Ministry of Trade, Industry and Energy

MOTIE New 2nd Vice Minister Takes Office

MOTIE New 2nd Vice Minister Takes Office   The Ministry of Trade, Industry and Energy (MOTIE)'s new Second Vice Minister Woo Taehee has taken office, replacing his predecessor Moon Jae-do who served the ministry 34 years.   The new vice minister visited the country's biggest liquefied petroleum gas (LPG) charging station in Seoul yesterday as his first official outside activity after inauguration.   He also delivered a New Year message at an annual gathering of about 200 governmen date2016-01-19

Export and Import Trends for November 2015

      □ South Korea’s exports fell 4.7 percent to $44.4 billion and imports decreased 17.6 percent to $34.1 billion in November from a year earlier, resulting in a trade surplus, for the 46th consecutive month, of $10.4 billion.   By product, exports of most of the key items decreased, while those of mobile telecom devices increased. Exports of ships jumped sharply in November. By region, exports to most regions decreased, while those to Vietnam continued to increase. Exports to Europe turned positive.   : Imports of major raw materials and capital products decreased, while imports of consumer products remained on a rising trend.   ○ The recent downturn in the nation’s exports eased in November. Most of the change was attributable to a decrease in the number of exports from a year earlier, along with an increase in the delivery of offshore plants by the ship sector   ○ Imports of raw materials fell sharply due to lower prices. This resulted in a surplus in excess of USD 10 billion.   ○ Exports of items that are strongly affected by the price of oil decreased by USD 2.3 billion. Most of this was due to a further drop in the price of oil. Renovations to production and other facilities also played a part.   ○ The decline in exports of items that are strongly affected by the price of oil should moderate in December. Overall exports are expected to continue falling in November, however, due to continuing sluggish demand for such major items as semiconductors.   date2015-12-28

MOTIE Minister Yoon Meets with ECCK for Policy Recommendations

MOTIE Minister Yoon Meets with ECCK for Policy Recommendations   Minister of Trade, Industry and Energy Yoon Sang-jick held a meeting with representatives from the European Chamber of Commerce in Korea (ECCK) in Seoul last week.   During the meeting, Minister Yoon listened to various recommendations by participants on how to make Korea a better business hub for foreign investors and companies.   The minister also pledged to work with other relevant ministries and foreign companies date2015-12-14

Trade surplus for 2015 despite drops in both exports and imports

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 08 that both imports and exports dropped this year. Exports between January and November reached $ 484.6 billion, which is 7.6 percent lower than the same period of last year, while imports also dropped by 16.6 percent to $ 401.4 billion during the same period.     However, the balance of trade was in a surplus since the total amount of imports dropped more significantly due to material price reduction. The total trade surplus between January and November reached a record-breaking $ 83.2 billion.     Some of the main reasons for the drop in imports and exports include reduced raw material price, global trade slowdown and weak yen and euro. Other structural factors include slow Chinese economic growth and expansion of overseas production of major industries.     Korean companies now have the largest share of the Chinese import market by recording 10.5 percent (Jan~Aug) from 9.7 percent last year. Their share of the U.S. import market also increased from 3.0 percent to 3.3 percent (Jan~Aug), which is higher than those of Germany, Japan and other exporters.     Korea beat France in international exports by ranking 6th this year.     According to the WTO's announcement on export growth by major countries in the first half of this year, Korean exports rose by 5.6 percent, while Japan and EU recorded 3.8 percent and 2.9 percent, respectively. It's more than twice the average growth rate, which is 2.3 percent.     The export share of SME's continues to grow. The export share of Korean SME's rose to 33.8 percent last year from 32.1 percent in 2012, and then to 35.7 percent between January and September this year.     Export items are also being diversified thanks to the development of new promising items. Until November this year, new promising items that showed growth included cosmetics (57.5 percent), OLED (26.4 percent) and SSD (31.0 percent).     * Short version date2015-12-08

MOTIE Deputy Trade Minister Woo Hosts 4th Special Private-Government Meeting on WTO EGA

      The Ministry of Trade, Industry and Energy (MOTIE)'s Deputy Trade Minister Woo Tae-hee, hosted the fourth private-government meeting to discuss the Environmental Goods Agreement (EGA) of the World Trade Orgnization.   At the meeting, Deputy Minister Woo discussed the latest developments in the EGA negotiations and how South Korea should respond to its implementation, which is expected to take place from 2017. date2015-11-30

MOTIE Hosts CEO Forum for Foreign-Invested Companies 2015

MOTIE Hosts CEO Forum for Foreign-Invested Companies 2015   The Ministry of Trade, Industry and Energy (MOTIE) hosted the CEO Forum for Foreign-Invested Companies 2015 in Seoul this week, which marked its 10th anniversary this year.   During the forum, Deputy Minister for Internatinal Trade and Investment Lee Inho pledged all support to foreign-invested companies to develop their businesses in South Korea. date2015-11-27

