Korea’s Exports Continue Moving Positively

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Korea’s exports in May increased by 11.7% year-on-year, continuing the 8th-consecutive month of trade surplus.

According to the export and import trends announced by the Ministry of Trade, Industry and Energy (MOTIE), the nation’s exports in May recorded US$ 58.15 billion.

May exports showed the highest performance in 22 months since July 2022 when exports amounted to US$ 60.24 billion.

By item, 11 out of the 15 major items increased in exports. All IT items, including semiconductors, displays, computers, and wireless communication devices, recorded positive growth for three consecutive months. The combined exports also increased for seven consecutive months.

The largest export item, semiconductors, increased by 54.5% year-on-year to US$11.38 billion, continuing the upward trend for seven consecutive months. Semiconductor monthly exports exceeded US$11 billion for the second time this year since March.

Display exports recorded the highest performance this year at US$1.63 billion in May. Displays also continued the upward trend for 10 consecutive months. Computer (SSD) exports recorded US$1.04 billion, the highest performance in 17 months since December 2022 (US$1.05 billion).

Automobile exports recorded $6.49 billion, the highest ever in May. A spokesperson for MOTIE explained, “Despite the shutdown of some domestic production facilities in May, the year-on-year increase is continuing due to the expansion of exports of hybrid cars and SUVs with high export prices.”

Ship exports more than doubled (108.4%) year-on-year to US$2.06 billion. Shipbuilding exports continued to increase for 10 consecutive months due to brisk exports of high-value-added ships ordered at high prices in 2021.

By region, exports increased to seven out of the nine major export regions. Exports to China recorded US$11.38 billion, the highest in 19 months since US$12.2 billion recorded in October 2022.

Exports to the United States recorded US$10.93 billion, the highest export performance in May ever. Meanwhile, exports to Central and South America showed the highest growth rate of 25.5% among the nine major regions.

We are about to introduce some impressive Korean export items – in line with the global environment in which Korean exporters are continuously seeking to expand their business territories in the latter half of this year – and thus to elevate their global awareness in world markets.
 
 
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Dental&Industrial 3D Printer

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[INQ. NO. 2407E01] AON Co., Ltd., founded in 2016, is a company dedicated to manufacturing dental and industrial 3D printers, and supplying dedicated materials for the printers.
AON developed the world’s first liquid zirconia material for teeth and approved by FDA, CE, and KFDA certifications. It provides printing technology that can manufacture permanent teeth such as crowns, bridges, and veneers and industrial parts ― using dedicated printers.

3D printer (ZIPRO)
The ZIPRO printer is a DLP-type 3D printer that provides a faster printing time compared with other methods and provides a high-resolution of 1920×1080, and high-precision. It also allows for lamination of self-developed liquid zirconia and alumina materials ― and is suitable for printing permanent teeth and high-precision industrial parts.

Dental liquid zirconia (INNI-CERA)
INNI-CERA, the world’s first dental liquid zirconia developed by AON, has a high bending strength of 1000Mpa, making it possible to print permanent teeth such as crowns, bridges, and veneers, and is also used for printing surgical materials such as implant membranes. It is also a non-toxic, eco-friendly material that has acquired FDA, CE, and KFDA certification, and offers lower production costs compared with the existing zirconia blocks.

ROBO-ICM (Liquid Zirconia)
The ROBO-ICM is a liquid zirconia material suitable for printing industrial parts. It has high-strength and heat-resistance, so it is used in various industrial fields, and can also be applied to special fields such as jewelry and aerospace.


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Gyeongbokgung

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Explore the Surroundings of Gyeongbokgung Palace in Hanbok

Gyeongbokgung Palace is one of the most recognizable cultural heritage and tourist sites in Korea. Once a palace where the kings of the Joseon dynasty resided and ruled the kingdom, its shining presence can still be found amid majestic buildings in the heart of Seoul. The area surrounding the palace is full of experience spaces, exhibition halls, and restaurants beloved by Gen Z. This area can broadly be divided into Seochon and Bukchon areas, centered around different themes. Considering the area’s historical significance, wearing a hanbok as you explore the area can enrich your memory of the visit even further.

