-
Trade/Investment
Deputy Trade Minister Woo Briefs on Key Trade Issues
Deputy Trade Minister Woo Taehee held a regular media briefing on restoring industrial and energy cooperation with post-sanctions Iran and other key trade issues at the Ministry of Trade, Industry and Energy (MOTIE) in Sejong yesterday. After the briefing, Deputy Minister Woo also told reporters that South Korea will consider increasing its imports of Iranian oil and condensate once sanctions on Tehran are lifted. For more information, please see a report by Reuters: Deputy Minister Woo and Minister of Land, Infrastructure and Transport Yoo Il-ho led the South Korean delegation to visit the Islamic nation last week, accompanied by state-run oil, gas and resources companies date2015-09-02
-
Trade/Investment
ICT Export and Import Trends, July 2015
□ South Korean exports of information and communications technology (ICT) products decreased by 3.9 percent to USD 13.71 billion in July from the same time a year before. Imports rose by 5.8 percent to USD 7.57 billion, resulting in a USD 6.14 billion trade surplus. □ ICT exports decreased for the first time in last three months. Exports of semiconductors grew, while those of displays, cell phones, computers and peripherals, and D-TV decreased. Shipments of cell phones decreased due to intensified global competition and expansion of overseas production. Exports of computers and peripherals fell due to decrease in peripherals exports caused by weak sales of secondary memory units. It turned to downward trend for the first time in five months. Exports to China and the ASEAN countries rose, while those to the EU and the US declined. □ Imports of most key items increased, except for computers and peripherals. Imports of cell phones skyrocketed due to a growing volume of foreign-made smartphones and cell phone components being re-imported from abroad. Imports from China, the US, and Taiwan increased while those from Japan, EU and the ASEAN countries □ o South Korea’s total volume of ICT exports is relatively great compared to other main advanced countries; however, foreign conditions such as slowdowns in trades and fall in growth estimates are taking place and seem to persist. Also, July was the first month ICT exports fell since April. The only positive sign was the continuous increase in semiconductors exports. date2015-08-30
-
Industry
Major Retailers Sales Trends in July 2015
□ In July 2015, sales by major retailers, including those of department stores and convenience stores, rose from a year earlier, while those of hypermarkets and super supermarkets fell marginally. □ By retailer, sales by department stores rose, following an increase in the sales of home appliances and overseas renowned brands. Sales by convenience stores also increased significantly for six consecutive months, following a rise in the number of convenience stores and tobacco sales, resulting in a growth of 26.2 percent on average. On the contrary, the sales of hypermarkets and SSMs decreased due to a drop in sales of non-food items. □By product group, the sales of food, household articles, and tobacco rose while those of miscellaneous goods and clothing fell. □ While sales by hypermarkets and department stores decreased sharply in June due to the MERS outbreak, their sales growth recovered to a three-month average before the outbreak in July. The sales of convenience stores and SSMs were not greatly influenced. date2015-08-30
-
Industry
Automobile Industry Trends for July 2015
□ South Korea’s domestic automobile sales increased 7.3 percent from a year earlier, mainly due to rising purchases of SUVs and minivans. The country’s domestic production and exports figures decreased 1.1 percent and 2.0 percent, respectively, as a result of economic downturns in emerging markets and decreasing price competitiveness. □ : Monthly automobile production for July was 404,770 units, down by 1.1 percent. The primary cause of this was a decline in the volume of exports. This happened because the volume of exports declined while domestic sales increased. In addition, some domestic factories made significant improvements to their production lines. □ Diesel, as well as the continuing popularity of Hyundai Motors' Santa Fe, Kia's Sorento and Carnival, GM Korea's Captiva, and Ssangyong's Tivoli. - Sales of imported cars amounted to 23,104 units. Although this figure was up 22.8 percent YoY, the MoM figure was down by 12.7 percent. □ : Exports of finished cars declined by 2.0 percent to 258,781 units. This was primarily due to economic weakness in emerging markets (including Russia), as well as lower price competitiveness following the devaluation of the yen and the Euro. - Exports of auto parts fell by 10.7 percent to $2.25 billion from a year earlier. This was mostly due to sluggish demand from emerging markets. □ YoY production of finished vehicles from January to July 2015 was down by 0.9 percent. Exports fell 3.3 percent, while domestic sales increased by 6.4 percent. Exports of auto parts fell by 4.9 percent. date2015-08-30
