Ministry of Trade, Industry and Energy

Exports of Korean ICT goods in April record $12.9 billion

The Ministry of Trade, Industry and Energy announced on May 14 that Korean information and communications technology (ICT) goods in April recorded USD 12.9 billion, down 15.3 percent compared to a year earlier. Imports fell 6.4 percent to $8.9 billion, and the trade balance stood at a surplus of $4.0 billion. Exports experienced a year-on-year decline due to a slowdown in the key export items – semiconductors, displays, and mobile phones. By item, shipments of semiconductors, displays, date2020-05-14

Trade Minister Yoo talks with WTO director-general and calls for contingency guidelines

Trade Minister Yoo Myung-hee held a virtual meeting with the WTO Director-General Roberto Azevedo, on May 12, to discuss WTO-level responses to minimize the damage from the coronavirus pandemic on the multilateral trade system.   In particular, Trade Minister Yoo suggested that it is important to set contingency guidelines for the member countries, to quickly restore the global trade order and resolve international trade and investment issues in emergency situations. date2020-05-13

Korea renews call for Japan to lift export curbs on three key materials

Ministry of Trade, Industry and Energy held a briefing on May 12, and urged Japan to respond to Korea’s request of lifting restrictions on its exports of three key industrial materials by the end of this month.   Japan imposed the regulations on July 4 last year without a notice. The briefing came after Korea has met all prerequisites in order for a swift resolution of pending issues, including the revision of article related to catch-all controls on conventional arms trade and the date2020-05-12

Korea, EU discuss global trade issues amid COVID19 pandemic

Trade Minister Yoo Myung-hee held a videoconference with her EU counterpart Phil Hogan, on May 7, to discuss cooperative countermeasures to the coronavirus and various trade-related issues.   Trade Minister Yoo suggested that the two sides work together to ease non-tariff barriers and hold a digital strategic dialogue to the international standards for digital trade. Yoo also asked for the EU’s support in designating the K-quarantine model an international standard as an effort to s date2020-05-08

Minister Sung discusses cooperative measures for post-corona economic recovery with representatives of foreign-invested companies in Korea

Trade, Industry and Energy Minister Sung Yun-mo (center) attended a dialogue with representatives from foreign-invested companies at Korea Chamber of Commerce and Industry headquarters, on May 6, to discuss cooperative measures for Korea’s economic recovery in the post-corona era.   The businesses representatives praised Korea’s prompt and transparent leadership in responding to the virus and expressed willingness to mobilize all available resources in the course of COVID-19 r date2020-05-07

Korea’s exports fall 24.3 percent to $36.9 billion in April

The Ministry of Trade, Industry and Energy announced on May 1 that Korea’s exports in April fell 24.3 percent compared to the same period a year earlier to USD 36.9 billion. Imports also dropped 15.9 percent to $37.9 billion, resulting in a trade deficit of $950 million. Exports in April decreased significantly with the coronavirus pandemic in full swing. The decrease was led by a sharp drop in demand in major markets such as the U.S. and the EU coupled with plunging oil prices. Also, the date2020-05-01

Trade Minister talks with Philippine and Australian ministers to discuss cooperative measures against COVID19

Trade Minister Yoo Myung-hee held a teleconference with her Philippine and Australian counterparts Ramon M. Lopez and Simon Birmingham, respectively, on April 27, to discuss ways to boost international cooperation in response to COVID-19 and pending bilateral trade issues.   Trade Minister Yoo stressed the need for international cooperation to allow business travels of essential personnel and maintain logistics flow in order to ease the economic fallout from the virus.   The three date2020-04-27

Trade Minister discusses preemptive measures to cope with changes in trade after coronavirus pandemic

Trade Minister Yoo Myung-hee (right) held a meeting with trade experts at the Korea Trade Insurance Corporation building in Seoul, on April 23, to discuss prospects for the international business environment in the post-coronavirus world and seek preemptive measures to the unprecedented challenges to global trade.   Trade Minister Yoo said the post-pandemic set of trade orders characterized by increased protectionism and weaker global supply chain could pose risks to Korea’s export- date2020-04-24

Exports of ICT goods in March grow for the second consecutive month and reach $16.0 billion

The Ministry of Trade, Industry and Energy announced on April 13 that Korean exports of information and communications technology (ICT) goods in March increased 1.1 percent year-on-year to USD 16.0 billion. Imports inched up 2.7 percent to $9.4 billion, and the trade balance stood at a surplus of $6.6 billion. The second consecutive monthly growth in exports was mainly due to increasing sales of mobile phones and computers and periphery devices. By item, shipments of mobile phones and compute date2020-04-13

Trade Ministry supports exporters hit by COVID-19 to utilize video conferencing and consulting tools for trade consultations

Trade, Industry and Energy Minister Sung Yun-mo (left) visited the Korea Trade-Investment Promotion Agency (KOTRA) headquarters in Seoul, on April 8, to encourage KOTRA to support trade consultations of exporters through video conferencing with foreign buyers amid the COVID-19 pandemic.   Minister Sung said the government will give full support for expanding video conferencing infrastructures for Korean exporters and so minimize the fallout of the COVID-19 impacts on trade. date2020-04-09