Ministry of Trade, Industry and Energy

Trade Minister holds 1st exports evaluation meeting

Minister for Trade Dukgeun Ahn held the first exports evaluation meeting on February 1 at K-SURE to assess the current exports situation amid changing global economic conditions and to seek measures to improve exports and trade balance. The meeting was held in the attendance of relevant institutions of major industry sectors, including the Korea Trade-Investment Promotion Agency (KOTRA), Korea International Trade Association (KITA) and Korea Automobile Manufacturers Association (KAMA). Trade date2023-02-03

Trade Minister holds first exports evaluation meeting

Minister for Trade Dukgeun Ahn presided the first exports evaluation meeting on February 1 at K-SURE to discuss measures to expand exports and improve the trade balance amid decreasing exports and growing trade deficit.   The Trade Minister gave opening remarks, then led discussions on trade forecasts and vitalization measures for each major sector.   The meeting was attended by representatives of various relevant institutions, including Korea Trade-Investment Promotion Agency (KOT date2023-02-02

Korea's retail industry grows 9.2% in 2022

The Ministry of Trade, Industry and Energy announced on February 2 that Korea’s annual retail sales in 2022 advanced 9.2 percent compared to 2021, thanks to strong growth of both online sales (up 9.5 percent) and brick-and-mortar sales (up 8.9 percent). The Ministry releases retail sales figures based on surveys of 25 major retailers, 13 of which are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four SSM operators. date2023-02-02

Minister attends UAE Investment Promotion Follow-Up Meeting

Trade, Industry and Energy Minister Lee Chang-yang attended the UAE Investment Promotion Follow-Up Assessment Meeting on January 31 at the Korea International Trade Association (KITA), which was presided by President Yoon Suk-yeol and held to seek prompt implementation measures for follow-up on the economic summit diplomacy outcomes gained on occasion of Korea’s first state visit (January 14-17) to the United Arab Emirates (UAE) since the establishment of Korea-UAE diplomatic relations in date2023-02-02

Korea and Finland discuss economic, industrial & energy cooperation

Minister for Trade Dukgeun Ahn met with Finland’s Minister of Transport and Communications Timo Harakka on January 31 at the Lotte Hotel Seoul to discuss measures to boost economic, industrial and nuclear energy cooperation, and requested support for World Expo 2030 Busan. date2023-02-01

Korea's exports decline 16.6% in January

The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports in January fell 16.6 percent year-on-year to USD 46.3 billion. Imports also shrank 2.6 percent to $59.0 billion. Trade balance stood at a deficit of $12.7 billion. The exports decline is attributed to high inflation, high interest rates and other negative factors currently affecting the global economy, as well as a high base effect from previous year’s record-breaking January exports. Semiconduc date2023-02-01

Trade Minister holds 31st Trade Promotion Committee meeting

Minister for Trade Dukgeun Ahn held the 31st Trade Promotion Committee meeting on January 30 at the Korea Chamber of Commerce and Industry (KCCI) to discuss major trade policy tasks amidst the rapidly changing global trade environment.   The Trade Minister gave an opening message and led discussions on the Trade and Investment Promotion Framework (TIPF), FTA directions for 2023 and outcomes of the WTO trade ministerial meeting that was held on occasion of the forum at Davos.   The date2023-01-31

Korea's auto export value grows 16.4% in 2022

The Ministry of Trade, Industry and Energy (MOTIE) announced on January 30 that Korea’s annual automobile export value for 2022 increased 16.4 percent to USD 54.1 billion, and export volume gained by 13.3 percent to 2.3 million units. In terms of automobile production and domestic sales, the industry saw an 8.5 percent increase and 2.4 percent decline, respectively. Exports growth is attributed to rising demand for domestic brands for their high quality, as well as relatively competitive date2023-01-30

Trade Minister visits smart farming company to discuss exports

Minister for Trade Dukgeun Ahn visited NextOn, a smart farming company in Seocho-gu, Seoul, on January 26 to tour the smart farm cultivation site and discuss measures to counter obstacles faced by domestic exporters.   Trade Minister Ahn was briefed by NextOn CEO Choi Jae-bin on company management and challenges before touring the site and encouraging employees.   date2023-01-30

Trade Minister discusses exports with think tank group

Minister for Trade Dukgeun Ahn held a conference on exports with research institutes at the Korea Chamber of Commerce and Industry (KCCI) on January 26 to forecast Korea’s economy and exports performance for 2023 and share government policies on exports strengthening measures.   Trade Minister Ahn assessed the impact of difficult external conditions like oil prices and exchange rates on the Korean economy, and facilitated discussions touching on various topics, including semiconduct date2023-01-26