Ministry of Trade, Industry and Energy

Korea's exports gain 15.6% in first half of 2022

The Ministry of Trade, Industry and Energy announced on July 1 that Korea’s exports in the first half of 2022 increased 15.6 percent, reaching USD 350.3 billion. Imports went up 26.2 percent to $360.6 billion, resulting in a trade deficit of $10.3 billion. For the month of June, Korea’s exports amounted to $57.7 billion, expanding 5.4 percent from last year. Imports jumped 19.4 percent to $60.2 billion. The trade balance stood at a deficit of $2.5 billion. Exports hit the highest date2022-07-01

Trade Minister holds 1st IPEF public-private strategy session

Trade Minister Ahn Duk-geun held the 1st Indo-Pacific Economic Framework (IPEF) public-private strategy session on June 23 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul to share IPEF progress and discuss future directions with economic organizations and relevant experts.   The session was attended by various representatives and experts of relevant organizations, including KCCI Vice Chairman Woo Tae-hee, Cho Sang-hyun, Chief of Korea International Trade Association (KITA)&r date2022-06-27

MOTIE launches public-private IPEF joint strategy session

The Ministry of Trade, Industry and Energy (MOTIE) launched the Indo-Pacific Economic Framework (IPEF) public-private strategy group and held its first plenary session on June 23 at the Korea Chamber of Commerce and Industry (KCCI). A total of 14 countries are participants of the framework, including South Korea, the U.S., Japan, Australia, New Zealand, Brunei, Indonesia, Malaysia, the Philippines, Singapore, Thailand, Vietnam, India and Fiji. The first meeting saw economic organizations, majo date2022-06-27

MOTIE pushes promotion for World Expo 2030 Busan

The Ministry of Trade, Industry and Energy (MOTIE), the Bid Committee for World Expo 2030 Busan (hereinafter “Committee”), and Busan Metropolitan City (hereinafter “Busan”) rolled out extensive nation-wide and overseas promotion for Busan in the bid to host the World Expo in 2030, on the occasion of the 170th Bureau International des Expositions (BIE) general assembly convened on June 20-21 in Paris, France. The second round of host candidate nations’ presentations date2022-06-22

Korea's May automobile exports gain 18.9% in value

The Ministry of Trade, Industry and Energy announced on June 15 that Korea’s May automobile output recorded a growth of 19.8 percent, while exports in units and value recorded growths of 19.1 percent and 18.9 percent, respectively. Meanwhile, domestic sales contracted 4.1 percent. The number of vehicles produced by Korean automakers went up 19.8 percent to 307,048 units. The growth in automobile production was mostly attributable to a base effect from semiconductors shortage, as well as date2022-06-16

Trade Minister attends fisheries subsidies negotiations in 12th WTO Ministerial Conference

Trade Minister Ahn Duk-geun attended the 12th World Trade Organization (WTO) Ministerial Conference (MC12) through June 12-15 (local time) in Geneva, Switzerland, where he participated in the negotiations on fisheries subsidies. date2022-06-15

Trade Minister attends 12th WTO Ministerial Conference

Trade Minister Ahn Duk-geun attended the 12th World Trade Organization (WTO) Ministerial Conference (MC12) through June 12-15 (local time) in Geneva, Switzerland. As the highest decision-making body of the WTO for 164 member states’ trade ministers, the ministerial conference is generally held on a biennial basis, and this meeting has finally broken a 5-year hiatus after being delayed twice by COVID-19. The 164 trade ministers will have discussed food crisis, farming, pandemic, WTO reform date2022-06-15

Korea's ICT exports achieve 13.9% growth in May

The Ministry of Trade, Industry and Energy announced on June 14 that Korea’s information and communications technology (ICT) industry exported $20.2 billion (up 13.9 percent) worth of goods in May. Imports expanded 19.8 percent to $12.6 billion, and the trade balance was a surplus of $7.6 billion, a historic high for May. Outbound shipments of all major products achieved growth, namely semiconductors, displays, computers and peripherals and mobile phones. Semiconductor exports advanced date2022-06-14

Trade Minister holds talks on sidelines of OECD 2022 Ministerial Council

Trade Minister Ahn Duk-geun met with European Commissioner for Trade Valdis Dombrovskis on June 9 at the OECD Paris Headquarters on the sidelines of the “2022 Meeting of the OECD Council at the Ministerial Level (MCM)” and discussed the new Korean regime’s vision and goals based on freedom, creativity and fairness, and exchanged views regarding the Korea-EU FTA implementation, climate change, digital economy and supply chain cooperation.   Minister Ahn also met with Sout date2022-06-14

Trade Minister attends OECD Ministerial Meeting

Trade Minister Ahn Duk-geun attended the '2022 Meeting of the OECD Council at the Ministerial Level (MCM)' in Paris on June 10 under the theme of 'The future we want: better policies for the next generation and a sustainable transition.”   Minister Ahn discussed measures for preventing unfair competition from trade distortions and carbon leakage, carbon reduction policy adjustments and efficiency improvement.   The meeting was attended by 38 countries, consisting of both OECD date2022-06-13