Ministry of Trade, Industry and Energy

Korea and Japan discuss measures for implementing summit outcomes on margins of Washington trilateral

Trade, Industry and Energy Minister Dukgeun Ahn met Japanese Minister of Economy, Trade, and Industry Saito Ken on June 26 in Washington D.C. on the margins of the Korea-U.S.-Japan trilateral industry ministers’ meeting and discussed measures for implementation of agreed outcomes of the Korea-Japan summit held this May.   The delegations of both sides welcomed the launching of the recent inaugural Hydrogen Cooperation Dialogue in Seoul and agreed on installing the Clean Hydrogen and Ammonia Supply Chain Development Working Group and on nurturing public-private cooperation through the “Korea-Japan Hydrogen and Ammonia Supply Chain and Utilization Cooperation Platform (tentative)” and other means.   The two sides also agreed to consult with experts for a more detailed cooperation on the Carbon Free Energy (CFE) Initiative and highly assessed the Korea-Japan Global Green Cooperation Working Group held this May and decided to bolster joint response.   The Korean and Japanese delegations agreed to continue their supply chain discussions across major industries while also making concerted efforts to stabilize the global supply chain for critical minerals. Lastly, they discussed measures for cooperation in key multilateral initiatives like the Indo-Pacific Economic Framework for Prosperity (IPEF) and the World Trade Organization (WTO), as well as the Korea-Japan-China and Korea-U.S.-Japan multilateral consultations. date2024-06-27

International Light Convergence Expo 2024 launches at KINTEX, Ilsan

The Ministry of Trade, Industry and Energy (MOTIE) is holding the opening ceremony of the International Light Convergence Expo 2024 (June 26–28) at KINTEX in Ilsan on June 26.   Now in its 22nd year as Korea’s largest light convergence industry exhibition, International Light Convergence Expo 2024 is launched with the participation of 150 relevant companies and institutions.   The Expo will be running buyer consultation sessions to support new market entry, showcase Korea’s latest light convergence technologies, and facilitate discussions on business strategies through an industrial forum.   Based on LED and laser technology, light convergence creates technological and market value through convergence with other industries and serves as a key foundational technology for ushering in future and advanced industries’ new sectors.   The opening ceremony is attended by 60 persons, including lawmaker Kim Sung-won, MOTIE officials, and related companies and institutions’ representatives. Contributors to the light convergence sector are awarded government commendations for developing new technologies and achieving other advancements.   The Presidential Commendation Award goes to Optoelec for developing ultrasmall optical devices for semiconductor manufacturing and the Prime Minister’s Commendation to SCL for developing high-efficiency smart lighting technology. The MOTIE Minister’s Commendation is awarded to four researchers at KIEL Institute for their contribution to the light convergence industry’s technological development. date2024-06-26

Minister Ahn meets with Brookings Institution President

Trade, Industry and Energy Minister Dukgeun Ahn met with Brookings Institution President Cecilia Elena Rouse on June 24 in Washington D.C. on the margins of the first Korea-U.S.-Japan trilateral industrial ministerial and discussed Korea’s strategic measures regarding major U.S. technologies and industries. date2024-06-26

Korea’s retail industry grows 8.8% in May

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 25 that Korea’s retail industry grew 8.8 percent year-on-year in May 2024, with offline and online sales advancing 0.9 percent and 16.5 percent, respectively.   MOTIE releases monthly retail sales figures based on surveys of 25 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 12 are online retailers.   Offline sales showed an uptick despite the sales decline across hypermarkets and department stores, as sales climbed at convenience stores and SSMs.   By offline retail channel, hypermarket sales dropped 3.1 percent as sales of most items decreased except for food products (up 2.9 percent), with home appliances/culture (down 19.1 percent), sports (down 14.2 percent), and miscellaneous goods (down 12.9 percent) shrinking.   Department store sales slid 0.1 percent despite the growth of food products (up 3.9 percent) and household goods (up 3.8 percent), as men’s clothing (down 9.3 percent), women’s suits (down 7.2 percent), and kids/sports (down 3.6 percent) dropped.   Convenience stores (up 4.1 percent) saw sales growth across all items, including miscellaneous goods (up 4.4 percent) and daily necessities (up 4.0 percent). Cost-effective food items like beverages/processed food products (up 5.1 percent), and instant food products (up 2.0 percent) also enjoyed robust demand.   SSM operators gained 4.8 percent despite the fall in non-food products like daily necessities (down 5.7 percent) and miscellaneous goods (down 0.4 percent), as increasing demand for home cooking boosted sales of agricultural, fishery, and livestock items (up 8.1 percent) and processed food products (up 5.3 percent).   Online sales soared 16.5 percent as various discount promotion events were launched amid the global e-commerce competition, driving sales of food products (up 26.1 percent), service/other (up 55.9 percent), and a majority of other items, with the exception of fashion/clothing (down 13.8 percent) and sports (down 4.3 percent). Demand for travel, performance, delivery services, and frozen food products expanded, leading to steep sales growth of cost-effective and bulk food items. date2024-06-25

Minister Ahn visits Washington D.C. for 1st Korea-U.S.-Japan industry ministers' meeting

