Ministry of Trade, Industry and Energy

Minister Sung meets with coronavirus-hit auto industry representatives to discuss countermeasures

Trade, Industry and Energy Minister Sung Yun-mo (left) held a meeting with local automakers and parts suppliers at the Korea Automobile Manufacturers Association in Seoul, on April 21, to discuss coronavirus countermeasures for the automobile industry hit by declining sales and auto plant shutdowns.   Minister Sung encouraged the industry’s efforts to normalize operations amid pandemic and said the government will continue to closely monitor the situation and develop policy measures date2020-04-21

Korean auto exports, production, and domestic sales all increase in March

The Ministry of Trade, Industry and Energy announced on April 13 that Korea’s automobile exports, production, and domestic sales in March increased 1.3 percent, 6.8 percent, and 10.1 percent, respectively. The number of Korean vehicles exported in March rose 1.3 percent and amounted to 210,900 units. In terms of value, exports rose 3.0 percent to USD 3.8 billion. This expansion is primarily a result of robust demand for eco-friendly cars and sports utility vehicles (SUVs). Especially, the date2020-04-12

Industry Ministry launches support group for innovation of materials, parts and equipment industries

Trade, Industry and Energy Minister Sung Yun-mo (left) attended a launching ceremony of the Support Group composed of state-funded R&D institutes, in order to facilitate convergence and innovation across materials, parts and equipment sectors. The event was held at the Korea Chamber of Commerce & Industry, in Seoul, on April 7. The Ministry expects the alliance will play a key role of supporting R&D activities of the three sectors and so help them decrease technological dependence on date2020-04-07

Overall retail sales in Korea improve 9.1% in February

The Ministry of Trade, Industry and Energy announced on March 30 that Korea’s overall retail sales in February saw a year-on-year growth of 9.1 percent on the back of strong online sales. Sales of brick-and-mortar stores went down 7.5 percent compared to the same period last year, while those of web-based retailers jumped 34.3 percent. These findings are based on surveys of 26 major retailers. Half of them are offline retailers: three department store chains, three hypermarket chains, th date2020-03-30

Minister Sung discusses impacts of coronavirus on auto parts industry

Trade, Industry and Energy Minister Sung Yun-mo (right) held a meeting with representatives of the domestic auto parts manufacturers in Seoul, on March 23, to check the impact on their parts supply chain amid the rapid spread of coronavirus across the U.S. and Europe and discuss aids to support their faltering business.   Minister Sung recognized the challenges not only to car exports but also to the supply of auto parts due to finished car plant and store closures in the U.S. and Europe date2020-03-23

Minister Sung discusses coronavirus countermeasures with state-funded economic think tank representatives

Trade, Industry and Energy Minister Sung Yun-mo (center) held an emergency meeting with representatives from state-funded research institutes, including the Korea Institute for Industrial Economics, at the Government Complex in Sejong, on March 16, to discuss the coronavirus’s economic fallout and possible countermeasures. Minister Sung said that with increasing economic damage caused by the COVID-19 spreading across the real economy, the government has to respond differently to the unpre date2020-03-17

Korea’s auto industry experiences decline in February

The Ministry of Trade, Industry and Energy announced on March 13 that Korea’s automobile industry in February experienced a decline in exports, production, and domestic sales compared to the same period year earlier. Total auto output in February fell 26.4 percent to 189,235 units. The decrease was attributable mainly to the shortage of auto parts from China and the temporary shutdown of production lines due to the coronavirus outbreak. Domestic sales of automobiles also slowed down 18.8 p date2020-03-13

Minister Sung inspects economic impact of COVID-19 outbreak on regional industries in Daegu and Gyeongbuk

Trade, Industry and Energy Minister Sung Yun-mo (second from right) visited the Daegu-Gyeongbuk regional headquarters of the Korea Industrial Complex Corporation on February 26, to discuss industrial complex-level countermeasures as economic toll is growing in the region with the spread of the novel coronavirus (COVID-19).   In an effort to minimize the damage to companies located within the industrial complexes and maintain their business activities, the Ministry plans to provide them wi date2020-02-28

Korean retail industry sees sales growth of 6.6% in January

The Ministry of Trade, Industry and Energy announced on February 28 that overall retail sales in Korea improved 6.6 percent from a year earlier. Sales at both web-based retailers and brick-and-mortar stores increased, 10.2 percent and 4.1 percent, respectively. These findings are based on surveys of 26 major retailers. Half of them are offline retailers: three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSM) operators. The other date2020-02-28

Korean auto industry sees improvement in EV and FCEV exports in January

The Ministry of Trade, Industry and Energy announced on February 14 that Korea’s January exports for electric vehicles (EVs) and fuel cell electric vehicles (FCEVs) increased 11.9 percent and 19.0 percent, respectively. Meanwhile, the Korean automobile industry saw a year-on-year decrease of production, domestic sales, and exports. Total auto output in January fell 29.0 percent to 251,573 units. The decline is mostly attributable to fewer working days due to the Lunar New Year holidays and date2020-02-14