Ministry of Trade, Industry and Energy

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

Korean retail sales grow 4.8 percent in 2019 due to huge growth in online stores

The Ministry of Trade, Industry and Energy announced on January 29 that Korea’s retail sales in 2019 rose 4.8 percent compared to the previous year. More specifically, online retail sales improved by 14.2 percent, and brick-and-mortar sales edged down 0.9 percent. While online sales posted growth, offline sales such as hypermarket chains and SSM operators declined as online shopping expanded. The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half date2020-01-30

Minister Sung visits wheelchair manufacturer under regulatory sandbox program

Trade, Industry and Energy Minister Sung Yun-mo (right) made an on-site visit to Rscare Service, a local maker of wheelchairs equipped with an electric assistance device, for physically challenged people, in Gimpo, Gyeonggi Province, on January 29, in the Ministry’s efforts to drum up innovative businesses under the regulatory sandbox program. A regulatory sandbox program is a measure to encourage local companies to foster technology-driven new businesses by lifting or suspending existing date2020-01-29

Green vehicles sold within Korea hit record high in December 2019

The Ministry of Trade, Industry and Energy announced on January 16 that eco-friendly and hybrid vehicles sold within Korea in December 2019 increased 23.3% to 15,262 units compared to a year earlier. Automobile exports last month decreased by 6.7 percent year-on-year to 205,595 vehicles due to the need for overseas inventory exhaustion following the release of new K5 model and the adjustment of GM Korea export line. Although the number of vehicles shipped overseas went down, the increase in exp date2020-01-16

Vice Minister Cheong visits Korean photoresist manufacturer in Hwaseong

Trade, Industry and Energy Vice Minister Cheong Seung-il (center) made an on-site visit to the plant of Dongjin Semichem, a local photoresist maker, in Hwaseong, Gyeonggi Province, on January 15, to encourage the firm’s plan to extend its production line.   Photoresist is one of the three materials used to make chips and displays that Japan restricted its exports to Korea on July 4 last year. The other two materials are high-purity hydrogen fluoride and fluorinated polyimides. &nbs date2020-01-15

Korea attracts DuPont investment to diversify EUV photoresist supply

Trade, Industry and Energy Minister Sung Yun-mo (center) met with DuPont president Jon Kemp (right) in San Francisco, on January 8 (local time), to confirm DuPont’s investment decision, which includes the plan to build a production line of EUV photoresist, a key material used to make chips, in Korea by 2021.The global chemical firm will invest $28 million to build production lines by 2021 for EUV photoresists and chemical mechanical planarization (CMP) pads, both of which are key materials date2020-01-09