Ministry of Trade, Industry and Energy

Vice Minister Woo presides ‘trade policy meeting’

Trade, Industry and Energy Vice Minister Woo Taehee (center) presided a “trade policy meeting” in southern Seoul on June 8 to review this year’s direction for the government’s responses to trade issues. The meeting was joined by around 10 trade experts.  date2017-06-08

Korea’s exports rose by 13.4% to $45 billion in May

The Ministry of Trade, Industry and Energy announced on June 1 that Korea’s exports jumped 13.4 percent to $45 billion from a year ago, marking the fifth consecutive month of a double-digit growth.    The average daily exports surged 16 percent to $2.1 billion, marking the sixth straight month of increase. Won-denominated exports also jumped 8.9 percent to 50.7 trillion won, growing for seven consecutive months for the first time in six years since May 2011. Both export volume date2017-06-01

ICT exports surge 24.2% to new record in April

The Ministry of Trade, Industry and Energy announced on March 17 that exports of information and communication technology (ICT) goods jumped 24.2 percent to USD 15.6 billion in April, setting a new record for the month of April. In April, outbound shipments of ICT goods grew at the fastest pace in 80 months since August 2010. They rose for the sixth consecutive month and at a double-digit rate for the fifth straight month, according to the Ministry’s analysis of preliminary custom data. date2017-05-17

Korea’s exports surge 24.2% in April to second-highest on record

The Ministry of Trade, Industry and Energy announced on May 1 that Korea’s exports reached the second highest on record in April, rising by 24.2 percent from a year ago to USD 51 billion.   Exports grew at the fastest rate in 68 months since August 2011 and expanded at a double-digit rate for the fourth consecutive month for the first time in 67 months.   The average daily exports surged 24.2 percent, the fastest rate in 68 months, to $2.3 billion while won-denominated export date2017-05-01

Korean exports of materials, components in 1Q post first double-digit growth in six years

The Ministry of Trade, Industry and Energy announced on April 20 that exports of industrial materials and components rose by 11 percent to USD 65.8 billion in the first quarter from a year earlier. This is the first double-digit growth in six years since the third quarter of 2011.   Exports of materials and components, which account for nearly half of Korea’s total exports of goods, showed signs of recovery in the first three months of this year as they advanced for the second conse date2017-04-20

Minister Joo meets AMCHAM business leaders

Trade, Industry and Energy Minister Joo Hyunghwan (center) posed with James Kim (third from left), Chairman of the American Chamber of Commerce (AMCHAM) in Korea and John Schuldt (third from right), President of the AMCHAM Korea, and David Ruch (second from left), former AMCHAM Korea Chairman, at Lotte Hotel, central Seoul, on April 12. At the AMCHAM Meeting, Minister Joo talked about the outcomes of his recent visit to the U.S. and discussed the ways to expand economic cooperation with the U.S date2017-04-12

Korea’s ICT exports rise 15.8% in March

The Ministry of Trade, Industry and Energy announced on April 12 that exports of information and communication technology (ICT) products rose 15.8 percent to $16.2 billion in March from a year earlier due to strong sales of semiconductors and displays.  March’s exports of ICT goods marked the third largest monthly amount in history and a double-digit growth for four consecutive months. Since November last year, ICT exports have advanced for five months in a row. ICT Imports increase date2017-04-12

Korea steps up efforts to cope with trade issues from U.S., China

The Ministry of Trade, Industry and Energy announced on April 11 that it hosted the 8th trade committee meeting to respond to rising trade issues from the United States (U.S.) and China. Trade, Industry and Energy Vice Minister Woo Taehee presided the meeting with top officials attended from 20 ministries and agencies to discuss the ways to cope with trade issues concerning major trade partners such as the U.S. and China and expand the free trade agreement (FTA) networks to tap new markets. Vi date2017-04-11

FDI rises 38.1% in 1st quarter

The Ministry of Trade, Industry and Energy announced on April 4 that foreign direct investment (FDI) arriving into Korea in the first quarter of this year jumped 38.1 percent year-on-year to $2.8 billion. The figure reflected that Asia’s fourth-largest economy has steadily grown despite lingering global economic uncertainties. New FDI committed in the first quarter contracted 9.2 percent year-on-year to $3.9 billion, which exceeded an average quarterly amount of $3.7 billion for the past date2017-04-04

Korea’s exports jump 13.7% to 27-month high in March

The Ministry of Trade, Industry and Energy announced on April 1 that Korea’s exports rose by 13.7 percent to $48.9 billion from a year earlier with outbound shipments of semiconductors, general machinery, and cosmetics reaching record highs.   Exports expanded year-on-year for five consecutive months for the first time in 63 months since December 2011 and at double-digit rates for three straight months for the first time in 66 months since September 2011. The amount of exports notch date2017-04-01