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Korea’s May exports fall 23.7% to $34.9 billion
The Ministry of Trade, Industry and Energy announced on June 1 that Korea’s exports in May saw a year-on-year decrease of 23.7 percent to USD 34.9 billion. Imports dropped 21.1 percent to $34.4 billion, resulting in a trade surplus of $436 million. Exports in May fell due to the global economic slowdown led by the novel coronavirus, as well a...
Korea to resume WTO complaint over Japan’s export restrictions on key materials
The Ministry of Trade, Industry and Energy held a briefing on June 2, and announced that it would resume dispute settlement proceedings with respect to the WTO complaint over Japan’s export curbs on three key industrial inputs for the semiconductor industry. Japan imposed the export restrictions on these key materials related to semico...
Exports of Korean ICT goods in April record $12.9 billion
The Ministry of Trade, Industry and Energy announced on May 14 that Korean information and communications technology (ICT) goods in April recorded USD 12.9 billion, down 15.3 percent compared to a year earlier. Imports fell 6.4 percent to $8.9 billion, and the trade balance stood at a surplus of $4.0 billion. Exports experienced a year-on-year decl...
Trade Minister Yoo talks with WTO director-general and calls for contingency guidelines
Trade Minister Yoo Myung-hee held a virtual meeting with the WTO Director-General Roberto Azevedo, on May 12, to discuss WTO-level responses to minimize the damage from the coronavirus pandemic on the multilateral trade system. In particular, Trade Minister Yoo suggested that it is important to set contingency guidelines for the member count...
Korea renews call for Japan to lift export curbs on three key materials
Ministry of Trade, Industry and Energy held a briefing on May 12, and urged Japan to respond to Korea’s request of lifting restrictions on its exports of three key industrial materials by the end of this month. Japan imposed the regulations on July 4 last year without a notice. The briefing came after Korea has met all prerequisites in...
Korea, EU discuss global trade issues amid COVID19 pandemic
Trade Minister Yoo Myung-hee held a videoconference with her EU counterpart Phil Hogan, on May 7, to discuss cooperative countermeasures to the coronavirus and various trade-related issues. Trade Minister Yoo suggested that the two sides work together to ease non-tariff barriers and hold a digital strategic dialogue to the international stan...
Minister Sung discusses cooperative measures for post-corona economic recovery with representatives of foreign-invested companies in Korea
Trade, Industry and Energy Minister Sung Yun-mo (center) attended a dialogue with representatives from foreign-invested companies at Korea Chamber of Commerce and Industry headquarters, on May 6, to discuss cooperative measures for Korea’s economic recovery in the post-corona era. The businesses representatives praised Korea’s pr...
Korea’s exports fall 24.3 percent to $36.9 billion in April
The Ministry of Trade, Industry and Energy announced on May 1 that Korea’s exports in April fell 24.3 percent compared to the same period a year earlier to USD 36.9 billion. Imports also dropped 15.9 percent to $37.9 billion, resulting in a trade deficit of $950 million. Exports in April decreased significantly with the coronavirus pandemic i...
Trade Minister talks with Philippine and Australian ministers to discuss cooperative measures against COVID19
Trade Minister Yoo Myung-hee held a teleconference with her Philippine and Australian counterparts Ramon M. Lopez and Simon Birmingham, respectively, on April 27, to discuss ways to boost international cooperation in response to COVID-19 and pending bilateral trade issues. Trade Minister Yoo stressed the need for international cooperation to...
Trade Minister discusses preemptive measures to cope with changes in trade after coronavirus pandemic
Trade Minister Yoo Myung-hee (right) held a meeting with trade experts at the Korea Trade Insurance Corporation building in Seoul, on April 23, to discuss prospects for the international business environment in the post-coronavirus world and seek preemptive measures to the unprecedented challenges to global trade. Trade Minister Yoo said the...