Ministry of Trade, Industry and Energy

Online retail sales post double-digit growth of 13.3 percent in August

The Ministry of Trade, Industry and Energy announced on September 28 that online retail sales in August increased 13.3 percent compared to a year earlier on the back of stronger demand for most item categories.Offline retail sales also went up 2.9 percent thanks to sales growth at convenience stores and super supermarkets (SSMs). This and the double-digit growth in web-based retail sales helped the overall retail sales expand 6.5 percent.The Ministry releases monthly retail sales figures based o date2018-09-28

Minister Sung takes office as 60th chief of Ministry of Trade, Industry and Energy

New Trade, Industry and Energy Minister Sung Yun-mo delivered an inaugural address as the Ministry’s 60th chief at his inauguration ceremony held in the Government Complex Sejong on September 27.During his speech, Minister Sung said that the Ministry will work towards industry, trade, and energy policies to create quality jobs and to spur innovation-driven economic growth.The ceremony was attended by all Ministry officials, including Trade, Industry and Energy Vice Minister Lee Inho, and s date2018-09-27

Auto exports, production, domestic sales all expand in August

The Ministry of Trade, Industry and Energy announced on September 12 that Korea's automobile exports, production, and domestic sales in August all expanded compared to the same period last year.Exports of finished vehicles grew 2.1 percent year-on-year to 174,869 units. In terms of value, they inched up 0.5 percent to USD 2.9 billion. This is attributable to increased sales of newly launched sports utility vehicles (SUVs) and demand growth in Middle Eastern and non-EU European countries. In addi date2018-09-14

Vice Minister Lee emphasizes creating new growth opportunities in bio-health industry

Trade, Industry and Energy Vice Minister Lee Inho delivered a speech at the opening ceremony of BIOplus 2018, which was hosted by the Korea Biotechnology Industry Organization (KoreaBio) to share recent bioindustry trends and seek new business opportunities, in Seoul on September 6.During the speech, Vice Minister Lee underlined the importance of new growth opportunities in Korea’s bio-health industry and suggested policy directions based on the country’s abundant biotechnology data, date2018-09-06

July retail sales up 7.8 percent, as retailers see growth online, offline

The Ministry of Trade, Industry and Energy announced on August 30 that overall retail sales in July 2018 expanded 7.8 percent compared to July 2017, as online and offline retailers both saw growth.   Online sales jumped 17.8 percent, seeing the biggest year-on-year growth since January 2018.   Sales at brick-and-mortar retailers also climbed, 2.3 percent year-on-year, led by sales growth at convenience stores and department stores.   All categories of retailers except for co date2018-08-30

Korea, Indonesia hold automotive dialogue

Deputy Minister for Trade Kang Sung-chun (left hand side, fourth from left) sought bilateral cooperation in the automobile industry with his Indonesian counterpart during the first Korea-Indonesia Automotive Dialogue in Seoul on August 24.   During the dialogue, the two Asian trade partners decided to have automotive dialogues on a regular basis to expand cooperation in the future car industry, such as electric vehicles, hydrogen-powered cars, and autonomous cars.   Regarding marke date2018-08-24

Auto parts exports rise 7.1 percent in July

The Ministry of Trade, Industry and Energy announced on August 13 that auto parts exports rose 7.1 percent year-on-year to USD 2 billion in July.   The expansion was mostly led by export growth to the U.S. and Chinese markets. Shipments to North America and Asia increased 7.2 percent to $714 million and 17.9 percent to $501 million, respectively. Shipments to the European Union (EU) and to non-EU European countries also saw growth, posting 2.8 percent growth to $392 million and 11.8 perce date2018-08-13

Minister Paik conducts site visit to SK Hynix

Minister of Trade, Industry and Energy Paik Ungyu (second from right) visited the site of SK Hynix, the nation’s second largest chipmaker, located in Icheon, Gyeonggi Province, in order to listen to challenges and difficulties facing the company in management and to discuss the policy direction to keep the Korean chipmaker competitive in the global market.   On the same day, Minister Paik also made a visit to the Samsung Electronics' chip-making site located in Pyeongtaek, Gyeonggi date2018-07-30

June retail sales climb 8.1 percent

The Ministry of Trade, Industry and Energy announced on July 30 that overall retail sales in June grew 8.1 percent from a year earlier, boosted by strong online sales.   Online sales surged 14.0 percent in June, continuing an eight-month streak of double-digit growth.    Sales at brick-and-mortar retailers also advanced 4.8 percent year-on-year, although their share of total sales decreased as online sales soared.   The Ministry of Trade, Industry and Energy estimates m date2018-07-30

Ministry turns to deregulation drive for new growth engines

Minister of Trade, Industry and Energy Paik Ungyu vowed to ease regulations on new industries for future growth, such as hydrogen-powered vehicles, biohealth, and new energy businesses, during a discussion with business leaders in Seoul on July 24.    The discussion was attended by some 30 executives from relevant industries, including Korea Gas Corporation CEO Cheong Seung-il, Hyundai Motor Vice President Park Gwang-sik, and JNK Heaters President Kim Bang-hee, as well as officials f date2018-07-24