Ministry of Trade, Industry and Energy
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Automobile exports post double-digit growth in January
The Ministry of Trade, Industry and Energy announced on February 13 that automobile exports surged 10.4 percent to 196,835 vehicles from a year earlier in January.In terms of value, car exports grew 9 percent year-on-year to USD 3.2 billion, thanks to increased shipments to most regions, except North America and other Asian countries. This growth w...
Korea’s retail sales increase 6.2% in 2017
The Ministry of Trade, Industry and Energy announced on January 30 that retail sales in 2017 increased 6.2 percent over 2016 on the back of strong growth in e-commerce businesses. Online retail sales in 2017 jumped 13.2 percent from a year earlier, accounting for 33.9 percent of the total retail sales. This double-digit growth in web-based sal...
Minister Paik chairs meeting with semiconductor, display industry leaders
Trade, Industry and Energy Minister Paik Ungyu (center) posed for a photo with leaders from the semiconductor and display industries at a meeting in Seoul on February 8.During the meeting, Minister Paik, corporate representatives, and professors discussed strategies to promote sustainable growth and development of the semiconductor and display indu...
Korea unveils roadmap to develop future car industry
The Ministry of Trade, Industry and Energy (MOTIE) unveiled a roadmap for the development of the future car industry that aims to generate a new growth engine for the Korean economy at a conference in Pangyo, near Seoul, on February 2. According to the roadmap, the Korean government and private sector will cooperate on developing core technologies ...
Korea’s automobile exports return to growth in 2017
The Ministry of Trade, Industry and Energy announced on January 17 that Korea’s exports of automobiles returned to growth in 2017, while production and domestic sales slowed. Automobile exports increased 3.9 percent year-on-year to $41.7 billion in 2017 after two years of contraction. Exports in value grew although the number of vehicles ship...
Retail sales rise by 9.4 % in November 2017
The Ministry of Trade, Industry and Energy announced on December 29 that Korea’s retail sales rose by 9.4 percent to 10.7 trillion won in November on a double-digit growth in e-commerce revenues and strong performance of brick-and-mortar retailers. Web-based sales, which account for more than a third of the total retail sales, jumped 16.7 pe...
Automobile exports grow 3.4% on strong sales of eco-friendly cars in November
The Ministry of Trade, Industry and Energy announced on December 12 that exports of automobiles grew 3.4 percent to $4.1 billion on strong sales of eco-friendly cars and large vehicles in November. Meanwhile, production and domestic sales by number of vehicles contracted 8 percent and 1.2 percent, respectively. Automobile export...
Minister Paik presides public-private meeting on industrial innovation
Trade, Industry and Energy Minister Paik Ungyu (right) spoke at the meeting with business leaders and policy experts to discuss industrial innovation at a hotel in southern Seoul on December 6. Minister Paik presided the meeting, which was designed to address responses to changes in the global industries such as the Fourth Industrial Revoluti...
Retail sales grow 3% in October
The Ministry of Trade, Industry and Energy announced on November 29 that Korea’s retail sales grew 3 percent to 10.13 trillion won in October from a year ago. Online sales, which account for about a third of the total retail sales, rose by 4.2 percent, a relatively slow pace compared to past months due to the suspension of delive...
Fewer working days drive down automobile production, exports in October
The Ministry of Trade, Industry and Energy announced on November 9 that automobile production, domestic sales and exports decreased at double-digit rates in October due to fewer working days in the month. October this year had four fewer working days compared to a year ago because Korea celebrated the Chuseok holiday. The national holi...