Ministry of Trade, Industry and Energy

Minister Visits Traditional Market

Minister of Knowledge Economy Choi Joong-Kyung talks with an eatery owner on July 14 at a traditional market in Anyang, south of Seoul. Minister Choi promised to lead a nationwide effort to boost domestic demand. date2011-07-21

Bright Future Ahead for Korea’s Robot Industry

Minister of Knowledge Economy Choi Joong-Kyung (right, front row) poses with a group of students on July 19 at Seoul Robot High School. Minister Choi spoke with teachers and students and observed the students’ robots. date2011-07-21

Retail Sales Figures for June

Sales at the major discount chains rose 2.7 percent year on year—there was a slight increase in spending on food, which accounted for 52.3 percent of all sales. Sunny weather during the first part of the month brought more outdoor activities, pushing up sales of food and sporting items. Spending on household appliances and cultural goods, however, showed a decline—particularly televisions, which had displayed brisk growth last year on the back of the 2010 World Cup. date2011-07-14

Business Sentiment Improves in Second Quarter

The Ministry of Knowledge Economy and the Korea Institute for Industrial Economics and Trade released the Business Survey Index (BSI) for the second quarter, which showed improved sentiment among Korea’s manufacturers compared with the previous quarter. The index for the second quarter stood at 101, while the corresponding figure for the first quarter was 96. The BSI is intended to measure local manufacturers’ assessment of and prospects for business conditions in Korea. A total of 500 manufacturers responded to the quarterly online survey. An index reading above 100 indicates that manufacturers consider current business conditions better than conditions in the previous quarter. The BSI reading for sales and domestic demand were higher than the 100 baseline, while exports and ordinary profits came in at 99 and 91, respectively. The automobile and precision equipment sectors performed better than in the first quarter. In contrast, readings for the semiconductor and textile sectors fell below the 100 mark. Prospects for business conditions in the third quarter reached 111, meaning optimists outnumbered pessimists. Notably, with an index reading of 162, manufacturing companies had high expectations for the semiconductor sector. * Released by the Industrial Economic Policy Division date2011-06-30

MKE Senior Official Speaks at Global Biomedical Forum

Director General for Emerging Industries Kim Joon Dong speaks at the opening of the Global Biomedical Forum on June 8 in Seoul. Participants included industry representatives from the United States, Japan and China. date2011-06-17

Retail Sales Figures for May

    date2011-06-17

MKE Releases Car Sales Figures for May

MKE Releases Car Sales Figures for May The Ministry of Knowledge Economy has released its car sales figures for May. Production, exports and sales of both domestic and imported cars displayed brisk year-on-year growth, partly due to fresh demand for new models and consumer preference for efficient smaller cars. On the back of continued robust exports, Korea produced 388,666 vehicles, a 10.5 percent increase from the year before. Domestic sales posted a 4.8 percent increase to 129,315 vehicles. date2011-06-14

Retail Sales Figures for April

The Ministry of Knowledge Economy has released its retail sales figures for the month of April. Sales at the nation's three major discount chains and its three major department store chains posted positive growth. Sales at the major discount chains increased 4.6 percent-largely because of higher spending on food, which accounted for 54.6 percent of all sales. Warmer weather drove up sales of sporting items, while discounts stimulated spending on apparel.     With more Saturdays in April, sales at the nation's three major department store chains went up 15.1 percent. Notably, spending on luxury goods jumped43.2 percent. Sales of household goods displayed double-digit growth for the fifth consecutive month as a result of home appliance promotions. Due to the increase in outdoor activities such as hiking, sales of children's goods and sporting items climbed 19.9 percent.       *Released by the Distribution and Logistics Division   date2011-05-20

MKE Releases Car Sales Figures for April

MKE Releases Car Sales Figures for April The Ministry of Knowledge Economy has released its car sales figures for April. Despite higher oil prices, the country's car production and export figureshit record levels. Sales of both domestic and imported cars showed a year-on-year increase. Korea produced 395,383 vehicles, posting a 3.5 percent increase from the same period the previous year. Production has shown positive growth for seven monthsin a row. New cars and imported vehicles performed well date2011-05-17

Retail Sales Figures for March 2011

The Ministry of Knowledge Economy has released its retail sales figures for the month of March. Sales at the nation’s three major discount chains and its three major department store chains posted positive growth. Greater spending on food, which accounted for 54.6 percent of all sales, drove up sales at the major discount chains 1.9 percent. Sales were down in some categories such as household appliances and cultural goods (-13 percent), general goods (-1.4 percent) and apparel (-0.5 percent); however, spending on food, sporting items and household goods climbed 5.8 percent, 5.3 percent and 1.4 percent, respectively. Sales at the nation’s three major department store chains displayed double-digit growth (13.1 percent), and spending was up across a wide spectrum of categories. General goods, women’s suits, women’s casual wear, men’s clothing, children’s goods and sporting items, household goods and food gained 12.4 percent, 4.5 percent, 7.5 percent, 7.6 percent, 15.7 percent, 16.2 percent and 12.0 percent, respectively. Notably, luxury goods posted a 27 percent increase in sales and accounted for 14.1 percent of all sales—up from only 13.1 percent in February. Spending on household goods increased, mainly as a result of promotions and discounts involving home appliances.   * Released by the Distribution and Logistics Division date2011-04-15