Ministry of Trade, Industry and Energy

Korea's ICT exports grow 19.4% in March

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 15 that Korea’s export and import of information and communications technology (ICT) goods for March reached USD 18.8 billion (up 19.4 percent year-on-year) and $11.7 billion (down 1.2 percent), respectively, with the trade balance standing at an estimated surplus of $7.1 billion.   ICT exports recorded double-digit growth for the third consecutive month, boosted by strong exports of most major items like semiconductors, displays, mobile phones, and computers/peripherals. Semiconductor exports in particular achieved $11.7 billion, an all-time monthly high for this year.   By item, the export value of semiconductors (up 33.9 percent), displays (up 13.0 percent), computers/peripherals (up 20.3 percent), mobile phones (up 6.6 percent) and other major items showed an overall increase.   By destination, ICT exports to China and Hong Kong (up 32.5 percent), Vietnam (up 6.7 percent), the U.S. (up 22.8 percent), and EU (up 10.5 percent) expanded, whereas those to Japan (down 25.0 percent) declined.   March ICT imports inched down 1.2 percent year-on-year as the import of computers/peripherals and secondary batteries shrank. date2024-04-15

Minister Ahn discusses investment with Korean firms in U.S.

Trade, Industry and Energy Minister Dukgeun Ahn held a meeting with representatives of Korean companies operating in the U.S. local market on April 11 in Washington D.C. to discuss investment issues and related support measures. date2024-04-13

Minister Ahn meets U.S. Representative Earl Blumenauer

Trade, Industry and Energy Minister Dukgeun Ahn met with U.S. Representative Earl Blumenauer on April 11 (local time) in Washington D.C. to discuss Korea-U.S. economic and trade cooperation, IRA incentives, and visa issues. date2024-04-13

Minister Ahn meets U.S. Representative Rudy Yakym

Trade, Industry and Energy Minister Dukgeun Ahn met with U.S. Representative Rudy Yakym on April 11 (local time) in Washington D.C. to discuss Korea-U.S. economic and trade cooperation, IRA incentives, and visa issues. date2024-04-13

Minister Ahn meets with U.S. Representative Buddy Carter

Trade, Industry and Energy Minister Dukgeun Ahn met with U.S. Representative Buddy Carter on April 11 (local time) in Washington D.C. to discuss Korea-U.S. economic and trade cooperation, IRA incentives, and visa issues.   date2024-04-13

Minister Ahn meets with U.S. Senator Marsha Blackburn

Trade, Industry and Energy Minister Dukgeun Ahn met with U.S. Senator Marsha Blackburn on April 11 (local time) in Washington D.C. and discussed Korea-U.S. economic and trade cooperation, CHIPS Act, IRA incentives, and visa issues. date2024-04-13

Minister Ahn visits Heritage Foundation

Trade, Industry and Energy Minister Dukgeun Ahn visited the Heritage Foundation on April 11 in Washington D.C. (local time) and met with Anthony Kim, Research Fellow in Economic Freedom, Erin Walsh, Senior Research Fellow in International Affairs in the Asia Studies Center, and Diana Furchtgott-Roth, Energy, Climate, and Environment Center Director and the Herbert and Joyce Morgan Fellow in Energy and Environmental Policy, to discuss Korea-U.S. trade issues and bilateral industry and energy cooperation.   date2024-04-13

Minister Ahn meets with Wilson Center CEO

Trade, Industry and Energy Minister Dukgeun Ahn met with Mark Andrew Green, President and CEO of the Wilson Center, on April 10 in Washington D.C. and discussed Korea-U.S. trade issues and bilateral industry and energy cooperation. date2024-04-13

Korea and U.S. to use eCERT for steel customs clearance

The Ministry of Trade, Industry and Energy (MOTIE) and the Korea Customs Service (KCS) announced that the U.S. is introducing the Electronic Certification System (eCERT) as a new filing system for quota-subject Korean steel. U.S. Customs and Border Protection (CBP) has notified the above on the Federal Register on April 5 (local time).   The eCERT is CBP's new electronic document system for managing quotas and customs, and is anticipated to prevent illegal transactions, save time in information handling, and increase stability.   The system will run in tandem with the Korea Iron and Steel Association (KOSA)’s export quota management system. CBP will compare and cross-check the export approval document submitted by KOSA with the import declaration form and reply back on whether or not to approve customs clearance.   According to the Federal Register notice, the grace period for the new filing system takes effect April 22, 2024, and CBP will automatically reject filings without correct eCERT information beginning May 20, 2024. date2024-04-08

Minister Ahn discusses FDI strategy with foreign-invested companies

Trade, Industry and Energy Minister Dukgeun Ahn chaired a meeting on April 3 at Jinkwansa, a traditional Korean Buddhist temple, with the Korea Chamber of Commerce and Industry (KCCI) and foreign-invested companies to discuss strategies for attracting foreign investment and nurturing Korea into a more appealing and stable investment environment.   The meeting was attended by representatives of foreign-invested companies and other major related institutions, including DuPont Korea and AMCHAM. date2024-04-04