South Korea – Page 8 – NATURALDEPOSIT

South Korea Faces Export Slowdown Amidst Intensifying Chinese Competition

The Bank of Korea (BOK) has expressed concerns over the strength of South Korean exports, expecting a slowdown compared to previous years, primarily due to fierce competition from China. According to the BOK’s estimates, the recent decline in exports can be attributed to China, accounting for approximately 35% of the reduction. The drop is mainly …

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South Korea Plans Modest 2.5% Increase in 2024 Minimum Wage, the Lowest in Three Years

News

The Minimum Wage Commission of South Korea has announced its decision to raise the minimum wage by 2.5% for the year 2024, aiming to address the country’s high inflation. This increase is the smallest in three years, reflecting a cautious approach. Starting from January 1, 2024, South Korea’s minimum hourly wage will be raised to …

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Tesla Introduces Affordable Model Y Electric Cars in South Korea

News

Tesla, the prominent US electric car manufacturer, has commenced sales of the cost-effective Model Y rear-wheel drive (RWD) electric vehicle in South Korea. Priced at 56.99 million won ($45,139), the introduction of the Model Y now makes Tesla vehicles eligible for a subsidy offered by the South Korean government. The Model Y electric car boasts …

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South Korea’s ICT Product Exports Experience 12th Consecutive Month of Decline, Falling 22.1% in June

News

South Korea’s Ministry of Trade, Industry, and Energy has revealed that the country’s exports of information and communications technology (ICT) products witnessed a continued decline for the 12th consecutive month in June. This decline can be attributed to persistently sluggish demand for technology products in the global market. In June, South Korea’s exports of ICT …

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South Korea’s Labor Market Continues to Thrive with Addition of Over 300,000 Jobs in June

News

The latest report from South Korea’s National Bureau of Statistics reveals that the country added a remarkable 330,000 jobs in June, bringing the total employment figure to 28.81 million. Concurrently, the unemployment rate dropped by 0.3 percent to a historic low of 2.7 percent, the lowest level seen since 1999. These figures indicate that South …

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South Korean Exports Experience 14.8% Decline in the First 10 Days of July

News

South Korean customs have reported a significant decline in the country’s exports, amounting to a 14.8% decrease to $13.27 billion during the initial 10 days of July compared to the same period last year. This decline can be attributed to the continued slump in semiconductor chip exports. Throughout the first 10 days of July, daily …

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South Korea’s Current Account Balance Returns to Surplus in May

News

South Korea’s current account balance for the month of May has once again turned to a surplus, according to data released by the Bank of Korea (BoK). The surplus amounted to $1.93 billion, marking the second month this year that South Korea has achieved a positive current account balance. In March, the country had a …

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South Korea Faces Severe Shortage of Pediatricians Due to Declining Birth Rate

News

South Korea is grappling with a critical shortage of pediatricians, primarily driven by the country’s alarmingly low birth rate. As a consequence, numerous hospitals are struggling to meet the demand for pediatric healthcare, raising concerns about children’s well-being. A recent report by the Seoul Institute, a public administration think-tank, revealed a significant decline in the …

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South Korea Sets Sights on Becoming Global AI Hub with Advantages in Chip Technology

News

Recent findings from industry experts have shed light on South Korea’s immense potential to establish itself as a leading AI hub, leveraging its dominance in the memory chip market and robust AI ecosystem. With ambitions to rank among the top three AI powers worldwide by 2027, following the United States and China, South Korea’s digital …

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South Korea’s Foreign Reserves Rebound in June as US Dollar Weakens

News

According to the Bank of Korea (BOK), South Korea’s foreign exchange reserves experienced a boost in June, attributed to the depreciation of the US dollar. At the end of June, South Korea’s foreign exchange reserves stood at $42.145 billion, marking a $470 million increase from the previous month’s level of $41.698 billion. The BOK clarified …

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