Tag: South Korea

The birthrate continues to decline significantly in South Korea:

A total of 18,982 babies were born in November, plunging 4.3 percent from the previous year, according to the data from Statistics Korea. It marked the lowest number for any November since the statistics agency started compiling related data in 1981.

South Korea remains dogged by a chronic decline in childbirths as many young people delay or give up on having babies in the face of an economic slowdown and high home prices.

Over the January-November period, a total number of 231,863 babies were born, down 4.7 percent from a year earlier.

Yonhap

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If the Iranian regime tries to again seize a ROK vessel doesn’t this just validate everything President Yoon said? If Iran doesn’t want to be the enemy of other Middle East nations maybe they should stop sponsoring terrorism and advancing their nuclear and missile programs:

Korea’s lingering diplomatic conflict with Iran, inflamed by President Yoon Suk Yeol’s recent remarks branding the Middle Eastern country as the archenemy of the United Arab Emirates, has been mentioned as a potential threat to the Korean shipping industry, since the Korea Shipowners’ Association (KSA) issued a warning last Wednesday to vessels sailing in the Persian Gulf and the Strait of Hormuz to “remain vigilant.”

Just a few days after Yoon sparked the diplomatic controversy during his visit to the UAE, the KSA sent a letter to its members to warn them of growing concerns about the safety of ships sailing off the coast of Iran.

Korea Times

You can read more at the link.

China is an existential threat to South Korea and has already tried once to destroy the ROK and continues to enable the Kim regime who’s goal is to eliminate the ROK as well. It seems decreasing dependence on Chinese trade and increasing trade with the U.S. is in the best interests of the ROK as the below article explores:

Over the past few years, Washington has launched countermeasures against Beijing such as imposing sanctions on Chinese tech firm Huawei, crafting the CHIPS and Science Act to encourage chip-making businesses to reshore their facilities and passing the Inflation Reduction Act (IRA) to contain the Chinese-dominated EV battery industry.

However, the power struggle between the world’s top two economies also inflicted unintended consequences on South Korean companies that have a high proportion of semiconductor and battery businesses in China.

Kim Dae-jong, a professor of business administration at Sejong University, said the South Korean government and companies should try to deepen cooperation with the U.S. and reduce their high dependence on China. “Ensuring national security is a value that should be considered a top priority in running a country,” he said. 

“Our economy is heavily dependent on international trade and the Chinese market, including Hong Kong, account for nearly 30 percent of the nation’s total trade in 2022. Given that China accounts for around 13 percent of the world economy, this can be interpreted that we are overly dependent on China at two or three times the average.”

He added, “Whether you agree or not, the U.S. has contributed the largest part of South Korea’s economic development. South Korea’s defense budget amounts to around 2 percent of GDP while North Korea spends about 26 percent of its GDP as of 2022. With the U.S. sharing a significant portion of our defense, we have been able to devote more resources to economic development instead of defense.” 

Korea Times

You can read more at the link.

South Korea is getting hits by its coldest weather yet this winter:

 Cold wave alerts will be issued for most parts of the country Monday as the capital and central parts of the nation came under the grip of the season’s coldest weather.

The Korea Meteorological Administration (KMA) said the cold wave warning will take effect for all of Seoul at 9 p.m.

The cold wave warning is issued when the morning low is below minus 15 C for more than two consecutive days, or when the temperature drops sharply and major damage is expected.

The warning will be also issued for many areas in Incheon, 27 kilometers west of Seoul, and the provinces of Gyeonggi, Gangwon, Chungcheong and North Jeolla at the same time.

Yonhap

You can read more at the link.

If you are an international student in South Korea you will once again be paying more for tuition this year:

Amid what they say are financial struggles, local universities are relying on international students in their decision to raise international student tuition. 

This year’s hikes for international students are in sharp contrast to tuition for domestic students, which has been frozen for the last 15 years. 

Major universities in Seoul, including Chung-Ang University, Hanyang University, Sogang University, Sungkyunkwan University, the University of Seoul and Yonsei University, will raise tuition for international students by up to five percent this year, according to those in the education circle.

The main reason for the tuition hikes for international students is government restrictions on raising tuition for domestic students, they say. According to Korea’s Higher Education Act, tuition increases cannot be more than 1.5 times the average increase in consumer prices during the three preceding years, meaning that tuition for domestic students can only rise by up to 4.05 percent this year. 

Korea Times

You can read more at the link.

If Iran is not a threat to the UAE as Iran claims, then why are U.S. and ROK troops stationed there?:

President Yoon Suk Yeol’s description of Iran as the “enemy” of the United Arab Emirates (UAE) has provoked protest from Tehran as it calls Yoon’s remark undiplomatic and asks for Seoul’s explanation.

The government is stepping up to prevent the issue from creating diplomatic problems with Iran. 

Yoon made the remarks during his visit to the Akh Unit, which trains the UAE’s special operations forces, Sunday (local time), as part of his efforts to encourage its soldiers. 

“You are here because the UAE is our brother nation,” Yoon told the troops. “And (defending) our brother nation’s security is as important as that of South Korea’s. The UAE’s enemy ― the most threatening nation ― is Iran and our enemy is North Korea… We are in a very similar position to the UAE.” 

He was on a four-day state visit to the Middle Eastern country when he made the comment.

Iranian Foreign Ministry Spokesman Nasser Kanaani said the ministry is looking into and following up on the comments of the Korean president on relations between the Islamic Republic of Iran and the UAE, which are neighboring countries with established diplomatic relations.

The spokesman also said Yoon’s remarks show he is totally unaware of the historical and friendly relations between Iran and the Persian Gulf littoral states, including the UAE, as well as positive developments quickly taking place in this regard.

Korea Times

You can read more at the link.

Some happy chaebol chiefs today in South Korea:

Korea and the United Arab Emirates (UAE) signed a total of 24 agreements worth $6.1 billion in traditional industries, such as energy and defense, as well as emerging businesses, including hydrogen, mobility, bio and digital transformation, according to the Ministry of Trade, Industry and Energy, Monday.

The ministry said about 320 officials from business lobby groups, Samsung Electronics, Hyundai Motor Group and other Korean companies, who accompanied President Yoon Suk Yeol’s state visit to the Middle Eastern country, held the Korea-UAE Business Forum at the Rixos Marina Abu Dhabi hotel.

Korea Times

You can read more at the link.

This is just another example of how Koreans like to keep up with the Joneses:

Koreans were found to have spent the most per capita on high-priced bags and other luxury goods, according to a report by Morgan Stanley. 

The global investment bank said it estimated that Koreans’ total spending on luxury items grew 24 percent to $16.8 billion (208.6 trillion won) in 2022 from a year ago, which is about $325 per person. The per capita figure is far more than the $280 and $55 spent by Americans and Chinese, respectively.

Morgan Stanley analyzed that the high demand for luxury goods among Koreans comes from their increased purchasing power over the years and desire to flaunt their social standing by wealth.

Korea Times

You can read more at the link.