Ministry of Trade, Industry and Energy
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Kori Unit 1, Korea’s first nuclear reactor, retires after 40 years of operation
The Ministry of Trade, Industry and Energy announced on June 19 that Kori Unit 1, Korea’s first nuclear reactor, ceased operations on the midnight of June 18 after 40 years of operations. The Ministry and Korea Hydro and Nuclear Power (KHNP) hosted a ceremony on June 19 at the Kori Nuclear Power Plant in Gijang-gun, Busan to declare th...
ICT exports jump 17.4 percent to new record for May
The Ministry of Trade, Industry and Energy announced on June 14 that exports of information and communication technology (ICT) goods surged 17.4 percent year-on-year to USD 15.4 billion in May, a new record for the month. Exports in the ICT sector, which broke the previous record of $15.3 billion, set in May 2013, advanced for seven consecutive mon...
Strong sales of eco-friendly cars boost auto exports in May
The Ministry of Trade, Industry and Energy announced on June 13 that exports of automobiles rose by 3.6 percent to $3.5 billion in May on strong sales of eco-friendly vehicles, marking the fourth consecutive month of growth. The number of vehicles shipped abroad increased 2.1 percent year-on-year to 221,237 in the meantime. The value of auto...
Retail sales advance 7.2% in April
The Ministry of Trade, Industry and Energy announced on May 30 that retail sales jumped 7.2 percent to 9.81 trillion won in April, led by a double-digit growth of online purchases. E-commerce sales, which account for about a third of the total retail sales, surged 15.4 percent in April from a year earlier as demand for summer products ...
Auto production, exports grow in April
The Ministry of Trade, Industry and Energy announced on March 16 that production of automobiles grew 3.8 percent in April from a year ago, driven by a 7-percent growth in exports. Five domestic automotive makers, Hyundai Motor, Kia Motors, GM Korea, SsangYong Motor, and Renault Samsung Motors, together manufactured 382,566 vehicles in April -...
Retail sales grow 6.9% in March
The Ministry of Trade, Industry and Energy announced on April 28 that retail sales rose by 6.9 percent to 9.9 trillion won in March with the growth of both in-store and online sales. Web-based sales, which account for a third of the total retail sales, jumped 12.3 percent in March compared to a year ago, while in-store revenues went up 4.4 p...
Auto exports soar for two consecutive months in March
The Ministry of Trade, Industry and Energy announced on April 18 that automobile exports, in terms of value, rose for two straight months in March due to increased sales of eco-friendly and mid- and large-sized vehicles. The total value of automobiles shipped overseas went up 4.1 percent to $4.1 billion year-on-year in March. Strong sales of ...
Korea to invest 464.5 billion won into system semiconductor segment
The Ministry of Trade, Industry and Energy announced on March 30 that the Korean government and industry will invest a combined 464.5 billion won into the system semiconductor segment by 2023. System semiconductors will be the key enablers of innovations of the upcoming Fourth Industrial Revolution. A total of 264.5 billion won will be...
Ministry launches ‘global networking series’ to bridge Korean tech suppliers and global firms
The Ministry of Trade, Industry and Energy announced on March 31 that the Ministry launched the “global networking series” to promote cooperation between Korean suppliers of electronic components and global companies for new opportunities created by industrial convergence in the Fourth Industrial Revolution. Jointly organiz...
Online retail sales increase 16.3% in February
The Ministry of Trade, Industry and Energy announced on March 30 that online retail sales jumped 16.3 percent in February from a year ago while overall retail sales remained almost unchanged due to the decline in in-store purchases. Sales of Korea’s 26 major retailers inched up 0.1 percent year-on-year in February as online sales, whic...