Ministry of Trade, Industry and Energy

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

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