Explore the sensibilities of small alleyways in the Seochon area

Seochon is a village west of Gyeongbokgung Palace and can be accessed through Yeongchumun Gate, the western gate of Gyeongbokgung Palace. Once a village occupied by artists, Seochon has a rather humble, unique atmosphere with small, single-story buildings lining the narrow alleyways, in contrast to the glittering splendor of central Seoul. In recent days, Seochon has begun to draw a large crowd of younger visitors with chic and elegant boutiques, galleries, and cafés that renovate the old buildings with contemporary sensibilities.
The first stop in this Seochon trip is Groundseesaw Seochon. This exhibition space became prominent with hip and interesting exhibitions like “Photographs by YOSIGO: Holiday Memories” and “Accidentally Wes Anderson: Inspire. Discover. Adventure Awaits.” The building itself impresses with its architectural merits, which were recognized by the 2020 Seoul Architecture Award. Going inside, one can find a pond and a garden built at the center of the building, creating a peaceful ambience like that in a forest. Just visiting the building, in that sense, is an experience that exceeds one’s expectations.

When emerging from the complex net of alleyways, one finds a two-story residential building with a small signboard. This building houses the Korean branch of “Ofr.,” a French independent bookstore. This seemingly mundane residential building houses a treasure trove of chic and quirky items waiting to be discovered by the discerning shopper. From rare edition books from abroad casually arranged in piles to design posters hung up on walls with peeling paint and colorful tote bags thrown around the space, the interior space exemplifies the casual yet chic ambience that has captivated many members of the Korean Gen Z. For travelers, Ofr. offers T-shirts made in-house, cute accessories, and interior decorations that make for great souvenirs.
In a village awash in retro sensibilities, Dae-o Bookstore stands out as the most analog of its spaces. From the peeling paint of its signboard to the worn organ once belonging to the elderly couple who owned the bookstore, earthenware pots, and furniture adorned with jagae (mother-of-pearl and lacquer craft), this old hanok (traditional Korean house) building contains numerous stories that have accumulated in it since 1951. Its unique ambience led to the interior being featured in the jacket photograph of singer-songwriter IU’s first cover album, “A Flower Bookmark.” Today, Dae-o Bookstore functions as a book café, open to those who order beverages.

A two-minute walk from Dae-o Bookstore brings one to Seochon’s famous Tongin Market, a local market with a hundred-year-long history. The delicious smell from the market makes it difficult to just go past the market. The most famous dish served in the market is the oil tteokbokki, rice cakes seasoned and stir-fried in a hot pan. Unlike other tteokbokki, oil tteokbokki has a thick sauce. The rice cakes become crispy flavor bombs dense with savory flavors, culminating in a unique gourmet experience. Another option is to go for the “Coin Lunchbox,” a DIY lunchbox you can assemble with different dishes offered in Tongin Market. The coins used in exchange replicate the coins used in the Joseon period. Multilingual signage makes the experience accessible to international visitors as well.

Take the pic of the day, with hanok buildings as a backdrop, at the Bukchon area

Bukchon is another tourist site that one can visit in conjunction with Gyeongbokgung Palace. Compared to Seochon, the hanok buildings in Bukchon tend to be much better preserved, and Bukchon also has parks, a café street, and other interesting sights. The gate that originally led to Bukchon was Geonchunmun Gate, the eastern gate of Gyeongbokgung Palace, but today, visitors must use the entrance of the National Folk Museum of Korea instead.
The centerpiece of the Bukchon area is Bukchon Hanok Village. Originally a historic neighborhood occupied by the members of the royal family, yangban (aristocracy), and state officials in the Joseon period, most hanok buildings in the village follow the urban format, which eschews the open arrangement of traditional hanok buildings that reveals the central courtyard to the beholder, instead featuring higher walls that ensure greater privacy. The photo spot at the top of the hill allows one to capture the unique scenery of the hanok buildings and Namsan Seoul Tower at a distance in a single frame. Bukchon Hanok Village is a residential neighborhood, so one should not disrupt the residents’ privacy or enter the residents’ houses without permission.
When starting from Gyeongbokgung Palace and coming up the road via the Bukchon Hanok Village Information Center, one soon finds a curiously fragrant spot at the entrance to an alleyway. The fragrance comes from the brand shop “GRANHAND.,” a hip Korean fragrance brand that enjoys considerable popularity among the members of Gen Z in Korea. GRANHAND. has eight stores across Seoul. Bukchon’s branch, established in 2014 as the brand’s first store, is also the only GRANHAND. store set in a hanok building. The store offers a range of fragrance products, from perfumes to diffusers, candles, and oils. GRANHAND. is famous for describing its fragrances like works of literature. Unfortunately, these descriptions are not available in languages other than Korean. Visitors can test the fragrances to search for their favorite among the many offered in the store. The earthenware pot-shaped candle, in particular, is only offered in the Bukchon branch, so it makes for a great souvenir or a gift.
One can find a unique restaurant serving gukbap (rice soup), a Korean soul food, at the alley that leads to the National Museum of Modern and Contemporary Art, Seoul. It is ANAM, a Bib Gourmand restaurant included in the MICHELIN Guide Seoul 2024. Koreans often associate “pork and rice soup” with white or red soup, but the one served in ANAM is green in color, which comes from the oil used to flavor the soup. In winter, the oil is made with Cheongyang chili pepper and kale, while in summer, the oil features Cheongyang chili pepper and pigweed. The oil imbues the soup with a rich fragrance of vegetables. One can also add cilantro to taste.
After a meal, head to Onion Anguk for sweet desserts and tea. This bakery café is housed in a hanok space refined with contemporary sensibilities. There are terrace and table seats, but the most popular seats in the café are those in the wood-floor hall, where one can sit on the floor. Another claim to fame is its baked goods menu, represented by the Pandoro and Ang Butter (bread with red bean paste and thick butter slices). Add an iced Americano or their signature milk tea to add a layer of richness to the desserts.

