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SEOUL: The global financial crisis has hit all parts of Asia including South Korea, which had to turn to the International Monetary Fund (IMF) for help during the last crisis ten years ago.
South Koreans are worried about a repeat of that crisis, amid fears that the economy is heading towards a recession. But as the weather gets colder, there is one business that is busier than ever.
Unlike many of the companies in South Korea these days, the machines in one particular factory are operating non-stop as they try to meet the demand for coal briquettes.
The round-shaped coal briquettes are making a comeback as Koreans switch to the old-style of heating amid high oil costs.
The briquettes were first introduced in South Korea in 1936 and even until the late 1980s, about 80 per cent of South Korean households used them.
'Yeontan', as they are called in Korean, started to disappear with the introduction of cleaner and more convenient liquefied natural gas.
Jang Hee Nam, a retail trader of coal briquette, said: "In households and offices, electricity bills are becoming too high as they use gas and warm heaters. Because they have no choice, many are changing to using coal briquette."
Statistics showed that as at end-September, the use of coal briquettes rose 32 per cent to 1.4 million tonnes compared to the same period last year.
If this trend continues, the use of coal briquettes will rise to about 2.4 million tonnes, the highest level in about 12 years. That is why coal briquette companies are not feeling the pinch from the global financial crisis.
Even though the price of the coal briquettes has increased by nearly 30 per cent, it is still cheaper compared to gas.
- CNA/so
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