Ministry of Trade, Industry and Energy

Korea’s exports in 1st half of 2021 hit record high

The Ministry of Trade, Industry and Energy announced on July 1 that Korea’s exports in the first half of 2021 increased 26.1 percent, hitting the record-high value of USD 303.2 billion. It is also the first time that the half-yearly export value surpassed $300 billion.   Imports went up 24.0 percent to $285.1 billion, resulting in a trade surplus of $18.1 billion.   Korea’s exports in June amounted to USD 54.8 billion, expanding 39.7 percent from last year. Imports jump date2021-07-01

Korea announces plan to attract FDI in high-tech industries

Trade, Industry and Energy Minister Moon Sungwook attended a committee meeting, on June 24, to discuss with related ministries a comprehensive strategy to secure foreign direct investment (FDI) in high-tech materials, parts and equipment sectors.The strategy aims to attract foreign investment in key industrial areas such as semiconductors, vaccines, and secondary batteries for stable supply chains.Minister Moon stressed the importance of FDI in the development of high-tech industries, and expres date2021-06-25

Trade Ministry to expand global supply chain, digital cooperation with Europe

Trade Minister Yoo Myung-hee met with her French counterpart Franck Riester in Paris during her visit to France, on June 23, and the two countries agreed to expand industrial and digital cooperation to revitalize the global supply chain and respond to digital transformation. Yoo also met with Secretary-General of the Organization of Economic Cooperation and Development (OECD), Mathias Cormann, and discussed various trade and environment issues including post-pandemic economic recovery, digital t date2021-06-24

Korea’s ICT industry exports $17.7 billion worth of goods in May

The Ministry of Trade, Industry and Energy announced on June 14 that Korea’s information and communications technology (ICT) industry exported $17.7 billion (up 27.4 percent) worth of goods in May. Imports climbed up 17.7 percent to $10.5 billion, and the trade balance was a surplus of $7.2 billion. Outbound shipments of all major products experienced growth. Semiconductor exports advanced 24.0 percent to $10.1 billion, hitting the $10.0 billion mark in 30 months. Memory chips went up 1 date2021-06-14

Petroleum products rebound; Korea reaches all-time high April exports

Petroleum products rebound; Korea reaches all-time high April exports date2021-06-11

Trade Minister Yoo holds committee meeting with trade officials

Trade Minister Yoo Myung-hee (second from the right) held a committee meeting with trade officials at the government complex in Sejong, on June 9, to discuss issues such as the WTO vaccine intellectual property waiver. date2021-06-09

Korea’s exports expand 45.6% to $50.7 billion in May

The Ministry of Trade, Industry and Energy announced on June 1 that Korea’s exports in May expanded 45.6 percent to USD 50.7 billion. Imports went up 37.9 percent to $47.8 billion, resulting in a trade surplus of $2.9 billion. The improvement in exports was mostly due to an ongoing recovery in the global economy. It is the first time since September 2017 that both the export value and volume posted double-digit increases. May exports recorded the highest year-on-year growth for the first date2021-06-01

Minister Moon visits Korea International Trade Association

Trade, Industry and Energy Minister Moon Sungwook visited the Korea International Trade Association (KITA), on May 27, to discuss with trade experts measures to resolve recent trade issues such as the global container shortage and soaring freight rates. Minister Moon encouraged KITA’s efforts in assisting domestic export firms to deal with challenges in the trade environment, and said that the government will expand policy support and communication with the industry to boost trade in the l date2021-05-27

Korea, US agree on global vaccine partnership

During President Moon Jae-in’s visit to the United States (May 20-23), Korea and the U.S. agreed to establish a comprehensive “KORUS Global Vaccine Partnership” in a summit meeting on May 22, local time.   Under the partnership, the two countries are to join efforts to accelerate global COVID-19 vaccine production and supply by combining Korea’s biopharmaceutical production capability and the U.S. vaccine development technology and raw material supply capability. date2021-05-24

Korea’s ICT exports advance 32.6% in April

The Ministry of Trade, Industry and Energy announced on May 14 that Korea’s exports of information and communications technology (ICT) products in April advanced 32.6 percent to USD 17.1 billion, hitting the record high value for the month of April. Imports expanded 21.5 percent to $10.8 billion, and the trade surplus stood at a surplus of $6.3 billion. Outbound shipments of all major items experienced growth. Exports of chips increased 29.4 percent to $9.4 billion, rising for 10 straig date2021-05-17