Ministry of Trade, Industry and Energy

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

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