Trade, Industry and Energy Minister Dukgeun Ahn is visiting the U.S. through June 24–28 on the occasion of attending the first Korea-U.S.-Japan trilateral industry ministers’ meeting on June 26 in Washington D.C.   In accordance with the agreement made during the Trilateral Leaders' Summit held at Camp David in August 2023 on launching and regularizing the trilateral industry ministerial, the three countries will discuss measures to strengthen economic security and industrial cooperation during the inaugural meeting. They also plan to launch a business conference led by their major economic groups to extend the scope of trilateral cooperation to private sectors.   On the margins of this visit to Washington D.C., Minister Ahn will be meeting with the U.S. Secretary of Commerce and other key figures in industrial and energy areas for wider bilateral cooperation. Following the first meeting held last year, Korea and the U.S. will hold the second Supply Chain and Commercial Dialogue (SCCD) on June 27 to seek concrete outcomes in semiconductors, bio, and such advanced industries. In addition, the two sides will be holding the Korea-U.S. SCCD Semiconductor Forum (June 27), the Korea-U.S. Advanced Industry and Technology Cooperation Forum (June 27), and the Clean Energy Business Forum (June 25) to facilitate business collaboration and networking between the two countries.   Minister Ahn stated that this visit is significant in terms of laying down the private-public institutional groundwork to deepen Korea-U.S. cooperation and to expand the cooperation among Korea, the U.S., and Japan, adding that he looks forward to seeing wide-ranging and active discussions for stronger bilateral and trilateral cooperation in advanced industries and clean energy. date2024-06-24

Korea and Germany discuss economic cooperation for building future industrial competitiveness

Trade, Industry and Energy Minister Dukgeun Ahn met Germany's Vice Chancellor and Federal Minister for Economic Affairs and Climate Action Robert Habeck on June 21 in Seoul in the attendance of the German economic delegation comprising representatives of 13 German companies and discussed global economic issues and bilateral cooperation measures for strengthening future industrial competitiveness.   In his welcome address, Minister Dukgeun Ahn stated that “Cooperation among like-minded countries is all the more important amid the recently rising global economic uncertainties” and underscored the strong potential synergy of the two countries’ partnership in industrial competitiveness, digital, and decarbonization owing to their solid manufacturing base.   With Germany being Korea’s largest trading partner in Europe, the two sides reaffirmed their close economic cooperative ties in view of the all-time high bilateral trade volume recorded last year. Both sides agreed to continue joint efforts in areas like standards and data sharing for the digital transition and acceleration of industrial AI utilization and to maintain their cooperation and understanding on energy policies through the Korean-German Energy Partnership. Furthermore, they decided to bolster mutually complementary relations through joint R&D projects in future mobility areas as well. date2024-06-21

Korea’s automobile exports hit all-time high for May

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 20 that Korea’s automobile exports logged in the past month climbed 4.8 percent year-on-year to USD 6.5 billion, a historic high for the month of May. The accumulated value from January to May this year is another all-time high for the period at $30.8 billion (up 4.7 percent year-on-year).   In May, eco-friendly vehicle exports grew 4 percent to $2.2 billion, driven by the steep growth of hybrid electric vehicles (HEVs) (up 48 percent) and surpassing $2 billion for three months straight.   By destination, automobile exports to North America advanced 36 percent to $4 billion, whereas those to the EU declined. Exports to Oceania improved 7 percent on the backs of new Korean model releases in the Australian market.   May’s automobile production volume amounted to 372,810 units (down 2 percent) and domestic sales recorded 141,313 units (down 7 percent). Domestic sales of eco-friendly vehicles rose 10 percent to 52,335 units as demand for HEVs climbed 19 percent to 38,134 units, while sales of battery electric vehicles (BEVs) marked a 3 percent downtick to 13,255 units. date2024-06-20

K-Shipyard Export Financing Support MOU conference

Trade, Industry and Energy Minister Dukgeun Ahn and Financial Services Commission (FSC) Chairman Kim Joo-hyun held the K-Shipyard Export Financing Support MOU ceremony on June 17 in Seoul with the participation of five major nationwide banks, three local banks, four policy financing institutions, and three shipyards for securing Korea’s global shipbuilding dominance and expanding exports. date2024-06-17

Export financing authorities pool $10.8 bln refund guarantees for domestic shipyards

Trade, Industry and Energy Minister Dukgeun Ahn and Financial Services Commission (FSC) Chairman Kim Joo-hyun held the K-Shipyard Export Financing Support MOU ceremony on June 17 in Seoul with the participation of five major nationwide banks, three local banks, four policy financing institutions, and three shipyards for securing Korea’s global shipbuilding dominance and expanding exports.   Korean shipyards are currently on a tailwind of bulk orders for LNG carriers and such high value-added ships, winning over four years’ worth of work. Ship exports have also risen 57 percent year-on-year to USD 10.4 billion (Jan–May, 2024).   Amid these developments, the Ministry of Trade, Industry and Energy (MOTIE) and FSC agreed to increase the amount of advance payment refund guarantee (RG) for shipbuilders through collaboration with related ministries, banks, and policy financing institutions. Accordingly, RGs worth $10.1 billion and $0.7 billion will be provided to large and mid-sized shipyards, respectively, totaling $10.8 billion worth of RGs to homegrown shipyards.   The K-Shipyard Export Financing Support MOU is meaningful in that it is the first RG jointly issued by nationwide and local banks to mid-sized shipyards. date2024-06-17

Korea's ICT exports rise 31.8% in May

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 17 that Korea’s export and import of information and communications technology (ICT) goods for May recorded USD 19.1 billion and $11.5 billion, respectively, and the trade balance stood at a surplus of $7.6 billion.   The ICT export growth rate entered the 30 percent thresholds in May (up 31.8 percent year-on-year) for the second consecutive month, thanks to robust exports of semiconductors, displays, mobile phones, and computers/peripherals.   By item, semiconductors (up 52.4 percent), displays (up 15.3 percent), mobile phones (up 10.8 percent), and computers/peripherals (up 42.5 percent) advanced.   By region, exports to China (including Hong Kong) (up 35.3 percent), Vietnam (up 30.6 percent), the U.S. (up 20.7 percent), and Europe (up 21.3 percent) expanded.   Meanwhile, increased demand for parts of major items like semiconductors and displays raised overall imports 2.4 percent year-on-year. date2024-06-17