Ministry of Trade, Industry and Energy

Domestic car sales return to growth in September

The Ministry of Trade, Industry and Energy announced on October 17 that automobile sales in Korea rose 4.1 percent year-on-year to 133,016 vehicles in September following seven consecutive monthly decreases.Domestic sales of Korean-made cars inched up 1.0 percent to 110,465 units, and those of imported cars improved 22.5 percent to 22,551 units despite a decline in Japanese car sales (down 59.8 percent). Domestic sales of environmentally friendly cars also gained 10.3 percent to 9,656 units. Loc date2019-10-21

Korea unveils three key strategies to accelerate the future development of the car industry

The Ministry of Trade, Industry and Energy announced three key strategies to accelerate the future development of the car industry on October 15. Under this plan, Korea’s green car industry will seek to account for 10 percent of total eco-friendly car sales in the global market by 2030.Read the summary of the plan here: date2019-10-17

Industry Minister Sung announces policy roadmap for Korea’s future mobility

Trade, Industry and Energy Minister Sung Yun-mo rolled out a policy roadmap for Korea's future mobility on Oct 15. The roadmap includes a goal to lift the country's share of the world's electric and hydrogen-powered vehicle market to 10% by 2030 from the current 4%. date2019-10-17

Minister Sung attends Korea-Germany tech conference in Seoul

Trade, Industry and Energy Minister Sung Yun-mo (center) delivered a congratulatory speech at the Korea-Germany tech conference in Seoul on Oct 8. The conference was part of efforts to strengthen partnership with Germany in parts, materials and equipment sectors.   Minister Sung also attended the MOU signing ceremony between the Korea International Trade Association (KITA) and the Korean-German Chamber of Commerce and Industry (KGCCI) at the conference. date2019-10-08

Korean retail industry sees 7% increase in sales in August

The Ministry of Trade, Industry and Energy announced on September 29 that the Korean retail industry saw a 7.0 percent year-on-year increase in sales in August. Sales at brick-and-mortar stores advanced 2.1 percent, while sales at online retailers rose 15.2 percent.These results 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 oth date2019-09-30

Trade Minister Yoo meets with foreign investors in materials & components industry in Seoul

Trade Minister Yoo Myung-hee (center) discussed current trade and industry issues with foreign investors in the materials and components industry in Seoul on Sep 26.   The meeting was attended by more than 30 government officials and business leaders from foreign-invested companies including 3M Korea, DuPont Korea and Merck Korea. date2019-09-27

Automobile exports edge down 3.4 percent in August

The Ministry of Trade, Industry and Energy announced on September 18 that Korean automobile exports inched down 3.4 percent to 164,154 vehicles from a year earlier. The drop in exports is largely attributable to fewer working days. In value terms, however, exports advanced 4.6 percent year-on-year to USD 3.0 billion.Automobile output totaled 249,390 units, down 15.9 percent. The local automakers are Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, Renault Samsung Motors, Zyle Daewoo Bus, an date2019-09-18

Minister Sung visits a leading fiber optic cable manufacturing company in Ansan

Trade, Industry and Energy Minister Sung Yun-mo (second from the left) visited Taihan Fiber Optics, a local producer of synthetic quartz in Ansan, on Sep 4. During his visit, Minister Sung discussed ways to improve competitiveness of the material industry. date2019-09-05

Korea’s online retail sales improve 8.7% in July

The Ministry of Trade, Industry and Energy announced on August 29 that Korea’s online retail sales in July saw a year-on-year improvement of 8.7 percent. Overall retail sales, however, inched down 0.1 percent as sales at brick-and-mortar stores decreased 5.6 percent.These results are 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 super supermarket (SSM) op date2019-08-30

Minister Sung visits a local chemical company in Ulsan

Trade, Industry and Energy Minister Sung Yun-mo (center) visited Jeil Chemical, a local producer of epoxy resins, in Ulsan on Aug 28.   Minister Sung assessed the impact of Korea’s removal from Japan’s white list of preferred trade partners and promoted the government’s plans to support local parts and material industries.   date2019-08-28