Ministry of Trade, Industry and Energy

Korea’s automobile exports recover growth in February

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s automobile exports, production, and domestic sales for the month of February 2025 all posted double-digit growth year-on-year, with the production volume surpassing 350,000 units, a first in 11 years since February 2014. Korea’s monthly automobile exports volume reached 232,978 units (up 17.3 percent), entering the six billion thresholds in value for the first time for February with USD 6.1 billion (up 17.8 percent). The rebound and trade surplus are attributable to the strong performance in overseas markets like the EU (up 22.6 percent) and the Middle East (up 38.2 percent), as well as to the sharp increase in hybrid electric vehicle (HEV) exports (up 61.7 percent). Domestic sales jumped 14.8 percent to 132,855 units, thanks to the individual tax consumption cuts and early enforcement of electric vehicle (EV) subsidies in accordance with government measures to enhance the competitiveness of eco-friendly cars and secondary batteries (announced January 15). As a result, domestic EV sales for February skyrocketed 298.1 percent to 14,265 units.   date2025-03-18

Trade Minister meets Hudson Institute’s Asia-Pacific Security Chair & Senior Fellow

Minister for Trade Inkyo Cheong of the Republic of Korea met the Hudson Institute’s Asia-Pacific Security Chair Patrick Cronin and Senior Fellow Michael Roberts on March 14 (local time) in Washington D.C. to discuss U.S. trade policies and response measures. date2025-03-17

Korea’s ICT exports rebound in February

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Science and ICT (MSIT) of the Republic of Korea announced on March 16 that Korea’s exports and imports of information and communications technology (ICT) goods for February 2025 climbed 1.2 percent and 5.6 percent, respectively, to USD 16.7 billion and $10.9 billion. The trade balance stood at a surplus of $5.8 billion. February exports achieved a rebound from the downtick in January and came in second highest for the month, with mobile phones (up 33.3 percent), computers/peripherals (up 26.9 percent), and communications devices (up 74.1 percent) softening the fall from semiconductors (down 3.0 percent) and displays (down 5.1 percent). Semiconductor exports suffered a slight dip despite the sound performance of high value-added memory chips like high-bandwidth memory chips (HBMs) and DDR5s as general-purpose memory chips like NAND flash dropped in both unit price and production volume.  Displays receded as a result of panel display oversupply and sluggish demand for home appliances in Korea’s major export market. Meanwhile, mobile phone exports increased on the backs of growing demand for parts from overseas production bases in regions such as China, Vietnam, and India. Computers/peripherals enjoyed growth, thanks to stronger demand for storage devices fueled by wider investments in servers and datacenters in the U.S. and the EU. Communications devices exports were led by rising demand for navigation auxiliary equipment in India. By destination, ICT exports to Vietnam (up 15.6 percent), the U.S. (up 11.5 percent), and Taiwan (up 124.3 percent), and India (up 54.9 percent) expanded, whereas those to China (including Hong Kong) (down 19.6 percent), the EU (down 7.6 percent), and Japan (down 5.7 percent) contracted.   date2025-03-17

Trade Minister Cheong meets U.S. Trade Representative

Minister for Trade Inkyo Cheong of the Republic of Korea met U.S. Trade Representative Jamieson Greer on March 14 (local time) in Washington D.C. to discuss bilateral trade issues. date2025-03-17

Trade Minister meets U.S. Senator Andy Kim

Minister for Trade Inkyo Cheong held talks with U.S. Senator Andy Kim on March 13 in Washington D.C. and discussed stronger Korea-U.S. supply chain cooperation as well as economic and trade cooperation measures. date2025-03-14

Trade Minister holds conference with Korean steel businesses operating in U.S.

Minister for Trade Inkyo Cheong chaired a conference with Korean steel businesses locally operating in the U.S. on March 13 (local time) in Washington D.C. with the participation of POSCO, Hyundai Steel, Hyundai Motor, KOTRA, and KITA and discussed steel tariffs and industry response measures. date2025-03-14

Minister Ahn talks with Australia’s Trade and Tourism Minister

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held a videoconference meeting with Australia’s Trade and Tourism Minister Don Farrell on March 11, during which they exchanged views on the global trade environment and agreed to closely cooperate on securing supply chain stability. date2025-03-12

Trade Minister attends 12th Korea-EU FTA Trade Committee meeting

Minister for Trade Inkyo Cheong of the Republic of Korea attended the 12th Korea-EU FTA Trade Committee meeting on March 10 in Brussels and discussed various issues including sanitary and phytosanitary (SPS) measures, electric vehicle (EV) subsidies, and market access with the EU delegation led by European Commissioner for Trade and Economic Security Maroš Šefčovič. date2025-03-12

Trade Minister meets European Commissioner for Trade and Economic Security

Minister for Trade Inkyo Cheong of the Republic of Korea held talks with European Commissioner for Trade and Economic Security Maroš Šefčovič on March 10 in Brussels and discussed the changing global trade landscape and trade cooperation measures. date2025-03-12

Korea’s Ambassador for International Investment Cooperation to carry out various outreach with major U.S. think tanks

The Ministry of Trade, Industry and Energy (MOTIE) announced today that Ambassador for International Investment Cooperation Choi Joong-kyung is visiting Washington D.C. through March 10–14 to engage in various outreach activities with major U.S. institutions to strengthen Korea-U.S. economic, industrial, and investment cooperation. Appointed this January by the Korean government as an ambassador-at-large, Ambassador Choi will be visiting think tanks, the U.S. Chamber of Commerce, and companies to expand the scope of bilateral cooperation through discussions on promising areas for industrial cooperation. First, a seminar for promoting Korea-U.S. industry and investment cooperation will be held on March 11 (local time) at the Heritage Foundation, one of the leading U.S. think tanks, where Ambassador Choi introduces the potential and industrial competitiveness of the Korean economy to relevant experts, business leaders, and special correspondents, highlighting that the two countries are most suitable partners for economic and industrial cooperation as allies sharing common values of democracy and free market economy. In his keynote address, Ambassador Choi states that the U.S.’ advanced technology and Korea’s manufacturing capacity can create mutually beneficial synergy based on the two countries’ complementary industrial structures. He proposes that shipbuilding, defense, AI and semiconductors, nuclear reactors, energy, and batteries are six promising areas of bilateral industrial cooperation, maintaining that both countries will be able to enhance their global competitiveness through combining the U.S.’ cutting-edge technologies and security cooperation needs with Korea’s manufacturing infrastructure and highly skilled human resources. Ambassador Choi adds that policy continuity and legal stability are essential prerequisites for Korean companies’ wider investments in the U.S. going forward in areas such as semiconductors, batteries, and other manufacturing sectors, underscoring the need for transitional measures in adjusting existing policies when it comes to business projects for which investments have already been made. During his visit, Ambassador Choi plans to also meet with key experts at the U.S. Chamber of Commerce, Peterson Institute for International Economics (PIIE), Korea Economic Institute of America (KEI), Brookings Institution, and the Center for Strategic and International Studies (CSIS) to discuss strategic bilateral cooperation across all areas including politics, economy, security, and international environment.   date2025-03-11