Exports

June 26, 2024 by Leave a Comment
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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

June 26, 2024 by Leave a Comment
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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

June 25, 2024 by Leave a Comment
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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

June 25, 2024 by Leave a Comment
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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

June 25, 2024 by Leave a Comment
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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

June 25, 2024 by Leave a Comment
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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

June 25, 2024 by Leave a Comment
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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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Air Circulator

June 25, 2024 by Leave a Comment
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 [INQ. NO. 2406E03] SHINIL, which started as a small motor manufacturer in 1959, is a company that has taken the lead in popularizing electric fans in Korea by producing electric fans based on its excellent motor technology.
SHINIL’s recently released its air circulator S10, which is evaluated as a product that accurately understands consumer needs.
Air circulator S10 is equipped with a state-of-the-art BLDC motor that produces high efficiency with low power, producing powerful yet quiet wind. In particular, the ultra-saving power consumption of about 1.6W based on lowest wind strength mode can lower the burden of electricity bills. Eco mode, which detects external temperature with a temperature sensor and automatically adjusts wind speed, prevents unnecessary power waste.

S10 comes in two types ― regular and cube ― so one can choose according to one’s own preference. The cube type has a differentiated cube-shaped design, giving it a clean and modern appearance, and thus making it an excellent interior product. In addition, it can be operated with various voice commands such as ‘Turn on the fan,’ ‘Raise the wind speed,’ and ‘Find the remote control’ ― making it easier to use without the need to operate the remote control separately.
A spokesperson for the company explained “We are very happy that our circulators, along with the new product launched this time, are receiving a great response from consumers,” adding, “We will continue to introduce more practical cooling home appliances through continuous technological innovation.”
SHINIL, with 60 years of history, produces and sells a wide range of products such as fans, heating appliances, and household kitchen appliances.


 
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Air Ventilation System

June 25, 2024 by Leave a Comment
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[INQ. NO. 2406E12] HIMPEL Co. Ltd., as an indoor air quality (IAQ) specialist company, manufactures excellent ventilation products to enable healthy indoor life by supplying healthy and comfortable air, with the mission of ‘contributing to human health through air and energy technology.’
HIMPEL, selected by a government agency as a company with excellent quality competitiveness, is a leading ventilation company and is expanding its market, building a wide range of delivery performance and the best professional networks — not only with consumers but also with excellent domestic construction companies.

Customized air solutions
Huven C is a customized air solution that provides comfortable and clean air 24 hours per day, 365 days a year. It removes bad indoor air and fills the space with fresh air, creating a comfortable and healthy living space where one can always breathe comfortably.

Purifying the outside air & bringing it in
While air purifiers continuously circulate and recycle indoor air, HIMPEL’s Huven C ventilation system exhausts polluted indoor air to the outside, and cleanly purifies the air from outside and draws it in.
Purifying indoor air has the disadvantage of not being able to improve carbon dioxide levels, so that is why fresh air from outside must be introduced.
To lower carbon dioxide levels, one needs to open windows and ventilate, but there are disadvantages to doing this, such as allowing in fine dust, pollen, and causing energy loss. If natural ventilation is difficult, one can use Huven C to mechanically ventilate and filter out impurities in the air, while conserving indoor energy through a waste heat recovery device.


  
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Living Appliances

June 25, 2024 by Leave a Comment
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[INQ. NO. 2406E11] Cuckoo Homesys Co., Ltd. is one of the fastest-growing living appliance manufacturers in Korea. Cuckoo’s living appliances brand ‘Inspure’ provides healthy and clean-living environments with high-quality water purifiers, air purifiers, bidets, and many more.

Water Purifier
The Cuckoo Inspure water purifier has been recognized for the ‘100°C Boiling Water Purifier’ series that enables hot water temperature to reach up to 100°C. This product has been introduced for the first time in the water-purifier industry, and provides unrivalled taste for dishes that need to be cooked with boiled water such as cup noodles and coffee.
Also, it allows users to sterilize objects faster, like baby bottles. Among this series, CP-TN is now available at three overseas branches, and CP-ABN will be also launched this October in Hong Kong.

Air Purifier
Cuckoo air purifier CAC-R model has won the 2022 Red Dot Design Award-Product Design field. The minimalistic vent design not only provides an elegant feel, but also adds functional advantages to maximize the air-coverage area.
In addition, eight steps of vivid LED lights indicate air cleanliness in an intuitive manner. Small-type lineups are also available now, such as CAC-AF, which has been launched recently in Vietnam.


 
 
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