Ministry of Trade, Industry and Energy

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

Minister Moon meets U.S. Commerce Secretary

Trade, Industry and Energy Minister Moon Sungwook (right) met with United States Secretary of Commerce Gina Raimondo during his visit to Washington D.C. on November 9 (local time), and discussed ways to accelerate industrial cooperation between the two countries.   The two sides agreed to expand the current director-level bilateral dialogue for industrial cooperation to a ministerial talk, and join efforts to provide support for Korean firms investing in the U.S.   Minister Moon al date2021-11-10

Exports expand 24% to $55.6 billion in October

The Ministry of Trade, Industry and Energy announced on November 1 that Korea’s exports expanded 24.0 percent year-on-year to USD 55.6 billion. Imports jumped 37.8 percent to $53.9 billion and the trade balance recorded a surplus of $1.7 billion, remaining positive for 18 months. Exports in October marked the second highest value in history, and the cumulative exports for the first 10 months of 2021 exceeded those of the same period last year. Average daily exports totaled $2.6 billion, date2021-11-01

Korea’s ICT exports hit new record in September

The Ministry of Trade, Industry and Energy announced on October 13 that outbound shipments of Korea’s information and communications technology (ICT) goods recorded the highest monthly value since the Ministry started compiling data in 1996, rising 21.1 percent to USD 21.3 billion in September.   Imports increased 18.8 percent to $11.4 billion, and the trade balance stood at a surplus of $10.0 billion.   Exports of all major ICT products posted double-digit growth, boosted by date2021-10-13

Cumulative FDI inflows to Korea advance 41.3% to $18.2 billion in Q3

The Ministry of Trade, Industry and Energy announced on October 7 that the cumulative foreign direct investments (FDIs) pledged to Korea over the first three quarters of the year advanced 41.3 percent to USD 18.2 billion. The FDIs that actually arrived in Korea over the same period expanded 40.9 percent to $11.7 billion.   Both FDI pledges and arrivals recorded the second highest cumulative values for the first three quarters on record.   Advanced technologies continued to attract date2021-10-07

Korea’s exports hit record high monthly value in September

The Ministry of Trade, Industry and Energy announced on October 1 that Korea’s exports in September increased 16.7 percent to USD 55.8 billion, the highest on record since 1956 when Korea first started compiling trade data.   The achievement was possible despite two fewer working days compared to the same period last year. Korea extended export growth to 11 consecutive months, and recorded double-digit growth for seven straight months.   Average daily exports also set a new r date2021-10-01

Processed rice goods emerge as dark horse in agri-food exports

Processed rice goods emerge as dark horse in agri-food exports date2021-09-15

Korea’s ICT exports post growth of 33.2% to $20.3 billion

The Ministry of Trade, Industry and Energy announced on September 14 that exports of Korea’s information and communications technology (ICT) goods increased 33.2 percent to USD 20.3 billion in August, rising for 15 consecutive months and hitting the record high export value for the month of August and the second highest monthly export value in history. Imports recorded year-on-year growth of 23.7 percent to $11.4 billion, and the trade balance stood at a surplus of $8.9 billion. Shipment date2021-09-14