Ministry of Trade, Industry and Energy

Trade Minister holds Korea-New Zealand talks

Trade Minister Yeo Han-koo held an online meeting with New Zealand Trade and Export Growth Minister Damien O’Connor on February 15. The two trade chiefs exchanged views on major trade issues, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Digital Economy Partnership Agreement (DEPA), and the Indo-Pacific economic framework. Minister Yeo extended request for New Zealand’s support as Korea is currently seeking to submit an official appli date2022-02-17

Korea's automobile exports record $4.1 billion in January

The Ministry of Trade, Industry and Energy announced on February 15 that Korea’s automobile output, domestic sales, and exports (units) in January all experienced setbacks and declined 13.7 percent, 19.2 percent, and 6.4 percent, respectively. Exports value climbed by 2.3 percent. Total automobile output in January by Korean automakers dropped 13.7 percent to 271,054 units. Productions slowed due to several factories closing temporarily during national holiday period, and were particularl date2022-02-16

ICT exports achieve $19.7 billion for January

The Ministry of Trade, Industry and Energy announced on February 14 that Korea's exports of information and communications technology (ICT) goods in January expanded 20.7 percent to USD 19.7 billion, recording a historic high export value for January. Imports of ICT products grew 14.4 percent to $12.3 billion, and the trade balance stood at an estimated surplus of $7.3 billion. Month of January saw steady exports growth across small and mid-sized companies (up 24.9 percent to $4.9 billion), d date2022-02-14

Minister Moon holds talks with OECD Secretary-General

Trade, Industry, and Energy Minister Moon Sung-wook held talks with OECD Secretary-General Mathias Cormann on February 9 at Lotte Hotel in Seoul, and discussed measures for strengthening Korea-OECD relations in addition to other general issues, including supply chain, digital transition, and climate change response. The Secretary-General visited Seoul to attend a ministerial meeting with Southeast Asian nations.   date2022-02-10

Minister Moon attends Global Value Chain (GVC) inauguration ceremony

Trade, Industry, and Energy Minister Moon Sung-wook attended the Global Value Chain (GVC) Analysis Center inauguration ceremony on February 9 at COEX in Seoul, to support the stable operations of supply chains for domestic companies. Noting Korea’s robust exports despite the recent energy price surge, the Minister assured that efforts will go forth toward mitigating supply chain risks for enterprises with GVC playing a center role in the process. He added that “through a revision of date2022-02-10

Korea's exports achieve $55.3 billion in January

The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports in January rose 15.2 percent year-on-year to USD 55.3 billion. Imports also grew 35.5 percent to $60.2 billion. The trade balance turned negative to $4.9 billion from greater imports, produced by the steeper slope in energy price hikes. Monthly exports surpassed the $50 billion mark for the first time for January and posted double-digit growth despite the spread of Omicron, inflation concerns, and supp date2022-02-01

Trade Minister holds Korea-U.S. trade talks

Trade Minister Yeo Han-koo held talks with United States Trade Representative (USTR) Katherine Tai at the USTR Office in Washington D.C. on January 27 over trade and other major issues. The two countries’ trade representatives’ discussions centered around the revision of Section 232 rules on steel and aluminum products, the Indo-Pacific economic framework, supply chain resilience, WTO reform, and measures to strengthen bilateral cooperation in commemoration of the 10th Anniversary o date2022-01-28

Minister Moon attends Local Win-Win Job Creation Signing Ceremonies

Trade, Industry, and Energy Minister Moon Sung-wook attended Win-Win Job Creation Signing Ceremonies held respectively in Nonsan-si of Chungnam, and Jeonju-si and Iksan-si of North Jeolla Province where each region's labor, management, government, and community representatives came together to sign the Local Win-Win Job Creation Agreement. Pursued under the Special Act on Balanced National Development, the Local Win-Win Job Creation Agreement aims to create local jobs and stimulate investment b date2022-01-28

MOTIE holds trade supply chain inspection meeting

Trade, Industry and Energy Minister Moon Sung-wook held a trade supply chain inspection meeting at the Korea Chamber of Commerce and Industry (KCCI), leading discussions on measures to promote exports and to resolve supply chain risk factors.   Noting that Korea’s exports hit an all-time high in 2021, Minister Moon facilitated talks and sought effective ways to mitigate recent supply chain concerns while maintaining robust exports momentum. Following discussions dealt with 2022 trad date2022-01-14

Corporate investment stimulus meeting for raw and subsidiary vaccine production materials

First Vice Industry Minister Park Jin-kyu attended a meeting held at KOTRA in Seoul on January 13 for stimulating corporate investment in vaccine production and supply of raw and subsidiary materials.    The meeting was convened for the purpose of providing government-led solutions to difficulties faced by domestic companies, as well as to promote corporate investment and exports. Additional issues discussed included government support granted to raw and subsidiary materials comp date2022-01-14