Ministry of Trade, Industry and Energy

Korea, China discuss joint industrial complexes

Deputy Minister of International Trade and Legal Affairs Kim Chang-kyu (center) of the Ministry of Trade, Industry and Energy and Chinese Vice Minister of Commerce Gao Yan had the second meeting for cooperation between Korea and China on industrial complexes in Yancheng, China, on June 12.During the meeting, the two ministers agreed to start a pilot project that could create new industry clusters, and to discuss details for the Korea-China investment cooperation fund. The two governments also ag date2018-06-12

Retail sales jump 6.3 percent in April

The Ministry of Trade, Industry and Energy announced on May 30 that overall retail sales increased 6.3 percent in April from a year earlier, as growth in online sales remains robust.   Online retail sales rose 15.9 percent year-on-year in April, while sales at brick-and-mortar retailers showed a modest growth rate of 1.0 percent year-on-year over the same period.   The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are brick-and- date2018-05-30

Korean auto part exports, EV sales grow in April

The Ministry of Trade, Industry and Energy announced on May 17 that exports of Korean automobile parts rose 6.6 percent year-on-year to USD 2.0 billion in April, thanks to a recovery in the Chinese market and to export growth in emerging economies.   A breakdown of auto part exports showed that outbound shipments to all major regions except North America increased. Nevertheless, North America remained as the biggest importer, purchasing $670 million worth of Korean auto parts.   Ho date2018-05-17

Minister Paik hosts first public-private meeting for industrial innovation and growth

Minister of Trade, Industry and Energy Paik Ungyu (left) hosted the first Industry Innovation 2020 Platform meeting to discuss strategies for industrial innovation and growth with business leaders and academics in Seoul on May 11.   Through the Industry Innovation 2020 Platform launched by the Ministry, the public and private sectors will draw up a detailed roadmap to achieve results of industrial innovation by 2020 and cooperate to overcome obstacles in the process.   During the m date2018-05-11

Ministry signs MOU with GM to advance Korean auto industry

Trade, Industry and Energy Minister Paik Ungyu (center) signed a memorandum of understanding (MOU) with General Motors International President Barry Engle (right) to advance the Korean automobile industry in Seoul on May 10.   Under the MOU, GM will establish its Asia-Pacific headquarters in Korea, develop GM Korea to serve as a hub for production, sales, and technological development in Asia, and increase purchases of Korean auto parts as an effort to enhance the competitiveness of the K date2018-05-10

Online retail sales grow at double-digit rate in March

The Ministry of Trade, Industry and Energy announced on April 27 that online retail sales in March expanded 17.0 percent from a year earlier.Sales of brick-and-mortar retailers also advanced 5.4 percent year-on-year. This increase came from every type of in-store retailers, from convenience stores to hypermarkets.Thanks to the strong performances from both online and in-store retailers, overall retail sales in March saw a growth of 9.4 percent.The Ministry of Trade, Industry and Energy estimates date2018-04-27

Trade Minister Kim visits R&D center for self-driving and eco-friendly cars

Trade Minister Kim Hyun-chong (second from right) discussed vehicle development strategies and international cooperation plans with automobile experts at Hyundai Motor Group’s Environmental Technology Center in Yongin on April 26.Trade Minister Kim’s Thursday visit was part of an effort to establish trade policies in the era of digital economy spurred by the Fourth Industrial Revolution.During the visit, Trade Minister Kim said that the Ministry plans to proactively address new trade date2018-04-26

Korea to promote the spread of hydrogen fueling stations

Trade, Industry and Energy Vice Minister Lee Inho (fourth from right in the front row) signed a memorandum of understanding with leaders from hydrogen-related industries to establish special purpose companies (SPCs) that will embark on an infrastructure development project for hydrogen fueling stations in Korea at a meeting in Seoul on April 25.Until now, hydrogen fueling stations have been built by local municipalities or research centers rather than private enterprises because of high installa date2018-04-25

Trade surplus in industrial materials, components exports set record $30.8 billion in Q1

The Ministry of Trade, Industry and Energy announced on April 19 that trade surplus in industrial materials and components in the first quarter of 2018 set a record USD 30.8 billion.Exports of 11 types of materials and components rose 13.3 percent year-on-year to $74.4 billion, the second highest value of all-time. Exports of both materials and components achieved double-digit growths of 14.0 percent and 13.0 percent, respectively.Imports in this sector grew to $43.6 billion, up 8.2 percent from date2018-04-19

Korea’s automobile industry sees decline in March

The Ministry of Trade, Industry and Energy announced on April 12 that Korea’s automobile industry saw year-on-year decreases in exports, production, and domestic sales in March.Automobile exports decreased 10.3 percent year-on-year to 223,855 vehicles. In terms of value, they shrank 8.6 percent to USD 3.8 billion. This decrease is attributable to expectations for release of new models in late spring and inventory adjustment at Korean automakers’ overseas plants. Exports of eco-friend date2018-04-12