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Kim Ho-young According to Pulse by Maeil Business News Korea, South Korean exports rose for the 13th straight month in October as demand for mainstay chips and automobiles was strong. According to data released by the Ministry of Trade, Industry and Energy on Friday, the country’s outbound shipments totaled $57.52 billion in October, up 4.6 percent from the same period a year ago. Ever since turning positive in October 2023, Korea’s exports have gained for the 13th month in a row. Among the 15 major export categories, exports of semiconductors continued to grow for the 12th consecutive month, with October exports up 40.3 percent year-on-year to $12.5 billion. Exports of computer products, including solid state drives SSDs, also rose 54.1 percent to $1 billion, marking 10 consecutive months of growth. Exports of wireless communications equipment rose 19.7 percent to $2 billion. Automotive exports, the second largest export category after semiconductors, rose 5.5 percent on year to a monthly record of $6.2 billion. Bio-health exports rose 18.5 percent to $1.2 billion, marking a four-month streak of growth. Steel exports also rose 8.8 percent to $2.9 billion in October, ending an eight-month decline since February. However, exports of petroleum products fell 34.9 percent on year to $3.4 billion due to the impact of crude oil price decline. By region, exports to the United States and China were strong. Exports to China increased 10.9 percent on year to $12.2 billion, the steepest growth since September 2022 $13.3 billion and the strongest in 25 months. Exports to the U.S. rose 3.4 percent from a year earlier to $10.4 billion, a record high for October. Imports rose 1.7 percent to $54.35 billion in October, leading to a trade surplus of $3.17 billion. Energy imports fell 6.7 percent to $11.2 billion due to a drop in crude oil prices, while non-energy imports, led by semiconductors and semiconductor equipment, rose 4.1 percent to $43.2 billion. By Pulse Copyrights Pulse by Maeil Business News Korea. All Rights Reserved. Source: Pulse by Maeil Business News Korea November 1, 2024

According to Yonhap News, An annual conference of South Korean business leaders from around the world is successfully under way in Vienna after its opening ceremony at the Austria Center Vienna earlier this week, organizers said Wednesday. The World Federation of Overseas Korean Traders Association World-OKTA opened its 28th leaders' convention in the Austrian capital, jointly with Yonhap News Agency, South Korea's key newswire, on Monday for a five-day run. It is the first time that the World-OKTA Convention has been held in Europe. The convention brought together about 3,000 participants, including 850 Korean business leaders operating in 89 cities in 46 countries and Korean and Austrian government officials. Gyeonggi Province Gov. Kim Dong-yeon and actress Park Jin-hee gave keynote lectures after the opening ceremony. The 2024 Korea Business Expo Vienna also opened in Austria on Tuesday for a two-day run on the sidelines of the 28th World-OKTA Convention, featuring about 400 booths by Samsung Electronics Co. and 300 small and medium-sized companies. In addition, the Korean Youth Art Fair was held simultaneously to introduce about 130 art works to Europe. Following the closing ceremony on Thursday, performances by South Korean soprano Sumi Jo and the Brno Philharmonic of the Czech Republic are planned. Founded in 1981, World-OKTA comprises about 7,000 regular members in 150 branches across 70 countries, along with 28,000 next-generation entrepreneurs. ycm@yna.co.kr Source Text Copyrights Yonhap News. All Rights Reserved. Reprint or redistribution without permission is prohibited. Source: Yonhap News October 30, 2024

According to Yonhap News, South Korea's exports of dental implants hit a record high in the first nine months of the year on rising global demand for quality products amid global population aging, the customs agency said Wednesday. Outbound shipments of dental implants surged 17.4 percent on-year to US$653 million in the January-September period, the highest ever for the nine-month period, according to the data from the Korea Customs Service. "There has been an increasing demand for dental implants and relevant products in line with the global trend of population aging. South Korean companies are major manufacturers in the sector," an agency official said. Last year, the export value of implants reached a record yearly high of $788 million, and South Korea was the second major dental implants exporter in the world after Switzerland, the agency said. graceoh@yna.co.kr Source Text Copyrights Yonhap News. All Rights Reserved. Reprint or redistribution without permission is prohibited. Source: Yonhap News October 30, 2024

According to Yonhap News, The industry ministry on Tuesday hosted an event in Singapore to attract global investors to South Korea's free economic zones FEZs that offer eased business regulations and tax benefits. Around 90 representatives from Singaporean venture capital firms and financial institutions participated in the K-FEZ Day event, showcasing South Korea's FEZs located across the country, according to the Ministry of Trade, Industry and Energy. During the event, potential investors, including Singapore's sovereign wealth fund GIC PE and Temasek Holdings, were briefed on the advantages of South Korea's FEZs, the ministry said. The ministry also arranged individual meetings between potential investors and FEZ authorities. colin@yna.co.kr Source Text Copyrights Yonhap News. All Rights Reserved. Reprint or redistribution without permission is prohibited. Source: Yonhap News October 29, 2024

Ministry of Science and ICT According to Pulse by Maeil Business News Korea, South Korea has opened a research hub for artificial intelligence AI technology to support global collaborative research and position itself among the top three global AI leaders. The Ministry of Science and ICT and the Institute of Information & Communications Technology Planning & uation IITP held the inauguration ceremony for the National AI Research Hub at the Seoul AI Hub on Monday in Seocho District, southern Seoul. The Seoul AI Hub, which the city plans to expand to 7,600 square meters by 2025, will host the National AI Research Hub, focusing on AI talent development and extensive industry-academia collaboration. A total of 94.6 billion won $68.5 million, including 44 billion won in government funds, will be invested by 2028. The government aims for the hub to become a focal point for international collaborative AI research, talent development, and a thriving ecosystem for AI-related academia and industry. A consortium comprising the Korea Advanced Institute of Science and Technology, Korea University, Yonsei University, and POSTECH has been selected to establish and operate the research hub. Typically, research with relatively higher risks will be conducted at the National AI Research Hub, and once the technology is fully developed, it will be transferred to private companies. “The successful launch and innovative management of the National AI Research Hub will become a new milestone for AI development in our country,” Minister of Science and ICT Yoo Sang-im said. He further highlighted the urgency of establishing an AI Basic Law in the National Assembly to promote the AI industry, build a foundation of trust, and propel Korea into the global top three in AI. By Kim Kyu-sik and Lee Eun-joo Copyrights Pulse by Maeil Business News Korea. All Rights Reserved. Source: Pulse by Maeil Business News Korea October 29, 2024