South Korea’s food and agricultural exports to China rebounded for the first time in six months in September, thanks to strong sales of gingseng, ramyeon and beer, the government said Wednesday. Outbound shipments of food and agricultural products to China was estimated at $108 million in September, up 1.1 percent from a year earlier, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. Sea food products, such as dried laver, were not included on the list…Full Article: The Korea Herald Oct 2017
- In September 2017, South Korean exports of beer, ginseng, and ramen (noodles), to China increased 105%, 66%, and 48% vis-à-vis September 2016, respectively. However, from January to September 2017, overall agro-food exports to China totaled USD 700 million, a -9.9% year-on-year decline.
- In September 2017, South Korea’s Lotte Group began the process to sell its China-based retail stores.
- In August 2017, South Korea’s Lotte Group borrowed USD 300 million to finance Lotte Mart China. It was the second such loan, with the first occurring in March 2017. At the time, Lotte Mart China had 12 active stores, 14 voluntary suspended stores, and 74 closed stores.
- In March 2017, the THAAD system arrived in South Korea. Shortly after Dayaowan (Port of Dalian) officials returned 18 food products (~2.1 MTs, worth US$8,789) to South Korea. Officials also destroyed a separate shipment of imported baked fish products over the use of additives. Meanwhile in Beijing, the Korean-style barbecue restaurant chain, Quanjincheng, announced that they would not sell Lotte (South Korean) products such wine and beverages.
- In July 2016, USA and South Korea agreed to deploy the USA’s Terminal High Altitude Area Defense (THAAD) system in South Korea as a deterrent to North Korea.
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