Ministry of Trade, Industry and Energy

South Korean exports rebound in August

Exports: $ 40.1 Billion; Imports: $ 34.8 Billion; Trade Surplus: $ 5.3 Billion   The Ministry of Trade, Industry and Energy announced Wednesday that South Korea’s year-on-year exports rebounded in August, putting an end to the 18-straight-month fall.   The country’s outbound shipments rose 2.6 percent to $ 40.1 billion last month  from the same period a year ago mainly because of the extended working days. This was the first positive export growth since date2016-09-01

Korean exports in July post USD 41 billion

Exports: $41.0 billion; Imports: $33.3 billion; Trade Surplus: $7.8 billion     The Ministry of Trade, Industry and Energy announced that South Korea’s exports fell 10.2 percent to $41.0 billion and imports decreased by 14.0 percent to $33.3 billion in July from a year earlier, resulting in a trade surplus, for the 54th consecutive month, of $ 7.8 billion.    Exports declined at a faster rate in July due to a reduced number of work days (-1.5 days) and fewer ship e date2016-08-03

Korea's foreign direct investment hits record high of $10.52 billion in 1st half

The Ministry of Trade, Industry and Energy on July 4 announced that foreign direct investment newly pledged in the first six months of this year has reached a record high of USD 10.52 billion.   This is the largest amount of FDI committed in history for a six-month period, and an 18.6 percent jump from $8.87 billion a year ago, which bodes well for Korea's annual FDI attraction goal to reach $20 billion. Also, this is the first time that pledged FDI has exceeded $10 billion date2016-07-04

Export fall rate in June was the smallest in a year

The Ministry of Trade, Industry and Energy has announced that South Korean exports fell 2.7 percent to USD 45.3 billion and imports decreased by 8.0 percent to USD 33.7 billion in June from a year earlier, resulting in a trade surplus, for the 53rd consecutive month, of USD 11.6 billion. This was the largest trade surplus on record in terms of monthly surplus.   The export decrease rate in June has recorded the lowest since June 2015 and also a reduced decrease rate for two consecutive mont date2016-07-01

'Brexit’ Likely to Have Minimal Impact on Korean Economy

'Brexit’ Likely to Have Minimal Impact on Korean Economy   Ministry of Trade, Industry and Energy announced Britain’s withdrawal from the EU, better known as Brexit, is expected to have little impact on the Korean economy.   On June 24, the Ministry held an emergency conference on the impact of Brexit on the Korean economy. Vice Minister Lee Kwan-sup hosted the conference to examine how Britain’s withdrawal from the EU could affect Korea’s real economy and to di date2016-06-24

South Korea's Exports Fall Six Percent in May

  Exports in May recorded USD 39.8 billion, a 6.0 percent fall from a year earlier. However, the value of exports denominated in Korean won rose 0.9 percent during the same period, reversing the downward trend that has continued for eight months since September last year.   Imports declined 9.3 percent to USD 32.7 billion, resulting in a trade surplus of USD 7.1 billion and continuing a 52-month surplus trend.   A breakdown of exports by sector reveals that overseas sales of computers increased by 3.6 percent as a result of growing demand for PCs attributable to upgrades to Window 10. Exports of electronic appliances also turned around to an upturn 22 months after the falling trend started in July 2014, growing 1.9 percent from a year earlier amid rising demand for TV sets driven by brisk sporting events and strong sales of premium products.   Exports of textile and petrochemicals rose by 1.1 percent and 0.2 percent, respectively.   Semiconductors declined 4.1 percent due to falling DRAM prices and steel declined 4.0 percent from a year earlier as unit cost dropped. Automobiles decreased by 7.1 percent due to poor performance in emerging markets. Flat-panel displays decreased by 23.5 percent due to stagnant LCD demand and falling prices and wireless communication devices fell by 11.8 percent as the effects of new product launches waned. The shipbuilding sector also saw exports slide by 16.6 percent as deliveries of ships were delayed due to ship owners’ requests and lagging building processes.   On the other hand, five major consumer goods including cosmetics all posted solid growth. Exports of cosmetics jumped 60.7 percent, pharmaceuticals 25.2 percent, agricultural and fishery products 13.8 percent, household goods and infant and children’s items 11.3 percent, and fashion and clothing goods 8.7 percent.   Decline in imports slowed to a single-digit decline rate for the first time in 17 months. Imports of raw materials and capital goods decreased while more consumer goods were brought in from abroad during the same period.   date2016-06-01

