Ministry of Trade, Industry and Energy

Korean ICT industry exports goods worth $15.2 billion in August

The Ministry of Trade, Industry and Energy announced on September 22 that the Korean industry of information and communications technology (ICT) exported goods worth USD 15.2 billion in August, down 24.5 percent from a year earlier.Meanwhile, ICT imports inched up 1.9 percent to $8.8 billion, and the trade balance saw a surplus of $6.4 billion.A breakdown of exports showed that outbound shipments of semiconductors, displays, mobile phones, and computers and peripheral devices all saw year-on-yea date2019-09-23

Minister Sung meets with Kazakh Foreign Minister in Seoul

Trade, Industry and Energy Minister Sung Yun-mo (right) had a meeting with Kazakhstan’s Foreign Minister Beibut B. Atamkulov in Seoul on Sep 16.   The two Ministers discussed ways to boost trade and investment between Korea and Kazakhstan and bolster bilateral cooperation as a follow-up to the first Korea-Kazakhstan summit that took place in April.   date2019-09-16

WTO Appellate Body releases its report on Korea’s anti-dumping duties on pneumatic valves from Japan

The World Trade Organization released an Appellate Body report on September 10 regarding the Republic of Korea’s anti-dumping duties on valves for pneumatic transmissions from Japan. In the WTO Appellate Body proceedings, Korea won in ten out of a total of 13 claims. To find out more: https://www.wto.org/english/news_e/news19_e/504abr_e.htm date2019-09-11

Minister Sung meets with Governor of Indiana

Trade, Industry and Energy Minister Sung Yun-mo (right) had a meeting with Indiana Governor Eric Holcomb and Indiana Secretary of Commerce Jim Schellinger in Seoul on Sep 5.   Minister Sung and Governor Holcomb discussed how to promote trade and investment between Korea and Indiana and explored ways to support Korean companies that have operations in the state.   date2019-09-06

Exports in August fall 13.6% to $44.2 billion

The Ministry of Trade, Industry and Energy announced on September 1 that Korea’s August exports fell 13.6 percent from a year earlier to USD 44.2 billion. Imports decreased 4.2 percent to $42.5 billion and the trade balance showed a surplus of $1.7 billion, staying positive for 91 consecutive months.The decline in exports was affected by several factors such as a base effect, fewer working days, and deteriorating external conditions, including the U.S.-China trade dispute and Japan’s date2019-09-02

Exports of Korean ICT goods drop 21.8% to $14.5 billion in July

The Ministry of Trade, Industry and Energy announced on August 21 that July exports of Korean information and communications technology (ICT) goods fell 21.8 percent year-on-year to USD 14.5 billion.Inbound shipments, on the other hand, moved up 6.9 percent to $9.7 billion, and trade balance in this sector stood at a surplus of $4.8 billion.By item, semiconductor exports dropped 27.7 percent to $7.6 billion, following lower demand for chips used in servers and mobile phones. Lower prices compare date2019-08-21

Trade Minister Yoo presides over 14th trade promotion meeting in Seoul

Trade Minister Yoo Myung-hee chaired the 14th trade promotion meeting in Seoul on August 16 to review current trade issues.   During the meeting, Trade Minister Yoo stressed that Korea will seek new free trade agreements (FTAs) this year to diversify markets for Korea’s exports amid growing external uncertainties such as Japan’s latest export restriction measures against the country.   The meeting was attended by some 30 government officials from other ministries includ date2019-08-20

Korea’s July exports decrease 11% to $46.1 billion

The Ministry of Trade, Industry and Energy announced on August 1 that Korea’s exports in July decreased 11.0 percent year-on-year to USD 46.1 billion. Imports also declined 2.7 percent to $43.7 billion, and the trade balance stood at a surplus of $2.4 billion, remaining positive for 90 straight months.The decrease in exports was due to a mix of different factors: i) worsening external conditions such as the ongoing U.S.-China trade dispute and Japan’s export restrictions, ii) a slowd date2019-08-01

Letter by the ROK government regarding Japan’s plan to revise its export controls (Summary)

The government of the Republic of Korea (ROK) sent a letter to its Japanese counterpart last week to address the fact that Japan's planned amendments to its Export Trade Control Order are not based on sufficient grounds. The revisions are designed to remove the ROK from its white list for trade.Read the summary of the letter: date2019-07-30

Statement to media by Minister Sung on MOTIE's letter sent to Japan's METI

Trade, Industry and Energy Minister Sung Yun-mo said in a press briefing on Wednesday that the Ministry delivered an official letter to Japan calling for the immediate restoration of normality by canceling its export restriction plan.Read the full statement: date2019-07-24