Economy
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Exports of S. Korean instant noodles Ramyeon surpass $520 mln in 2023
SEOUL -- Exports of South Korean instant noodles known as Ramyeon soared 17.7 percent year-on-year to a record high of $522 million during the first seven months of 2023, state data showed. The instant noodles, featured in many South Korean movies including the Oscar-winning film "Parasite" and live streaming content, have created a global phenomenon, with consumers uploading themselves eating hot noodles onto YouTube. According to data provided by the Korea Agro-Fisheries &a
1 September 2023
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Annual sales of Pulmuone's alternative meat brand reach $32.4 mln
SEOUL -- "Vegetable Earth Diet," an alternative meat brand by South Korea's food company Pulmuone, has recorded about 43 billion won ($32.4 million) in sales only a year after its release in August 2022. The vegan meat brand contains food items made with plant-based ingredients such as alternative meat and tofu noodles. Pulmuone said in a statement that the company gained around 43 billion won through the Vegetable Earth Diet brand. The brand also includes an alternative
29 August 2023
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S. Korean food industry likely to be affected by increased milk prices
SEOUL -- Seoul Milk, one of South Korea's major dairy product makers, has announced that the company will increase the price of its white milk product by three percent due to increased prices of crude milk, or raw milk produced by cows. Milk prices are affected by various economic variables such as prices of fuel, stock feed, animal medicine, and human labor. According to the consumer price trends released by the national statistics information service, the consumer price index for
29 August 2023
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S. Koreans seek to visit foreign countries during autumn harvest festival holiday
SEOUL -- South Koreans are racing to book flight tickets to Asian and Southeast Asian countries including Japan, Viet Nam, and Thailand to spend their golden six-day "Chuseok," Korean traditional autumn harvest festival, scheduled for the last week of September. As a result, tickets for some popular routes have already been sold out. Chuseok is the largest traditional festival holiday in Korea where family members gather to celebrate the full moon, based on the lunar calendar
29 August 2023
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LG Chem to make $94.3 mln investment to increase production of reverse osmosis membranes
SEOUL -- Targeting the water desalination market, LG Chem earmarked 124.6 billion won ($94.3 million) for new investment to expand the production of reverse osmosis membranes at its plant in Cheongju, a city located in the center of South Korea. Without disclosing the current capacity, the conglomerate said that the plant's maximum annual production capacity would be increased by 400,000 membranes by July 2025. With 400,000 membranes, 1.56 billion tons of water can be desalinated annua
28 August 2023
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Shilla Hotel's business hotel wing allows guests to eat delivered food
SEOUL -- Shilla Stay, the business hotel wing of South Korea's Shilla Hotels & Resorts, launched an in-house food delivery service for guests. When food deliverymen arrive at the lobby of Shilla Stay hotels, hotel workers will pick up food packages and deliver them to guests' rooms. While South Korean motels and inns do not restrict guests from using food delivery services, almost every business hotels and high-class hotels ban deliverymen from moving through the lobby in
25 August 2023
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Convenience store chain Emart24 to open first store in Cambodia in first half of 2024
SEOUL -- Emart24, the convenience store chain of South Korea's retail giant Shinsegae, plans to open its first store in Cambodia in the first half of 2024. The company, which already runs stores in Singapore and Malaysia, will work with Hanlim Architecture Group, a Seoul-based real estate service provider, to make a foray into the Southeast Asian country's convenience store market. According to data cited by Emart24, Cambodia recorded an annual economic growth rate of more than
25 August 2023
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BOK maintains S. Korea's GDP growth forecast for 2023 at 1.4%
SEOUL -- South Korea's central bank announced on August 25 that it has revised the economic outlook for 2023 and maintained the growth forecast for the country's gross domestic product for 2023 at 1.4 percent. The figure is the same as the economic forecast announced in May 2023. However, it has slightly revised down its forecast for next year to 2.2 percent due to concerns about the economic slowdown in China, South Korea's largest trading partner, suggesting that South Ko
25 August 2023
