Ministry of Trade, Industry and Energy

Korea's auto export decline eases in July, domestic sales increase for 6 straight months

The Ministry of Trade, Industry and Energy announced on August 17 that Korea’s automobile output and exports in July decreased 3.8 percent and 11.7 percent, respectively. Meanwhile, domestic sales went up 8.9 percent, increasing for the 6th consecutive month. The number of vehicles produced by Korean automakers went down 3.8 percent to 345,711 units. The decrease was mainly attributable to a slowdown in overseas demand, but the decline eased due to rising domestic sales and export recover date2020-08-18

Korea’s retail sales in June grow 4.6%

The Ministry of Trade, Industry and Energy announced on July 30 that Korea’s overall retail sales in June saw a year-on-year growth of 4.6 percent. Sales of offline retailers edged down 3.0 percent, and those of online retailers expanded 15.9 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 convenience store chains, and four SSM op date2020-07-30

Korea's auto exports drop, domestic sales rise in June

The Ministry of Trade, Industry and Energy announced on July 14 that Korea’s automobile exports and output in June decreased 37.4 percent and 10.8 percent, respectively. Meanwhile, domestic sales jumped 41.9 percent to 205,709 units and hit record high. The number of Korean vehicles produced by Korean automakers went down 10.8 percent to 297,019 units. The decrease was mainly attributable to a slowdown in overseas demand, but the decline eased compared to the past two months. Auto export date2020-07-14

Overall retail sales in Korea increase 2% in May

The Ministry of Trade, Industry and Energy announced on June 30 that Korea’s overall retail sales in May saw a year-on-year growth of 2.0 percent. Specifically, brick-and-mortar sales fell 6.1 percent, while web-based sales jumped 13.5 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 chains, and four SSM operators date2020-06-29

Minister Sung holds webinar on Korea’s COVID-19 response to make “K-quarantine model” global standard

Trade, Industry and Energy Minister Sung Yun-mo held the “International webinar on Korea’s COVID-19 response: Protecting the planet with standards” on June 15, to establish cooperation with major international organizations in an effort to make the “K-quarantine strategy” the global standard for public health.   The webinar was attended by experts in global standardization including Edward Njoroge, president of International Organization for Standardization ( date2020-06-16

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