Ministry of Trade, Industry and Energy

Auto exports edge down 2.9%, export value rises 12.3% in July

The Ministry of Trade, Industry and Energy announced on August 18 that Korea’s automobile output, domestic sales, and exports went down 13.9 percent, 9.6 percent, and 2.9 percent, respectively. However, in value terms, the export value increased 12.3 percent to $4.1 billion, posting double-digit growth for seven straight months. Declines in production and exports are attributable to a high base effect from last year’s expansion and fewer working days (down 2 days) this year. Vehic date2021-08-18

Minister Moon attends meeting to discuss development of local defense industry

Trade, Industry and Energy Minister Moon Sungwook attended the 8th Meeting for the National Defense Industry Development, jointly held with the Ministry of National Defense, on August 11, to discuss measures to foster the local defense industry. MOTIE announced plans to implement a standard model for the use of robots in military food services and manufacturing processes of tactical vehicle, guided missile, and ammunition. Minister Moon said that it is important to take strategic measures that e date2021-08-11

Korea announces plans to secure supply of rare metals

Korea announced, on August 5, measures to secure supply of rare metals, which are key materials used in major industries including future cars, secondary batteries, and low carbon energy. As part of the policy to strengthen competitiveness of materials, parts and equipment industries, the government aims to stabilize the supply chain of rare metals by increasing the stockpile, support rare metal firms with R&D and commercialization, and establish a cooperative system among private and public date2021-08-05

Minister Moon visits residential treatment center for COVID-19 patients

Trade, Industry and Energy Minister Moon Sungwook (second from the right) visited a residential COVID-19 treatment center in Anseong, Gyeonggi Province, on August 2, to encourage the medical staff and support personnel. date2021-08-02

Minister Moon holds meeting to facilitate industry certification process

Trade, Industry and Energy Minister Moon Sungwook held a meeting with industry representatives at the Korean Agency of Technology and Standards, on July 29, to discuss measures to reduce the time and cost of industry certification. Minister Moon stressed that as Korea’s firms are actively developing convergence products using new technologies from the 4th Industrial revolution, the government’s technology regulations should not hinder their innovative efforts. date2021-07-29

Minister Moon makes on-site visits in Changwon

Trade, Industry and Energy Minister Moon Sungwook (second from the right) visited Changwon, on July 28, to encourage the opening of a smart manufacturing demo factory and the construction of a liquid hydrogen plant.   The smart manufacturing demo factory, built as part of the Smart Green Industrial Complex Strategy, incorporates advanced ICT technologies to increase productivity and boost production of high value-added products.   The liquid hydrogen plant, when its construction is date2021-07-28

Korea’s retail sales in June gain 11.4%

The Ministry of Trade, Industry and Energy announced on July 27 that Korea’s overall retail sales in June increased 11.4 percent.   Both offline and online retailers experienced growth, up 4.8 percent and 19.6 percent, respectively.   The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are physical retailers: three department store chains, three hypermarket chains, three convenience store chains, and four “super superm date2021-07-27

MOTIE holds meeting with shipping industry to discuss logistics challenges

Trade, Industry and Energy Minister Moon Sungwook (right) held a joint meeting with the Ministry of Oceans and Fisheries and the shipping industry representatives, on July 21, to discuss ways to resolve difficulties with logistics resulting from shipping container shortages and high freight rates. At the meeting, the ministries agreed to increase the shipping space for peak volumes in the third quarter and expand support for freight charges. date2021-07-21

Minister Moon encourages COVID-19 precautions at industrial sites

Trade, Industry and Energy Minister Moon Sungwook (second from the right) visited Daeryung Knowledge Industry Center, in Seoul, on July 19, to encourage industrial workers to take COVID-19 precautions as cases have surged recently. At a meeting with the Korea Industrial Complex Corporation, Minister Moon requested special efforts for a safe working environment since the virus can spread among transient population at industrial sites. date2021-07-19

Korea’s auto industry sees advancement in production and exports in H1

The Ministry of Trade, Industry and Energy announced on July 15 that Korea’s automobile output and exports in the first six months of 2021 posted year-on-year increases of 11.5 percent and 27.9 percent, respectively. In particular, exports recorded double-digit growth (up 27.9 percent to 1,049,658 units) for the first time since the first half of 2012. In value terms, exports jumped 49.9 percent to $23.6 billion. Green car exports expanded 37.1 percent to 172,921 units, the highest numbe date2021-07-15