Ministry of Trade, Industry and Energy

Minister Paik discusses investment with semiconductor, display industry leaders

Trade, Industry and Energy Minister Paik Ungyu (right) spoke at a meeting with representatives of the semiconductor and display industries in Seoul on September 18. The meeting was set up for the Minister and business leaders to discuss issues the semiconductor and display industries face in making investments.  In his opening remarks, Minister Paik highlighted the importance of the semiconductor and display industries to the Korean economy as the key players in the Fourth Industrial Revol date2017-09-18

Minister Paik presides meeting with petrochemical industry

Trade, Industry and Energy Minister Paik Ungyu (second from left) spoke at a meeting with leaders of Korea’s petrochemical industry in Seoul on September 14. Minister Paik called for investments by the petrochemical industry, which has shown strong performances this year, to help accelerate the recovery of the Korean economy and create jobs. He also discussed with industry leaders how large petrochemical companies could cooperate with small and medium businesses to achieve mutual growth.& date2017-09-14

Korea’s car industry posts double-digit growths in production, exports in August

The Ministry of Trade, Industry and Energy announced on September 12 that production, domestic sales, and exports of automobiles jumped by double-digit rates in August.    The number of vehicles produced by five domestic carmakers -- Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, and Renault Samsung Motors -- surged 26.3 percent to 274,166 units in August from a year earlier when large-scale strikes slowed down production.    Domestic sales that include imported ve date2017-09-12

Minister Paik meets business leaders of KCCI

Trade, Industry and Energy Minister Paik Ungyu (fourth from left in the front row) posed for a photo with business leaders of the Korea Chamber of Commerce and Industry (KCCI), a major trade association, during a meeting in downtown Seoul on August 31.  Minister Paik held a meeting with the KCCI leadership to share the new government’s core values and expand communications with industries.  Minister Paik said in his opening remarks that the Ministry will help create jobs by enc date2017-08-31

Retail sales advance 3.6% in July

The Ministry of Trade, Industry and Energy announced on August 30 that retail sales advanced 3.6 percent to $10.2 trillion won in July from a year earlier.   Web-based sales, which account for about a third of the total retail sales, rose by 4.4 percent year-on-year, and in-store sales grew 3.2 percent.   Growth in online retail sales moderated after five consecutive months of double-digit expansion due to decrease in revenues of online sales intermediaries. Brick-and-mortar sales date2017-08-30

Auto production, exports grow in July

The Ministry of Trade, Industry and Energy announced on August 10 that Korea’s automotive industry posted growth in exports as well as domestic production and sales.   Exports rose by 5.1 percent to 228,229 vehicles in July from a year ago on strong sales in Europe. Shipments of automobiles to the European Union surged 26.3 percent to $653 million, and those to the rest of Europe jumped 20.6 percent to $213 million.    Five domestic automotive makers, Hyundai Motor, Kia date2017-08-10

Retail sales jump 7.2% on fast e-commerce growth in June

The Ministry of Trade, Industry and Energy announced on July 28 that retail sales jumped 7.2 percent in June, led by the fast growth of e-commerce.   Online retail sales, which account for about a third of the total retail sales, jumped 13.6 percent year-on-year in June as various promotions by retailers helped drive up food and clothing sales. Revenues generated from physical stores rose by 4.2 percent on higher grocery prices.    In the first half of 2017, retail sales advan date2017-07-28

59th Trade, Industry and Energy Minister takes office

New Trade, Industry and Energy Minister Paik Ungyu spoke at the inauguration ceremony held in the Government Complex Sejong on July 24. Minister Paik took office on July 24 as the 59th Trade, Industry and Energy Minister.  The ceremony was attended by all Ministry officials including Trade, Industry and Energy Vice Ministers Lee Inho (1st) and Woo Taehee (2nd) as well as senior officials from the Korean Agency for Technology and Standards.    date2017-07-24

Automobile exports advance 1.3% to $3.8 billion in June

The Ministry of Trade, Industry and Energy announced on July 13 that automobile exports expanded 1.3 percent to USD 3.8 billion from a year ago, marking the fifth consecutive month of growth.    The number of vehicles shipped abroad, as opposed to the value in dollars, grew 0.8 percent year-on-year to 240,475, thanks to strong sales in Europe and Central and South America despite the decline in sales in North America, the largest market for Korean automotive makers.    Do date2017-07-13

Retail sales up 6.3% on double-digit growth of e-commerce in May

The Ministry of Trade, Industry and Energy announced on June 29 that retail sales advanced 6.3 percent to 10.29 trillion won in May on a double-digit growth of e-commerce revenues.    Web-based sales, which accounts for about a third of the total retail sales, jumped 15.2 percent in May from a year earlier, while in-store sales advanced 2.5 percent.    The double-digit growth in online sales was led by an increased seasonal demand for home appliances and clothing. More pu date2017-06-29