Ministry of Trade, Industry and Energy

Korea’s May exports decrease 9.4% to $45.9 billion

The Ministry of Trade, Industry and Energy announced on June 1 that Korea’s exports in May decreased 9.4 percent to USD 45.9 billion compared to the same period a year earlier. Imports fell 1.9 percent to $43.6 billion, resulting in a trade surplus of $2.3 billion.The slowdown in exports was mostly due to an intensifying U.S.-China trade dispute, a sluggish semiconductor industry, and a slowing Chinese economy. Exports in volume terms, however, inched up 0.7 percent, continuing to grow for date2019-06-01

Trade Minister Yoo meets with Brazil’s Foreign Minister Araújo in Paris

Trade Minister Yoo Myung-hee (left) had a bilateral meeting with Brazil’s Minister of Foreign Affairs Ernesto Araújo on May 23 during her visit to Paris for the 2019 OECD Ministerial Council Meeting.The two sides celebrated the 60th anniversary of bilateral relations between Korea and Brazil, confirmed the necessity of accelerating negotiations for signing the Korea-MERCOSUR trade agreement, and agreed to expand cooperation in various areas such as investment and infrastructure. date2019-05-24

Trade Minister Yoo speaks at 2019 OECD Ministerial Council Meeting in Paris

Trade Minister Yoo Myung-hee (third from the right) spoke at the trade and investment session titled “Reaping and Diversifying the Benefits of Trade in the Digital Era” of the 2019 OECD Ministerial Council Meeting held in Paris from May 22 to 23.To address challenges in the digital era, Trade Minister Yoo suggested ways of building an inclusive digital ecosystem through the promotion of innovation in small and medium-sized enterprises and the expansion of open data. She also mentione date2019-05-24

Exports of Korean ICT goods total $15.2 billion in April

The Ministry of Trade, Industry and Energy announced on May 21 that exports of the Korean information and communications technology (ICT) goods in April totaled USD 15.2 billion, down 10.6 percent compared to a year earlier.Imports grew 9.4 percent to $9.5 billion, and the trade balance stood at a surplus of $5.7 billion.Exports experienced year-on-year declines for six straight months because of a continuous slowdown in semiconductors and displays.By item, shipments of semiconductors, displays, date2019-05-21

Trade Minister Yoo meets with US NEC Director Kudlow in Washington

Trade Minister Yoo Myung-hee (left) met with U.S. National Economic Council Director Larry Kudlow to explain Korea’s stance on Section 232 auto tariffs in Washington, D.C., on May 15 (local time). date2019-05-16

Trade Minister Yoo meets with US Commerce Secretary Ross in Washington

Trade Minister Yoo Myung-hee (right) met with United States Department of Commerce Secretary Wilbur Ross in Washington, D.C., on May 14 (local time).During the meeting, the two top officials explored ways to expand trade and investment between the two countries. Trade Minister Yoo also explained Korea’s stance on Section 232 auto tariffs. date2019-05-15

Trade Minister Yoo meets with USTR Lighthizer in Washington

Trade Minister Yoo Myung-hee (second from the left) had a meeting with United States Trade Representative Robert Lighthizer (second from the right) in Washington, D.C., on May 13 (local time).During the meeting, Trade Minister Yoo discussed the status of trade and investment between Korea and the U.S. She also conveyed Korea’s stance on Section 232 auto tariffs. date2019-05-14

Korea’s exports in April fall 2 percent to $48.9 billion

The Ministry of Trade, Industry and Energy announced on May 1 that Korea’s exports in April fell 2 percent to USD 48.9 billion compared to the same period a year earlier. Imports expanded 2.4 percent to $44.7 billion, resulting in a trade surplus of $4.1 billion.The decrease in exports was in part due to falling prices of semiconductors and petrochemicals as well as a slowing Chinese economy. Other external factors such as the ongoing U.S.-China trade dispute and stagnant world trade date2019-05-01

Exports of ICT goods in March reach $15.9 billion

The Ministry of Trade, Industry and Energy announced on April 22 that Korean exports of information and communications technology (ICT) goods in March decreased 16.3 percent year-on-year to USD 15.9 billion.Imports inched up 1.4 percent to $9.2 billion, and the trade balance stood at a surplus of $6.7 billion.The fifth consecutive monthly decline in exports was mainly due to slowing sales of semiconductors, displays, mobile phones.By item, shipments of semiconductors, displays, mobile phones, an date2019-04-22

Korean exports of materials and parts total $67.5 billion in Q1

The Ministry of Trade, Industry and Energy announced on April 22 that Korea’s exports of materials and parts in the first quarter of this year totaled USD 67.5 billion, down 9.0 percent from the same period last year.The country’s imports also saw a year-on-year decrease of 4.3 percent to $41.7 billion. The trade balance stood at a surplus of $25.8 billion in this segment.These figures are based on 11 different item categories: five for materials (textiles, chemical product date2019-04-22