•The above article is courtesy of VisitKorea, the official website of the Korea Tourism Organization (www.visitkorea.or.kr)


 
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Exports

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Exports’ Contribute 86% to Korea’s Total Economic Growth

Last year, Korea’s exports played a key role in the nation’s overall economic growth, contributing significantly to production, added value, and employment induction.
According to the Korea International Trade Association (KITA), the contribution of exports to Korea’s economic growth last year was 1.17%p, and it was analyzed that exports led to 86.1% of Korea’s economic growth rate (1.36%) in 2023. The share of exports in real gross domestic product (GDP) also reached 35.7%, the highest since the 2020s.
The production inducement amount of Korea’s exports is estimated to have increased by an annual average of 7.4% since 2020, reaching US$1.2 trillion last year. The production inducement ratio calculated as the production inducement amount compared to the total export amount in 2023 reached 1.94 times, the highest since 2020.

In particular, the production inducement amount of automobile exports was US$231.3 billion, up 21.7% from 2022, and the production inducement ratio was also 2.5 times, significantly exceeding the average (1.9 times).
The value-added rate, which indicates the extent to which total exports create domestic added value, was 64.6%, up 0.4%p from 2022. The top item in value-added inducement in Korea in 2022 was semiconductors, but last year, the added value inducement amount of automobiles (US$65.9 billion) exceeded that of semiconductors (US$62.2 billion).


 
 
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Hannam University

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Hannam University Launches Full-fledged Operation of the LINC 3.0 Global Platform

Aiming for Globalization of K-Startups

 Signing of an MOU with a Malaysian University and Chamber of Commerce
Hannam University’s LINC3.0 Business Unit signed a LOI with UMS University in East Malaysia in July 2023, and then visited Kota Kinabalu, Sabah in December of the same year to sign an MOU with UMS University and the Sabah Chamber of Commerce.

Promoting Industry-Academia Talent Training
In February this year, UMS University’s students and faculty visited Hannam University and successfully promoted industry-academia talent training such as visiting local innovation organizations, the exchange of young bunker in the Deodeok-gu Office, and Capscon Design, an idea for solving social problems.

Signing of MOUs with many Korea-based Bodies
Hosted by the LINC3.0 Business Unit of Hannam University, 15 persons – from the chairman, to the member companies of SABAH Chamber of Commerce, UMS University, and MATRADE (Trade and Investment Center in the Malaysian Embassy in Korea), visited Hannam University from May 28 to June 1 to conduct overseas marketing strategy training for global employees; MOU and business networking with the Daejeon Chamber of Commerce; MOU and trade exchange meeting with the Research Institute Enterprise Association; and an MOU signing with Mayor Domakun, and a local small-business product exhibition.

