Ministry of Trade, Industry and Energy

Minister Sung discusses with Korean business representatives in Kazakhstan

Trade, Industry and Energy Minister Sung Yun-mo (center) discussed with Korean business representatives various aspects of economic cooperation between Korea and Kazakhstan at a breakfast meeting held in Nur-Sultan on April 22 (local time).On the same day, government agencies, institutions, and companies from the two countries signed a total of seven memoranda of understanding (MOUs) as a means to expand bilateral cooperation in trade and investment. date2019-04-22

Trade Minister Yoo meets with ADB President Nakao in Manila

Trade Minister Yoo Myung-hee (left) met with Asian Development Bank (ADB) President Takehiko Nakao in Manila, Philippines, on April 17 (local time).During the meeting, Trade Minister Yoo explained Korea’s New Northern and Southern Policies, and the two sides agreed to cooperate in promoting joint projects between Korea and the ADB in energy and industrial technology. date2019-04-17

Trade Minister Yoo meets with US Senator Rob Portman in Seoul

Trade Minister Yoo Myung-hee (second from the left) met with US Senator Rob Portman (second from the right) to discuss various economic and trade issues between the two countries in Seoul on April 16. date2019-04-16

The ROK government welcomes WTO ruling over Korea’s restrictions on Japanese food imports

The Government of the Republic of Korea appreciates and welcomes the April 11 decision by the Appellate Body of the World Trade Organization that Korea’s restrictions on Japanese food imports are consistent with the WTO Agreement on the Application of Sanitary and Phytosanitary Measures (SPS Agreement). To read the findings of the WTO Appellate Body:https://www.wto.org/english/news_e/news19_e/495abr_e.htm date2019-04-12

Trade Minister Yoo meets with UK Ambassador to Korea Simon Smith

Trade Minister Yoo Myung-hee (left) met with UK Ambassador to Korea Simon Smith at the Korea Chamber of Commerce and Industry (KCCI) in Seoul on April 11.The two officials discussed the current status of Brexit as well as trade issues between the two countries. date2019-04-11

Foreign direct investment pledged to Korea total $3.2 billion in Q1

The Ministry of Trade, Industry and Energy announced on April 11 that foreign direct investments (FDIs) pledged to Korea in the first quarter of this year decreased 35.7 percent year-on-year to USD 3.2 billion. The FDIs that actually arrived in Korea over the same period declined 15.9 percent to $2.6 billion.Key factors that contributed to the decrease of FDI commitments include a slowdown in global investment flows, a strong base effect, and tax reductions for foreign investors that expired at date2019-04-11

Korea, EU trade chiefs co-chair 8th FTA Trade Committee Meeting in Seoul

Trade Minister Yoo Myung-hee (second from the left) and European Commissioner for Trade Cecilia Malmström (right) co-chaired the eighth meeting of the Korea-EU Free Trade Agreement (FTA) Trade Committee in Seoul on April 9.On the occasion of this ministerial meeting, the two sides reviewed the implementation of the FTA, discussed bilateral trade issues, and explored ways to respond to global protectionism.The Korean officials and their EU counterparts discussed how to improve mutual market date2019-04-09

Korea’s March exports drop 8.2 percent to $47.1 billion

The Ministry of Trade, Industry and Energy announced on April 1 that Korea’s exports in March decreased 8.2 percent from a year earlier to USD 47.1 billion. Imports fell 6.7 percent to $41.9 billion.The trade balance stood at a surplus of $5.2 billion, remaining positive for 86 straight months. The average daily exports recorded $2.1 billion.The decline in last month’s exports was mainly due to combined effects of external risks and cyclical factors. The former includes the U.S.-Chin date2019-04-01

Korean ICT industry’s exports reach $12.7 billion in February

The Ministry of Trade, Industry and Energy announced on March 21 that Korea’s information and communications technology (ICT) industry in February reached USD 12.7 billion in exports and $7.3 billion in imports. The trade balance stood at a surplus of $5.4 billion.Exports of Korean ICT goods last month saw a year-on-year decrease of 19.0 percent. This fourth consecutive monthly decline is mostly a result of slower exports of semiconductors, displays, and mobile phones.By item, semiconducto date2019-03-21

Trade Minister Yoo meets with Slovak Economy Minister Peter Ziga

Trade Minister Yoo Myung-hee (second from the left) had a meeting with Slovakia’s Minister of Economy Peter Ziga (second from the right) in Seoul on March 8.The two ministers discussed a range of issues, including expansion of trade and investment between the two countries. date2019-03-08