Ministry of Trade, Industry and Energy

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

Minister Paik urges resolution of labor dispute at GM Korea

Trade, Industry and Energy Minister Paik Ungyu (left) met with General Motors Korea’s President Kaher Kazem to urge management to settle the dispute with employees at GM Korea’s plant in Bupyeong on April 6.During his visit to GM Korea, which was arranged amid the escalating tension between the company and its workers, Minister Paik also encouraged the labor union to reach an agreement.Minister Paik added that the Ministry will monitor negotiations between the two parties and mediate date2018-04-06

Korea, Turkey to cooperate on eco-industrial parks

Trade, Industry and Energy Vice Minister Lee Inho (left) signed a memorandum of understanding (MOU) with Turkey’s Undersecretary of the Ministry of Science, Industry and Technology Veysel Yayan for strategic cooperation in eco-industrial parks at a signing ceremony at COEX in Seoul on April 2.After signing the MOU, Vice Minister Lee and Undersecretary Yayan exchanged ideas for environmentally-friendly industrial cooperation between the two countries.Vice Minister Lee introduced to the Turk date2018-04-02

Retail sales advance 14.0% in February

The Ministry of Trade, Industry and Energy announced on March 29 that overall retail sales in February increased 14.0 percent from a year earlier.Sales of in-store retailers also grew 15.1 percent from a year ago thanks to higher demand for holiday gift sets. They made up 74.7 percent of the total retail sales.Online retail sales in February saw a 12.1 percent year-on-year growth, which is slightly lower than the average monthly year-on-year growth rate of 13.9 percent in 2017. This was due to t date2018-03-29

Automobile exports see decline in February

The Ministry of Trade, Industry and Energy announced on March 13 that automobile exports saw a year-on-year decline in February.The number of working days in February this year was three days fewer than that in the same month last year due to the Seollal holiday. This contributed to a contraction in automobile exports, production, and domestic sales. In 2017, the national holiday was in January.Automobile exports decreased 17.1 percent year-on-year to 165,952 vehicles. In terms of value, they sh date2018-03-13

Online retail sales increase 21.6% in January

The Ministry of Trade, Industry and Energy announced on February 27 that online retail sales in January increased 21.6 percent from a year earlier while overall retail sales remained roughly the same due to a 9.2 percent year-on-year decrease in in-store retail sales.Online retail sales in January this year saw the largest year-on-year increase since September 2017. This improvement is attributable to the occurrence of the Seollal holiday in February. In the previous year, the same holiday fell date2018-02-27