Ministry of Trade, Industry and Energy

Industry Ministry stresses autonomy and global cooperation in market-oriented R&D policy innovation plan

Trade, Industry and Energy Minister Sung Yun-mo (center) held a virtual meeting with representatives from the industry, academia, and research institutes, on September 8, to discuss the market-oriented R&D policy innovation plan amid uncertainties presented by COVID-19 and the digital transition.The Ministry will allow more flexibility to R&D projects by lifting regulations for outstanding institutes in revising and adjusting research goals according to the market condition, encourage ma date2020-09-08

Korea’s retail sales increase 4.4% in July

The Ministry of Trade, Industry and Energy announced on August 28 that Korea’s overall retail sales in July saw a year-on-year growth of 4.4 percent. Sales of offline retailers edged down 2.1 percent, and those of online retailers went up 13.4 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 o date2020-08-31

Industry Ministry inspects impact of COVID-19 resurge on real economy

Trade, Industry and Energy Minister Sung Yun-mo held an emergency virtual meeting with representatives from various industrial sectors on August 26 to discuss the impacts of the recent surge in new coronavirus cases on the real economy.Minister Sung emphasized thorough quarantine needs at industrial sites and promised that the Ministry will continue with its efforts to improve current support measures and assist the industrial sector overcome the crisis. date2020-08-26

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