Ministry of Trade, Industry and Energy

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

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