Ministry of Trade, Industry and Energy

Korea’s ICT exports drop 0.4% in January

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on February 13 that exports and imports of Korea’s information and communications technology (ICT) goods for the month of January 2025 reached USD 16.3 billion and $13.5 billion, respectively. The trade balance stood at an estimated surplus of $2.8 billion. January ICT exports inched down 0.4 percent year-on-year, affected by the reduced number of working days (-4) from this year’s long Seollal holidays (January 25–30), but sharp demand for semiconductors and computers/peripherals softened the fall. Semiconductor exports grew 7.7 percent to $10.1 billion despite the drop in system chip exports (down 4.3 percent to $3.5 billion), as the rapidly expanding AI market and robust memory chip exports (up 17.2 percent to $6.2 billion) drove overall demand. Computers/peripherals (up 10.0 percent to $0.9 billion) maintained their upward trajectory for the 13th consecutive month as solid-state drive (SSD) exports (up 27.1 percent to $0.6 billion) achieved solid growth. By region, ICT exports to China (including Hong Kong) declined (down 19.5 percent to $6.0 billion) in spite of increased shipments of mobile phones, as semiconductor and display exports shrank. Exports to Vietnam (up 12.2 percent to $2.9 billion) climbed for the 18th consecutive month even as mobile phones and other items in general contracted, thanks to semiconductors’ strong growth. U.S.-bound ICT exports (up 24.6 percent to $2.2 billion) rose for the 15th consecutive month as shipments of semiconductors and computers/peripherals jumped on the backs of demand for servers and datacenters. To the EU (down 18.9 percent to $0.7 billion), semiconductor exports increased, whereas mobile phones and displays diminished. To Japan (down 4.9 percent to $0.3 billion), ICT goods like displays, mobile phones, and computers/peripherals advanced, while semiconductor exports slackened.   date2025-02-13

3rd Korea-Vietnam Plus Joint Working Group meeting

Director General for International Trade Relations Kim Jong-chul at the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea and Vietnam’s Asia-Africa Market Director General Do Quoc Hung at the Ministry of Industry and Trade (MOIT) headed their respective delegations in the third Korea-Vietnam Plus Joint Working Group meeting on February 7 via videoconferencing and discussed wider bilateral trade and investment, global oversupply, and nuclear cooperation. date2025-02-10

Korea-Vietnam Plus Joint Working Group seeks wider trade and investment

Director General for International Trade Relations Kim Jong-chul at the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea and Vietnam’s Asia-Africa Market Director General Do Quoc Hung at the Ministry of Industry and Trade (MOIT) headed their respective delegations in the third Korea-Vietnam Plus Joint Working Group (“Working Group”) meeting today via videoconferencing. The Working Group is a joint platform for bilateral consultations on expanding the Korea-Vietnam trade and investment with the participation of both countries’ government bodies, commercial attachés, and trade assistance institutions under the aim of achieving the USD 150 billion bilateral trade volume target by 2030, jointly declared by the two countries’ state leaders in 2022. The Working Group convened its first meeting in September 2023. At today’s meeting, the two sides took stock of the Korea-Vietnam trade and investment situation and exchanged views on global oversupply and other far-ranging issues. They also discussed nuclear energy cooperation and measures to resolve challenges for both countries’ businesses. Director General Kim highlighted the importance of widening forward-looking economic cooperation with Vietnam, Korea’s third largest trading partner, and proposed that the two countries make joint effort towards wider trade and investment in commemoration of the 10th anniversary of the Korea-Vietnam Free Trade Agreement (FTA). Noting that Korea is Vietnam’s largest investor, Director General Do Quoc Hung expressed hope for the two countries’ mutual growth and ensured interest and support concerning the local business issues experienced by Korean companies in Vietnam.   date2025-02-07

