Vegetable prices in South Korea have surged amid an unprecedented heat wave that has gripped the country for weeks, with the price of napa cabbage rising nearly 70 percent compared to last year. The price of a head of cabbage, the main ingredient for kimchi, retailed at 9,337 won ($7.02) on Thursday, according to the Korea Agro-Fisheries & Food Trade Corp. This marks a 69.5 percent jump compared to the same time last year and a 32.7 percent increase over the three-year average price. Continu

South Korea's exports of instant noodles, also known as ramyeon, were estimated to have reached $800 million in the first eight months of this year, data showed Wednesday. The figure represents a 31.7 percent hike from the January-August period of last year, according to data compiled by the Ministry of Agriculture, Food and Rural Affairs. By country, outbound shipments to China grew 26.9 percent on-year to $160 million and exports to the United States jumped 61.5 percent to $140 million, m

Only about 12 percent of food imports determined to be unsafe have actually been taken off the market, a lawmaker said Sunday, citing related government data. According to the data from the Ministry of Food and Drug Safety, an average of 12.5 percent of 141 import food items that had been ordered to be recalled since 2022 have actually been removed from the local market. Rep. Seo Mi-hwa of the main opposition Democratic Party said some of the recalled food items had a collection rate of over 80

A South Korean export delegation arrived in Vietnam on Monday for a weeklong trip aimed at promoting high-quality Korean agricultural products and facilitating their entry into the Vietnamese market. Led by officials from the Ministry of Agriculture, Food and Rural Affairs, the delegation includes a diverse range of exporters, such as manufacturers of fertilizers, eco-friendly agricultural chemicals, agricultural equipment, animal feed and machinery. Since 2018, the ministry has consistently s

Crispy, double-fried, and an inseparable companion to cold beer, fried chicken is South Korea's beloved go-to snack for everything from sports viewing to late-night hangouts. But the country's $5.7 billion fried chicken industry, the world's third largest behind the United States and China, is showing signs of market saturation with a growing franchise dominance. Recent data from the Korea Fair Trade Commission and Statistics Korea paint a picture of a sector in flux as major fran

Interpark Commerce filed for a debt restructuring program with the Seoul Bankruptcy Court on Friday, following in the footsteps of two sister e-commerce giants amid a liquidity crisis. The company's request for an autonomous restructuring support (ARS) program came 18 days after TMON and WeMakePrice filed for the same program to negotiate with creditors for rescheduling overdue payments. With Friday's decision, all three Korean e-commerce companies under Qoo10 are now subject to the co

The government announced Tuesday the opening of exports for heat-treated chicken products, including frozen chicken, dumplings and the ginseng chicken soup known as samgyetang to Britain. This strategic initiative marks a pivotal entry into the British market following the successful negotiation of an export sanitary and quarantine agreement for such products with the European Union (EU) in December of the previous year. Bolstered by a robust strategic partnership established during the South Ko

South Korea's fashion scene is drawing increased interest from well-known global brands, particularly those targeting young women. Several overseas-based labels, such as Alo Yoga, On, Brandy Melville and Human Made, are slated to enter Korea's market. These brands have already garnered a loyal following among young Koreans, who previously relied on overseas purchases to access them. This influx is driven by a confluence of factors. A key driver is the perception that Korean celebriti

Over 6 out of 10 automobile owners consider choosing eco-friendly vehicles as their next car, a poll showed. According to the poll conducted recently by consumer data platform Open Survey on 1,500 adults, 39.7 percent of car owners said they were considering a hybrid car primarily as their next vehicle. Gasoline cars came next, at 26.7 percent, followed by electric and diesel cars, at 24.1 percent and 5.9 percent, respectively. The combined rate of hybrid and electric vehicles in the poll stoo

South Korean ballad singer Sung Si-kyung's newly launched Korean rice wine, Kyungtakju, has been suspended from production for a month by the Ministry of Food and Drug Safety due to labeling irregularities. According to the regulator, information such as the product name, manufacturer, individual manufacturing number and the volume of the product were missing. This information is required on product labels even for sample products. Sung can still sell products that have already been pro

