Ministry of Trade, Industry and Energy

Korea’s auto exports enter $70 bln thresholds for 2nd year running

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s automobile exports for 2024 reached USD 70.8 billion, entering the $70 billion thresholds for the second year running.  Marking the second highest export record following the $70.9 billion set in 2023, the achievement is attributable to the strong performance of eco-friendly vehicles driven by the sharp growth of hybrid cars (up 45.8 percent year-on-year to $11.3 billion) despite the slowing global demand for electric vehicles. For the month of December 2024, automobile exports shrank 5.3 percent year-on-year to $6.0 billion as a consequence of safety inspections and parts manufacturing setbacks from the heavy November snow and unit export price falls from reduced EV exports. Meanwhile, overseas shipments of automobiles for the month of December rose to 251,847 units, continuing their strong upward trajectory. Korea’s annual automobile production recorded 4,128,447 units (down 2.7 percent) in 2024, 67 percent (2,782,639 units) of which were sold to overseas markets. Domestic sales in 2024 dropped 6.5 percent to 1,625,848 units as a result of dampened consumer confidence and weakened demand for EVs. However, the domestic sales of eco-friendly cars soared 18.2 percent to 650,122 units in 2024, four out of 10 newly sold cars being eco-friendly vehicles. Notably, hybrid electric vehicle (HEV) sales grew 32 percent year-on-year to 495,577 units, taking up 76 percent and 30 percent of Korea’s eco-friendly car sales and entire domestic car sales in 2024, respectively.   date2025-01-16

Korea’s annual ICT exports achieve new highs in 2024

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on January 14 that exports of Korea’s information and communications technology (ICT) goods for 2024 logged an all-time high of USD 235.0 billion, surpassing the previous record set in 2022 ($233.2 billion). Annual ICT imports reached $143.2 billion and the trade balance stood at a surplus of $91.8 billion.  ICT exports have maintained an upward trajectory for 14 consecutive months, entering the $20 billion thresholds for five straight months since August 2024.  Semiconductor exports led overall ICT exports with a historic high of $142.0 billion, boosted by strong demand for artificial intelligence (AI) related goods. The double-digit growth of finished mobile phones and parts exports as well as the sharp growth of computers/peripherals’ solid-state drive (SSD) exports further contributed to last year’s ICT exports performance. By region, ICT exports to China (including Hong Kong) advanced 25.3 percent year-on-year to $97.9 billion in 2024, as robust demand for semiconductors, displays, and mobile phones spurred a powerful rebound from the previous year. To Vietnam (up 14.4 percent to $36.8 billion), semiconductors and mobile phones backed the rebound from the previous year, pushing overall ICT exports over the $30 billion thresholds for the fourth consecutive year. U.S.-bound ICT exports centered on semiconductors and computers/peripherals on the backs of demand for servers and datacenters, achieving fresh annual highs of $29.6 billion (up 31.9 percent). To the EU (up 11.4 percent to $12.2 billion), continued growth of mobile phones and computers/peripherals turned Korea’s ICT exports to an expansion. ICT exports to Japan (down 9.7 percent to $3.8 billion) fell despite the growth of displays and computers/peripherals, as exports of semiconductors and mobile phones shrank. Korea’s export and import of ICT goods for December 2024 recorded $22.7 billion and $13.3 billion, respectively, and the trade balance stood at a surplus of $9.3 billion. ICT exports for the month of December ranks highest among monthly exports in 2024, entering the $20 billion thresholds for the fifth consecutive month since August.   date2025-01-14

Minister Ahn meets U.S. Senator Marsha Blackburn

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea met U.S. Senator Marsha Blackburn on January 9 (local time) in Washington D.C. to discuss stronger bilateral industrial, trade, and energy cooperation. date2025-01-13

Trade Minister meets Pakistan’s Federal Minister of Commerce

Trade Minister Inkyo Cheong of the Republic of Korea met Pakistan’s Federal Minister of Commerce Jam Kamal Khan on January 9 in Seoul to discuss measures for bilateral cooperation. date2025-01-13

Minister Ahn meets U.S. Trade Representative Katherine Tai

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea held talks with U.S. Trade Representative Katherine Tai on January 8 (local time) in Washington D.C. and discussed Korea-U.S. trade issues including the bilateral FTA. date2025-01-13

Minister Ahn meets U.S. Senator Raphael Warnock

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea met U.S. Senator Raphael Warnock on January 8 (local time) in Washington D.C. to discuss stronger bilateral trade, industrial, and energy cooperation. date2025-01-13

Minister Ahn meets U.S. Senator Tommy Tuberville

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea met U.S. Senator Tommy Tuberville on January 8 (local time) in Washington D.C. to discuss stronger bilateral trade, industrial, and energy cooperation. date2025-01-13

Minister Ahn meets U.S. Senator Todd Young

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea met U.S. Senator Todd Young on January 8 (local time) in Washington D.C. to discuss stronger bilateral trade, industrial, and energy cooperation. date2025-01-13

Minister Ahn meets U.S. Representative Michelle Fischbach

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea met U.S. Representative Michelle Fischbach on January 8 (local time) in Washington D.C. to discuss stronger bilateral industrial, trade, and energy cooperation. date2025-01-13

Minister Ahn meets U.S. Representative Carol Miller

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea met U.S. Representative Carol Miller on January 8 (local time) in Washington D.C. to discuss stronger bilateral industrial, trade, and energy cooperation. date2025-01-13