Minister Joo Attends Luncheon Hosted by Seoul Japan Club

  Minister of Trade, Industry and Energy (MOTIE) Joo Hyunghwan attended a luncheon hosted by the Seoul Japan Club (SJC), an association of Japanese business people in Korea, on May 11.     < Luncheon Overview > ▸ Date & Time: May 11 from 12:25 p.m. to 1:45 p.m. ▸ Venue: Garnet Suite (37F) at Lotte Hotel Seoul ※ Open to the media until Minister Joo’s opening remarks ▸ Participants: A total of approximately 60 representatives from the government, SJC member companies, and the Korea Trade-Investment Promotion Agency (KOTRA) ▪ (Government) Minister of MOTIE, Head of Trade and Investment, Director General of Investment, directors of departments relevant to the requests, etc. ▪ (SJC) Chairperson of the SJC, CEOs of member companies, etc. ▪ (KOTRA) CEO of Invest Korea, Office of Foreign Investment Ombudsman, etc.   The luncheon was held, first, to discuss ways for Korean and Japanese companies to cooperate in investment and, second, to seek measures in resolving requests made to the government by Japanese businesses established in Korea.   In his opening remarks, Minister Joo conveyed his condolences to the victims of the recent Kumamoto earthquake, and he examined the achievements resulting from economic cooperation between Korea and Japan; this was followed by a proposal regarding four promising areas for future investment cooperation between Korean and Japanese companies.   date2016-05-12

Korea Trade Commission Gives Preliminary Confirmation of Dumping of Butyl Glycol Ether from the United States and France and Subsequent Injury to Domestic Industry

  The Korea Trade Commission, chaired by Hong Soon Jick, held its 353rd council on April 28, 2016 to discuss the anti-dumping investigation requested by Lotte Chemical Corporation (hereafter “the applicant”) on butyl glycol ether* from the United States and France. The commission gave a preliminary confirmation of dumping, determining that there was sufficient evidence to assume the presence of dumping and subsequent material injury to domestic industry. The commission will make its final determination after further investigation. * Butyl glycol ether refers to ethylene glycol monobutyl ether and diethylene glycol monobutyl ether, organic compounds created by applying pressure and heat to butanol and ethylene oxide to cause a reaction and following with a distillation process. The applicant requested an anti-dumping investigation on November 18, 2015, alleging injuries to domestic industry, including decreased domestic sales and business loss, due to dumping of imported butyl glycol ether from the United States and France. The suppliers under investigation are the DOW Chemical Company and Eastman Chemical Company in the United States, and INEOS in France. The domestic market for butyl glycol ether stands at approximately KRW 37.5 billion (as of 2014), with imports from the US and France accounting for 65.7 percent. The Korea Trade Commission will conduct its investigation over the following three months and make its final determination of dumping rate, extent of injury to domestic industry, and amount of anti-dumping duties to be imposed.   date2016-04-28

Export and Import Trends for December 2015

  □ South Korea’s exports fell 13.8 percent to USD 42.6 billion and imports decreased 19.2 percent to USD 35.5 billion in December from a year earlier, resulting in a trade surplus, for the 47th consecutive month, of USD 7.2 billion.   : By product, shipment of major export items including those sensitive to oil price decreased, while exports of new items increased. Shipments of petrochemical and petro products; ships and semiconductors fell. Shipment of mobile telecommunication devices showed an increase as well as new competitive products such as Organic Light Emitting Diodes (OLEDs) and cosmetics. By region, exports to most regions excluding Vietnam fell.   Imports of major raw materials, capital products, and consumer products decreased.   ○ Trade conditions for 2016: A gradual economic rebound and a recovery in world trade growth are expected. Both trends will be led by advanced nations. New FTAs that recently came into effect, such as the Korea-China and the Korea-Vietnam FTAs, will also have positive effects. - Slowing growth rate in China, sustainment of low oil prices, and the possibility of economic slowdowns in emerging countries following interest rate hikes in the US will most probably have negative results. ○ South Korea's exports in 2016 are predicted to rise by 2.1 percent to USD 538.2 billion. They will be influenced by a gradual recovery in both the world economy and global trade. Imports are forecasted to increase by 2.6 percent to USD 448.2 billion. Most of this will result from an increased demand for capital and consumer goods due to improving consumer confidence. The difference in increases in exports and imports will lead to a trade surplus estimated at USD 90.0 billion.   date2016-01-30

New MOTIE Minister Holds Meeting to Promote Exports

    New Minister of Trade, Industry and Energy Joo Hyunghwan hosted a meeting of agencies in charge of supporting the country's exports in Seoul yesterday.   During the meeting, Minister Joo explained the government's policies related to exports and stressed the need to find innovative ways to promote overseas shipments. date2016-01-21