Ministry of Trade, Industry and Energy

Minister Ahn attends Korea Sale FESTA

Minister for Trade, Industry and Energy Dukgeun Ahn visited the major designer brand stores at the Korea Sale FESTA on November 13 in Pangyo and introduced the event at a live show. date2024-11-15

Korea’s auto industry enjoys triple growth in October

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s automobile production, domestic sales, and exports all posted growth in October, a first in 16 months since June 2023. October automobile production reached 367,624 units (up 7.8 percent year-on-year), which can be attributed to automakers’ new model releases as well as the higher number of working days (+ 1 weekday) in the month compared to last year. Domestic sales snapped the 11-month downward streak and recorded 145,756 units (up 3.1 percent), helped by a new model release and hybrid electric vehicles (HEVs) selling a historic 49,257 units (up 50.3 percent). Meanwhile, exports advanced 5.5 percent to $6.2 billion, selling 243,367 units overseas and coming in at an all-time high for October. HEVs achieved $1.1 billion in export, surpassing the previous record set in August 2024 and driving Korea’s January–October accumulated export value over $59.1 billion (up 2.0 percent year-on-year).   date2024-11-14

Korea’s ICT exports advance 22% in October

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that the export and import of Korea’s information and communications technology (ICT) goods for October 2024 logged USD 20.8 billion and $13.3 billion, respectively, and the trade balance stood at a surplus of $7.5 billion. ICT exports for the month of October increased 22.0 percent year-on-year to enter the $20 billion thresholds for the third consecutive month on the backs of robust demand for major items like semiconductors, mobile phones, and computers and peripherals.  Semiconductors soared 39.9 percent to an all-time October high at $12.6 billion. Memory chips (up 63.9 percent to $7.4 billion) and system chips (up 13.1 percent to $4.6 billion) both performed strong. Finished mobile phones (up 47.2 percent to $0.4 billion) and parts (up 15.9 percent to $1.4 billion) both advanced, retaining their growth rates since March 2024. Computers and peripherals grew 48.4 percent based on sharp demand for solid-state drives (SSDs) (up 67.9 percent to $0.7 billion). By region, ICT exports to China (including Hong Kong) climbed 9.9 percent to $8.3 billion, achieving growth for the 12th consecutive month, thanks to demand for semiconductors and mobile phones. Exports to Vietnam (up 6.4 percent to $3.4 billion) increased for the 15th consecutive month, with semiconductors and mobile phones at the helm. Exports to the U.S. (up 35.6 percent to $2.4 billion) grew for the 12th consecutive month as semiconductors (up 66.3 percent to $0.8 billion) and computers and peripherals (up 143.8 percent to $0.5 billion) jumped, driven by demand for servers and datacenters. EU-bound ICT exports (up 13.4 percent to $1.0 billion) maintained growth for the eighth consecutive month, led by mobile phones (up 122.9 percent to $0.2 billion) and computers and peripherals (up 44.2 percent to $0.2 billion). Exports to Japan (down 7.3 percent to $0.3 billion) contracted despite growth of semiconductors and displays, owing to decreased mobile phone shipments.   date2024-11-14

Minister Ahn attends Design Korea 2024 opening ceremony

Minister for Trade, Industry and Energy Dukgeun Ahn attended the opening ceremony of Design Korea 2024 today at COEX in Seoul, held with the participation of 46 booths set up by 400 companies under the theme of people’s changing daily lives with the advent of AI. The ceremony was attended by representatives of relevant institutions and businesses including Korea Institute of Design Promotion (KIDP) and Korea Fashion Designer Association (KFDA).   date2024-11-13

Samsung Electronics shares 128 patented technologies with 85 companies in 2024

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea launched the MOTIE-Samsung Electronics technology sharing event today in Seoul with the attendance of beneficiary companies’ representatives. Since first taking part in the technology giveaway in 2015, Samsung Electronics has shared a total of 6,808 patented technologies, 1,210 of which have been transferred free of charge to 673 firms. By the accumulated number of technology giveaways, transfers, and number of beneficiary companies, Samsung Electronics is Korea’s top technology sharer and exemplary leader in establishing the shared growth system for SMEs and large-sized businesses. Shared on this occasion were various technologies including geographic and biometric data-based routing, eye-tracking display control, and smart devices’ RFID-based content-sharing. According to MOTIE, the ministry plans to continue supporting the technology sharing so that SMEs and middle-market firms can gain opportunities for innovative growth such as product development and new business launching.   date2024-11-12

Vice Minister attends Korea Sale Festa 2024 opening ceremony

Trade, Industry and Energy Vice Minister Sungtaek Park attended the Korea Sale Festa 2024 opening ceremony on November 8 in Seoul and gave a congratulatory message, then visited the major K-beauty stores. The ceremony was attended by various representatives of relevant associations and groups including the Korea Chainstores Association (KOCA). date2024-11-11

