Ministry of Trade, Industry and Energy

Korea’s auto exports log 2nd highest for March

The Ministry of Trade, Industry and Energy (MOTIE) of Korea announced today that automobile production (up 1.5 percent), domestic sales (up 2.4 percent), and export value (up 1.2 percent) for the month of March 2025 all advanced year-on-year for the second consecutive month. Notably, March automobile exports reached the second highest in history for the month at $6.2 billion. The export value for the first quarter (Q1) inched down 1.3 percent year-on-year, which is attributable to last year’s high base effect and this year’s lower number of working days (-3) compared to Q1 2024. Domestic sales rose 2.7 percent to 388,294 units during Q1 2025 as a result of a base effect from last year’s sluggish domestic demand. Q1 sales of eco-friendly vehicles soared over 20 percent to 169,013 units and the total automobile production volume (1,013,485 units) breached the one-million-unit mark for the third consecutive year, driven by strong domestic demand.   date2025-04-15

Korea’s ICT exports climb 9.4% in March

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Science and ICT (MSIT) of Korea announced today that exports and imports of information and communications technology (ICT) goods for March 2025 rose 9.4 percent and 6.8 percent year-on-year, respectively, to USD 20.6 billion and $12.2 billion. The trade balance stood at a surplus of $8.4 billion. Compared to February, the month of March saw exports and trade surplus soar steeply, each advancing 24 percent and 48 percent month-on-month. It is also significant to note that exports of major ICT items gained simultaneously for the first time in eight months. Leading items like semiconductors (up 11.8 percent year-on-year), displays (up 1.3 percent), mobile phones (up 14.5 percent), and computers/peripherals (up 28.1 percent) all achieved growth, whereas communication devices (down 0.4 percent) slowed. The rebound of semiconductors is attributed to buyers’ depleting memory chip inventories and increasing demand for high value-added memory chips like HBMs and DDR5s. Displays snapped their eight-month losing streak, thanks to new mobile phone model releases and wider demand from downstream ICT industries.  Mobile phones performed strong as shipments of parts surged on the backs of demand from overseas production bases. Computers/peripherals enjoyed growth as increasing investments in servers and datacenters across the U.S. and the EU led to higher demand for storage devices. Meanwhile, communication devices inched down as a result of the diminished supply of parts for wireless communication devices. By region, Korea’s ICT exports expanded to destinations like the U.S., Vietnam, and Japan, while those to China (including Hong Kong) and the EU declined.   date2025-04-14

Korea steps up advanced technology cooperation with Germany and Switzerland

Korea’s Director General for Industrial Technology Convergence Policy Je Kyung-hee is visiting Hannover, Germany, through April 1–2 on the occasion of the Eureka Global Innovation Summit 2025 for bilateral talks with relevant countries and to seek technology cooperation measures with leading research institutions. Eureka is the world’ largest joint research platform with the participation of 48 countries, of which Korea became the first non-European and Asian country to take part in its Board of Directors (2023) as Eureka’s first non-European and only Asian country with full membership (2022). At the Eureka Global Innovation Summit, Director General Je met with Head of Directorate-General for European and International Cooperation Armin Reinartz from the Federal Ministry of Education and Research (BMBF) of Germany, Eureka’s co-chair, and discussed measures to strengthen Korea-Eureka cooperation and widen Korea-Germany cooperation in cutting-edge areas such as robots and semiconductors.  Director General Je also met with Marc Pauchard, Head of the Knowledge Transfer and International Programmes Division of the Swiss Innovation Agency, Innosuisse, and articulated Korea’s commitment to supporting Switzerland’s successful Eureka chairmanship through July 2025–June 2026. From April 3–4, Director General Je will be visiting the Fraunhofer Society for the Advancement of Applied Research and the German Aerospace Center (DLR) to discuss the uncovering of new projects in industrial AI, quantum computing, robots, and other advanced technology fields, while seeking ways to leverage the Global Industry and Technology Cooperation Center established at the Fraunhofer Institute to further invigorate the global open innovation of domestic industries, academia, and research institutions. Meanwhile, the Ministry of Trade, Industry and Energy (MOTIE) launched the Korea Eureka Day 2025 from April 1–2 in Hannover, Germany. Since joining Eureka in 2009 as associate member, Korea has provided the platform with funding support of KRW 250 billion spanning 250 projects in advanced bio, AI, and semiconductors. Eureka has also served as the primary platform for technology collaboration between Korean industries and the EU. This year’s Korea Eureka Day saw Korean businesses’ participation in various programs such as the Korea-Europe Innovation Forum, technical partner matchmaking, and one-on-one consulting session with Europe-based Korean engineers.   date2025-04-02

