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Industry
Korea unveils roadmap to develop future car industry
The Ministry of Trade, Industry and Energy (MOTIE) unveiled a roadmap for the development of the future car industry that aims to generate a new growth engine for the Korean economy at a conference in Pangyo, near Seoul, on February 2. According to the roadmap, the Korean government and private sector will cooperate on developing core technologies for autonomous vehicles and constructing smart traffic systems to introduce the infrastructure necessary for completely self-driving cars by 2022.Elec date2018-02-02
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Industry
Korea’s retail sales increase 6.2% in 2017
The Ministry of Trade, Industry and Energy announced on January 30 that retail sales in 2017 increased 6.2 percent over 2016 on the back of strong growth in e-commerce businesses. Online retail sales in 2017 jumped 13.2 percent from a year earlier, accounting for 33.9 percent of the total retail sales. This double-digit growth in web-based sales was due to consumers’ preference to convenient online shopping experiences. Sales of major online sellers grew 27 percent and those of online date2018-01-31
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Industry
Korea’s automobile exports return to growth in 2017
The Ministry of Trade, Industry and Energy announced on January 17 that Korea’s exports of automobiles returned to growth in 2017, while production and domestic sales slowed. Automobile exports increased 3.9 percent year-on-year to $41.7 billion in 2017 after two years of contraction. Exports in value grew although the number of vehicles shipped abroad contracted 3.5 percent to 2,529,153. Car production in 2017 decreased 2.7 percent to 4,114,913 units from a year earlier. Domestic sales date2018-01-19
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Industry
Industrial materials, components exports post all-time high in 2017
The Ministry of Trade, Industry and Energy announced on January 18 that exports of 12 types of industrial materials and components in 2017 posted an all-time high of USD 28.2 billion.The value of materials and components shipped abroad rose 12.0 percent year-on-year, recording a double-digit growth for the first time in six years, on the back of global economic recovery.Imports in the sectors grew to $168.3 billion, up 10.3 percent from 2016. The annual trade balance increased by $14.6 bill date2018-01-18
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Industry
Retail sales rise by 9.4 % in November 2017
The Ministry of Trade, Industry and Energy announced on December 29 that Korea’s retail sales rose by 9.4 percent to 10.7 trillion won in November on a double-digit growth in e-commerce revenues and strong performance of brick-and-mortar retailers. Web-based sales, which account for more than a third of the total retail sales, jumped 16.7 percent from a year earlier, while in-store revenues expanded 5.4 percent, the fastest pace recorded since January. Sales in all seven major product date2018-01-08
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Industry
Automobile exports grow 3.4% on strong sales of eco-friendly cars in November
The Ministry of Trade, Industry and Energy announced on December 12 that exports of automobiles grew 3.4 percent to $4.1 billion on strong sales of eco-friendly cars and large vehicles in November. Meanwhile, production and domestic sales by number of vehicles contracted 8 percent and 1.2 percent, respectively. Automobile exports by value climbed in November although the number of vehicles shipped abroad declined 8 percent to 237,083. Korean carmakers expor date2017-12-12
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Industry
Minister Paik presides public-private meeting on industrial innovation
Trade, Industry and Energy Minister Paik Ungyu (right) spoke at the meeting with business leaders and policy experts to discuss industrial innovation at a hotel in southern Seoul on December 6. Minister Paik presided the meeting, which was designed to address responses to changes in the global industries such as the Fourth Industrial Revolution as well as innovative industrial growths. At the meeting, the Minister delivered opening remarks and discussed the direction of the government&rsq date2017-12-06
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Industry
Retail sales grow 3% in October
The Ministry of Trade, Industry and Energy announced on November 29 that Korea’s retail sales grew 3 percent to 10.13 trillion won in October from a year ago. Online sales, which account for about a third of the total retail sales, rose by 4.2 percent, a relatively slow pace compared to past months due to the suspension of delivery services during the Chuseok holiday between October 3 and 9. In-store sales climbed 2.5 percent. By product, sales in five of seven majo date2017-11-29
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Industry
Fewer working days drive down automobile production, exports in October
The Ministry of Trade, Industry and Energy announced on November 9 that automobile production, domestic sales and exports decreased at double-digit rates in October due to fewer working days in the month. October this year had four fewer working days compared to a year ago because Korea celebrated the Chuseok holiday. The national holiday was in September last year. Five domestic carmakers – Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, and Renault Samsung M date2017-11-09
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Industry
Retail sales jump 8.4% on steep rise in online shopping in September
The Ministry of Trade, Industry and Energy announced on October 29 that retail sales jumped 8.4 percent to 10.5 trillion won in September on a 22.8-percent increase in e-commerce revenues. Web-based sales, which account for about a third of the total retail sales, soared 22.8 percent from a year earlier. Last year, Korea celebrated Chuseok in September and online shopping slowed down with delivery services suspended during the national holiday. Chuseok was in early October this year. &nb date2017-10-29