Ministry of Trade, Industry and Energy

ICT exports hit record high in 2017

The Ministry of Trade, Industry and Energy announced on January 16 that exports of information and communication technology (ICT) products surged 21.6 percent to a record USD 197.6 billion in 2017 from a year ago, surpassing $190 billion for the first time. In 2017, exports of ICT products, including semiconductors, mobile phones, computers and display panels, recorded a double-digit growth for the first time in seven years since 2010. Exports also achieved a monthly high for each month from Fe date2018-01-19

Minister Paik meets Abu Dhabi Executive Affairs Authority Chairman

Trade, Industry and Energy Minister Paik Ungyu (right) greeted Abu Dhabi Executive Affairs Authority Chairman Khaldoon Khalifa Al Mubarak at a hotel in downtown Seoul on January 9.   During their breakfast meeting, Minister Paik and Chairman Al Mubarak discussed cooperation between the governments of Korea and the United Arab Emirates (UAE) for the successful completion and operation of the Barakah nuclear power plant, which is under construction by a Korean consortium. They exchanged vie date2018-01-10

Korea, US kick off talks to amend Korea-US FTA

Director General for Trade Policy Bureau Yoo Myung-hee (right) of the Ministry of Trade, Industry and Energy (MOTIE) discussed amendments of the Korea-U.S. Free Trade Agreement (KORUS FTA) with Assistant U.S. Trade Representative for Japan, Korea and APEC Michael Beeman (left) in Washington D.C. on January 5, 2018.     Officials of the MOTIE and the U.S. Trade Representative (USTR) met in the Office of the USTR for the first round of negotiations on amendments of the KORUS FTA. The date2018-01-06

Korea’s exports surge by 15.8% to record $573.9 billion in 2017

The Ministry of Trade, Industry and Energy announced on January 1 that Korea’s exports surged by 15.8 percent to a record $573.9 billion in 2017 from a year earlier. Exports of goods expanded at a double-digit rate for the first time in six years since 2011, surpassing the previous record of $572.7 billion set in 2014, despite the fact that there were 1.5 fewer working days compared to the said year. The average daily export reached an all-time high of $2.1 billion. With imports expandin date2018-01-05

FDI inflows hit record high of $22.9 billion in 2017

The Ministry of Trade, Industry and Energy announced on January 3 that foreign direct investment (FDI) pledged to Korea in 2017 advanced 7.7 percent year-on-year to a record USD 22.9 billion.The upward trend in FDI was maintained by achieving more than $20 billion for three years in a row.FDI arrivals in 2017 also increased 20.9 percent to $12.8 billion, indicating that despite global and domestic economic uncertainties, foreign investors are confident in the Korean economy.While newly pledged F date2018-01-03

ICT exports jump 25.9% to $18.6 billion in November

The Ministry of Trade, Industry and Energy announced on December 14 that exports of information and communication technology (ICT) goods jumped 25.9 percent to USD 18.6 billion, the second highest on record, in November from a year earlier on strong demand for semiconductors.     Exports of ICT goods increased at double-digit rates for 12 consecutive months, and reached a record-high for each respective month for 10 straight months.    Imports surged 17.1 percent yea date2017-12-14

Ministry hosts 54th Trade Day ceremony

Trade, Industry and Energy Minister Paik Ungyu (second from right in the front row) and Trade Minister Kim Hyun-chong (right in the front row) attended the 54th Trade Day ceremony at the COEX in southern Seoul on December 5.  The Ministry and the Korea International Trade Association (KITA) hosted the Trade Day ceremony to celebrate the recovery of trade and encourage businesses that have contributed to growths in exports and the Korean industries’ expansion to overseas markets. Six date2017-12-05

Korea’s exports grow 9.6% to $50 billion in November

The Ministry of Trade, Industry and Energy announced on December 1 that Korea’s exports in November grew 9.6 percent to USD 50 billion, a record for the month.  Exports of goods rose for the 13th consecutive month for the first time in 71 months since December 2011. The average daily exports of goods rose by 9.6 percent to $2.1 billion. Won-denominated exports increased 4.3 percent to 54.9 trillion won.  The total exports between January and November reached an all-time high of date2017-12-01

ICT exports rise 20.6% to $18 billion in October

The Ministry of Trade, Industry and Energy announced on November 15 that exports of information and communication technology goods rose by 20.6 percent to USD 18 billion, the second highest on record, in October from a year ago.   For nine consecutive months between February and October, Korea’s ICT sector posted record-high exports for each respective month. Exports of ICT goods also grew at double-digit rates for 11 straight months.   Imports in the ICT sector advanced 11 p date2017-11-15

Minister Paik promotes investment at 2017 Foreign Company Day

Trade, Industry and Energy Minister Paik Ungyu spoke at the 17th Foreign Company Day at a hotel in Seoul on November 7.  The Ministry of Trade, Industry and Energy and the Korea Foreign Company Association (FORCA) co-hosted the annual event to promote foreign investment into Korea.  In his speech, Minister Paik underscored the contribution of foreign companies to the Korean economy – There are more than 17,000 foreign-invested firms registered in Korea and they represent 12 per date2017-11-07