Shares in online comics platform Webtoon Entertainment, a subsidiary of Naver in the US, rose around 10 percent in the first day of trading on Nasdaq on Thursday, giving the company a valuation of $2.92 billion. Webtoon Entertainment’s stock first opened at $21.30, and traded as high as $24. The stock price eased off the peak to close at $23. Through the initial public offering, Webtoon Entertainment is estimated to have raised $315 million, selling 15 million shares. The company earlier a

A state-run agency said Thursday it has found 33 products that have downsized but maintained the same price in an inspection of so-called "shrinkflation" in the country. The Korea Consumer Agency, under the Korea Fair Trade Commission, inspected the products currently being circulated in the market to check the state of shrinkflation, which refers to a manufacturer downsizing a product while retaining the price as an alternative to raising the price. The agency used its price informa

Value-focused coffee chain operators, such as Mega MGC Coffee and Compose Coffee, have grown rapidly in South Korea, thanks to increasing demand for affordable coffee products. While the number of such stores has been increasing across the country, concerns are mounting as the owners of licensed stores suffer amid low margins from selling cheap beverages, while chain operators enjoy higher operating profit margins. According to earnings reports for 2023, the operating profit margin of Mega MGC C

South Korea’s retail giants Shinsegae Group and CJ Group have agreed to cooperate on logistics and retail businesses to compete with domestic and overseas rivals. The two retail giants signed a memorandum of understanding Wednesday for their partnership centering on the Shinsegae Group e-commerce platform’s utilization of CJ Group’s nationwide logistics network. According to their announcement, CJ Logistics will be in charge of deliveries of goods sold on Shinsegae Group’

Convenience stores in South Korea these days are in a league of their own. Along with everyday essentials and quick bites, they also sell fried chicken, fresh fruit, liquor and some expensive items like smartwatches, tires and even cars. Now, they are selling the sought-after safe-haven asset for investors: gold. Retail industry insiders attribute convenience stores’ rise as a place to buy gold to their accessibility and trustworthiness the nationwide retail franchises have established as

The presidential office apologized Monday for causing confusion among consumers by reversing its plan to ban direct overseas purchases of products that do not have a national certification mark. Sung Tae-yoon, director of national policy at the presidential office, made the remark after the government backtracked on its proposed ban on direct overseas purchases of 80 types of goods that have not received the Korea Certification (KC) safety mark. The policy confusion comes amid criticism that the

The price of five out of eight major dishes at local eateries in Seoul increased again in April, as the cost of eating out continues to rise in the nation's capital. The Korea Consumer Agency, an affiliate of the Korea Fair Trade Commission, compiles the monthly average prices for eight major dining options in South Korea, in a bid to provide the public with an understanding of the changing costs of dining out. Of the eight, the prices of gimbap, jajangmyeon, kalguksu, naengmyeon and kimchi

Starbucks Korea announced Thursday that the company has introduced a faster hiring process that will halve the time to recruit baristas and workers at its branches. “The existing hiring process takes around 50 days to recruit new employees, but the new hiring process will take roughly three weeks,” an official from Starbucks Korea said. According to Starbucks Korea, the new hiring process will be tested at 50 of its branches across the country. The company could extend the adoption o

South Korean food giant Samyang Roundsquare, formerly Samyang Foods Group, surprised a young Texas girl who went viral on TikTok after receiving a multi-pack of Buldak Carbonara Ramen as a birthday gift. Adalynn Sofia's emotional reaction to receiving the spicy noodles garnered nearly 100 million views and 10 million likes on the platform since it was posted in early April. As a gesture of appreciation, Samyang Roundsquare organized a surprise event for the girl at her home. A bright pink v

South Korean consumers’ satisfaction with processed food dropped in 2023 compared to the year before, a report showed Monday, marking a decline in the price category for the third-straight year. The Korea Rural Economic Institute conducted a survey of 2,000 households across the country between August and October last year, asking them to rate their satisfaction with processed foods on a scale of 1 to 5. The respondents gave a 3.6, after marking 3.9 for three consecutive years from 2020 to