Ministry of Trade, Industry and Energy

Retail sales grow 3% in October

The Ministry of Trade, Industry and Energy announced on November 29 that Korea’s retail sales grew 3 percent to 10.13 trillion won in October from a year ago.    Online sales, which account for about a third of the total retail sales, rose by 4.2 percent, a relatively slow pace compared to past months due to the suspension of delivery services during the Chuseok holiday between October 3 and 9. In-store sales climbed 2.5 percent.   By product, sales in five of seven majo date2017-11-29

Fewer working days drive down automobile production, exports in October

The Ministry of Trade, Industry and Energy announced on November 9 that automobile production, domestic sales and exports decreased at double-digit rates in October due to fewer working days in the month.    October this year had four fewer working days compared to a year ago because Korea celebrated the Chuseok holiday. The national holiday was in September last year.   Five domestic carmakers – Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, and Renault Samsung M date2017-11-09

Retail sales jump 8.4% on steep rise in online shopping in September

The Ministry of Trade, Industry and Energy announced on October 29 that retail sales jumped 8.4 percent to 10.5 trillion won in September on a 22.8-percent increase in e-commerce revenues.  Web-based sales, which account for about a third of the total retail sales, soared 22.8 percent from a year earlier. Last year, Korea celebrated Chuseok in September and online shopping slowed down with delivery services suspended during the national holiday. Chuseok was in early October this year. &nb date2017-10-29

Auto production, sales grow at double-digit rates in September

The Ministry of Trade, Industry and Energy announced on October 18 that automobile production, domestic sales, and exports grew at double-digit rates in September.   Five domestic automotive makers, Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, and Renault Samsung Motor, produced a total of 356,749 vehicles – up 38.3 percent from a year earlier on higher domestic sales and exports. Production was also boosted by two more working days in September this year compared to the sa date2017-10-18

Fast growing e-commerce boosts retail sales by 4.3% in August

The Ministry of Trade, Industry and Energy announced on September 29 that retail sales increased 4.3 percent to 9.81 trillion won in August on a double-digit growth in online revenues.   Online sales, which account for about a third of the total retail sales, jumped 13.1 percent from a year earlier, while in-store revenues inched up 0.4 percent.    Web-based sales returned to a double-digit year-on-year growth after recording a 4.4-percent increase in July. In-store sales grew date2017-09-29

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