Ministry of Trade, Industry and Energy

Korea's exports grow 3.1% in March

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 1 that Korea’s export value for March 2024 increased 3.1 percent year-on-year to USD 56.6 billion. Imports decreased 12.3 percent to $52.3 billion and the trade balance stood at a surplus of $4.3 billion.   March monthly exports recorded growth for the sixth consecutive month despite the lower number of working days (-1.5), and the daily average export value likewise soared 9.9 percent to $2.5 billion when factoring in the number of working days.   Seven out of 15 of Korea’s major export items advanced in March. To note, all four of core IT devices, namely semiconductors, displays, computers, and wireless communication devices, recorded growth, a first in 24 months and boosted overall exports at the helm.   Semiconductors, Korea’s leading export item, leaped 35.7 percent in exports and reached $11.7 billion, an all-time high since the $12.3 billion recorded in June 2022, and gained for the fifth consecutive month.   Exports of displays (up 16.2 percent) and computers (up 24.5 percent) increased for the eighth and third consecutive month, respectively, and those of wireless communication devices (up 5.5 percent) snapped the downward streak in three months.   Ship exports surged 102.1 percent and advanced for the eighth consecutive month. Bio health exports (up 10.0 percent) grew for the fifth consecutive month, and petroleum products (up 3.1 percent) turned to an expansion in one month.   Meanwhile, the exports of automobiles (down 5.0 percent) and general machinery (down 10.0 percent) were directly impacted by the lower number of working days.   By region, Korea’s exports increased to three out of nine major destinations in March.   Exports to China (up 0.4 percent) recorded growth, with the daily average export value (app. $470 million), considering the number of working days, rose (up 7.1 percent) for the fourth consecutive month since December 2023.   Exports to the U.S. posted double-digit growth (up 11.6 percent to $10.9 billion) and improved for the eighth consecutive month and broke the March monthly export record as they did for those of January and February this year as well.   Exports to Latin America (up 14.4 percent) extended their positive performance for the third consecutive month.   In addition, exports to Vietnam (up 4.4 percent) and Hong Kong (up 67.8 percent) maintained growth for the third and fifth consecutive month, respectively, on the backs of strong demand for semiconductors and IT devices, increasing for the third and fifth consecutive month.   Meanwhile, Korea’s March imports declined 12.3 percent to $52.3 billion, and import of energy sources decreased 24.4 percent, as demand for crude oil (down 12.8 percent), gas (down 37.4 percent), and coal (down 40.5 percent) contracted.   Korea’s trade balance for March stood at a surplus of $4.3 billion, gaining for the 10th consecutive month.   * Short version date2024-04-01

Trade Minister holds meeting to assess export situation at KCCI

Minister for Trade Inkyo Cheong held a meeting on March 29 at the Korea Chamber of Commerce and Industry (KCCI) to review export conditions per region and discuss export promotion measures. date2024-04-01

Trade Minister chairs meeting on export promotion measures

Minister for Trade Inkyo Cheong held a meeting on March 29 at the Korea Chamber of Commerce and Industry (KCCI) to review export conditions per region and discuss export promotion measures.   Korea’s exports have posted growth for the last five consecutive months, adding up to USD 107.2 billion through January and February in accumulation (up 11.2 percent year-on-year).   The trade chief gave a positive forecast for exports this year across major markets, saying that exports are likely to show growth and the trade balance a surplus in March despite the lack of working days (-1.5), maintaining that for export to continue on the upward trajectory and lead Korea’s economic growth, there must be efforts in the market to keep building competitiveness and diversify into newly emerging markets. He mentioned that the Government will work together with embassies and Korea Trade-Investment Promotion Agency (KOTRA)’s trade centers for effective management of trade issues.   To this end, the trade minister said that several measures will be pushed to support exporting companies’ overseas new market penetration, such as launching a new special export insurance, strengthening export financing support for local corporate entities, and making further progress in Free Trade Agreements (FTAs) and Economic Partnership Agreements (EPAs). date2024-03-29

Minister Ahn attends 178th CEO Breakfast Meeting at KITA

Trade, Industry and Energy Minister Dukgeun Ahn attended the 178th CEO Breakfast Meeting at Korea International Trade Association (KITA) on March 29 in Seoul and spoke on the $700 billion export target and the New Industrial Policy 2.0.. date2024-03-29

MOTIE to power Korea's economic growth through investment and export drive

Trade, Industry and Energy Minister Dukgeun Ahn attended the 178th CEO Breakfast Meeting at Korea International Trade Association (KITA) on March 29 and vowed that the Ministry of Trade, Industry and Enery (MOTIE) will take full charge of export and investment to lead Korea’s economic growth this year.   During his lecture, he noted last year’s global trade volume decline amid high interest rates, the Russia-Ukraine war, and other geopolitical and geoeconomic crises, stating that even in these difficult conditions, Korea’s exports managed to snap the losing streak in October and contributed to the country’s relatively high economic growth, and forecast that the strong performance of major items like semiconductors, information and communications devices, and ships is expected to continue on an upward trajectory throughout the second quarter as well.   Moreover, he highlighted the need for increased investment in Korea’s top 10 manufacturing sectors to freshly vitalize the economy to build on the export growth momentum, articulating the following three goals: all-time high export target of USD 700 billion, facility investment of KRW 110 for the top 10 manufacturing sectors, and the foreign investment target of $35 billion.   The minister added that in order to achieve these goals, MOTIE plans to push the following five measures: designation of 20 major export items to create a new export drive; penetrating the Global South and other new markets; providing exporting firms with an unprecedented 360 trillion won in trade financing and 1 trillion won in overseas marketing support; activating the regulatory sandbox to improve the investment environment of new industries; and revising outdated regulations.   date2024-03-29

