pointing to a very difficult situation since last year,” the National Data Agency said in a press release. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-16 13:42:42
  • Seoul holds emergency meeting as KRW set to end at its record low average
    Seoul holds emergency meeting as KRW set to end at its record low average SEOUL, December 14 (AJP) -South Korea’s fiscal, monetary and financial authorities convened an emergency meeting on Sunday as the Korean won continued to weaken against major currencies, defying a broad retreat in the U.S. dollar. The meeting was chaired by Deputy Prime Minister and Finance Minister Koo Yun-cheol and attended by Financial Services Commission Chairman Lee Eog-weon, Bank of Korea Governor Rhee Chang-yong, Financial Supervisory Service Governor Lee Chan-jin, and Presidential Chief Secretary for Economic Growth Ha Joon-kyung. Reflecting heightened concern over foreign-exchange volatility, the meeting also included Lee Seu-ran, vice minister of the Ministry of Health and Welfare, which oversees the National Pension Service — a major player in FX market — as well as Park Dong-il, director general at the Ministry of Trade, Industry and Resources. The emergency talks followed renewed weakness in the won after the U.S. Federal Reserve cut its benchmark interest rate by 25 basis points on Dec. 10 to a range of 3.50–3.75 percent, narrowing the interest-rate gap between South Korea and the United States from 1.50 percentage points to 1.25 percentage points. Despite the rate cut — which typically supports the won by easing interest-rate differentials — the currency failed to hold gains. The won-dollar exchange rate briefly fell before rebounding toward the 1,470-won level. The dollar closed at 1,473.7 won last Friday and touched 1,479.9 won in after-hours trading, its highest level since April’s presidential impeachment turmoil. Data from the Bank of Korea’s Economic Statistics System show that the average exchange rate based on weekly closing prices reached 1,460.44 won last month, the highest monthly average since March 1998 during the Asian financial crisis, when it averaged 1,488.87 won. So far this month, the two-week average has climbed further to 1,470.4 won. The exchange rate has not fallen below 1,450 won even intraday since Nov. 7, underscoring the won’s persistent weakness. The won has been the sole underperformer among major currencies this month. While the Korean currency has fallen 0.69 percent against the dollar, other major currencies have strengthened, including the Australian dollar (+1.56%), Canadian dollar (+1.50%), euro (+1.20%), British pound (+0.94%), and Japanese yen (+0.17%). The dollar index fell to 98.404 on Dec. 12 from 100.251 on Nov. 20, returning to mid-October levels, when the won was trading around 1,420 per dollar. If current trends persist, South Korea’s annual average exchange rate is projected to reach a record high. The year-to-date average stands at 1,420.0 won, already exceeding the 1998 average of 1,394.97 won, marking the weakest annual level on record. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-14 19:12:23
  • ADB raises South Koreas 2025 growth outlook to 0.9% on stimulus, chip demand
    ADB raises South Korea's 2025 growth outlook to 0.9% on stimulus, chip demand SEOUL, December 10 (AJP) - The Asian Development Bank (ADB) raised its 2025 economic growth forecast for South Korea to 0.9 percent from 0.8 percent, citing the impact of government stimulus measures and stronger global demand for semiconductors. In its latest regional outlook, the ADB also lifted its projection for 2026 growth to 1.7 percent from 1.6 percent. The ADB’s 0.9 percent growth estimate aligns with forecasts from the International Monetary Fund (IMF) and the Korea Development Institute (KDI). By contrast, the Bank of Korea and the Organization for Economic Cooperation and Development (OECD) project slightly stronger growth of 1.0 percent. The ADB said fiscal support and easing uncertainty following trade negotiations with the U.S. have helped stabilize the outlook, but warned that downside risks remain. A prolonged downturn in the domestic real estate market and escalating geopolitical tensions could weigh on growth. Inflation is expected to average 2.1 percent this year, the ADB said, driven by higher food and oil prices. Additional price pressures could emerge from the planned reduction of fuel tax subsidies and a weaker won. The ADB also left its 2025 growth forecasts for the United States and Japan unchanged at 1.7 percent and 1.1 percent, respectively, while projecting modest upticks next year. China’s growth forecast was revised up to 4.8 percent from 4.7 percent, while India’s was raised to 7.2 percent from 6.5 percent, reflecting resilient domestic demand and strong export performance. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-10 09:38:26