Korea’s retail industry grows 4.4% in February

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s retail industry advanced 4.4 percent year-on-year in February 2025, with offline sales declining 7.7 percent and online sales growing 16.7 percent. 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. With this year’s Seollal holidays landing in January and the number of working days for February coming short by a day compared to last year, retail sales across all offline channels decreased.  Hypermarkets slowed in most sales categories such as food products (down 19.7 percent), home appliances/culture (down 10.9 percent), clothing (down 23.6 percent), and home/living (down 22.5 percent). Department stores showed growth in foreign designer labels (up 4.5 percent) and household goods (up 4.3 percent), while food products (down 21.2 percent), miscellaneous goods (down 6.5 percent), and kids/sports (down 7.6 percent) shrank. Convenience stores and SSMs experienced retreating sales in both food and non-food categories. As for the online retail industry, food products (up 14.9 percent) and service/other (up 76.3 percent) sales expanded on the backs of stronger online delivery services and robust demand for food delivery and e-coupons, whereas fashion/clothing (down 9.7 percent) and sports (down 9.8 percent) contracted. Meanwhile, back-to-school demand drove sales for home appliances/consumer electronics (up 3.6 percent) and helped snap their five-month downward streak.   date2025-03-25

Korea and Spain advance joint R&D cooperation in cutting-edge industries

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea and Spain’s Ministry of Science, Innovation and Universities (MICIU) held the second Korea-Spain Industrial Technology Cooperation Joint Committee (“Joint Committee”) meeting today in Madrid. Since 2015, the two countries have engaged in bilateral technology cooperation through the Eureka Network, the world’s largest R&D platform in which 48 countries around the world are participating. Under the aim to expand the scope and scale of bilateral cooperation, they established a joint R&D program in 2023 for medium to large-sized projects in line with their respective industrial strategies, funding a combined KRW 25.6 billion to joint R&D projects in areas like mobility and renewable energy. At today’s Joint Committee meeting, both sides shared the view that artificial intelligence (AI), advanced materials, and semiconductors serve as critical elements across all industries. Accordingly, they selected AI and semiconductors as main technology collaboration areas for 2025 and advanced materials and nanomaterials as those for 2026 with plans to fund an estimated ₩27 billion in joint R&D. It is anticipated that this technological cooperation among Korea and Spain’s academia, industries, and research institutes will create opportunities for both countries to swiftly apply innovative technologies in various sectors to further enhance their industrial competitiveness. Following the Joint Committee, the two sides plan to continue their bilateral technological exchanges through the Korea Eureka Day slated for April in Germany this year to actively support promising joint projects.   date2025-03-05

Minister Ahn meets U.S. Senator Mark Kelly

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met U.S. Senator Mark Kelly on February 28 (local time) in Washington D.C. and discussed measures for stronger cooperation in the shipbuilding industry. date2025-03-04

KNCP to proceed with mediation procedures on complaint filed against Oxy Reckitt Benckiser

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea held this year’s first Korean National Contact Point (KNCP) Committee meeting today and announced the primary review results over two complaints filed in accordance with the OECD Guidelines for Multinational Enterprises.  Concerning the complaint filed against Company “A” by a non-governmental organization (NGO) in the UK, the KNCP viewed that the need for mediation is not considerable and decided to dismiss the complaint, thereby closing the case. With regard to the complaint filed against humidifier disinfectant manufacturer and seller Oxy Reckitt Benckiser, the KNCP decided to proceed forward with mediation procedures. The complaint was filed by two Korean consumers citing reasons of violation of human rights and consumer protection laws. On reviewing the statements and materials submitted, the KNCP determined that it is necessary to arbitrate the dialogue between concerned parties and initiate the mediation process. Going forward, the KNCP plans to form a mediation committee composed of civilian KNCP members and proceed with mediation procedures on the premise of relevant parties’ voluntary participation. Should the parties reach an agreement, the KNCP will announce the mediation outcomes. Should the parties fail to reach an agreement, the KNCP will announce a final statement carrying its recommendation on unsettled issues and close the case. date2025-02-25

