Ministry of Trade, Industry and Energy

Korea issues joint statement with WTO denouncing Russia's Ukraine invasion

The Korean government issued a joint statement on March 15 denouncing Russia’s Ukraine invasion along with major WTO member states, including the U.S. EU, Japan, Canada, Australia, New Zealand, and the UK. The joint statement is titled, “Joint statement on aggression by the Russian Federation against Ukraine with the support of Belarus” and states the following: - “We, WTO Members…(omitted)…are united in condemning in the strongest possible terms the Russi date2022-03-18

Korea's automobile export value grows 9.1% in February

The Ministry of Trade, Industry and Energy announced on March 16 that Korea’s automobile industry in February increased in exports and production, while domestic sales sank compared to the same period of previous year. Total auto output in February rose 1.2 percent to 263,959 units. Despite prolonged automotive semiconductor shortages, efforts on part of finished carmakers and completion of production facilities have driven production, domestic sales and exports to recover pre-COVID perfo date2022-03-16

ICT exports achieve 23.7% growth to $18.9 billion in February

The Ministry of Trade, Industry, and Energy announced on March 15 that outbound shipments of Korea’s information and communications technology (ICT) goods in February reached an all-time high of USD 18.9 billion, recording a year-on-year growth of 23.7 percent. Imports of ICT products climbed 23.9 percent to $11.4 billion, and the trade surplus in this sector stands at an estimated $7.5 billion. Exports of all major items experienced growth except for mobile phones. Outbound shipments o date2022-03-15

Trade Minister holds Public-Private Russia Trade and Investment Countermeasures Meeting

Trade Minister Yeo Han-koo held an emergency Public-Private Russia Trade and Investment Countermeasures Meeting at the Korea Chamber of Commerce and Industry (KCCI) in Seoul on March 3 to address the Russian government’s announcement of 48 “unfriendly” countries list and related repercussions.   Minister Yeo gave an opening message stating that “Korea, as a responsible member of the international community, has decided to partake in the sanctions against Russia, as date2022-03-11

Trade Minister holds Korea-US talks on sanctions against Russia and related trade issues

Trade Minister Yeo Han-koo held talks with United States Deputy Secretary of Commerce Don Graves and Trade Representative (USTR) Katherine Tai in Washington D.C. on Mar 3 and Mar 4, respectively, to discuss Korea-US sanctions against Russia, the Indo-Pacific Economic Framework (IPEF), Section 232 steel tariffs, and related trade policy coordination issues.  date2022-03-11

Trade Minister holds "Russia-Ukraine Situation Emergency Meeting with Exporters and Importers”

Trade Minister Yeo Han-koo held a 'Russia-Ukraine Situation Emergency Meeting with Exporters and Importers” on February 28 at the World Trade Center Seoul to assess repercussions on trade businesses, logistics, and raw materials supply.   Minister Yeo delivered an opening message, followed by exchange of views regarding industry outlook in the case of further escalations, as well as current response measures against logistics risks and materials supply chain challenges. & date2022-03-03

Korea’s exports expand 20.6% to $53.9 billion in February

The Ministry of Trade, Industry and Energy announced on March 1 that Korea’s export value went up 20.6 percent to USD 53.9 billion in February. Imports also increased 25.1 percent to $53.1 billion. The trade balance stood at a surplus of $0.8 billion, faring positive despite high imports from soaring energy prices. Despite rising raw material prices and Russia-Ukraine escalations, February’s trade balance achieved a much better performance compared to January’s, rising by $5.7 date2022-03-02

Trade Minister holds pan-ministerial 25th Trade Committee Meeting

Trade Minister Yeo Han-koo held the pan-ministerial 25th Trade Committee Meeting in Government Complex Seoul on February 24 to discuss response measures in light of the Russia-Ukraine crisis, changing landscape of the Asia-Pacific region’s trade order, and future pursuits for digital trade partnerships. The trade chief stressed the following two points at the beginning of the meeting. One is that the meeting aims to assess the impact of Russia-Ukraine situation on the region’s real date2022-02-28

Korea and Australia sign MOUs on critical minerals and supply chain

Energy Vice Minister Park Ki-young attended the 1st Critical Minerals Working Group Meeting held in Canberra, Australia on February 24 to discuss the two countries’ bilateral cooperation on critical minerals and supply chain. At the meeting, Vice Minister Park delivered opening remarks and exchanged views with Australian counterparts on Korea-Australia critical minerals strategy and R&D cooperation measures. He also attended the signing ceremony of 6 MOUs between the two countries&rsq date2022-02-28

MOTIE holds 25th Trade Committee Meeting

Trade Minister Yeo Han-koo held the 25th Trade Committee Meeting in Government Complex Seoul on February 24 in the presence of relevant ministries’ officials in order to assess the economic impact from the current Russia-Ukraine crisis and push prompt measures in response to the changing Asia-Pacific trade landscape.   The trade chief delivered an opening message, in which he addressed the current military tension buildup and need for an overall monitoring of trade and commerce envi date2022-02-28