  • South Koreas single-person households top 8 million for first time
    South Korea's single-person households top 8 million for first time SEOUL, December 09 (AJP) - The number of single-person households in South Korea surpassed 8 million for the first time last year, with people aged 70 and older accounting for the largest share, according to government data released on Tuesday. A report by the National Data Agency showed the country recorded 8.045 million one-person households, representing 36.1 percent of all households. The proportion has risen steadily since 2019. People aged 70 and above accounted for 19.8 percent of single-person households, overtaking those under 29, who made up 19.2 percent. The gap widened to 2 percentage points from 0.5 percentage points the previous year. Among elderly households living alone, women accounted for a significantly larger share. About 1.165 million women aged 70 and older lived alone, compared with 425,000 men. The agency said higher life expectancy among women was a key factor behind the gap. Regionally, nearly 40 percent of single-person households were concentrated in the Seoul metropolitan area. Gyeonggi Province recorded the largest number at 1.775 million, followed by Seoul with 1.661 million. Busan and South Gyeongsang Province reported 548,000 and 502,000 households, respectively. Seoul recorded the highest proportion of single-person households at 39.9 percent. Average annual income for single-person households stood at 34.23 million won, up 6.2 percent from a year earlier, while average monthly spending was 1.689 million won, or 58.4 percent of spending by multi-person households. Their average assets were valued at 223.02 million won, equivalent to 39.3 percent of the national household average. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-09 13:55:36
  • Agriculture Minister calls for strict measures after avian influenza cases detected
    Agriculture Minister calls for strict measures after avian influenza cases detected SEOUL, November 26 (AJP) - Agriculture Minister Song Mi-ryeong on Wednesday stressed the increased risk of avian influenza, urging enhanced safety measures such as restricting access to migratory bird habitats and thorough disinfection. Song's remarks came after a series of highly pathogenic avian influenza outbreaks were reported at farms in Hwaseong and Pyeongtaek, both located in Gyeonggi Province. During a visit to an egg storage facility in neighboring South Chungcheong Province to inspect containment efforts, Song emphasized strict prevention measures including changing shoes before entering farms and banning egg transport vehicles from farm premises, citing the province's vulnerability during previous outbreaks due to its high concentration of farms. Song also urged swift action including restricted access and culling, after the first African swine fever case was detected at a pig farm in the province the previous day. She called for all available resources to be mobilized to prevent further spread. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-26 15:39:22
  • Kimchi-making costs expected to drop slightly
    Kimchi-making costs expected to drop slightly SEOUL, November 18 (AJP) - The cost of making kimchi, the country's staple side dish, for a family of four is estimated to decrease by 5.6 percent from last year to 201,151 Korean won, according to the Korea Agro-Fisheries & Food Trade Corporation (aT). The estimate came after a survey of prices for about a dozen key ingredients at about 17 farmers' markets and 36 large retailers. Despite more and more households opting to buy kimchi these days, many South Koreans still maintain the traditional seasonal ritual of kimjang, the process of making and preserving kimchi in preparation for the long, cold winter season. Unseasonably frequent autumn rains led to poor harvests, driving up wholesale prices for cabbages and radishes. But the government's support measures including discounts aimed at stabilizing the market, helped lower retail prices overall. Cabbage prices dropped 10 percent and radishes 24 percent, compared to last year. Wholesale prices for agricultural produce are likely to decline further as supplies from southern regions are expected to increase later this month. "We are releasing government reserves of garlic and onions to stabilize prices during the kimchi-making season and will continue working to ensure stable supplies," said Moon In-cheol, an official at aT. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-18 17:38:20