Korea’s retail industry advances 11.7% in January

The Ministry of Trade, Industry and Energy (MOTIE) announced today that Korea’s retail industry grew 11.7 percent year-on-year in the month of January 2025, with offline and online sales advancing 8.8 percent and 14.6 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 jumped 16.1 percent as Seollal holiday demand spurred sales across all categories, centering on food products (up 19.1 percent), home appliances/culture (up 7.5 percent), and home/living (up 8.2 percent). Department store sales climbed 10.3 percent on the backs of Seollal gift purchases, led by foreign designer labels (up 17.3 percent), food products (up 24.9 percent), and kids/sports (up 9.3 percent). Convenience store sales inched up 1.7 percent, with food products (up 2.5 percent) and nonfood products (up 0.9 percent) both increasing, whereas instant food products (down 5.0 percent) shrank for the first time since last year’s Chuseok holidays in September 2024. SSM operators rose 4.8 percent as food products (up 5.1 percent) and nonfood products (up 1.4 percent) both grew, thanks to higher demand for home dining and kitchenware during the Seollal holidays. Online retail sales (up 14.6 percent) enjoyed robust demand for food products (up 19.6 percent), cosmetics (up 7.7 percent), and service/other (up 73.3 percent), fueled by purchases of Seollal holiday gift and e-coupons, rental services for water purifiers and other items, as well as the expansion of online platforms’ delivery services. Meanwhile, sales of fashion/clothing (down 12.8 percent), sports (down 11.9 percent), and home appliances/electronics (down 6.2 percent) continued to slow.   date2025-02-25

Minister Ahn meets Dutch Minister of Economic Affairs

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met Dutch Minister of Economic Affairs Dirk Beljaarts on February 20 in Seoul for discussions on measures to strengthen Korea-Netherlands industrial cooperation as well as agendas like economic security, supply chains, and semiconductors. date2025-02-21

Korea’s top 10 manufacturing industries plan to invest $82 bln in 2025

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held the fifth Industrial Investment Strategy meeting today in Seoul with the participation of Korea’s 10 major manufacturing sectors, the Korea Chamber of Commerce and Industry (KCCI), and the Korea Institute for Industrial Economics & Trade (KIET) to discuss investment performance, investment plans for 2025, and measures to stimulate businesses’ domestic investment. Korea’s top 10 manufacturing industries’ investment outcomes of 2024 amounted to KRW 114 trillion won, surpassing their initial plan of ₩110 trillion. Even as businesses last year experienced difficult conditions as higher-for-longer interest rates increased financing costs and high exchange rates fueled prices of imported capital goods, semiconductors and automobiles led the overall investment performance on an upward trajectory. In 2025, Korea’s 10 leading manufacturing industries plan to make approximately ₩119 trillion (app. USD 82 bln) worth of investments, seven percent higher than the ₩110 trillion that had been planned for 2024. It is meaningful to note that Korea’s major manufacturing sectors’ investment targets are on an expansion trend, despite signs of an intensifying global tariff war and other external and internal factors. The semiconductor industry plans to raise investments centering on cutting-edge memory chips in response to the growing worldwide demand for artificial intelligence (AI) and the automobile industry is aiming to widen investment for its EV transition. Meanwhile, investments by the secondary battery and steel industries are expected to decline as a result of slowing demand and oversupply issues. At the meeting, companies requested that efforts be made to pass the investment tax credit extension bill, which fell through in 2024, and also asked for more drastic financial support as well as active government measures to minimize trade uncertainties. Noting the importance of domestic investment with respect to job creation and supply chain uncertainties, Minister Ahn stated that full support will be given towards fostering a more favorable environment for businesses to steadily increase domestic investments.   date2025-02-12