Ministry of Trade, Industry and Energy

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

MOTIE Holds Foreign Investment Council Meeting

      The Ministry of Trade, Industry and Energy (MOTIE) held the biannual Foreign Investment Advisory Council Meeting in Seoul this week in an effort to improve the country's rules and environment for foreign investors.   During the meeting, Lee In-ho, the MOTIE's deputy minister for international trade and investment, discussed ways to promote Korea's foreign investment with about 60 participants, including representatives of foreign-invested companies and foreign chambers of commerce. date2015-10-27

MOTIE Hosts 8th Korea-Africa Industry Cooperation Forum

MOTIE Hosts 8th Korea-Africa Industry Cooperation Forum   The Ministry of Trade, Industry and Energy (MOTIE) hosted the 8th Korea-Africa Industry Cooperation Forum in Seoul last week.   MOTIE 2nd Vice Minister Moon Jae-do delivered a welcoming speech for the annual event, which was attended by about 200 guests from related governments, international organizations and companies.   On the sidelines of the forum, Vice Minister Moon also held one-on-one meetings with Ethiopian Deputy date2015-10-27

Export and Import Trends for September 2015

    □ South Korea’s exports fell 8.3 percent to $43.5 billion and imports decreased 21.8 percent to $34.6 billion in September from a year earlier, resulting in a trade surplus, for the 44 consecutive month, of $8.9 billion.   □ By product, exports of products affected by oil prices and ships declined, while those of auto parts and home appliances increased. The upward trend in shipments of solid state drives (SSDs) and cosmetics continued. By region, exports to the EU increased sharply, primarily due to the recovery of domestic consumption in Europe. - The unit price of major export items fell due to falling oil prices and excessive supply, while the volume continued to increase for the fourth consecutive month.   □ Imports ofmajor raw materials continued to decrease, but imports of capital and consumer products jumped.   □ ○ Exports continued to decline in September due to a drop in ship exports and low oil prices, but the downturn easedcompared with the trend in August.   ○ The total volume of exports will likely increase in October mainly due to year-end events that drive higher demand, such as Black Friday in North America and Boxing Day in Europe.   - The growth of exportsnext month could register negative growth from the previous year as a result of continuing low oil prices and a higher comparison base from last October, when exports reached a record high of $51.6 billion.   date2015-10-22

South Korea Charts Path to High-Tech Future at Foreign Investment Events

      The Ministry of Trade, Industry and Energy (MOTIE) held 2015 Foreign Company Day last Thursday at the COEX to recognize the contribution that global companies are making to South Korea's industrial development and encourage them to invest more in one of the world's most innovative and open economies.   The MOTIE's 1st Vice Minister Lee Kwan-sup attended the event to give a keynote speech in which he vowed that the Korean government will continue striving to improve incentives and regulations for foreign investors.   The event came at the tail end of Foreign Investment Week 2015 held from October 13 to 15, the country's largest investment promotion event in which about one thousand guests from Korea around the world took part to find new business opportunities together in Asia's fourth-largest economy.   The event highlighted the South Korean government's Innovation 3.0 strategy aimed at jump-starting growth and transitioning to a Creative Economy based on new technologies like the Internet of Things (IoT) and ultrafast fifth generation (5G) mobile internet.   To find out more about Korea's innovative strategy for a 21st century economy, check out the report at Finance Asia: . date2015-10-20

South Korea Wraps Up Foreign Investment Week 2015

      Foreign Investment Week 2015 (FIW 2015), hosted by the Ministry of Trade, Industry and Energy (MOTIE), is coming to a close today after three days of events aimed at promoting Asia's fourth-largest economy as a destination for global investment.   On Tuesday, the Korea Foreign Direct Investment Forum gave investors tips on how to take advantage of the country's extensive free trade agreement (FTA) network, while in the evening FEZ Night introduced the potential of the Korea Free Economic Zones (KFEZ).   The event went into full swing on Wednesday as MOTIE Minister Yoon Sang-jick delivered welcoming remarks at a two-part Foreign Investment Forum held under the theme of "how Korea can be your gateway to China via the Korea-China FTA." The bilateral FTA between South Korea and its largest trading partner was signed in June and is currently awaiting ratification.   The final day of FIW 2015 will focus on providing networking opportunities between foreign investors and local businesses, with a networking luncheon in the afternoon and one-on-one business partnering meetings held throughout the day. There will also be site tours to the Kaesong Industrial Region, a special administrative region of North Korea open to South Korean businesses.   To find out more about this week's happenings, check out the event's official website (). date2015-10-15

MOTIE and SK Telecom to supply educational robots to Costa Rica

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 15 that MOTIE and SK Telecom will launch a pilot project with the Inter-American Development Bank (IDB) based in Washington D.C., USA to supply educational robots to 300 classes in Costa Rica.     A total of 1,500 robots named "Albert" manufactured by ROBOMATION, a Korea-based company, will be supplied over a period of 3 years starting from this month.     For this project, the IDB will invest $ 1.5 million for training teachers and developing training courses, MOTIE and SK Telecom will supply 1,500 robots as well as $ 750,000, while Costa Rica will spend $ 150,000 in training teachers on the use of these robots.     The project was first planned by the IDB, after someone at the bank read an article by "The Guardian" on how educational robots are being used in schools for disabled children in South Korea, and a visit to SK Telecom on this matter.     After their first visit to SK Telecom, they have been discussing with MOTIE and SK Telecom on the area of service, recipients of the service, and the scope of project. In the process, MOTIE decided to provide support after naming the project, "Supply and Expansion of AI Robots in 2015".     The IDB has been making a shift towards knowledge transfer from supporting infrastructure for South American countries.     It will review the results of this pilot project based on which to launch a project approximately 10 times bigger in all South American countries. This means that the Korean robot manufacturer will likely continue to participate in the upcoming projects.     MOTIE has assessed that this will have significant effects on ROBOMATION and other Korean robot manufacturers since they'll be able to establish a basis for marketing and promote their robots in South America.     * Short version date2015-10-15