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ICT exports surge 16.7% in January
The Ministry of Trade, Industry and Energy announced on February 15 that exports of information and communication technology (ICT) products expanded 16.7 percent, the fastest pace in 44 months, to USD 13.8 billion in January from a year earlier on strong sales of semiconductors and displays. Exports of ICT goods, which account for more than ...
Vice Minister Woo assures foreign investors of economic stability
Trade, Industry and Energy Vice Minister Woo Taehee (left) spoke at the “Roundtable for Foreign Investors” in central Seoul on February 13. This biannual meeting between the government and foreign chambers of commerce and companies was held to inform foreign investors in Korea that the fundamentals of the Korean economy and the di...
Ministry, think tanks discuss 'New Trade Roadmap'
The Ministry of Trade, Industry and Energy announced on February 1 that Trade, Industry and Energy Vice Minister Woo Taehee hosted this year’s second meeting of the ‘trade policy forum’ to hear major think tanks’ opinions on the upgrading of the “New Trade Roadmap” in response to the changing trade environment. &...
Korean exports surge 11.2% in January
The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports surged 11.2 percent to USD 40.3 billion in January from a year earlier, marking the first double-digit growth since January 2013. This is also the first time since April 2014 exports expanded for the third consecutive month. The growth rate of won-d...
Korea’s retail sales grow 8.5% in 2016
The Ministry of Trade, Industry and Energy announced on January 31 that retail sales rose by 8.5 percent in 2016 from a year earlier, driven by a double-digit growth of e-commerce sales. Online retail sales soared 18.1 percent year-on-year in 2016 while in-store sales increased 4.5 percent. E-commerce sales have recorded a double-digit...
Vice Minister Woo meets with AMCHAM business leaders
Trade, Industry and Energy Vice Minister Woo Taehee (third from left) met James Kim (center), chairman of the American Chamber of Commerce in Korea, and John Schultz (third from right), president of the AMCHAM Korea, on January 25 at the chamber’s office in Seoul. At the breakfast meeting, Vice Minister Woo noted the mutually beneficia...
ICT exports expected to rebound in 2017
The Ministry of Trade, Industry and Energy announced on January 25 that exports of information and communications technology (ICT) products contracted 6 percent in 2016 from a year ago, but are expected to return to growth this year, having already rebounded to positive territory in the fourth quarter. In 2016, exports of ICT products, inclu...
Vice Minister Woo hosts 5th meeting of working group for Korea-US trade issues
Trade, Industry and Energy Vice Minister Woo Taehee (left) hosted the fifth meeting of the working group, created to respond to the changing environment in trade with the U.S., on January 19 at the Government Complex Seoul in central Seoul. At the meeting with about 20 officials from other ministries and public and private institutions, Vice Minist...
Vice Minister Jeong discusses plans to prop up exports in 2017
Trade, Industry and Energy Vice Minister Jeong Marn-ki (second from left) held this year’s first comprehensive meeting to discuss how to support Korea’s export promotion in Seoul on January 20 with Park Jin-kyu (left), the trade ministry’s deputy director general for international trade policy, and roughly 30 other related officia...
Korea to invest 14 trillion won into new energy projects
The Ministry of Trade, Industry and Energy announced on January 4 that it expects Korea will invest nearly 14 trillion won into emerging energy industries, primarily driven by an increase in investments by the private sector. Trade, Industry and Energy Minister Joo Hyunghwan hosted a meeting between himself, the financial sector, public sect...