Ministry of Trade, Industry and Energy
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Korean auto industry sees improvement in EV and FCEV exports in January
The Ministry of Trade, Industry and Energy announced on February 14 that Korea’s January exports for electric vehicles (EVs) and fuel cell electric vehicles (FCEVs) increased 11.9 percent and 19.0 percent, respectively. Meanwhile, the Korean automobile industry saw a year-on-year decrease of production, domestic sales, and exports. Tota...
Korean ICT exports record $13.4 billion in January
The Ministry of Trade, Industry and Energy announced on February 12 that Korea exported USD 13.4 billion worth of information and communications technology (ICT) goods in January. ICT imports totaled $8.8 billion, resulting in a trade surplus of $4.6 billion.ICT exports fell 7.2 percent from a year earlier due to decreasing shipments of semiconduct...
Minister Sung discusses impacts of coronavirus outbreak on Korean trade
Trade, Industry and Energy Minister Sung Yun-mo (center) held a meeting with representatives from trade organizations and semiconductor, automobile, and shipbuilding industries in Seoul, on February 3, to check the impact of the recent outbreak of the novel coronavirus and discuss preemptive measures to minimize the damage to the Korean economy. &n...
Korea’s January exports fall 6.1% to $43.4 billion
The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports in January saw a year-on-year decrease of 6.1 percent to USD 43.4 billion. Imports dropped 5.3 percent to $42.7 billion, resulting in The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports in January saw a year-on-yea...
Korean retail sales grow 4.8 percent in 2019 due to huge growth in online stores
The Ministry of Trade, Industry and Energy announced on January 29 that Korea’s retail sales in 2019 rose 4.8 percent compared to the previous year. More specifically, online retail sales improved by 14.2 percent, and brick-and-mortar sales edged down 0.9 percent. While online sales posted growth, offline sales such as hypermarket chains and...
Korea’s ICT industry posts exports of $176.9 billion in 2019
The Ministry of Trade, Industry and Energy announced on January 20 that Korea’s information and communications technology (ICT) Industry posted exports of USD 176.9 billion in 2019. Outbound shipments of ICT goods last year decreased 19.7 percent compared to 2018 due to stagnant markets for major items, the slowdown of global economy includin...
Minister Sung visits wheelchair manufacturer under regulatory sandbox program
Trade, Industry and Energy Minister Sung Yun-mo (right) made an on-site visit to Rscare Service, a local maker of wheelchairs equipped with an electric assistance device, for physically challenged people, in Gimpo, Gyeonggi Province, on January 29, in the Ministry’s efforts to drum up innovative businesses under the regulatory sandbox program...
Trade Minister Yoo stresses importance of international rules for e-commerce and digital trade at Davos
Trade Minister Yoo Myung-hee (center) attended a meeting of trade ministers on WTO e-commerce negotiations at the 2020 World Economic Forum held in Davos, Switzerland, on January 24 (local time), to discuss the importance of the establishment of digital trade rules. Trade Minister Yoo said that provision of global digital trade agreements is...
Trade Minister Yoo meets with WTO director-general at Davos 2020
Trade Minister Yoo Myung-hee (left) met with the WTO Director-General Roberto Azevedo (right) at the 2020 World Economic Forum held in Davos, Switzerland, on January 23 (local time), to discuss the restoration of the WTO-centered multilateral trading system and the contributions Korea can make to this end. Trade Minister Yoo emphasized the n...
Green vehicles sold within Korea hit record high in December 2019
The Ministry of Trade, Industry and Energy announced on January 16 that eco-friendly and hybrid vehicles sold within Korea in December 2019 increased 23.3% to 15,262 units compared to a year earlier. Automobile exports last month decreased by 6.7 percent year-on-year to 205,595 vehicles due to the need for overseas inventory exhaustion following th...