Ministry of Trade, Industry and Energy

Korea's exports fall 13.6% in March, but trade balance improves

The Ministry of Trade, Industry and Energy announced on April 1 that Korea’s exports in March declined 13.6 percent year-on-year to USD 55.1 billion. Imports fell 6.4 percent to $59.8 billion. Trade balance stood at a deficit of $4.6 billion. March exports were hit by the slowdown in the global economy and semiconductor industry, as well as the high base effect of last year’s March exports having recorded historic highs. Meanwhile, export value managed to reclaim $55 billion thresho date2023-04-03

Trade Minister presides 32nd Trade Promotion Committee meeting

Minister for Trade Dukgeun Ahn presided the 32nd Trade Promotion Committee meeting on March 30 at K-SURE in Seoul and led discussions on response measures to major countries’ trade issues, IPEF negotiations, EPA, follow-up negotiations on WTO fisheries subsidies and assistance for overseas plant bid projects.   Officials of relevant ministries attended the meeting, including the Ministry of Foreign Affairs, Ministry of Economy and Finance, and the Office for Government Policy Coordi date2023-03-31

Trade Minister holds 32nd Trade Promotion Committee meeting

Minister for Trade Dukgeun Ahn chaired the 32nd Trade Promotion Committee meeting on March 30 and led discussions on five major agenda items: 1) Korea’s response trade issues related to major countries, 2) progress in and responses to the Indo-Pacific Economic Framework for Prosperity (IPEF) negotiations, 3) the direction of the Economic Partnership Agreement (EPA), 4) the World Trade Organization (WTO) fisheries subsidies follow-up, and 5) assistance measures for overseas plant bid projec date2023-03-31

Trade Minister discusses measures for promoting export to Japan

Minister for Trade Dukgeun Ahn held a conference on March 22 at COEX in Seoul with domestic companies exporting to Japan and discussed measures for expanding exports to Japan and gathered industry opinions. The conference was held to seek measures for boosting exports to Japan and strengthening industrial and trade cooperation by capitalizing on the improving Korea-Japan relations following the recent summit meeting in Tokyo. Japan is one of Korea’s four major importers, a core market, a date2023-03-28

Korea and Israel kick smart mobility cooperation into high gear

The Ministry of Trade, Industry and Energy (MOTIE) held the Korea-Israel Innovation Day with the Israel Innovation Authority in Tel Aviv on March 21 with representatives from both countries’ industry, academia and R&D there to further bolster smart mobility technology cooperation. Korea and Israel have joint investments adding up to approximately USD 77 million, and 196 international joint R&D projects. This year, the two countries will focus on smart mobility, a rapidly growing date2023-03-24

Trade Minister discusses measures to expand exports to Japan

Minister for Trade Dukgeun Ahn presided a conference with Korean companies exporting to Japan at the Korea World Trade Center (COEX) in Seoul on March 22 to discuss measures to expand exports to Japan and gather industry opinions.   Prior to the conference, Trade Minister Ahn visited the KTOWN4U store at COEX, a complex cultural space run by KTOWN4U, the world-leading K-pop online goods store, and listened to a briefing on company management and challenges from CEO Song Hyo-min and discus date2023-03-23

Trade Minister holds trade assessment meeting

Minister for Trade Dukgeun Ahn held a trade assessment meeting on March 21 at the KSURE headquarters in Seoul to discuss impact on domestic industries’ exports from recent bankruptcy filing of Silicon Valley Bank Financial Group and Credit Suisse liquidity crisis, as well as global energy market trends.   Trade Minister Ahn gave an opening message and led discussions on export situation per major destination, global energy market forecast and measures to invigorate exports per secto date2023-03-22

Trade Minister attends Korea-Africa Trade & Industry Cooperation Forum 2023

Minister for Trade Dukgeun Ahn attended the Korea-Africa Trade and Industry Cooperation Forum 2023 on March 20 at the Plaza Hotel Seoul, hosted by the Ministry of Trade, Industry and Energy (MOTIE) and organized by the Korea Plant Industries Association (KPIA).   Trade Minister Ahn gave an opening message at the Forum, which was held to seek measures to expand Korea-Africa trade and investment in response to a new trade environment, and have representatives of the Government, institutions date2023-03-22

Trade Minister attends Korea-Africa Trade & Industry Cooperation Forum 2023

Minister for Trade Dukgeun Ahn attended the Korea-Africa Trade and Industry Cooperation Forum 2023 (hereinafter “Forum”) on March 20 at the Plaza Hotel Seoul, hosted by the Ministry of Trade, Industry and Energy (MOTIE) and organized by the Korea Plant Industries Association (KOPIA). The Forum was held to seek measures to expand Korea-Africa trade and investment in response to a new trade environment, and have representatives of the Government, institutions and companies gathered in date2023-03-22

Korea's auto exports hit all-time highs in February

The Ministry of Trade, Industry and Energy announced on March 20 that Korea’s automobile industry in February achieved double digit growth in production, domestic sales and exports year-on-year. The monthly export value for February hit an all-time high of USD 5.6 billion. Car parts also rose 13.3 percent in export value to $2.0 billion as shipments increased to North America and the EU. Automobiles and car parts combined ($7.6 billion) now make up the largest chunk of Korea’s expor date2023-03-21