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Industry
Trade surplus in industrial materials, components exports set record $30.8 billion in Q1
The Ministry of Trade, Industry and Energy announced on April 19 that trade surplus in industrial materials and components in the first quarter of 2018 set a record USD 30.8 billion.Exports of 11 types of materials and components rose 13.3 percent year-on-year to $74.4 billion, the second highest value of all-time. Exports of both materials and components achieved double-digit growths of 14.0 percent and 13.0 percent, respectively.Imports in this sector grew to $43.6 billion, up 8.2 percent from date2018-04-19
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Industry
Korea’s automobile industry sees decline in March
The Ministry of Trade, Industry and Energy announced on April 12 that Korea’s automobile industry saw year-on-year decreases in exports, production, and domestic sales in March.Automobile exports decreased 10.3 percent year-on-year to 223,855 vehicles. In terms of value, they shrank 8.6 percent to USD 3.8 billion. This decrease is attributable to expectations for release of new models in late spring and inventory adjustment at Korean automakers’ overseas plants. Exports of eco-friend date2018-04-12
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Industry
Minister Paik urges resolution of labor dispute at GM Korea
Trade, Industry and Energy Minister Paik Ungyu (left) met with General Motors Korea’s President Kaher Kazem to urge management to settle the dispute with employees at GM Korea’s plant in Bupyeong on April 6.During his visit to GM Korea, which was arranged amid the escalating tension between the company and its workers, Minister Paik also encouraged the labor union to reach an agreement.Minister Paik added that the Ministry will monitor negotiations between the two parties and mediate date2018-04-06
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Industry
Korea, Turkey to cooperate on eco-industrial parks
Trade, Industry and Energy Vice Minister Lee Inho (left) signed a memorandum of understanding (MOU) with Turkey’s Undersecretary of the Ministry of Science, Industry and Technology Veysel Yayan for strategic cooperation in eco-industrial parks at a signing ceremony at COEX in Seoul on April 2.After signing the MOU, Vice Minister Lee and Undersecretary Yayan exchanged ideas for environmentally-friendly industrial cooperation between the two countries.Vice Minister Lee introduced to the Turk date2018-04-02
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Industry
Retail sales advance 14.0% in February
The Ministry of Trade, Industry and Energy announced on March 29 that overall retail sales in February increased 14.0 percent from a year earlier.Sales of in-store retailers also grew 15.1 percent from a year ago thanks to higher demand for holiday gift sets. They made up 74.7 percent of the total retail sales.Online retail sales in February saw a 12.1 percent year-on-year growth, which is slightly lower than the average monthly year-on-year growth rate of 13.9 percent in 2017. This was due to t date2018-03-29
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Industry
Automobile exports see decline in February
The Ministry of Trade, Industry and Energy announced on March 13 that automobile exports saw a year-on-year decline in February.The number of working days in February this year was three days fewer than that in the same month last year due to the Seollal holiday. This contributed to a contraction in automobile exports, production, and domestic sales. In 2017, the national holiday was in January.Automobile exports decreased 17.1 percent year-on-year to 165,952 vehicles. In terms of value, they sh date2018-03-13
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Industry
Online retail sales increase 21.6% in January
The Ministry of Trade, Industry and Energy announced on February 27 that online retail sales in January increased 21.6 percent from a year earlier while overall retail sales remained roughly the same due to a 9.2 percent year-on-year decrease in in-store retail sales.Online retail sales in January this year saw the largest year-on-year increase since September 2017. This improvement is attributable to the occurrence of the Seollal holiday in February. In the previous year, the same holiday fell date2018-02-27
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Industry
Automobile exports post double-digit growth in January
The Ministry of Trade, Industry and Energy announced on February 13 that automobile exports surged 10.4 percent to 196,835 vehicles from a year earlier in January.In terms of value, car exports grew 9 percent year-on-year to USD 3.2 billion, thanks to increased shipments to most regions, except North America and other Asian countries. This growth was supported by the growing popularity of compact sports utility vehicles (SUVs) and eco-friendly cars. The number of green vehicles shipped overseas date2018-02-19
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Industry
Industry Ministry to host world’s first robot ski tournament
Seoul, Korea - The Ministry of Trade, Industry and Energy announced on February 9 that the Ministry will host the “Edge of Robot: Ski Robot Challenge,” the world’s first robot ski tournament, at a ski resort in Hoengseong, Gangwon Province, on February 12. During the tournament, planned to be held on the sideline of the PyeongChang Winter Olympics, robots will participate in a race similar to giant slalom competitions, which involve skiing between gates. The robot skiers will date2018-02-09
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Industry
Minister Paik chairs meeting with semiconductor, display industry leaders
Trade, Industry and Energy Minister Paik Ungyu (center) posed for a photo with leaders from the semiconductor and display industries at a meeting in Seoul on February 8.During the meeting, Minister Paik, corporate representatives, and professors discussed strategies to promote sustainable growth and development of the semiconductor and display industries.The meeting was attended by about 30 business leaders and academics, including Samsung Electronics Memory Business President Jin Gyoyoung, SK H date2018-02-08