Ministry of Trade, Industry and Energy

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

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