The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: May 19.
South Korea reverses ban on overseas direct sales without KC certification in three days
The South Korean government effectively reversed a recent ban on overseas direct sales of products without KC safety certification, announcing on May 19 that it plans to restrict the importation of only those products confirmed to be hazardous by safety investigations. This announcement comes three days after the government initially declared on May 16 that it would ban overseas direct sales of products without KC certification, insisting that it had planned to block overseas direct sales of 80 items from next month.
Seoul apartment prices rise all year round, further increases expected
Seoul’s apartment rental prices have been rising for the past year, and there are growing expectations that they will continue to increase further. This is because the supply-demand imbalance in the rental market will likely persist for a considerable period, compounded by factors such as the fourth year of global contract renewals and the shift of sales demand to rentals.
Korean ramen exports surpass $100 million for first time, driven by Buldak Ramen
South Korea’s ramen exports have hit a record high, surpassing $100 million every month for the first time. The rise is attributed to the increased awareness of Korean ramen in the global market through dramas and movies and the steady popularity of Samyang Foods’ Hot Chicken Flavor Ramen, also known as ‘Buldak Ramens’ worldwide.
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