Ministry of Trade, Industry and Energy

New Trade Minister takes office

The Ministry of Trade, Industry and Energy’s new Trade Minister Yoo Myung-hee delivered an inaugural speech at her inauguration ceremony held in the Government Complex Sejong on March 5.The ceremony was attended by all members of the Ministry and officials at the director-level or above from the Korean Agency for Technology and Standards (KATS).Trade Minister Yoo’s previous post was Deputy Minister for FTA Negotiations at the Ministry. date2019-03-05

Trade Minister Kim gives speech to government officials at his farewell ceremony in Sejong

Trade Minister Kim Hyun-chong delivered a speech to government officials at his farewell ceremony at the Sejong Government Complex on March 4.Among the attendees at the event were all Ministry officials and senior staff from the Korean Agency for Technology and Standards (KATS).Trade Minister Kim was appointed second vice chief of the National Security Office on February 28. date2019-03-04

Korea’s exports decrease 11.1 percent to $39.6 billion in February

The Ministry of Trade, Industry and Energy announced on March 1 that Korea’s exports in February reached USD 39.6 billion, down 11.1 percent from the same period last year.Imports also went down 12.6 percent to $36.5 billion, but the trade balance recorded $3.1 billion, remaining positive for 85 consecutive months.Last month’s exports fell at a faster rate compared to January’s outbound shipments, which declined 5.9 percent year-on-year. However, average exports per working day date2019-03-01

ICT exports reach $14.5 billion, imports amount to $9.4 billion in January

The Ministry of Trade, Industry and Energy announced on February 21 that Korea’s information and communications technology (ICT) Industry in January totaled USD 14.5 billion in exports and $9.4 billion in imports. The trade surplus stood at $5.1 billion.Outbound shipments of ICT goods last month decreased 18.2 percent compared to the same period of the previous year. This is attributable to declines in exports of semiconductors, displays, and mobile phones.By item, the value of semiconduct date2019-02-21

Trade Minister Kim discusses changing trade conditions with commercial attaches

Trade Minister Kim Hyun-chong (center) discussed changing trade conditions and measures necessary to respond to them with Korean commercial attaches at the Sejong Government Complex on February 13.During the discussion, Trade Minister Kim underscored that protectionism and the Fourth Industrial Revolution are shifting the current global value chains to regional ones and that this places greater importance on the coordination between industry and trade policies. Trade Minister Kim stressed that t date2019-02-13

Vice Minister Cheong to lead efforts for public-private investment promotion

Trade, Industry and Energy Vice Minister Cheong Seung-il (fourth from the left) attended the inauguration ceremony for the “Public-Private Investment Promotion Group” held at the Korea Chamber of Commerce and Industry (KCCI) in Seoul on February 12.As the head of the group, Vice Minister Cheong emphasized during his opening remarks that investment is integral to economic growth, future competitiveness, and job creation. Asking for cooperation between the public and private sectors, h date2019-02-12

Trade Minister Kim discusses export promotion strategies for 2019

Trade Minister Kim Hyun-chong (second from the left) discussed export promotion strategies for 2019 with industry groups and government officials at a meeting held at the Korea Trade Insurance Corporation (K-sure) in Seoul on February 11.During the meeting, Trade Minister Kim said that amid growing uncertainties in the global trade scene, the Korean government will make every effort to revitalize exports by strategically responding to trade conditions.The topics for the discussion included expor date2019-02-11

Trade Minister Kim extends outreach to US lawmakers

Trade Minister Kim Hyun-chong (right) had meetings with U.S. Representative Kay Granger of Texas (left) and other Congress members, including Sen. Joni Ernst and Reps. Rob Woodall, Andy Kim, and Jackie Walorski, during his trip to Washington, D.C., from January 29 to February 6.During the meetings, Trade Minister Kim underlined that Korea should be exempt from potential Section 232 tariffs on auto and auto parts in order to deepen the future-oriented economic partnership between the two allies.T date2019-02-06

Trade Minister Kim talks with Trump administration’s economic team

Trade Minister Kim Hyun-chong (left) had talks with key economic team members of the Trump administration including U.S. National Economic Council Director Larry Kudlow (right), U.S. Commerce Department Secretary Wilbur Ross, and U.S. Trade Representative Robert Lighthizer during his visit to Washington, D.C., from January 29 to February 6.During the talks, Trade Minister Kim emphasized that Korea should be spared from potential Section 232 auto and auto parts tariffs, considering the closer, fu date2019-02-06

Korea’s January exports decrease 5.8 percent to $46.4 billion

The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports in January decreased 5.8 percent to USD 46.4 billion compared to the same period last year.Its imports also slipped 1.7 percent to $45.0 billion, but its trade balance remained positive at $1.3 billion, making the country a net exporter for 84 consecutive months.Exports last month were affected by many external factors such as the U.S.-China trade dispute and the falling prices of semiconductors and oil date2019-02-01