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

Minister Ahn chairs 35th Energy Commission

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea chaired the 35th Energy Commission meeting on March 14 in Seoul for deliberation on the Government’s plans regarding energy supply and demand during emergencies, gas safety management, and electrical safety management. 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

Korean government holds 35th Energy Commission meeting

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held the 35th Energy Commission meeting today for deliberation on the Government’s plans regarding energy supply and demand during emergencies, gas safety management, and electrical safety management. The Korean government has been preparing response measures against national energy emergencies by establishing the Energy Supply and Demand Plan for Emergencies under the Energy Act. In light of the rapidly changing energy supply and demand landscape due to Korea’s shifting energy mix, geopolitical uncertainties like the Russia-Ukraine war, and climate anomalies, the Government has laid out response measures to various possible emergency scenarios. The distinguished feature of the most recently established Energy Supply and Demand Plan for Emergencies is its adjustment of the nation’s energy mix set previously comprising electrical power, crude oil, gas, and coal to electrical power, crude oil, gas, and thermal power amid the declining demand for coal and rising use of thermal energy. The plan expands the scope of power emergency management to cover not only supply and demand but the electrical power system as well, in view of increased use of renewable energy and ensuing power system volatility. Since 2015, the Government has been renewing the Basic Plan for Gas Safety Management every five years on account of the flammability and explosion risks of gas. The recently established third Basic Plan for Gas Safety Management differs from the previous version in that it contains safety standards for new hydrogen technologies and related infrastructure expansion measures in response to Korea’s growing hydrogen economy. Moreover, in view of the increasing number of old gas facilities, the Government will push the transition to a digital-based constant safety management system through a more active deployment of information technology while also reinforcing private sectors’ safety management. Korea’s electrical power consumption is on an upward trend owing to datacenters and such power-intensive facilities, and the complexity and scale of electrical power accidents and damages are growing as well. Accordingly, the Government established the first Electrical Safety Management Basic Plan this year, outlining measures for enhanced safety management that cater to the more vulnerable targets including multipurpose facilities, industrial complexes, and socially disadvantaged groups. The plan further aims to promote flexible and field-oriented electrical safety management methods, the innovation of safety management based on cutting-edge technologies, and the nurturing of private-led safety management efforts in developing the electrical safety industry. Minister Ahn stated that the Government will continually strive to innovate the safety management system in step with various changes such as the growth of the hydrogen economy and advanced industries’ increased power demand to accommodate the safe energy consumption of Korean citizens.   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