Ministry of Trade, Industry and Energy

ICT exports achieve all-time high in 2021

The Ministry of Trade, Industry and Energy announced on January 12 that shipments of Korea’s information and communications technology (ICT) products in 2021 hit an all-time high of USD 227.6 billion, up 24.0 percent from 2020.   This is the highest ICT exports recorded since beginning aggregation in 1996.   Imports went up 19.9 percent to $13.5 billion, and the trade balance stood at a surplus of $9.3 billion.   Exports of all four ICT product types increased. & date2022-01-12

Foreign direct investment pledges and arrivals to Korea both score record high in 2021

The Ministry of Trade, Industry and Energy announced on January 10 of 2022 that the annual foreign direct investments (FDIs) for 2021 increased by 42.3 percent to USD 29.5 billion. The FDIs that actually arrived in Korea over the same period expanded 57.5 percent to $18.0 billion.   Both FDI pledges and arrivals recorded all-time high annual figures on record.   Despite the COVID-19 pandemic, robust influx factors within the supply chain, vaccine and bio-healthcare, hydrogen econom date2022-01-10

Korea’s exports achieve all-time high of $644.5 billion in 2021

The Ministry of Trade, Industry and Energy announced on January 1 that Korea’s exports in 2021 hit USD 644.5 billion, a hefty 25.8 percent increase over the previous year. Annual imports also stand at a historic $615.1 billion, up by 31.5 percent. As net exporter for the 13th consecutive year with a record-breaking trade surplus of $29.5 billion, placing Korea among top 8 trade countries worldwide.   In addition to reaching $1 trillion within the shortest time (299 days) i date2022-01-03

ICT exports reach record high in November

The Ministry of Trade, Industry and Energy announced on December 14 that shipments of Korea’s information and communications technology (ICT) products reached an all-time high value of USD 21.5 billion, up 30.0 percent from the same period last year. Exports posted double-digit growth for eight straight months. Imports went up 23.1 percent to $12.8 billion, and the trade balance stood at a surplus of $8.7 billion. Exports of all four ICT product types expanded. Those of semiconductors date2021-12-14

Evaluation of 2021 Korea’s Trade and Future Policy Directions

In 2021, Korea’s trade value hit $1 trillion at the fastest pace on record despite prolonged COVID-19 pandemic and global supply chain bottlenecks, and the country is expected to achieve the largest annual trade and export values in history.       Read more: date2021-12-10

Kimchi on track for first trade surplus in 12 years

Selected as the most enjoyed K-food overseas, annual exports of the spicy condiment are set to hit a fresh highRead more: date2021-12-09

Korea’s November exports hit $60 billion for first time in history

The Ministry of Trade, Industry and Energy announced on December 1 that Korea’s exports increased 32.1 percent year-on-year to USD 60.4 billion. Imports jumped 43.6 percent to $57.4 billion, resulting in a trade surplus of $3.1 billion. Exports advanced for 13 straight months and exceeded $60 billion for the first time on record in November. Average daily exports posted a 26.6 percent increase to $2.5 billion. The export volume also gained 8.2 percent. The monthly export value recorded date2021-12-01

Minister Moon meets Sartorius CEO to discuss investment in biopharmaceutical raw materials

Trade, Industry and Energy Minister Moon Sungwook (left) met with Sartorius CEO Joachim Kreuzburg in Seoul, on November 24, to discuss the German biopharmaceutical raw material and equipment supplier’s investment plan to build a production line in Songdo.   Minister Moon said that as the government is making an all-out effort for Korea’s vision to become the global vaccine hub and stabilize the supply chain of core items, Sartorius’ investment in building a biopharmaceut date2021-11-24

Korea, Costa Rica hold trade forum

Trade, Industry and Energy Minister Moon Sungwook delivered congratulatory remarks at the Korea-Costa Rica Trade and Investment Forum, on November 24, held on the occasion of Costa Rica’s president Carlos Alvarado Quesada’s state visit to Korea.   Minister Moon said that with the implementation of the Free Trade Agreement (FTA) between Korea and five Central American nations, the framework for economic cooperation between the two sides has been solidified.   He suggeste date2021-11-24

Exports of Korea’s ICT goods expand for 17 consecutive months

The Ministry of Trade, Industry and Energy announced on November 11 that exports of Korea’s information and communications technology (ICT) products recorded growth for the 17th consecutive month in October, rising 21.5 percent to $19.9 billion.   Imports gained 18.5 percent to $12.1 billion, and the trade balance stood at a surplus of $7.8 billion.   Exports of all major ICT products advanced.   Chip exports saw a year-on-year rise of 28.4 percent to $11.2 billion, ex date2021-11-11