Ministry of Trade, Industry and Energy
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Korean auto industry sees improvement in EV and FCEV exports in January
The Ministry of Trade, Industry and Energy announced on February 14 that Korea’s January exports for electric vehicles (EVs) and fuel cell electric vehicles (FCEVs) increased 11.9 percent and 19.0 percent, respectively. Meanwhile, the Korean automobile industry saw a year-on-year decrease of production, domestic sales, and exports. Tota...
Korean retail sales grow 4.8 percent in 2019 due to huge growth in online stores
The Ministry of Trade, Industry and Energy announced on January 29 that Korea’s retail sales in 2019 rose 4.8 percent compared to the previous year. More specifically, online retail sales improved by 14.2 percent, and brick-and-mortar sales edged down 0.9 percent. While online sales posted growth, offline sales such as hypermarket chains and...
Minister Sung visits wheelchair manufacturer under regulatory sandbox program
Trade, Industry and Energy Minister Sung Yun-mo (right) made an on-site visit to Rscare Service, a local maker of wheelchairs equipped with an electric assistance device, for physically challenged people, in Gimpo, Gyeonggi Province, on January 29, in the Ministry’s efforts to drum up innovative businesses under the regulatory sandbox program...
Green vehicles sold within Korea hit record high in December 2019
The Ministry of Trade, Industry and Energy announced on January 16 that eco-friendly and hybrid vehicles sold within Korea in December 2019 increased 23.3% to 15,262 units compared to a year earlier. Automobile exports last month decreased by 6.7 percent year-on-year to 205,595 vehicles due to the need for overseas inventory exhaustion following th...
Vice Minister Cheong visits Korean photoresist manufacturer in Hwaseong
Trade, Industry and Energy Vice Minister Cheong Seung-il (center) made an on-site visit to the plant of Dongjin Semichem, a local photoresist maker, in Hwaseong, Gyeonggi Province, on January 15, to encourage the firm’s plan to extend its production line. Photoresist is one of the three materials used to make chips and displays that Ja...
Minister Sung discusses future car industry at CES 2020
Trade, Industry and Energy Minister Sung Yun-mo (left) met with Uber Elevate Head Eric Allison (right) in Las Vegas, on January 7 (local time), to discuss the future of the automotive industry as well as the measures to expand cooperation in flying car projects. Uber Elevate, an internal team at Uber Technologies working toward aerial ridesh...
Vice Minister Cheong holds meeting with petrochemical firms after Iran attack
Trade, Industry and Energy Vice Minister Cheong Seung-il (left) held a meeting with government officials and representatives from the petrochemical firms in Seoul, on January 8, to discuss the impact of the recent U.S. and Iran conflict on global oil prices as well as the contingency plans in case tensions escalate in the Middle East area after the...
Korea attracts DuPont investment to diversify EUV photoresist supply
Trade, Industry and Energy Minister Sung Yun-mo (center) met with DuPont president Jon Kemp (right) in San Francisco, on January 8 (local time), to confirm DuPont’s investment decision, which includes the plan to build a production line of EUV photoresist, a key material used to make chips, in Korea by 2021.The global chemical firm will inves...
Minister Sung visits Korean hydrogen fluoride manufacturer
Trade, Industry and Energy Minister Sung Yun-mo (center) made an on-site visit to the plant of Soulbrain, a Korean manufacturer of hydrogen fluoride, located in Gongju, South Chungcheong Province on January 2, in order to encourage the firm’s achievement in contributing to the domestic supply of high purity hydrofluoric acid to local chips an...
Both online and offline retail sales grow in November
The Ministry of Trade, Industry and Energy announced on December 25 that Korea’s overall retail sales in November grew 7.5 percent from a year earlier. This rise was a result of increases in sales at both online and offline retailers partly due to this year’s Korea Sales Festa that was held last month. The nation’s largest annual ...