Ministry of Trade, Industry and Energy
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Auto exports, production, domestic sales all expand in August
The Ministry of Trade, Industry and Energy announced on September 12 that Korea's automobile exports, production, and domestic sales in August all expanded compared to the same period last year.Exports of finished vehicles grew 2.1 percent year-on-year to 174,869 units. In terms of value, they inched up 0.5 percent to USD 2.9 billion. This is attri...
Vice Minister Lee emphasizes creating new growth opportunities in bio-health industry
Trade, Industry and Energy Vice Minister Lee Inho delivered a speech at the opening ceremony of BIOplus 2018, which was hosted by the Korea Biotechnology Industry Organization (KoreaBio) to share recent bioindustry trends and seek new business opportunities, in Seoul on September 6.During the speech, Vice Minister Lee underlined the importance of n...
July retail sales up 7.8 percent, as retailers see growth online, offline
The Ministry of Trade, Industry and Energy announced on August 30 that overall retail sales in July 2018 expanded 7.8 percent compared to July 2017, as online and offline retailers both saw growth. Online sales jumped 17.8 percent, seeing the biggest year-on-year growth since January 2018. Sales at brick-and-mortar retailers also clim...
Korea, Indonesia hold automotive dialogue
Deputy Minister for Trade Kang Sung-chun (left hand side, fourth from left) sought bilateral cooperation in the automobile industry with his Indonesian counterpart during the first Korea-Indonesia Automotive Dialogue in Seoul on August 24. During the dialogue, the two Asian trade partners decided to have automotive dialogues on a regular bas...
Auto parts exports rise 7.1 percent in July
The Ministry of Trade, Industry and Energy announced on August 13 that auto parts exports rose 7.1 percent year-on-year to USD 2 billion in July. The expansion was mostly led by export growth to the U.S. and Chinese markets. Shipments to North America and Asia increased 7.2 percent to $714 million and 17.9 percent to $501 million, respective...
June retail sales climb 8.1 percent
The Ministry of Trade, Industry and Energy announced on July 30 that overall retail sales in June grew 8.1 percent from a year earlier, boosted by strong online sales. Online sales surged 14.0 percent in June, continuing an eight-month streak of double-digit growth. Sales at brick-and-mortar retailers also advanced 4.8 percent y...
Minister Paik conducts site visit to SK Hynix
Minister of Trade, Industry and Energy Paik Ungyu (second from right) visited the site of SK Hynix, the nation’s second largest chipmaker, located in Icheon, Gyeonggi Province, in order to listen to challenges and difficulties facing the company in management and to discuss the policy direction to keep the Korean chipmaker competitive in the ...
Ministry turns to deregulation drive for new growth engines
Minister of Trade, Industry and Energy Paik Ungyu vowed to ease regulations on new industries for future growth, such as hydrogen-powered vehicles, biohealth, and new energy businesses, during a discussion with business leaders in Seoul on July 24. The discussion was attended by some 30 executives from relevant industries, including Ko...
Minister Paik lectures on policy direction for industrial innovation
Minister Paik presented a policy direction to bring innovation into industries in a business forum for CEOs under the title of the “Industrial Innovation: New Challenges and Opportunities,' in Jeju on July 19. About 700 corporate leaders in Korea attended the forum, which was organized by The Korea Chamber of Commerce (KCCI) , the nati...
Vice Minister marks opening of Korean exhibit at trade fair in Russia
Vice Minister Lee In-ho delivered his congratulatory remarks during the opening ceremony of the Korean exhibit at the international trade fair Innoprom, currently underway in Russia, on July 9. Praising the opening of the Korean exhibit for being the first visible step in terms of bilateral cooperation between Seoul and Moscow since th...