Korea’s business leadership eyeing standards as means to secure super gaps in advanced industries

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea launched the fourth Standards Leadership Forum on the high-tech industry today in Seoul with the participation of International Electrotechnical Commission (IEC) President Jo Cops, Korea’s chief technology officers (CTOs) and other standards leaders. The forum was held to discuss the importance of Korean businesses’ participation in international standards activities and response measures with regard to the intensifying global standards race to claim the rule-maker position in artificial intelligence (AI), semiconductors, and such future industries. During discussions, CTOs agreed that international standards provide important guidance for emerging technologies and expressed commitment to taking part in the effort toward building global standards leadership to achieve super gaps in advanced industries. The IEC president gave a keynote lecture on the impact of international standards on Korean businesses, noting the rapid pace of innovation that AI and digital transformation are driving, and maintained the need for Korean firms to actively participate in standards activities in order to stay ahead in the race. The lecture was followed by experts’ presentations introducing cases of global standards set by Korean companies in high-tech industry areas including those for wearable devices’ monitoring of heart rate and step count, explainable AI technology, and neuromorphic devices. KATS President Jin Jong-wook assured continued support for Korean companies’ endeavors to gain a competitive edge in global standards based on the National Standardization Strategy for Advanced Industries established this May.   date2024-11-07

Overseas Certification Trends 2024

Korean Agency for Technology and Standards (KATS) President Jin Jong-wook attended the Overseas Certification Trends 2024 on October 31 at the Seoul Trade Exhibition Center (SETEC) and shared the latest trends on the certifications for global market entry of major export items. date2024-11-01

Korea’s retail industry grows 6.7% in September

The Ministry of Trade, Industry and Energy (MOTIE) announced today that Korea’s retail industry grew 6.7 percent year-on-year for the month of September 2024, with offline and online sales each shrinking 0.9 percent and expanding 15.7 percent, respectively. MOTIE's monthly retail sales figures are based on surveys of 23 major retailers. Thirteen of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSMs) operators. The remaining 10 are online retailers. By offline retail channel, hypermarket sales dropped 6.5 percent overall as food products (down 9.1 percent) suffered, but the late heat wave drove sales of home appliances (up 17.9 percent). Department store sales rose 0.3 percent in spite of weak demand for food products (down 5.9 percent) and women’s suits (down 9.0 percent), as household goods (up 14.4 percent) and foreign designer labels (up 3.7 percent) advanced. Convenience store sales climbed 2.5 percent as the late heat wave fueled demand for processed food products (up 3.6 percent) like ice cream and functional beverages. Tobacco sales also increased 2.4 percent. SSM operators contracted 2.7 percent as all categories minus fresh food products (up 4.9 percent) declined. Online retail sales soared 15.7 percent as the late heat wave boosted sales of home appliances and electronics (up 18.1 percent), as well as service/other (up 52.9 percent) such as e-coupons, travel packages, and food deliveries. Demand for food products (up 14.7 percent), living furniture (up 10.3 percent), and cosmetics (up 11.4 percent) showed steady growth, whereas fashion/clothing (down 16.0 percent) and sports (down 11.4 percent) continued to slide.   date2024-10-29

Korea’s reshoring support policy starting to yield results

Having reshored from China in November 2022, the Korean automobile parts company Hwashin held the completion ceremony of its new plant today in Yeongcheon, North Gyeongsang Province. Hwashin is a middle-market manufacturer and supplier of chassis and body parts for major automakers like Hyundai Motor, Kia, and Volkswagen. With the KRW 40 billion investment subsidy from the Korean government and local authorities, the company was able to establish facilities in the Yeongcheon High Tech Park District to produce over 100,000 units worth of electric vehicle (EV) battery pack cases and lightweight chassis parts (e.g., front cross member) per year.  Hwashin has plans to produce battery pack cases and such future mobility parts at the new plant through an ₩80 billion fresh investment, which is anticipated to create 120 new hires and help stimulate the local economy and domestic investment. Moreover, Hwashin’s lightweight car parts manufacturing and strategic technologies on related materials, parts, and equipment (MPE) are expected to contribute to the Government’s supply chain stabilization policy. This May, the Korean government announced the Reshoring Company Support Strategy 2.0 policy to invigorate the reshoring of companies in advanced industries through the employment of stronger incentives and a broader recognition range of reshoring. Notably, the state funding cap was heightened for companies with national high-tech strategic technologies, allowing those reshoring to Korea’s capital region to receive up to KRW 20 billion (up ₩5 billion) and those reshoring to non-capital regions to receive up to ₩40 billion (up ₩10 billion).   date2024-10-29