Ministry of Trade, Industry and Energy

Korea's exports advance 4.8% in February

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 1 that Korea’s export value for February 2024 increased 4.8 percent year-on-year to USD 52.4 billion. Imports decreased 13.1 percent to $48.1 billion and the trade balance stood at a surplus of $4.3 billion.   February monthly exports recorded growth for the fifth consecutive month, despite the seasonal factors and relatively lower number of working days due to the Seollal holidays having landed in January last year. Factoring in the number of working days, the average daily export value ($2.6 billion) for February climbed 12.5 percent year-on-year and 12.2 percent month-on-month.   By item, six out of major 15 export items showed growth. Semiconductors skyrocketed 66.7 percent to $9.9 billion, achieving the steepest climb since October in 2017 (up 69.6 percent) and continuing on the growth pace for the fourth consecutive month.   Displays (up 20.2 percent) and computers (up 18.4 percent) both posted double-digit growth and advanced for the seventh and second consecutive month, respectively.   For wireless communication devices, smartphones gained 57.5 percent, but exports of parts dropped 31.9 percent, resulting in a 16.5 percent fall overall. Exports of general machinery (up 1.2 percent), ships (up 27.7 percent) and bio health (up 9.3 percent) improved for the 11th, seventh and fourth consecutive month, respectively. Automobile exports showed a temporary decline of 7.8 percent due to the Seollal holidays and some automakers’ production line maintenance work.   By destination, exports to five out of nine major export destinations increased in February.   Exports to China (down 2.4 percent) were affected by the Spring Festival holiday, but the daily average export grew 4.8 percent to approximately $0.5 billion. Korea’s trade balance with China snapped the downward streak for the first time in 17 months, recording a $0.2 billion surplus.   Exports to the U.S. posted an all-time high for the month of February, reaching $9.8 billion (up 9.0 percent) and continued on the growth streak for the seventh consecutive month.   Exports to Japan (up 1.0 percent) and ASEAN (up 1.4 percent) grew for the fifth consecutive month, while those to Latin America (up 25.1 percent) advanced for the second consecutive month.   Korea's February imports declined 13.1 percent year-on-year to $48.1 billion. The import of crude oil (up 0.9 percent) inched up, but that of gas (down 48.6 percent) and coal (down 17.3 percent) dropped, contracting overall energy imports by 21.2 percent.   The trade balance stood at a $4.3 billion surplus in February, continuing on the surplus pace for the ninth consecutive month.     * Short version date2024-03-04

Trade Minister meets Costa Rica’s Foreign Trade Minister

Minister for Trade Inkyo Cheong met with Costa Rica’s Foreign Trade Minister Manuel Tovar Rivera on February 28 at ADNEC in UAE on the margins of the WTO’s MC13 to discuss key agenda items for MC13 and measures for expanding bilateral economic cooperation. date2024-02-29

Trade Minister meets U.S. Trade Representative

Minister for Trade Inkyo Cheong met with U.S. Trade Representative Katherine Tai on February 28 at ADNEC in UAE on the margins of the WTO’s MC13 to discuss bilateral trade issues, including the Korea-U.S. FTA Joint Committee, remaining IPEF negotiations and cooperation for implementation. date2024-02-29

Trade Minister meets Australia’s Trade and Tourism Minister

Minister for Trade Inkyo Cheong met with Australia’s Trade and Tourism Minister Don Farrell on February 28 at ADNEC in UAE on the margins of the WTO’s MC13 and discussed cooperation in supply chains and climate change response. date2024-02-29

Trade Minister meets Canada’s Minister of Export Promotion, International Trade and Economic Development

Minister for Trade Inkyo Cheong met with Canada’s Minister of Export Promotion, International Trade and Economic Development Mary Ng on February 28 at ADNEC in UAE on the margins of the WTO’s MC13 and discussed Korea-Canada FTA implementation and Canada’s participation in the CFE Initative. date2024-02-29

Trade Minister attends WTO dispute settlement reform at MC13

Minister for Trade Inkyo Cheong attended the WTO’s MC13 session on February 28 at ADNEC in UAE on the WTO dispute settlement reform and presented Korea’s stance on the issue.   The session was attended by WTO member countries’ trade ministers and WTO Director General Ngozi Okonjo-Iweala. date2024-02-28

Korea and U.S. discuss resuming bilateral exchanges and cooperation in trade remedies

Trade Commissioner Cheon Young-gil of the Korea Trade Commission under the Ministry of Trade, Industry and Energy (MOTIE) visited Washington D.C. from February 26-27 to meet with Amy Karpel, Commissioner for the U.S. International Trade Commission (USITC), and Ryan Majerus, Deputy Assistant Secretary for Policy and Negotiations at the U.S. Department of Commerce (DOC), to discuss measures for resuming exchanges and cooperation between Korean and U.S. trade remedy organizations, and to cover bilateral trade remedy issues.   Trade Commissioner Cheon Young-gil suggested that the two sides resume the bilateral technical committee on trade remedies, which has been on pause since the COVID outbreak, in order to expand and develop the cooperation between the two countries’ trade remedy organizations.   He also asked that the DOC actively consider the opinion submitted by the Korean government in July 2023 regarding the DOC’s proposed amendment (announced May 2023) on regulations regarding the enforcement of trade remedies through the administration of anti-dumping and countervailing duty laws, conveying Korea’s stance on major issues related to countervailing duties. Moreover, in view of the issues concerning the ongoing anti-dumping investigations on Korean aluminum extrusions, the trade commissioner requested a reconsideration of the investigation scope.   Lastly, Trade Commissioner Cheon extended an invitation to the USITC and U.S. DOC to attend Trade Remedies Seoul Forum 2024, slated for July 2 in Seoul this year. First launched in 2001 and held on a yearly basis, Trade Remedies Seoul Forum is an international forum bringing together major countries’ related institutions for promoting exchanges and cooperation on trade remedies. date2024-02-28

Trade Minister meets State Minister for Commerce of Bangladesh

Minister for Trade Inkyo Cheong met with Ahasanul Islam Titu, State Minister for Commerce of Bangladesh, on February 27 at ADNEC in UAE on the margins of the WTO’s MC13 to discuss trade and investment cooperation and measures to strengthen Korea-Bangladesh cooperation through trade networks like EPA and TIPF. date2024-02-28

Trade Minister meets Oman's Minister of Commerce, Industry &. Investment Promotion

Minister for Trade Inkyo Cheong met with Oman’s Minister of Commerce, Industry & Investment Promotion Qais bin Mohammed Al Yousef on February 27 in Abu Dhabi, UAE, on the margins of the WTO’s MC13 to discuss measures for plant cooperation and strengthening the Korea-Oman trade cooperation network (TIPF, GCC FTA). date2024-02-28

Trade Minister meets Uzbekistan's Deputy Prime Minister and Minister of Investment and Foreign Trade

Minister for Trade Inkyo Cheong met with Uzbekistan’s Deputy Prime Minister and Minister of Investment and Foreign Trade Jamshid Khodjaev on February 27 at ADNEC in UAE on the margins of the WTO’s MC13 and discussed support for Uzbekistan’s accession to WTO and supply chain cooperation measures. date2024-02-28