Ministry of Trade, Industry and Energy

Trade Minister holds Export Enterprises Conference

Trade Minister Ahn Duk-geun presided the Export Enterprises Conference at Seoul Cosmestics in the Namdong Industrial Complex in Incheon on August 10 to assess market impact on exporters and MPE (materials, equipment, equipment) businesses.   The Trade Minister gave an opening message and facilitated discussions on measures to strengthen government support for exporting businesses and gathered opinions of industry representatives regarding current trade issues.    The date2022-08-16

Korea's ICT exports shrink 0.7% in July, but still achieve trade surplus

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 11 that exports of Korea’s information and communications technology (ICT) goods decreased 0.7 percent to USD 19.3 billion in July.Imports gained 16.8 percent to $13.2 billion, but ICT trade still achieved a trade surplus of $6.1 billion despite less operating days (one less) in comparison with those of 2021. Average daily ICT exports advanced to a record-breaking $820 million. ICT exports performance of small and mid date2022-08-11

Korea and Lithuania hold talks on bilateral cooperation

Deputy Trade Minister Jeong Dae-jin met with Lithuania's Vice Economy Minister Jovita Neliupsiene at the Government Complex Seoul on August 4 and exchanged views on Korea-Lithuania economic cooperation and other industries like laser and bio. He also requested Lithuania’s interest in and support for Busan’s hosting of World EXPO 2030. date2022-08-05

Trade Minister presides Korea-China Trade Strategy Consultation Meeting

Trade Minister Ahn Duk-geun presided the Korea-China Trade Strategy Consultation Meeting on August 3 at the Korea Chamber of Commerce and Industry (KCCI) to discuss trade cooperation and imbalance countermeasures.   The meeting was attended by approximately 10 experts in diplomacy and economics, including LG Economics Research Institute economist Kim Hyung-joo, Korea Institute for International Economic Policy (KIEP) Director Hyun Sang-baek and Korea Institute of Finance Senior date2022-08-05

MOTIE holds 1st World EXPO 2030 Busan Delegation Meeting

Yoon Sang-jik, the Secretary-General for the Bid Committee for World EXPO 2030 Busan (hereinafter “Committee”), expanded its World Expo 2030 Busan advisory committee into a delegation of eight members on August 4 and launched its first meeting. The aim of this reorganization is to reinforce promotion to BIE (Bureau International des Expositions) member states.   Secretary-General Yoon stated that the “Committee has appointed professionals of various fields as delegation date2022-08-05

MOTIE expands World Expo 2030 Busan Advisory Committee

The Ministry of Trade, Industry and Energy (MOTIE) expanded its World Expo 2030 Busan advisory committee into a delegation of eight members, and launched on August 4 its first meeting. The aim of this reorganization is to reinforce promotion to BIE (Bureau International des Expositions) member states. Yoon Sang-jik, the Secretary-General for the Bid Committee for World Expo 2030 Busan (hereinafter “Committee”), stated that the “Committee has appointed professionals of var date2022-08-05

Minister Lee attends Korea-Vietnam Ministerial Meeting

Trade, Industry and Energy Minister Lee Chang-yang held talks with Vietnamese counterpart Minister Nguyen Hong Dien on August 2 at the Lotte Hotel Seoul to discuss supply chain, Vietnam's gas coal-fired power plant project and World EXPO 2030 Busan, among various issues of economic cooperation. date2022-08-02

Korea's exports gain 9.4% in July

The Ministry of Trade, Industry and Energy announced on August 1 that the value of Korean goods shipped overseas in July grew 9.4 percent to USD 60.7 billion, posting highest ever exports value for the month of July (previous highest was that of July 2021 at $55.5 billion). High energy prices pushed imports up 21.8 percent to $65.4 billion, resulting in a trade deficit of $4.7 billion. Daily average exports reached historic highs by improving 14.1 percent to $2.6 billion, and overall expo date2022-08-01

Trade Minister attends IPEF Ministerial Meeting

Trade Minister Ahn Duk-geun attended the Indo-Pacific Economic Framework Ministerial Meeting co-hosted by U.S. Trade Representative Katherine Tai and U.S. Secretary of Commerce Gina Raimondo on July 26-27 via videoconferencing to exchange viewpoints with ministers from 14 member states on upcoming negotiation issues.   The trade chief relayed that “tangible outcomes are necessary for supply chain and clean energy, and as a flexible and efficient international body, IPEF is needed to date2022-07-29

Korea's retail industry grows 9.3% in H1 2022

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 28 that Korea’s overall retail sales in the first half of 2022 increased 9.3 percent. Offline and online retailers gained 8.4 percent and 10.3 percent, respectively. Retail sales for the month of June increased 9.2 percent, with both offline and online retailers experiencing growth, up 9.3 percent and 9.1 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 25 major retailers. Th date2022-07-28