Ministry of Trade, Industry and Energy

Trade Minister holds Emergency Trade Assessment Meeting

The Ministry of Trade, Industry and Energy (MOTIE)’s Trade Minister Yeo Han-koo held an “Emergency Trade Assessment Meeting” on May 2 at the Korea Trade-Investment Promotion Agency (KOTRA) in Seoul to examine trade and response measures amid ongoing external risks and two consecutive months of trade deficit.   Minister Yeo delivered opening remarks, and led discussions on how the Russia-Ukraine situation, China’s zero-COVID lockdowns, Indonesia’s palm oil exp date2022-05-04

Korea's exports grow 12.6% in April

The Ministry of Trade, Industry and Energy announced on May 1 that Korea’s exports in April moved up 12.6 percent to USD 57.7 billion. Imports expanded 18.6 percent to $60.4 billion, resulting in a trade deficit of $2.7 billion. Exports in April achieved double-digit growth for the 14th consecutive month since March of 2021 in spite of Ukraine-Russia crisis, China’s zero-COVID lockdowns and previous year’s base effect. Year-on-year double-digit growth for this April is all the date2022-05-02

MOTIE leads public-private efforts to bolster supply chain response system

Ministry of Trade, Industry and Energy (MOTIE)’s Trade Minister Yeo Han-koo visited the Global Supply Chain Analysis Center (hereinafter 'Analysis Center') on April 29 to assess the supply chain status amidst China’s zero-COVID lockdowns and Russia-Ukraine situation so as to invigorate public-private joint efforts for stronger supply chain intelligence and countermeasures. The Analysis Center was launched on February 9 of 2022 by MOTIE, Korea International Trade Association (KI date2022-05-02

Trade Minister holds Global Supply Chain Inspection Meeting

The Ministry of Trade, Industry and Energy (MOTIE)'s Trade Minister Yeo Han-koo held the Global Supply Chain Inspection Meeting at the Korea International Trade Association (KITA) office in Seoul on April 29 to address pending issues arising from ongoing external crises.   Prior to presiding the meeting, the trade chief first visited the Global Supply Chain Analysis Center, a research center launched by MOTIE, KITA, and Korea Trade-Investment Promotion Agency (KOTRA), and purely devoted t date2022-04-29

March retail sales record 7.1% growth, both online and offline positive

The Ministry of Trade, Industry and Energy announced on April 28 that Korea’s total retail sales in March saw a year-on-year growth of 7.1 percent. Sales at both offline and online retailers increased, up 6.3 percent and 7.9 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 25 major retailers. Thirteen of them are physical retailers: three department store chains, three hypermarket chains, three convenience store chains, and four “super s date2022-04-29

Trade Minister holds conference with CPTPP members' ambassadors to Korea

Trade Minister Yeo Han-koo held a conference with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) member states’ ambassadors to Korea at the Lotte Hotel Seoul on April 28 to discuss Korea’s application and upcoming plans.   The Minister delivered opening remarks and facilitated discussions addressing CPTPP’s role in terms of the Asia-Pacific trade order, as well as the Partnership’s future development direction.   date2022-04-28

Trade Minister holds Public-Private Russia and Belarus Exports Restrictions Conference

Trade Minister Yeo Han-koo presided the Public-Private Russia and Belarus Exports Restrictions Conference at the Korean Security Agency of Trade and Industry (KOSTI) on April 27 for an interim review following the 57 non-strategic items sanctions enforced a month ago.   In his opening remarks, Minister Yeo stated that “the Government included the 57 non-strategic items on the catch-all list and negotiated with the U.S. for Foreign Direct Product Rule (FDPR) exemption in order to min date2022-04-28

MOTIE holds 26th Trade Promotion Committee

Trade Minister Yeo Han-koo held the 26th Trade Promotion Committee on April 20 at the Government Complex Sejong to discuss Indo-Pacific Economic Framework and Korea-U.S. trade issues, including the recently released National Trade Estimate Report on Foreign Trade Barriers (NTE).   Attending the meeting were various officials from the Ministry of Economy and Finance, Ministry of Science and ICT, Ministry of Foreign Affairs, Ministry of Employment and Labor, Ministry of Agriculture, Food an date2022-04-21

MOTIE holds 26th Trade Promotion Committee

Trade Minister Yeo Han-koo held the 26th Trade Promotion Committee on April 20 at the Government Complex Sejong in the attendance of various relevant ministries to discuss the Indo-Pacific Economic Framework (IPEF), Korea-U.S. trade issues, and approaching WTO and APEC conferences. In his opening remarks, Minister Yeo addressed the urgency of international cooperation for supply chain risk management amid the Ukraine situation and China’s COVID-19 lockdowns. On this note, he stressed th date2022-04-21

423rd Korea Trade Commission gives final conclusion on anti-dumping investigations

The Ministry of Trade, Industry, and Energy (MOTIE) held the 423rd Korea Trade Commission meeting on April 14, where Chairperson Chang Seung-wha announced the final conclusions of anti-dumping investigations on Chinese presensitized aluminum plates with double-layered coating for offset printing (hereinafter referred to as “double-layer offset printing plate”) and unfair trade practices investigations on the fin field-effect transistor (finFET) patent infringement. The Commission als date2022-04-18