Export and Import Trends for October 2015

      □ South Korea’s exports fell 15.8 percent to $43.5 billion and imports decreased 16.6 percent to $36.8 billion in September from a year earlier, resulting in a trade surplus, for the 45 consecutive month, of $6.7 billion.   □ By product, exports of most key items decreased, while those of mobile telecom devices increased. Exports of ships dropped due to a lull in exports of offshore plants this month, and those of semiconductors fell due to sluggish growth in the memory sector. By region, exports to most regions decreased, while those to Vietnam continued to increase.   □ Imports ofmajor raw materials continued to decrease, but imports of capital and consumer products maintained upward trends.   □ ○ The nation’s exports showed their biggest decline this year in October due to a sharp fall in overseas shipments, the price drop for oil-related products, and a high comparison basis from the same month last year when they posted a record amount.   ○ Notably, the total volume of exports fell for the first time in five months in October as more factories manufacturing petrochemical and oil-related products underwent routine repairs.   ○ In November, the decline in exports is expected to ease to a certain degree as ship deliveries rise with scheduled exports of offshore plants and shipments of oil-related products decrease less relative to lower oil prices from October of last year.   ○The Korean government plans to continue improving its current export structure concentrated on intermediary goods by diversifying export markets with a focus on countries that have been released from economic sanctions, including Iran. The government will also help develop more consumer products such as cosmetics and medical supplies as key export items.   date2015-11-20

MOTIE Hosts 2015 Seoul Conference on Trade & Industry

      The Ministry of Trade, Industry and Energy (MOTIE) hosted the 2015 Seoul Conference on Trade & Industry (SCTI) at Gran Seoul in the South Korean capital yesterday under the theme of "A New Paradigm for the World Trading System."   This year's forum discussed the world trading system's new paradigm emerging from the rise of mega-free trade agreements (FTAs) such as the Trans-Pacific Partnership (TPP), Transatlantic Trade and   About 400 participants included global trade experts as well as diplomatic and foreign business leaders, such as WTO Deputy Director-General Yonov Frederick Agah, Assistant United States Trade Representative Bruce Hirsh, Ambassador of the European Delegation to Korea Gerhard Sabathil, and American Chamber of Commerce in Korea President Amy Jackson.   In a luncheon speech, Minister of Trade, Industry and Energy Yoon Sang-jick stressed that Korea will continue its support for regional economic integration and global trade liberalization as it has been spearheading such global efforts by concluding 15 FTAs with 52 countries and regions, including the U.S., the European Union and China.   The 2015 SCTI provided an excellent opportunity for local and foreign trade and industry professionals to examine major trade issues surrounding Korea from an objective and balanced perspective through insightful presentations and active discussion.   The MOTIE plans to regularly hold the Seoul Conference on Trade & Industry, which is co-hosted by the Korea International Trade Association (KITA) and organized by the Korea Institute for International Economic Policy (KIEP), to make it a prestigious global conference discussing trade in Korea and around the world. date2015-11-11

Korea Consumer Goods Export Convention to be held in Seoul

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 03 that "Korea Consumer Goods Export Convention" is to be held at the COEX, Seoul for two days from November 3, 2015.     This event, prepared by MOTIE aiming at promoting consumer goods exports through the Korea-China FTA, will be participated by more than 200 companies from 33 different countries, including America's online shopping mall Amazon and distributor Lowe's, U.K.'s largest drugstore Boots, France's No. 1 beauty care brand Yves Rocher and Japan's biggest online shopping mall, Rakuten.     As for Korea, over 500 companies specializing home appliances, fashion, beauty products, food and daily necessities are participating in the event, signing more than 2,000 contracts to export their products to international buyers through business meetings and negotiations at the site.     * Short version date2015-11-03

A trade remedies contest held for college students to present practical ideas

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 30 that the 2015 National College Students' Trade Remedies Contest was held on October 29, 2015, and the Yeungnam University Team won the grand prize, with a realistic presentation of their research and decisions made on trade remedies under the topic, "Facts about dumping sales of Chinese plywood and any damages to South Korean businesses".     Pyeongtaek University and Kyung Hee University won the first prize, while Hongik University won the second prize at the contest.     This annual contest has been held since 2005 with the participation of more than 2,300 students.     This year, a total of 218 students form 11 universities have participated, and the final competitions were held on October 29, 2015 between the six teams that made to the finals.     The students made a realistic presentation of their research projects and judgment processes in various different areas including customary trade remedy systems such as anti-dumping duty, violation of intellectual property rights and violation of country of origin labeling requirements through a simulated trade remedy case.     * Short version date2015-10-30