Ministry of Trade, Industry and Energy

Auto industry slows in June due to fewer working days

The Ministry of Trade, Industry and Energy announced on July 20 that car production, car exports, and domestic sales all saw year-on-year declines in June due to two fewer working days.   Automobile exports decreased 7.7 percent year-on-year to 218,874 vehicles in June 2018. In terms of value, they shrank 9.9 percent to USD 3.5 billion. This decrease is attributable to the export slowdown in the U.S. market and due to production increases in Korean automakers’ overseas plants.  date2018-07-20

Minister Paik lectures on policy direction for industrial innovation

Minister Paik presented a policy direction to bring innovation into industries in a business forum for CEOs under the title of the “Industrial Innovation: New Challenges and Opportunities,' in Jeju on July 19.   About 700 corporate leaders in Korea attended the forum, which was organized by The Korea Chamber of Commerce (KCCI) , the nation’s largest business association. date2018-07-19

Vice Minister marks opening of Korean exhibit at trade fair in Russia

Vice Minister Lee In-ho delivered his congratulatory remarks during the opening ceremony of the Korean exhibit at the international trade fair Innoprom, currently underway in Russia, on July 9.    Praising the opening of the Korean exhibit for being the first visible step in terms of bilateral cooperation between Seoul and Moscow since the Korea-Russia summit this past June, Vice Minister Lee said that he expects further mutual exchanges to blossom, not only in terms of trade, but al date2018-07-09

Retail sales up 6.7 percent in May, led by online sales

The Ministry of Trade, Industry and Energy announced on June 27 that overall retail sales in May expanded 6.7 percent from a year earlier on the back of strong online sales.   Online sales surged 17.2 percent, continuing a seven-month streak of double-digit growth.    Sales at brick-and-mortar retailers also advanced 1.2 percent year-on-year, led by sales growth at convenience stores and department stores.   All categories of retailers, except convenience stores, saw a date2018-06-27

Korea’s car exports rise in value in May, thanks to green cars, SUVs

The Ministry of Trade, Industry and Energy announced on June 15 that the value of both car and car part exports saw year-on-year growth in May, while the export volume inched downward.Cars and car part exports increased in terms of dollar value by 1.9 percent to USD 3.6 billion and by 14.7 percent to $2.1 billion, respectively. One of the factors that influenced this rise is higher sales prices, as more eco-friendly cars and sport utility vehicles (SUVs) were shipped. Exports of eco-friendly car date2018-06-15

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