Korea’s Free Trade Zone exports log record highs in 2024

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that annual exports from Korea’s Free Trade Zones (FTZs) in 2024 jumped 22.5 percent year-on-year to USD 14.9 billion, a historic high since the Masan FTZ designation in 1970, entering the $10 billion thresholds for the fourth consecutive year (2021–2024). In Korea, there are currently 13 areas designated and operating as FTZs, composed of seven industrial complex FTZs, one airport FTZ, and five port FTZs. By FTZ type, airport FTZ exports took the lead, taking up 85.2 percent of total FTZ exports in 2024 with $12.7 billion, followed by industrial complex FTZs ($2.1 billion) and port FTZs ($0.08 billion). Exports of industrial complex FTZs surpassed $2 billion for two straight years on the backs of strong global demand for Korean automobiles, ships, and related parts spurred by high value-added and green market trends. Airport FTZ exports soared 29.3 percent to $12.7 billion, thanks to the sharply climbing demand for high-performance semiconductors and high bandwidth memory chips as data processing capacity is emerging as a key element along with the development of artificial intelligence (AI) technology. By item, semiconductor exports took up 85.2 percent of entire FTZ exports, followed by electrical and electronic precision devices (6.4 percent) like car parts, mobile phone parts, and petrochemicals (1.9 percent) including petroleum resin. By region, China (64.3 percent) was the largest buyer of Korea’s FTZs in 2024, followed by other countries including Vietnam (8.8 percent), the U.S. (3.2 percent), and India (2.2 percent).   date2025-02-04

Trade Minister meets Japan's METI Vice Minister for International Affairs

Minister for Trade Inkyo Cheong met Vice Minister for International Affairs Matsuo Takehiko at Japan’s Ministry of Economy, Trade and Industry (METI) on January 24 in Switzerland on the margins of the 2025 Annual Meeting of the World Economic Forum (WEF) in Davos and discussed bilateral cooperation in supply chains and digital. date2025-02-03

Trade Minister meets WTO Director General

Minister for Trade Inkyo Cheong met WTO Director General Ngozi Okonjo-Iweala on January 24 in Switzerland on the margins of the 2025 Annual Meeting of the World Economic Forum (WEF) in Davos and discussed the WTO’s role amid the changing trade landscape and measures for cooperation regarding Korea’s APEC 2025 chairmanship. date2025-02-03

Trade Minister meets UK’s Secretary of State for Business and Trade

Minister for Trade Inkyo Cheong met UK’s Secretary of State for Business and Trade Jonathan Reynolds on January 23 in Switzerland on the margins of the 2025 Annual Meeting of the World Economic Forum (WEF) in Davos and discussed bilateral trade issues and economic cooperation. date2025-02-03

Trade Minister meets New Zealand’s Deputy Secretary for the Ministry of Foreign Affairs and Trade

Minister for Trade Inkyo Cheong met New Zealand’s Deputy Secretary for the Ministry of Foreign Affairs and Trade Vangelis Vitalis on January 23 in Switzerland on the margins of the 2025 Annual Meeting of the World Economic Forum (WEF) in Davos and discussed bilateral trade issues and economic cooperation. date2025-02-03

Korea’s exports fall 10.3% in January

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on February 1 that Korea’s exports for the month of January declined 10.3 percent year-on-year to USD 49.1 billion. Imports dropped 6.4 percent to $51.0 billion and the trade balance stood at a deficit of $1.9 billion. January exports were impacted by the long Seollal holidays (January 25–30) as the number of working days (20) decreased by four days compared to that of January 2024 (24), temporarily slowing down exports. The average daily export value, considering the impact from the lower number of working days, increased 7.7 percent to $2.5 billion, the second highest in history following the all-time high $2.5 billion of January 2022. The majority of items suffered from the reduced number of working days in January, but the average daily export value advanced for 10 items.  Semiconductors (up 8.1 percent to $10.1 billion) recorded their second highest exports for the month of January, maintaining the upward trajectory for the 15th consecutive month and entering the $10 billion thresholds for the ninth consecutive month. Computer exports posted double-digit growth (up 14.8 percent to $0.8 billion), growing for the 13th consecutive month. Exports of automobiles (down 19.6 percent to $5.0 billion) and car parts (down 17.2 percent to $1.6 billion) were more heavily affected in comparison to other industries, owing to automakers’ relatively longer Seollal holiday period (January 25–31). For petroleum products (down 29.8 percent to $3.4 billion), fires at major production facilities in December 2024 were a cause for setback in shipments, fueled by the fall in international petroleum product prices in comparison with those of January 2024. Exports to most destinations declined, the drop in China-bound exports (down 14.1 percent to $9.2 billion) attributed to the Spring Festival holidays (January 28–February 4). Exports to the U.S. also sank 9.4 percent to $9.3 billion as those of automobiles and general machinery contracted. Exports to ASEAN (down 2.1 percent to $8.6 billion) inched down but those to Vietnam (up 4.0 percent to $4.4 billion) showed strong growth on the backs of semiconductor exports, rising for the 13th consecutive month.   date2025-02-03

CES 2025 Innovation Forum

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea attended the CES 2025 Innovation Forum on January 23 at COEX in Seoul. The event was attended by approximately 150 persons composed of representatives of CES innovation awards winning companies and related institutions including KOTRA. date2025-02-03