Ministry of Trade, Industry and Energy

Minister Ahn holds first high-level meeting with new U.S. government officials in Washington D.C.

Minister of Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea visited Washington D.C. from February 26–28 (local time), where he met with U.S. government officials and lawmakers to discuss bilateral trade issues, including U.S. tariff measures, and ways to bolster cooperation between the two countries. Minister Ahn met with Senator Mark Kelly, co-sponsor of the Ships for America Act, and discussed steps to further strengthen Korea-U.S. cooperation in shipbuilding. Minister Ahn also held meetings with Heritage Foundation President Kevin Roberts, Center for Strategic and International Studies (CSIS) President and CEO John Hamre and Peterson Institute for International Economics (PIIE) President Adam Posen, where he exchanged views on effectively addressing bilateral trade issues and requested support for facilitating intergovernmental cooperation. During his meeting with U.S. Secretary of Commerce Howard Lutnick, Minister Ahn discussed ways to boost their partnership in strategic areas such as shipbuilding and advanced industries, while also articulating the concerns of Korean businesses and requesting Korea’s exclusion from U.S. tariffs. Both sides agreed to establish working-level consultation channels for discussions on tariff measures and cooperation in shipbuilding, through which the Korean government intends to continue its dialogue with relevant U.S. authorities in the interest of Korean businesses. Minister Ahn also held talks with U.S. Secretary of the Interior and National Energy Dominance Council Chairman Doug Burgum and United States Trade Representative (USTR) Jamieson Greer on enhancing mutually beneficial cooperation in the energy and trade sectors, respectively.  Minister Ahn stated that this visit served as an opportunity to lay the foundation for further cooperation with the new U.S. administration. Citing successful prior engagement with the U.S. on measures such as the IRA and CHIPS Act, Minister Ahn emphasized that the Korean government “will respond proactively to newly announced U.S. policies through structured and genuine consultations to achieve the best possible outcomes.”   date2025-03-05

Korea’s exports resume growth in February

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on March 1 that Korea’s exports and imports for the month of February 2025 increased 1.0 percent and 0.2 percent year-on-year, respectively, to USD 52.6 billion and $48.3 billion. The trade balance stood at a surplus of $4.3 billion. By item, semiconductors (down 3.0 percent to $9.6 billion) suffered a downtick despite the solid performance of high-bandwidth memory (HBM) chips and DDR5s, as the fixed price of general-purpose memory chips like DDR4s and NAND flash plunged. Meanwhile, computers (solid-state drives) grew for the 14th consecutive month (up 28.5 percent to $0.8 billion) and wireless communication devices turned to an expansion (up 42.3 percent to $1.5 billion).  Automobile exports (up 17.8 percent to $6.1 billion) snapped their three-month losing streak, fueled by demand for hybrid electric vehicles (HEVs) (up 74.3 percent to $1.3 billion) and bio-health exports (up 16.1 percent to $1.4 billion) were driven by the steep climb achieved by biopharmaceuticals (up 45.5 percent to $0.6 billion). Exports to four out of Korea’s nine major destinations saw growth in February. To China (down 1.4 percent to $9.5 billion), robust demand for wireless communication devices and general machinery offset the slower exports of semiconductors. Exports to the U.S. inched up 1.0 percent to $9.9 billion. Exports to ASEAN hit $9.6 billion (up 12.6 percent), the second highest for the month of February, led by semiconductors and petroleum products. Exports to India (up 18.6 percent to $1.7 billion) recorded an all-time high for the month and those to the Middle East (up 19.6 percent to $1.7 billion) also broke their three-month downward streak.   date2025-03-04

Korea and Thailand hold 4th negotiating round for bilateral EPA

Korea’s Deputy Minister for FTA Negotiations Roh Keon-ki and Director General of the Department of Trade Negotiations at the Ministry of Commerce of Thailand Chotima Iemsawasdikul led their respective delegations in the fourth official negotiating round for the Korea-Thailand Economic Partnership Agreement (EPA) on March 4 in Seoul. date2025-03-04

Minister Ahn meets U.S. Trade Representative

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met U.S. Trade Representative Jamieson Greer on February 28 (local time) in Washington D.C. and conveyed Korea’s stance on U.S. trade measures, discussing measures for stronger bilateral cooperation. date2025-03-04

Minister Ahn meets U.S. Senator Mark Kelly

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met U.S. Senator Mark Kelly on February 28 (local time) in Washington D.C. and discussed measures for stronger cooperation in the shipbuilding industry. date2025-03-04

Minister Ahn meets U.S. Secretary of the Interior

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met U.S. Secretary of the Interior Doug Burgum on February 28 (local time) in Washington D.C. and discussed measures for stronger cooperation. date2025-03-04

Minister Ahn meets PIIE President

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met Peterson Institute for International Economics (PIIE) President Adam Posen on February 28 (local time) in Washington D.C. and discussed Korea’s effective response measures to bilateral trade issues and requested for support towards facilitating intergovernmental cooperation. date2025-03-04

Minister Ahn meets CSIS President and CEO

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met Center for Strategic and International Studies (CSIS) President and CEO John Hamre on February 27 (local time) in Washington D.C. and discussed U.S. economic policies and Korea’s response strategies. date2025-03-04

Minister Ahn meets U.S. Secretary of Commerce

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met U.S. Secretary of Commerce Howard Lutnick on February 27 (local time) in Washington D.C. and discussed stronger shipbuilding cooperation and Korea’s exclusion from U.S. tariff plans. The two sides agreed to establish a working-level consultation channel on tariff issues. date2025-03-04

Minister Ahn meets Heritage Foundation President

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met Heritage Foundation President Kevin D. Roberts on February 26 (local time) in Washington D.C. for discussions on U.S. economic policy directions and Korea’s strategic response measures. date2025-02-28