Ministry of Trade, Industry and Energy

Korea’s ICT exports in June fall 22.4% to $14.8 billion

The Ministry of Trade, Industry and Energy announced on July 22 that Korea’s exports of information and communications technology (ICT) goods in June decreased 22.4 percent year-on-year to USD 14.8 billion.Imports inched down 0.9 percent to $8.6 billion, which made the country’s trade surplus in this sector $6.3 billion.By item, exports of semiconductors dropped 25.3 percent to $8.4 billion as demand fell for semiconductors used in servers and mobile phones. Lower prices also contrib date2019-07-22

Foreign direct investment pledged to Korea reach $9.9 billion in H1

The Ministry of Trade, Industry and Energy announced on July 11 that foreign direct investment (FDI) pledged to Korea in the first half of this year dropped 37.3 percent year-on-year to USD 9.9 billion. The FDI received by the country over the same period decreased 45.2 percent to $5.6 billion. These declines are mostly attributable to a base effect and a slowdown in global investment activities.Despite the decreases, both numbers remained above their ten-year averages, which are $8.5 billion an date2019-07-11

Trade Minister Yoo’s remarks regarding Japan’s export controls against the ROK

Trade Minister Yoo Myung-hee’s remarks on Japan’s tighter export controls against the Republic of Korea were issued on July 4 prior to a discussion of the matter with relevant organizations and agencies such as the Korea Semiconductor Industry Association (KSIA), the Korea Display Industry Association (KDIA), and the Korea International Trade Association (KITA).Read the full remarks: date2019-07-05

Minister Sung’s statement on Japan’s export controls against the ROK

Trade, Industry and Energy Minister Sung Yun-mo’s statement regarding Japan’s export controls against the Republic of Korea was issued on July 1 before a meeting was held to assess the country’s export conditions with relevant agencies and industry groups. Read the full statement: date2019-07-02

Korean exports in June decrease 13.5% to $44.2 billion

The Ministry of Trade, Industry and Energy announced on July 1 that Korea’s exports in June decreased 13.5 percent year-on-year to USD 44.2 billion. Its imports declined 11.1 percent to 40 billion, resulting in a trade surplus of $4.2 billion.Exports from January to June went down 8.5 percent to $271.6 billion compared to the same period last year. Imports over the same period fell 5.1 percent to $252 billion, and the trade balance in the first half of this year came to a surplus of $19.6 date2019-07-01

Trade Minister Yoo discusses with American businesses in Seoul

Trade Minister Yoo Myung-hee (seventh from the right) attended a business roundtable hosted by the American Chamber of Commerce in Korea (AMCHAM Korea) in Seoul on June 28.During the meeting, Trade Minister Yoo emphasized that AMCHAM Korea and U.S. investors play a bridging role in expanding economic cooperation between the two countries.The event was joined by some 20 ministry officials and corporate leaders, including AMCHAM Korea Chairman James Kim, Country Manager of United Airlines in Korea date2019-06-28

ICT industry exports $14.3 billion worth of goods in May

The Ministry of Trade, Industry and Energy announced on June 21 that Korean information and communications technology (ICT) exports in May decreased 22.6 percent year-on-year to USD 14.3 billion, declining for seven straight months.Imports, on the other hand, grew 10.8 percent to $9.7 billion, and the trade balance in this sector was a surplus of $4.6 billion.Decreases were experienced in exports of semiconductors, displays, mobile phones, and computers and peripheral devices.Outbound shipments date2019-06-21

Trade Minister Yoo meets with WTO Director-General Azevêdo

Trade Minister Yoo Myung-hee (right) met with World Trade Organization Director-General Roberto Azevêdo on June 9 on the occasion of the G20 Ministerial Meeting on Trade and Digital Economy held in Tsukuba, Japan.The two officials discussed various issues, including WTO reforms and concerns about the functioning of the WTO’s Appellate Body. date2019-06-10

Trade Minister Yoo attends G20 Ministerial Meeting on Trade and Digital Economy

Trade Minister Yoo Myung-hee (third from the left) attended the G20 Ministerial Meeting on Trade and Digital Economy held in Tsukuba, Japan, from June 8 to 9.During the discussion on the interface between trade and the digital economy, Trade Minister Yoo said creating rules for digital trade highlights a balance between free data flows and privacy protection as well as a multilateral agreement on minimum standards for technology and regulations. She emphasized that e-commerce negotiations at the date2019-06-10

Trade Minister Yoo visits job fair for foreign-invested firms in Korea

Trade Minister Yoo Myung-hee (second from the right) attended the opening ceremony of the 14th Job Fair for Foreign-Invested Companies held at COEX in Seoul on June 4.The job fair was organized to provide opportunities for both foreign companies and job seekers. Foreign businesses can promote themselves and recruit talented individuals while prospective job applicants can find quality employment.Scheduled to take place until June 5, the event attracted a total of 159 companies from Europe, Asia, date2019-06-04