-
FTA/Economic Cooperation
MOTIE Minister Yoon Greets Indonesian Vice President
Minister of Trade, Industry and Energy Yoon Sang-jick greeted a visit by Indonesian Vice President Muhammad Jusuf Kalla at Lotte Hotel in Seoul yesterday. During the meeting, they exchanged views on the trade and economic cooperation between South Korea and Indonesia. date2015-08-28
-
FTA/Economic Cooperation
South Korea and China’s Shandong Province to Enhance Trade Cooperation
South Korea and China’s Shandong Province to Enhance Trade Cooperation Minister of Trade, Industry and Energy Yoon Sang-jick and Guo Shuqing, governor of Shandong Province, China, signed a memorandum of understanding (MoU) in Seoul yesterday to enhance bilateral cooperation between South Korea and the Chinese region. During the meeting, the two agreed to pursue comprehensive cooperation in the economic, trade, energy, and industrial sectors and to hold high-level talks on reg date2015-08-27
-
Industry
The Korean Agency for Technology and Standards selects 21 new technologies
The Ministry of Trade, Industry and Energy (MOTIE) announced on August 27 that the Korean Agency for Technology and Standards under the Ministry of Trade, Industry and Energy selected 21 new technologies and awarded certificates. One of the new technologies that received the award was the one developed by Daewon Sanup that can be used to make sheets that minimizes injuries to the passengers' head and upper body in a car accident by absorbing the shock of the collision. The company plans to apply the new technology in 450,000 vehicles in the next three years, and expects to see sales of 180 billion won ($ 162 million). Another one is the textile jointly developed by Hyundai Motor, NVH Korea and Toray Chemical Korea that can absorb engine noise and block the heat from the engine. They expect to see sales of 150 billion won in the next four years. Another award recipient, Pharos Vaccine, created a protein vaccine modeled after an antigen for the foot-and-mouth disease. It can improve animals' immune system and response speed. Products using this technology will bring import substitution effects, which can translate to nearly 60 billion won a year. The Korea Industrial Technology Association accepts "New Technology Certificate" applications and issues the certificate three times a year, and the third application season for this year starts from September 1, 2015. * Short version date2015-08-27
-
Industry
Internship opportunities to be available for 300 engineering students
The Ministry of Trade, Industry and Energy (MOTIE) announced on August 27 that students of engineering colleges anywhere in South Korea who have applied for a 6-month internship program can work as R&D staff at SME's in different regions. More than 300 students were accepted to the program, which provides a stipend of 1.2 million won ($1,100) a month as well as 12 units. MOTIE selected 6 businesses that will operate the R&D internship support program in May this year, and r date2015-08-27
-
FTA/Economic Cooperation
ROK and Ecuador Announce Start of FTA Negotiations
The Republic of Korea (ROK) and Ecuador announced the official launch of negotiations for a bilateral free trade agreement (FTA) in Seoul on Tuesday. The ROK's Minister of Trade, Industry and Energy Yoon Sang-jick made the announcement at a meeting with Ecuadorean Minister of Production Nathalie Cely and Minister of Foreign Trade Diego Aulestia. At the meeting, the two countries agreed to pursue a comprehensive, high-level FTA under the name of a Strategic Economic Cooperation Agreement (SECA) and to conclude the negotiations at the earliest possible date, the ROK's Ministry of Trade, Industry and Energy (MOTIE) said in a statement. The first round of negotiations is expected to take place before the end of the year, according to the statement. date2015-08-26
-
FTA/Economic Cooperation
MOTIE Minister Yoon Attends 18th AEM Plus Three Consultations
MOTIE Minister Yoon Attends 18th AEM Plus Three Consultations Minister of Trade, Industry and Energy Yoon Sang-jick attended the 18th ASEAN Economic Ministers (AEM) Plus Three Consultations held in Kuala Lumpur, Malaysia, yesterday. A day before the consultations, Minister Yoon also signed a new protocol to amend the agreement on trade in goods between the Republic of Korea and the Association of Southeast Asian Nations (ASEAN). To see the full joint statement of the 18th AE date2015-08-25