South Korea’s exports of cultural products have dropped for two straight months, central bank data showed Monday, possibly due to the aftermath of a clampdown by main importer China. South Korea’s exports of cultural products such as TV programs, music, movies and performance guarantees in October declined 21.7 percent from September to reach $51.5 million. It marked a second consecutive monthly fall and the smallest monthly total in 13 months. The recent decline compares with the u

South Korea’s outbound shipments of automobiles, one of the country’s top exports, are set to decline for two consecutive years this year, handing over the world’s third-largest auto exporter title to Mexico, government data showed Sunday. A total of $36.07 billion in vehicles was shipped overseas in the first 11 months of this year, declining 13 percent from the previous year’s $41.43 billion, according to data by the Ministry of Trade, Industry and Energy.  A

Hanwha Engineering & Construction Corp. held the 2016 Offshore Wind Conference in Seoul on Wednesday in a bid to boost cooperation for the Sinan power plant project. During the conference, 150 experts from domestic and foreign companies, including Doosan Heavy Industries and Construction and FUGRO, gathered to discuss business and technological issues concerning offshore wind power. “The interest for offshore wind power has increased amid global efforts to cut greenhouse gas emission and new ene

GM Korea’s Chevrolet Malibu, Renault Samsung’s SM6 and K7 from Kia Motors were named the 2016 safest car of the year during a ceremony held by Korea’s transportation ministry Tuesday. The Ministry of Land, Infrastructure and Transport examined a total of 14 new vehicles launched from July 1, 2015 to June 30, 2016 in South Korea. Nine domestic and five imported cars were reviewed for the annual assessment.  Renault Samsung's SM6 (Renault Samsung)The Chevrolet Malibu by GM Korea, the South Korean

Premium carmaker Mercedes-Benz became the first foreign carmaker to sell more than 50,000 cars within a year in South Korea, industry data showed on Wednesday. The Korean unit of German carmaker Mercedes-Benz sold 50,718 cars in the first 11 months this year, increasing more than 20 percent from a year ago, according to data from Korea Automobile Importers and Distribution Association.  Boosted by sales of three new E-Class sedans and sport utility vehicle models, it is set to become

The Korea Herald is publishing a series of articles on the moves made by the companies and governments of South Korea, China and Japan in entering the new industry 4.0 era. This is the second installment. -- Ed. Shenzhen, CHINA -- “This is the future of our company and something China will be really proud of,” Wang Fan, communications director at the world’s biggest drone maker, Dajiang Innovation Technology Co., said in front of a displayed product. And it wasn&rsquo

A large-scale investigation against Lotte Group’s businesses in China is increasingly seen here as a retaliation against the company’s decision to provide its golf club as a site to deploy the controversial US advanced missile defense system. Local media reported on Monday that Lotte appeared to be the sole foreign company under investigation in China, citing an anonymous industry source. “There are some companies which received a fire inspection or tax investigation but no co

The 53rd Trade Day commemoration event took place at the Coex Convention Center on Monday, with more than 1,400 attendants, to encourage business people and companies suffering grim exports condition this year.  The ceremony, co-hosted by the Korea International Trade Association and the Ministry of Trade, Industry and Energy, honored 760 businesses people, including Hyundai Oilbank Co. Chairman Moon Jong-bak, for their efforts to promote exports. A total of 1,209 companies received the

South Korea's foreign minister on Saturday called for China's "constructive" role in thoroughly implementing new UN sanctions on North Korea amid widespread concern about their effectiveness."It is crucial for member countries including China to play a constructive role in implementing important elements of the resolutions without leaving a loophole," Yun Byung-se told Yonhap News Agency at the Incheon International Airport. Foreign Minister Yun Byung-se (Yonhap)He was leaving for Vienna to atte

 KBS 2TV series "Descendants of the Sun" received the top prize at the 21st Asian Television Awards (ATA), the network said Saturday. The mega hit drama was named Best Drama Series at the award ceremony that took place at the Suntec Convention Center in Singapore on Friday evening. The 16-episode drama was sensationally popular not only in Korea but also around Asia, especially in China. At one point, its viewership hit 38.8 percent on its home turf.  (KBS)Its popularity made Song Joong-ki and S

Hyundai Heavy Industries Co., a major shipyard in South Korea, looks set to clinch a deal with Iran to supply 10 ships, a news report said Saturday.Under the expected contract, valued at US$650 million, with the Islamic Republic of Iran Shipping Lines (IRISL), Hyundai will build four 14,400 TEU container ships and six 50,000 DWT product tankers, according to TradeWins, a global shipping news service. This undated file photo, provided by Hyundai Heavy Industries Co., shows a container ship. (Yonh