Ministry of Trade, Industry and Energy

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

Vice Minister Lee attends unveiling of world’s first 77-inch flexible, transparent OLED display

Trade, Industry and Energy Vice Minister Lee Inho (left) checked out a smart table built with a flexible and transparent display at a presentation on the outcome of the flexible, transparent display R&D project partly funded by the Ministry on June 22 in Seoul.  The project lasted nearly six years from August 2012 to June this year, and a total of 150.1 billion won has been invested. At the presentation, a 77-inch ultra high-definition flexible and transparent display with 40 percent t date2017-06-22

Korea developed world’s first 77-inch flexible, transparent OLED display

The Ministry of Trade, Industry and Energy announced on June 22 that Korea has developed the world’s first 77-inch flexible and transparent organic light-emitting diode (OLED) display in a government-funded project.    The Ministry, LG Display, and the Korea Evaluation Institute of Industrial Technology (KEIT) held on June 22 in Seoul a presentation for the outcome of the public-private project to develop a 60-inch or larger ultra high definition (UHD) flexible, transparent dis date2017-06-22

Kori Unit 1, Korea’s first nuclear reactor, ceases after 40 years of operation

The Ministry of Trade, Industry and Energy announced on June 19 that Kori Unit 1, Korea’s first nuclear reactor, ceased operations on the midnight of June 18 after 40 years of operations.   The Ministry and Korea Hydro and Nuclear Power (KHNP) hosted a ceremony on June 19 at the Kori Nuclear Power Plant in Gijang-gun, Busan to declare the retirement of the reactor. The event was attended by President Moon Jae-in, government and KHNP officials, residents of the hosting region, and ci date2017-06-19

Strong sales of eco-friendly cars boost auto exports in May

The Ministry of Trade, Industry and Energy announced on June 13 that exports of automobiles rose by 3.6 percent to $3.5 billion in May on strong sales of eco-friendly vehicles, marking the fourth consecutive month of growth.   The number of vehicles shipped abroad increased 2.1 percent year-on-year to 221,237 in the meantime. The value of automobile exports grew at a faster pace on strong sales of eco-friendly cars and small-size sports utility vehicles.    An average price of date2017-06-13

Retail sales advance 7.2% in April

The Ministry of Trade, Industry and Energy announced on May 30 that retail sales jumped 7.2 percent to 9.81 trillion won in April, led by a double-digit growth of online purchases.    E-commerce sales, which account for about a third of the total retail sales, surged 15.4 percent in April from a year earlier as demand for summer products and health supplements expanded.    In-store sales increased 3.6 percent as all types of offline retailers posted growths driven by high date2017-05-30