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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...
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 ...
Minister Sung inspects economic impact of COVID-19 outbreak on regional industries in Daegu and Gyeongbuk
Trade, Industry and Energy Minister Sung Yun-mo (second from right) visited the Daegu-Gyeongbuk regional headquarters of the Korea Industrial Complex Corporation on February 26, to discuss industrial complex-level countermeasures as economic toll is growing in the region with the spread of the novel coronavirus (COVID-19). In an effort to mi...
Korean retail industry sees sales growth of 6.6% in January
The Ministry of Trade, Industry and Energy announced on February 28 that overall retail sales in Korea improved 6.6 percent from a year earlier. Sales at both web-based retailers and brick-and-mortar stores increased, 10.2 percent and 4.1 percent, respectively. These findings are based on surveys of 26 major retailers. Half of them are offline reta...
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. Total auto...
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...