Ministry of Trade, Industry and Energy

Korea’s export decline eases in July, exports down 7% to $42.8 billion

The Ministry of Trade, Industry and Energy announced on August 1 that Korea’s exports in July decreased 7.0 percent to USD 42.8 billion. Imports fell 11.9 percent to $38.6 billion, resulting in a trade surplus of $4.3 billion. The July exports recorded the first single-digit decline since the COVID-19 pandemic had a full-fledged impact on exports in April. Also, the export value hit $40 billion in four months, and the trade balance remained positive for the third consecutive month since&n date2020-08-03

Foreign direct investment pledged to Korea reach $7.7 billion in H1

The Ministry of Trade, Industry and Energy announced on July 15 that foreign direct investment (FDI) pledged to Korea in the first half of the year fell 22.4 percent year-on-year to USD 7.7 billion. The FDI that actually arrived in Korea over the same period decreased 23.9 percent to $4.7 billion.Restrictions on the cross-border movement and rising uncertainties due to COVID-19 led to the decline in FDI. However, investment pledges to several industries such as materials, parts and equipment, hi date2020-07-15

Korea’s ICT export growth turns positive in June

The Ministry of Trade, Industry and Energy announced on July 13 that Korean information and communications technology (ICT) industry’s export growth in June rebounded for the first time in three months and reached USD 15.0 billion, up 1.0 percent compared to a year earlier. Imports grew 4.8 percent to $9.0 billion, and the trade balance stood at a surplus of $6.0 billion. By item, shipments of computers and peripherals saw growth while those of semiconductors, displays, and mobile phones date2020-07-13

Korea’s June exports decrease 10.9% to $39.2 billion, show signs of improvement

The Ministry of Trade, Industry and Energy announced on July 1 that Korea’s exports in June decreased 10.9 percent to USD 39.2 billion. Imports fell 11.4 percent to $35.6 billion, resulting in a trade surplus of $3.7 billion. Although exports in June decreased year-on-year due to the continued impact of the coronavirus, major indicators have improved. While April and May exports shrank by more than 20 percent, June exports recorded a 10.9 percent decrease. The trade balance also remained date2020-07-01

Trade Minister Yoo announces bid to run for WTO director-general

Trade Minister Yoo Myung-hee announced her bid to become the next World Trade Organization (WTO) director-general on June 24.                         Yoo's bid seeks to restore and reinforce the multilateral trading system, vitally important to Korea's economic interests, and is supported by the Korean government. date2020-06-24

Minister Sung holds joint conference with OECD chief to discuss post-corona trade orders

Trade, Industry and Energy Minister Sung Yun-mo held a joint video conference titled “MOTIE-OECD Joint Conference – Post COVID-19: Challenges and Responses” with Organization for Economic Cooperation and Development (OECD) Secretary-General Angel Gurría on June 18, to discuss post-corona responses to the industrial and trade orders.   During his opening speech, Minister Sung suggested inter-connectivity, innovation, and inclusiveness as three key elements to the p date2020-06-18

Minister Sung holds emergency meeting after explosion of inter-Korean liaison office

Trade, Industry and Energy Minister Sung Yun-mo (center) called an emergency meeting of high-ranking officials after North Korea’s demolition of the Gaesong Inter-Korean Liaison Office on June 17, to determine its impacts on the real economy.   Minister Sung said the Ministry will closely monitor the impact on exports and safety of industrial and energy facilities, and work with relevant industries in order to give necessary support and implement countermeasures. date2020-06-17

Korea’s ICT exports reach $13.9 billion in May

The Ministry of Trade, Industry and Energy announced on June 12 that Korean information and communications technology (ICT) industry in May reached USD 13.9 billion in exports and $8.9 billion in imports. The trade balance stood at a surplus of $5.0 billion. Exports of Korean ICT goods last month experienced a year-on-year decline of 2.6 percent, but decreased by a smaller percentage compared to those in April (down 15.3 percent). By item, shipments of semiconductors, and computers and periphe date2020-06-15

Korea to resume WTO complaint over Japan’s export restrictions on key materials

The Ministry of Trade, Industry and Energy held a briefing on June 2, and announced that it would resume dispute settlement proceedings with respect to the WTO complaint over Japan’s export curbs on three key industrial inputs for the semiconductor industry.   Japan imposed the export restrictions on these key materials related to semiconductor manufacturing on July 4, 2019. Over the past six months, Korea has halted the WTO complaint process and focused on dialogue with Japan to re date2020-06-03

Korea’s May exports fall 23.7% to $34.9 billion

The Ministry of Trade, Industry and Energy announced on June 1 that Korea’s exports in May saw a year-on-year decrease of 23.7 percent to USD 34.9 billion. Imports dropped 21.1 percent to $34.4 billion, resulting in a trade surplus of $436 million. Exports in May fell due to the global economic slowdown led by the novel coronavirus, as well as 1.5 fewer working days compared to a year earlier. Korea’s trade balance turned to black only after one month of deficit. Imports of capital date2020-06-01