Malaysia: Korea’s important trading partner and bridgehead into Southeast Asia
As of March 2024, Korea’s exports to Malaysia amounted to US$800 million, and imports amounted to US$1 billion, making the country Korea’s 13th-largest trading partner in terms of exports. Thus, Malaysia is serving as a bridgehead for advancing further into Southeast Asia (Source: KOTRA’s trade statistics).
Malaysians use both Malay and English as their official languages, and Sabah is an Islamic state located on the island of Borneo. Its constitution recognizes freedom of religion (Christianity and Catholicism account for about 30%), and it has abundant natural resources (timber, crude oil, natural gas, minerals, etc.) and a well-developed tourism industry. The Sabah Chamber of Commerce in Malaysia was established in 2003 and currently has over 1,400 members in Sabah.
Director Won Gu-hwan of the LINC3.0 Business Unit at Hannam University explained, “We hope that the business agreement and networking program promoted during the period will not be a one-off event, but wil continue to promote cooperative projects so that Daejeon and Sabah can develop together as cooperative partners.”
Moreover, the LINC3.0 Business Unit at Hannam University expressed its ambition to provide maximum support within the possible scope so that the companies located in Daejeon and the Sabah Chamber of Commerce can interact smoothly.

The Aim of Hannam University’s LINC 3.0 Business Unit
The Unit aims to grow into a body that accelerates the industry-academia research cooperation by fostering creative talents needed by future industries, forming a symbiosis and cooperation of industry-academia research, and a business operation based on platforms and specialization for the advancement of regional industries.


 
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Vector DB Monitoring Solution

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[INQ. NO. 2406E02] WeDataLab, a leading big data and AI solution company, recently announced that it has completed the development of its latest Vector DB monitoring solution, ‛Ezis for Vector DB’, and will officially launch it in September after a pilot test.
According to WeDataLab, ‛Ezis for Vector DB’ is expected to bring innovation to Vector DB management and establish itself as an essential tool for high-performance DB operation such as natural language processing, computer vision, search, and recommendation systems.
Vector DB is a DB that stores information as a vector, which is a numerical representation, and is strong in processing unstructured and semi-structured data, allowing for quick searches of related data.
The company’s high expectations are based upon the vector DB solution indexes and queries vector embeddings using algorithms such as hashing, quantization, and graph-based search, thereby supporting efficient and scalable search functions for large-scale, high-dimensional data sets.


 
 
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Voice-Recognition AI real-time Caption Solution

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[INQ. NO. 2406E01] A voice-recognition AI real-time caption solution appeared at the 32nd Korea International Broadcasting, Media, Audio & Lighting Show (KOBA 2024), recently held at COEX in Seoul.
This solution introduced by TINNO Co., Ltd. combines an existing streaming engine with voice-recognition AI software, developed in collaboration with an artificial intelligence (AI) company to generate and transmit caption.
TINNO is a company specializing in real-time Internet broadcasting and conference broadcasting, and this solution was also developed targeting the decision-making process that takes place in conferences.
Currently, only real-time Korean caption can be transmitted, but the company plans to allow caption to be converted to a ‘.txt file’ after the meeting ends.
An important task is also indicating who the speaker is. TINNO is considering a wide range of methods, including designating speakers for each microphone, and recognizing speakers through AI facial recognition.
A spokesperson for the company explained, “We are continuing to learn voice recognition, and the accuracy is over 95%,” adding, “In the future, we plan to add a real-time foreign language translation function, or a function that recognizes a dialect and converts it into standard language.”


 
 
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Exports Continue to Be Positive for Eight Consecutive Months

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Last May, Korea’s trade balance recorded a surplus of US$4.96 billion, the highest in 41 months. Major export items such as semiconductors, automobiles, and exports to China are clearly recovering and returning to normal.
According to data recently released by the Ministry of Trade, Industry and Energy (MOTIE), the nation’s exports last month were $58.15 billion, while imports amounted to $53.19 billion, and the trade balance thus recorded a surplus of $4.96 billion.
Exports remained positive for eight consecutive months, and the trade balance reached its highest level in 41 months since December 2020 ($6.7 billion).

This achievement includes the nation’s major export items such as semiconductors and automobiles. Semiconductors recorded $11.38 billion, up 54.5% year-on-year, and continuing a favorable trend for seven consecutive months. Automobile exports also reached $6.49 billion, breaking the record for the highest performance in May ever.
Exports of displays (15.8%), wireless communications (9.4%), and computers (48.4%) also increased, recording export plus for the third consecutive month in all IT items following the previous month.
In addition, exports of 11 out of the 15 major export items increased ― including computers, wireless communications, petrochemicals, automobiles, petroleum products, ships, bio-health, home appliances, and textiles.
Exports to China, which had been sluggish, are also showing signs of recovery. Exports to China reached $11.4 billion, the highest in 19 months since October 2022. Exports to the United States also recorded the highest performance in May ever, reaching $10.9 billion, increasing for the 10th consecutive month.

