Ministry of Trade, Industry and Energy

Korean ICT exports record $13.4 billion in January

The Ministry of Trade, Industry and Energy announced on February 12 that Korea exported USD 13.4 billion worth of information and communications technology (ICT) goods in January. ICT imports totaled $8.8 billion, resulting in a trade surplus of $4.6 billion.ICT exports fell 7.2 percent from a year earlier due to decreasing shipments of semiconductors (down 3.3 percent), displays (down 21.3 percent), and mobile phones (down 28.0 percent). By item, semiconductor exports dropped 3.3 percent year- date2020-02-13

Minister Sung discusses impacts of coronavirus outbreak on Korean trade

Trade, Industry and Energy Minister Sung Yun-mo (center) held a meeting with representatives from trade organizations and semiconductor, automobile, and shipbuilding industries in Seoul, on February 3, to check the impact of the recent outbreak of the novel coronavirus and discuss preemptive measures to minimize the damage to the Korean economy.   The government plans to support Korean exporters to China and companies with production bases in China facing difficulties from the spread of t date2020-02-03

Korea’s January exports fall 6.1% to $43.4 billion

The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports in January saw a year-on-year decrease of 6.1 percent to USD 43.4 billion. Imports dropped 5.3 percent to $42.7 billion, resulting in The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports in January saw a year-on-year decrease of 6.1 percent to USD 43.4 billion. Imports dropped 5.3 percent to $42.7 billion, resulting in a trade surplus of $620 million. Korean exp date2020-02-03

Trade Minister Yoo stresses importance of international rules for e-commerce and digital trade at Davos

Trade Minister Yoo Myung-hee (center) attended a meeting of trade ministers on WTO e-commerce negotiations at the 2020 World Economic Forum held in Davos, Switzerland, on January 24 (local time), to discuss the importance of the establishment of digital trade rules.   Trade Minister Yoo said that provision of global digital trade agreements is one of the key tasks of the WTO to facilitate digital trade and investment in the era of the AI-driven 4th Industrial Revolution. She also emphasiz date2020-01-28

Trade Minister Yoo meets with WTO director-general at Davos 2020

Trade Minister Yoo Myung-hee (left) met with the WTO Director-General Roberto Azevedo (right) at the 2020 World Economic Forum held in Davos, Switzerland, on January 23 (local time), to discuss the restoration of the WTO-centered multilateral trading system and the contributions Korea can make to this end.   Trade Minister Yoo emphasized the need for the normalization of the WTO Appellate Body and the WTO reform. She went on to point out that because Korea is well placed to understand the date2020-01-28

Korea’s ICT industry posts exports of $176.9 billion in 2019

The Ministry of Trade, Industry and Energy announced on January 20 that Korea’s information and communications technology (ICT) Industry posted exports of USD 176.9 billion in 2019. Outbound shipments of ICT goods last year decreased 19.7 percent compared to 2018 due to stagnant markets for major items, the slowdown of the global economy including China, and the base effect. However, the ICT exports achieved the third highest value in history. Imports by the ICT sector in 2019 reached $1 date2020-01-21

FDI pledged to Korea reach $20 billion five years in a row

The Ministry of Trade, Industry and Energy announced on January 6 that foreign direct investments (FDI) pledged to Korea in 2019 hit USD 23.3 billion, marking the second highest in history and reaching $20 billion for the fifth consecutive year. FDI commitments dipped 13.3 percent last year, compared with the record high $26.9 billion in 2018. However, the figure in 2019 slightly exceeded the recent five-year average of $23.1 billion, and the Ministry said that it is an indication that Korea ha date2020-01-07

Korea’s trade value reaches $1 trillion in 2019 for the third consecutive year despite challenges in global trade

The Ministry of Trade, Industry and Energy announced on January 1 that Korea’s trade value in 2019 reached USD 1 trillion for the third year. Although the country’s annual exports marked a 10.3 percent drop to $542.4 billion and imports saw a 6.0 percent decrease to $503.2 billion, Korea achieved the overall trade value of 1 trillion dollars and remained as a net exporter for the 11th consecutive year with a trade surplus of $39.2 billion.Despite a downturn in semiconductors, pe date2020-01-02

ICT exports in November total $14.3 billion

The Ministry of Trade, Industry and Energy announced on December 22 that Korea’s November exports of information and communications technology (ICT) goods amounted to USD 14.3 billion. Imports of these items reached $9.1 billion, and the trade surplus in this sector was $5.2 billion.Exports fell 21.8 percent compared to the same period last year as a result of falling shipments of semiconductors, display panels, and mobile phones.By item, semiconductor exports dropped 30.7 percent year-on- date2019-12-23

Minister Sung attends Korea’s 56th Trade Day Ceremony

Trade, Industry and Energy Minister Sung Yun-mo (right) held Korea's 56th Trade Day Ceremony to celebrate this year’s trade achievement at COEX in Seoul on December 5.   During the ceremony, Minister Sung expressed gratitude for the efforts and commitment of trade workers.   The reception was attended by more than 2,000 trade experts and business leaders, including Korea International Trade Association (KITA) Chairman Kim Young Ju. date2019-12-06