Ministry of Trade, Industry and Energy

Minister Sung holds meeting to discuss post-corona cooperative strategy for automakers

Trade, Industry and Energy Minister Sung Yun-mo (left) held a meeting with representatives of the automobile and the financial sectors at Korea Fuel Tech research center in Pangyo, Gyeonggi Province, on June 15, to discuss measures to revive the coronavirus-hit auto industry through financial support.   The meeting was attended by representatives of subcontractors in the auto industry, car manufacturers, auto industry associations, policy banks, commercial banks, and local banks. date2020-06-15

Korean exports of electric vehicles reach record high in May

The Ministry of Trade, Industry and Energy announced on June 11 that Korean exports of electric vehicles hit record high in May, reaching 11,496 units. Overall automobile exports and production, however, decreased due to the effects of COVID-19. Meanwhile, domestic sales posted a year-on-year growth. The number of Korean vehicles produced by Korean automakers dropped 36.9 percent to 231,099 units. The decrease was attributable mainly to the production adjustment according to the slowdown in ove date2020-06-11

Industry Ministry seeks to expand support for retail industry while demand soars for online delivery

Trade, Industry and Energy Minister Sung Yun-mo (right) visited the logistics center of Emart Online Store run by SSG.COM, an online retailer, on June 10, to check the industry’s response to the surge in online retail purchases and discuss measures to bolster overseas exports of retail services and technologies.   Minister Sung emphasized that online retail services have emerged as the key industry in the post-corona non-contact economy, and mentioned three policy directions to boos date2020-06-10

Korea’s retail sales rise 3.9 percent in April

The Ministry of Trade, Industry and Energy announced on May 29 that Korea’s retail sales in April rose 3.9 percent compared to the same period last year. In particular, online retail sales jumped 16.9 percent. Brick-and-mortar sales, on the other hand, decreased 5.5 percent. The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store date2020-05-29

Industry Ministry holds 6th post-corona industrial strategy dialogue with construction equipment makers

Trade, Industry and Energy Minister Sung Yun-mo (left) held a meeting with representatives of the equipment industry at the Korea Trade Insurance Corporation headquarters, on May 27, to check up on the status of a leading industry in the Korean economy that is experiencing a significant slowdown in demand amid the coronavirus pandemic.   Minister Sung said that the government will make every effort to strengthen support for demand recovery and global competitiveness of construction equipm date2020-05-27

Korean auto exports dip in April, domestic sales increase

The Ministry of Trade, Industry and Energy announced on May 16 that Korea’s automobile production and exports decreased due to stagnant global demand, but domestic sales increased in April. The number of Korean vehicles produced by Korean automakers fell 22.2 percent to 289,515 units. The decrease was attributable mainly to fewer working days in April and contraction in overseas sales demand. Over the same period, the number of vehicles exported in April dropped 44.3 percent and recorded date2020-05-18

Industry Ministry holds 2nd post-corona industrial strategy dialogue with representatives of materials, parts and equipment sectors

Trade, Industry and Energy Minister Sung Yun-mo (right) held a meeting with representatives of the materials, parts and equipment sectors and various R&D institutions at the Korea Chamber of Commerce and Industry headquarters, on May 11, to check the progress of supply stabilization of the 100 core items affected by Japanese export restrictions, and discuss post-corona industrial strategy.   Minister Sung stressed the importance of cooperative measures between the public and the priva date2020-05-11

Retail sales in Korea drop 3.3% in March

The Ministry of Trade, Industry and Energy announced on April 28 that Korea’s online and offline retailers in March saw a year-on-year decrease of 3.3 percent. Brick-and-mortar stores experienced a sales decrease of 17.6 percent, while sales at online retailers grew by 16.9 percent. The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenienc date2020-04-28

Minister Sung visits shipbuilding materials manufacturer to discuss coronavirus countermeasures

Trade, Industry and Energy Minister Sung Yun-mo (center) made an on-site visit to Hankuk Carbon, a local manufacturer of composite materials used to build LNG thermal insulation panels, in Miryang, Gyeongnam Province, on April 24, to check the situation of the shipbuilding equipment industry and discuss support measures in response to the plunge in shipbuilding contracts resulting from the COVID-19 outbreak.   Minister Sung said that the Ministry will make all-out efforts to not only reli date2020-04-24

Industry Ministry promises to support Korean refining sector hit by coronavirus

Trade, Industry and Energy Minister Sung Yun-mo (left) held a meeting with local oil refiners, including SK Energy, GS Caltex, Hyundai Oilbank, and S-OIL at the Korea Trade Insurance Corporation in Seoul, on April 22, to assess the difficulties refiners face amid COVID19 pandemic and discuss support measures for the industry hit by plunging oil prices and petroleum demand.   Minister Sung said the government will continue to support the refining sector recover from coronavirus by relievin date2020-04-22