By region, seven regions, including the United States (15.6%) and China (7.6%), showed an increase. As exports are becoming brisk again, there are optimistic prospects for the nation’s annual economic growth rate to continue growing.
Korean exporters are continuously seeking to expand their business territories in the latter half of this year – and thus to elevate their global awareness in world markets.
For the 6th issue of Korea Buyers Guide, we are about to introduce some Korean exporters with globally competitive export items.


 
 
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Premium Small Massage Chair

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[INQ. NO. 2406E05] Coway Co., Ltd. recently launched its premium small massage chair, BEREX Mine Plus (MC-B02).
The new product BEREX Mine Plus is a premium lineup of the small massage chair, ‘Mine,’ released in December 2022, and is a product with an upgraded design and more powerful massage performance while maintaining a compact size.
BEREX Mine Plus is equipped with a lower-body specialized massage system that has not previously been seen in the existing small massage chairs, thus greatly expanding the range of massage options. The ‘Leg Convertible,’ specialized for lower body massage, powerfully massages the desired leg area, from thighs to calves. The leg convertible allows one to easily adjust the position of the massage module and receive massage focused on the desired leg area, including thigh and knee massage mode, and calf massage mode.
In addition, the bottom of the product is equipped with a sole roller massage and instep air massage function to provide intensive care to the entire lower body, from thighs to toes.
The massage chair automatically detects the user’s shoulder position and provides optimal massage. The shoulder detection sensor recognizes the height and position of the user’s shoulder and increases the sense of contact with the body, providing a more precise customized massage. In addition, it provides more detailed care to tired areas through a 3-zone heating function that warms the entire body from the back to the hips and calves, and a 3-zone air massage function for the pelvis, calves, and insteps.
The new product, BEREX Mine Plus, offers a total of 12 massage modes that can be selected according to condition and massage preference. You can choose between six automatic massage modes (vitality, relaxation, waist focus, etc.) that are selected according to the situation and condition, and six manual massage modes (kneading, acupressure, tapping, etc.) that perform a focused massage tailored to the desired area.
This product has enhanced usability with various convenient features. Based on the human body curved SL frame, an electric reclining function that can adjust the angle up to 141° is applied, allowing one to enjoy relaxation and massage at the same time in a comfortable position. The control panel is a built-in type that can be easily operated, and is equipped with various convenient functions such as a Bluetooth speaker and USB charging port.
This new product inherits the compact size and design advantages of the existing BEREX massage chair, Mine, and improves space utilization with its slim size. The range of colors available to consumers has expanded to include champagne beige, rose brown, and ink black.
A spokesperson for the company explained, “Our BEREX Mine massage chair is evaluated as a product that opened new horizons for small massage chairs and has been steadily gaining popularity since its launch. We expect this new product to also draw great interest from consumers in the future,” adding, “Based on our differentiated technology, we plan to expand our massage chair lineup and further accelerate our penetration of the market.”


 
 
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Mini Dryer

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[INQ. NO. 2406E04] athome corporation service inc. recently launched its new product, the mini dryer PRO+ (Pro Plus) under its mini home appliance brand MINIX.
The convenience of use of the mini dryer PRO+ has been improved through improved functionality and increased drying capacity. There is a push button on the door, so one can easily open the dryer with a single touch of the button without using force. In addition, with the same appearance of size, the drying capacity was increased from 3kg to 3.5kg, making it possible to dry a larger amount of laundry at a time while maintaining space efficiency.
A wrinkle-prevention function similar to that of a large dryer is also incorporated in this new product. If you do not take out the dried items immediately after starting the drying operation, the dryer automatically rotates to prevent clothes from being piled up and wrinkled. It is convenient to be able to wear neat clothes without ironing them after drying.
The mini dryer PRO+ is Korea’s only 4-in-1 product that can dry, deodorize, sterilize, and care for clothes, and has attracted attention for its minimalist and trendy design, with more than 120,000 units sold over the past three years since its launch in 2021.
Another strength of the brand MINIX is that it is the only one in the industry to apply a triple filter (intake filter, primary exhaust filter, and secondary exhaust filter), blocking the emissions of fine dust and fiber debris, thereby allowing it to be used indoors with confidence.
A spokesperson for the company explained, “We will continue to upgrade our products so that it becomes not just a small dryer, but a dryer you desire and have to buy.”


 
 
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