Ministry of Trade, Industry and Energy

ICT exports reach record high for July

The Ministry of Trade, Industry and Energy announced on August 9 that exports of information and communication technology (ICT) goods jumped 20.9 percent to $15.7 billion in July, setting a new record for the month.    Korea has posted record-high exports for each month for six consecutive months since February. A significant expansion in semiconductor exports as well as double-digit increases in shipments to major markets including China, Vietnam, the U.S., and the European Union (E date2017-08-09

Trade Minister takes office

Newly appointed Trade Minister Kim Hyun-chong of the Ministry of Trade, Industry and Energy delivered a speech at his inauguration ceremony held in the Government Complex Sejong on Aug. 4. Trade Minister Kim brings a wealth of experience and expertise in trade policies. He served as the Trade Minister at the Ministry of Foreign Affairs and Trade in 2004 and negotiated the Korea-U.S. Free Trade Agreement (FTA) during his tenure. He was the Korean ambassador to the United Nations between 2007 and date2017-08-04

Korea’s exports surge 19.5% to $48.9 billion in July

The Ministry of Trade, Industry and Energy announced on August 1 that Korea’s exports expanded 19.5 percent to USD 48.9 billion in July as outbound shipments of high-value products significantly rose and markets diversified.    Exports grew at a double-digit rate for the seventh consecutive month for the first time in 70 months since September 2011. The average daily exports went up 19.5 percent to $2.1 billion, while won-denominated exports surged 18.5 percent to $55.4 trillio date2017-08-01

Material, component exports jump 10.5% to $134.4 billion in 1st half

The Ministry of Trade, Industry and Energy announced on July 19 that exports of industrial materials and components jumped 10.5 percent to USD 134.4 billion in the first half, marking the first double-digit growth in six years since the second half of 2011.    Outbound shipments of 12 types of materials and components surged 10.3 percent to $68.6 billion in the second quarter from a year earlier and expanded 10.7 percent to $65.8 billion in the first quarter.    Both expo date2017-07-19

ICT exports soars 18% to new record for June

The Ministry of Trade, Industry and Energy announced on July 12 that exports of information and communication technology (ICT) goods soared 18 percent to USD 15.9 billion in June, a new record for the month.    Outbound shipments in the ICT sector expanded for eight consecutive months and at a double-digit rate for seven straight months as semiconductor exports continued to grow at a fast pace.    Imports of ICT goods jumped 21.7 percent to $8.9 billion. Trade surplus in date2017-07-12

Korea Trade Commission holds 2017 Seoul International Forum on Trade Remedies

Korea Trade Commission (KTC) Chairman Shin Hi-tack (sixth from right in the front row) and representatives of trade remedy agencies from across the world posed for a photo holding traditional Korean fans at the 2017 Seoul International Forum on Trade Remedies at the Korean Chamber of Commerce and Industry in central Seoul on July 6.    The KTC under the roof of the Ministry of Trade, Industry and Energy hosted its annual international forum under the theme of “Rules-based Trade date2017-07-06

FDI in Korea contracts 4.4% to $5 billion in 1st half

The Ministry of Trade, Industry and Energy announced on July 4 that USD 5 billion of foreign direct investment (FDI) arrived in Korea in the first half of this year, 4.4 percent down from a year earlier.     New FDI commitments to Korea also contracted 9.1 percent year-on-year to USD 9.6 billion amid growing uncertainties in the global economy such as two interest rate hikes by the U.S. Federal Reserve, negotiations on Britain’s exit from the European Union, and the rising prot date2017-07-04

Korea’s exports hit second highest on record in June, up 13.7% to $51.4 billion

The Ministry of Trade, Industry and Energy announced on July 1 that Korea’s exports surged 13.7 percent to USD 51.4 billion, the second highest on record, in June as outbound shipments of semiconductors and ships reached a record high.    The total exports grew at a double-digit rate for the sixth consecutive month for the first time in 69 months since September 2011. The average daily exports jumped 13.7 percent to $2.2 billion, marking the seventh straight month of increase, date2017-07-01

Vice Minister Woo presides 8th meeting of working group for Korea-US trade

Trade, Industry and Energy Vice Minister Woo Taehee (second from right) spoke at the eighth meeting of the pan-government working group for Korea-U.S. trade held on June 23 at the Government Complex Seoul to discuss the balance in trade with the U.S.  The meeting was joined by around 20 senior officials from various government departments including the Ministry of Strategy and Finance, the Ministry of Justice, and the Ministry of Health and Welfare. In this meeting held ahead of the relea date2017-06-23

ICT exports jump 17.4 percent to new record for May

The Ministry of Trade, Industry and Energy announced on June 14 that exports of information and communication technology (ICT) goods surged 17.4 percent year-on-year to USD 15.4 billion in May, a new record for the month. Exports in the ICT sector, which broke the previous record of $15.3 billion, set in May 2013, advanced for seven consecutive months and at double-digit rates for six straight months as outbound shipments of semiconductors rose sharply. Imports of ICT goods grew 13.4 percent t date2017-06-14