Ministry of Trade, Industry and Energy

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

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