Ministry of Trade, Industry and Energy

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

Foreign direct investment pledged to Korea total $3.3 billion in Q1

The Ministry of Trade, Industry and Energy announced on April 9 that foreign direct investments (FDIs) pledged to Korea in the first quarter of this year increased 3.2 percent year-on-year to USD 3.3 billion. The FDIs that actually arrived in Korea over the same period declined 17.8 percent to $2.4 billion. Despite the difficult external conditions caused by the spread of the new coronavirus, FDI commitments to Korea increased 3.2 percent compared to the first quarter of the previous year. The date2020-04-09

Korea's March exports edge down 0.2 percent to $46.9 billion amid COVID-19 outbreak

The Ministry of Trade, Industry and Energy announced on April 1 that Korea’s exports in March decreased 0.2 percent from a year earlier to USD 46.9 billion. Imports slipped 0.3 percent to $41.9 billion. The trade balance stood at $5.0 billion, remaining positive for 98 straight months. The average daily exports recorded $2.0 billion and saw a year-on-year decrease but the gap improved to a single-digit decrease. Despite initial concerns of sharp contraction following the spread of the co date2020-04-01

Trade Minister Yoo proposes G20 collaboration on businesspeople mobility amid COVID19 outbreak

Trade, Industry and Energy Minister Yoo Myung-hee (left) attended the G20 Extraordinary Trade and Investment Ministers Meeting through videoconference on March 30, and called for collaboration of member countries to facilitate mobility of businesspeople and maintain global supply chain. Issues raised by the Korean government at the G20 Special Summit last week, such as the need to facilitate movement of essential personnel and continue the flow of cross-border economic exchanges, were reflected date2020-03-31

[G20 Trade and Investment Ministerial Statement]

We, the Trade and Investment Ministers of the G20 and guest countries, are profoundly saddened by the devastating human tragedy caused by the spread of COVID-19. The pandemic is a global challenge and requires a coordinated global response. The G20 Leaders, following their Extraordinary Meeting conducted on 26 March 2020, committed “to presenting a united front against this common threat.” Now more than ever is the time for the international community to step up cooperation and coord date2020-03-31

Trade Minister Yoo calls for more active role of KOTRA’s offices overseas in supporting exporters hit by COVID-19

Trade Minister Yoo Myung-hee (right) held a video conference with overseas trade offices of the state-run Korea Trade-Investment Promotion Agency (KOTRA), at the KOTRA headquarters in Seoul, on March 18, to urge them to take an active role of tacking issues that Korean exporters face in the rise of COVID-19.   Trade Minister Yoo emphasized the need to strengthen resilience of the global supply chain. She said the government will continue to make all-out efforts to revitalize trade activit date2020-03-19

Korea hosts 8th director general-level export control policy dialogue with Japan

Lee Ho-hyeon, the director general responsible for trade policy at the Ministry of Trade, Industry and Energy, represented the Korean team at the 8th Korea-Japan Export Control Policy Dialogue held in Seoul via video conferencing from March 10, 10:00 am to March 11, 1:50 am. Both sides positively evaluated each other’s planned legal and institutional improvements to strengthen export management capabilities. On request of its Japanese counterpart Ministry of Economy, Trade and Industry, M date2020-03-11