Korea celebrates 20 years of FTAs

Minister for Trade Inkyo Cheong attended, on March 28 at the Westin Josun Seoul, the celebration of Korea’s upcoming 20th anniversary of the country’s first Free Trade Agreement (FTA), the Korea-Chile FTA, which entered into force on April 1, 2004.   The event was held under the theme of “Korea’s Strategy in the Global Trade Landscape” to look back on the 20 years of FTAs and discuss future directions. Trade Minister Cheong awarded 20 companies and institutions the MOTIE Minister’s commendation for their contribution to expanding exports and market presence overseas.   Attending the ceremony were ambassador groups to Korea of Korea’s 37 FTA partner countries, as well as representatives of related institutions and exporting companies, including the Korea International Trade Association (KITA), Korea Trade-Investment Promotion Agency (KOTRA), and the Korea Agro-Fisheries & Food Trade Corporation (aT). date2024-03-29

Looking back on 20 years of FTAs to seek future trade strategy with global experts

The Ministry of Trade, Industry and Energy (MOTIE) celebrated, on March 28 at the Westin Josun Seoul, Korea’s upcoming 20th anniversary of the country’s first Free Trade Agreement (FTA), the Korea-Chile FTA, which entered into force on April 1, 2004. The event was held under the theme of “Korea’s Strategy in the Global Trade Landscape” to look back on the 20 years of FTAs and discuss future directions.   Attending the ceremony were ambassador groups to Korea of Korea’s 37 FTA partner countries, as well as representatives of related institutions and exporting companies, including the Korea International Trade Association (KITA), Korea Trade-Investment Promotion Agency (KOTRA), and the Korea Agro-Fisheries & Food Trade Corporation (aT).   In his commemorative address, Minister for Trade Inkyo Cheong underscored that “Cooperation based on the spirit of free trade and solidarity is key to responding to the present global trade challenges, and we must recover the rules-based international order.” Noting that the trade network Korea has established through FTAs amount to 85 percent of the total global GDP, he assessed that this trade network is an important policy means for responding to external uncertainties and risks.   Experts from around the world gathered on this occasion to discuss the future direction of Korea in view of the changing global trade landscape, including International Institute for Management Development (IMD) Professor Richard Baldwin, Japan’s Research Institute of Economy, Trade and Industry (RIETI) Chairman Shujiro Urata, and Korea Institute for International Economic Policy (KIEP) President Lee Si-wook.   KITA, KOTRA, and aT presented success cases of FTA utilization and outcomes gained over the last two decades, and 20 companies and institutions were awarded the MOTIE Minister’s commendation for their contribution to expanding exports and market presence overseas. date2024-03-29

Valeo Mobility Korea’s production facility completion ceremony

Deputy Minister for International Trade and Investment Choi Woo-seok attended the completion ceremony of Valeo Mobility Korea’s production facility for manufacturing self-driving vehicle parts on March 28 in the Daegu National Industrial Complex.   The event was attended by approximately 70 representatives of related institutions and companies, including the mayor of Daegu and Hyundai Motor. date2024-03-29

Trade Minister visits Thermo Fisher Scientific Korea

Minister for Trade Inkyo Cheong met Thermo Fisher Scientific SVP Mark Smedley on March 28 at Thermo Fisher Scientific Korea in Seoul and received a briefing on company management issues and discussed prospects of investment in establishing a raw and subsidiary biomaterials production facility in Korea, as well as battery and chip cooperation. date2024-03-29

Korea and Uzbekistan step up cooperation on TBTs

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) invited the delegation from the Uzbek Agency for Technical Regulation to Korea for discussions on technical barriers to trade (TBTs) between the two countries, and visited the certification and testing sites of Korean companies exporting to Uzbekistan to discuss measures for resolving TBTs.   As of this January, the Uzbek government has mandated that one institution be in charge of conducting tests and issuing certifications to all imported home appliances as part of additional measures for enhancing the country’s electrical power industry productivity and export potential. However, Korean firms exporting to Uzbekistan reported certification and customs bottleneck issues, on which KATS and the Uzbek delegation gathered information and opinions and agreed to review the possibility of conducting on-site inspections on Korean exporters and issuing an import certification effective for a three-year period instead of testing each unit product.   In view of Uzbekistan’s active preparation for accession to the World Trade Organization (WTO), KATS Director General Changsoo Lee said that strengthening bilateral cooperation between KATS and the Uzbek Agency for Technical Regulation will serve as the future base for joint efforts in responding to TBTs through the WTO. date2024-03-28