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Korea's March exports edge down 0.2 percent to $46.9 billion amid COVID-19 outbreak
The Ministry of Trade, Industry and Energy announced on April 1 that Korea’s exports in March decreased 0.2 percent from a year earlier to USD 46.9 billion. Imports slipped 0.3 percent to $41.9 billion. The trade balance stood at $5.0 billion, remaining positive for 98 straight months. The average daily exports recorded $2.0 billion and saw a...
Trade Minister Yoo proposes G20 collaboration on businesspeople mobility amid COVID19 outbreak
Trade, Industry and Energy Minister Yoo Myung-hee (left) attended the G20 Extraordinary Trade and Investment Ministers Meeting through videoconference on March 30, and called for collaboration of member countries to facilitate mobility of businesspeople and maintain global supply chain. Issues raised by the Korean government at the G20 Special Summ...
[G20 Trade and Investment Ministerial Statement]
We, the Trade and Investment Ministers of the G20 and guest countries, are profoundly saddened by the devastating human tragedy caused by the spread of COVID-19. The pandemic is a global challenge and requires a coordinated global response. The G20 Leaders, following their Extraordinary Meeting conducted on 26 March 2020, committed “to presen...
Overall retail sales in Korea improve 9.1% in February
The Ministry of Trade, Industry and Energy announced on March 30 that Korea’s overall retail sales in February saw a year-on-year growth of 9.1 percent on the back of strong online sales. Sales of brick-and-mortar stores went down 7.5 percent compared to the same period last year, while those of web-based retailers jumped 34.3 percent. These ...
Minister Sung discusses impacts of coronavirus on auto parts industry
Trade, Industry and Energy Minister Sung Yun-mo (right) held a meeting with representatives of the domestic auto parts manufacturers in Seoul, on March 23, to check the impact on their parts supply chain amid the rapid spread of coronavirus across the U.S. and Europe and discuss aids to support their faltering business. Minister Sung recogni...
Trade Minister Yoo calls for more active role of KOTRA’s offices overseas in supporting exporters hit by COVID-19
Trade Minister Yoo Myung-hee (right) held a video conference with overseas trade offices of the state-run Korea Trade-Investment Promotion Agency (KOTRA), at the KOTRA headquarters in Seoul, on March 18, to urge them to take an active role of tacking issues that Korean exporters face in the rise of COVID-19. Trade Minister Yoo emphasized the...
Minister Sung discusses coronavirus countermeasures with state-funded economic think tank representatives
Trade, Industry and Energy Minister Sung Yun-mo (center) held an emergency meeting with representatives from state-funded research institutes, including the Korea Institute for Industrial Economics, at the Government Complex in Sejong, on March 16, to discuss the coronavirus’s economic fallout and possible countermeasures. Minister Sung said ...
Korea’s auto industry experiences decline in February
The Ministry of Trade, Industry and Energy announced on March 13 that Korea’s automobile industry in February experienced a decline in exports, production, and domestic sales compared to the same period year earlier. Total auto output in February fell 26.4 percent to 189,235 units. The decrease was attributable mainly to the shortage of auto ...
Korea’s February ICT exports record $13.7 billion, increasing for the first time in 16 months
The Ministry of Trade, Industry and Energy announced on March 11 that Korean exports of information and communications technology (ICT) goods in February increased for the first time in 16 months and grew 8.5 percent year-on-year to USD 13.7 billion. Imports went up 5.7 percent to $7.7 billion, and the trade balance stood at a surplus of $6.0 billi...
Korea hosts 8th director general-level export control policy dialogue with Japan
Lee Ho-hyeon, the director general responsible for trade policy at the Ministry of Trade, Industry and Energy, represented the Korean team at the 8th Korea-Japan Export Control Policy Dialogue held in Seoul via video conferencing from March 10, 10:00 am to March 11, 1:50 am. Both sides positively evaluated each other’s planned legal and insti...