Ministry of Trade, Industry and Energy

Auto production, exports grow in April

The Ministry of Trade, Industry and Energy announced on March 16 that production of automobiles grew 3.8 percent in April from a year ago, driven by a 7-percent growth in exports.  Five domestic automotive makers, Hyundai Motor, Kia Motors, GM Korea, SsangYong Motor, and Renault Samsung Motors, together manufactured 382,566 vehicles in April -- up 3.8 percent year-on-year. The growth was led by the increase in exports despite slower domestic sales.  The number of vehicles exported ad date2017-05-16

Retail sales grow 6.9% in March

The Ministry of Trade, Industry and Energy announced on April 28 that retail sales rose by 6.9 percent to 9.9 trillion won in March with the growth of both in-store and online sales.   Web-based sales, which account for a third of the total retail sales, jumped 12.3 percent in March compared to a year ago, while in-store revenues went up 4.4 percent.    All product categories ranging from food and clothing to sports goods and home appliances posted growths in sales with food s date2017-04-28

Auto exports soar for two consecutive months in March

The Ministry of Trade, Industry and Energy announced on April 18 that automobile exports, in terms of value, rose for two straight months in March due to increased sales of eco-friendly and mid- and large-sized vehicles.  The total value of automobiles shipped overseas went up 4.1 percent to $4.1 billion year-on-year in March. Strong sales of eco-friendly and mid- and large-sized vehicles with higher unit prices led to boosting the total value of car exports although the number of overseas date2017-04-18

Ministry launches ‘global networking series’ to bridge Korean tech suppliers and global firms

The Ministry of Trade, Industry and Energy announced on March 31 that the Ministry launched the “global networking series” to promote cooperation between Korean suppliers of electronic components and global companies for new opportunities created by industrial convergence in the Fourth Industrial Revolution.    Jointly organized by the Ministry and Korea Electronics Technology Institute (KIET), the Global Networking Series aims to bridge domestic suppliers of semiconducto date2017-03-31

Online retail sales increase 16.3% in February

The Ministry of Trade, Industry and Energy announced on March 30 that online retail sales jumped 16.3 percent in February from a year ago while overall retail sales remained almost unchanged due to the decline in in-store purchases.   Sales of Korea’s 26 major retailers inched up 0.1 percent year-on-year in February as online sales, which account for 34 percent of the total retail sales, surged 16.3 percent and in-store revenues fell 6.6 percent.   Web-based sales continued t date2017-03-30

Korea to invest 464.5 billion won into system semiconductor segment

The Ministry of Trade, Industry and Energy announced on March 30 that the Korean government and industry will invest a combined 464.5 billion won into the system semiconductor segment by 2023. System semiconductors will be the key enablers of innovations of the upcoming Fourth Industrial Revolution.    A total of 264.5 billion won will be spent to research and develop low-power, ultra-light and high-speed semiconductor technologies as well as next-generation semiconductor materials a date2017-03-30

Minister Joo visits 4th International Electric Vehicle Expo

Trade, Industry and Energy Minister Joo Hyunghwan (right) checked out an electric three-wheeler at the fourth International Electric Vehicle Expo (IEVE) held in Yeomiji Botanic Garden in Jeju Island, on March 17.  Minister Joo delivered a congratulatory speech at the opening ceremony of the IEVE and visited the exhibition center.  Launched in 2014 in Jeju Island by the Ministry, the IEVE is the world’s only motor show exclusively for EVs. This year’s expo is held under th date2017-03-17

Auto production, sales improve in February

The Ministry of Trade, Industry and Energy announced on March 15 that production, domestic sales and exports of automobiles all improved in February from a year earlier, signaling a recovery in the auto sector.   Five domestic carmakers – Hyundai Motor, Kia Motors, GM Korea, SsangYong Motor and Renault Samsung Motors – produced a total of 336,032 vehicles in February, up 9.8 percent from a year earlier on more working days in the month and higher sales at home and abroad.&nbsp date2017-03-15

Korea’s retail sales advance 8.3% in January on strong in-store sales

The Ministry of Trade, Industry and Energy announced on February 28 that retail sales expanded 8.3 percent in January from a year ago on strong in-store sales.   In-store sales, which account for around 70 percent of the total monthly revenues of major Korean retailers, advanced 9.3 percent in January from a year earlier while online sales grew 6 percent.    The combined revenues of three department store chains, hypermarket operators, convenient store chains and super superma date2017-02-28

MOTIE officials visit 2017 Mobile World Congress

Trade, Industry and Energy Deputy Minister for Industrial Creativity and Innovation Toh Kyung-hwan (center) visited the Korea booth set up by the Korea Trade-Investment Promotion Agency at the 2017 Mobile World Congress at the Fira Gran Via in Barcelona, Spain, on February 27.  Deputy Minister Toh visited the booths of Korean companies including Samsung Electronics, LG Electronics, SK Telecom and Innopia Technologies as well as global corporations including Amazon, Google and BMW. During t date2017-02-27