Ministry of Trade, Industry and Energy

Trade Minister meets U.S. Commerce Secretary & Trade Rep

Korea’s Minister for Trade Yeo Han-koo met with U.S. Secretary of Commerce Howard Lutnick and U.S. Trade Representative Jamieson Greer on June 23 (local time) during his first visit to Washington D.C. since taking office to discuss bilateral trade issues and mutually beneficial cooperation measures. date2025-06-24

Trade Minister Yeo visits Washington D.C. for high-level trade talks

Korea’s Minister for Trade Yeo Han-koo is making his first trip to Washington D.C. (starting June 22) since taking office to engage in ministerial-level Korea-U.S. consultations with key U.S. officials including U.S. Trade Representative Jamieson Greer and Secretary of Commerce Howard Lutnick for discussions on U.S. tariff measures and mutually beneficial solutions. Moreover, Trade Minister Yeo will be conveying Korea’s stance on U.S. tariff measures to U.S. lawmakers while also requesting the U.S. Congress’ support in facilitating a stable and predictable environment for Korean businesses investing in the U.S. with regard to the “One Big Beautiful Bill Act,” which contains amendments to tax credits under the Inflation Reduction Act of 2022 (IRA). Trade Minister Yeo stated that he will give full measure to gain mutually beneficial outcomes through in-depth consultations between the two countries. In view of the two sides’ close economic and industrial integration, the trade minister highlighted that he seeks to expand the friendly foothold in the U.S. for Korean businesses on the occasion of this visit to support Korean companies’ business activities. Meanwhile, Korea’s Deputy Minister for International Trade and Investment Park Jung-sung is accompanying the trade minister to Washington D.C. to lead Korea’s recently launched task force (TF) on Korea-U.S. trade negotiations in the third round of technical discussions with U.S. Trade Representative Greer from June 24–26. In this round, the TF and relevant ministries will aim to reach mutually acceptable solutions on both sides’ issues of interest.   date2025-06-23

Trade Minister meets AMCHAM Korea Chairman and CEO

Minister for Trade Yeo Han-koo met AMCHAM Korea Chairman and CEO James Kim on June 19 in Seoul to discuss Korea-U.S. trade issues. date2025-06-23

Trade Minister meets U.S. Embassy Chargé d'Affaires ad interim

Korea’s Minister for Trade Yeo Han-koo met with Ambassador Joseph Yun, Chargé d'Affaires ad interim at the United States Mission in Korea, on June 18 in Seoul to discuss Korea-U.S. trade issues. date2025-06-19

Seoul International Forum on Trade Remedies 2025

Vice Minister Sungtaek Park attended the Seoul International Forum on Trade Remedies 2025 on June 10 at COEX in Seoul, held with the participation of 150 persons composed of representatives and experts of trade remedies institutions from 11 economies around the world, including the U.S., EU, China, and Japan, as well as the WTO. Vice Minister Park gave a congratulatory message, stating that in view of the increasing trade uncertainties, it is time that the international community join efforts for wisdom and cooperation. He also expressed hopes that the Seoul Forum will continue to serve as a platform facilitating international cooperation by catalyzing the development of global trade remedies systems. date2025-06-11

Korea Trade Commission holds Seoul International Forum on Trade Remedies 2025

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy (MOTIE) held the Seoul International Forum on Trade Remedies 2025 (“Seoul Forum 2025”) today at COEX in Seoul. Now in its 23rd year since the initial launch in 2001, Seoul Forum is the world’s exclusive international forum on trade remedies. This year’s event drew the participation of 150 persons composed of representatives and experts of trade remedies institutions from 11 economies around the world, including the U.S., EU, China, and Japan, as well as the World Trade Organization (WTO). The first and second session was each held under the theme of “Supply Chain Realignment and the New Challenge Facing Trade Remedies Institutions” and “Recent Trends in Trade Remedy Investigations: Cases and Tasks,” consisting of presentations and panel discussions among different countries’ trade remedies institutions. Furthermore, a technical committee meeting and a conference for the heads of trade remedies institutions served as platforms for cooperation and sharing of policies and actual investigation experiences. This year’s Seoul Forum saw its international status advance considerably as participating countries held 29 bilateral meetings on the sidelines, with Seoul Forum itself drawing the attendance of numerous high-level officials including Frédéric Seppey, Chairperson of the Canadian International Trade Tribunal (CITT), and David Latina, Australia’s Anti-Dumping Commissioner. The forum noted a shared consensus recognizing trade remedies as a key measure for upholding the fair trade order amid supply chain shifts and uncertainties across the global trade landscape. Also noted was the various countries’ respective push for reform of trade remedies and efforts for capacity building in view of factors increasing the complexity of investigations, such as global oversupply and circumvention. The KTC has received five anti-dumping investigation requests during this year’s first quarter alone, already reaching half of the record high 10 requests received last year. By this May, the KTC has also submitted a total of eight proposals, including those for provisional duties, for anti-dumping duties on steel and petrochemical products based on a cause-and-effect relation between dumped imports and injury on domestic industries. The above outcomes are a result of the organizational expansion and restructuring efforts that the KTC carried out in March, aiming to enhance its timely responses to domestic industrial damage from low-priced imports and to strengthen trade defense mechanisms.   date2025-06-10

Korea’s exports decline 1.3% in May

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 1 that Korea’s exports and imports for the month of May 2025 decreased 1.3 percent and 5.3 percent year-on-year, respectively, to USD 57.3 billion and $50.3 billion. The trade balance stood at a surplus of $6.9 billion.   Accounting for the number of working days, the daily average export value rose 1.0 percent to this year’s all-time high of $2.7 billion. Five out of Korea’s 15 major export items advanced in May. Semiconductors hit a new high for the month with $13.8 billion (up 21.2 percent) as fixed prices rose alongside strong demand for high value-added memory chips like HBMs and DDR5s. Wireless communication exports maintained an upward trajectory for the fourth consecutive month, climbing 3.9 percent to $1.3 billion on the backs of the robust performance of smartphones (up 30.0 percent to $0.4 billion). Computers, including solid-state drive (SSDs), increased 2.3 percent to $1.1 billion, turning to an expansion. Bio-health exports (up 4.5 percent to $1.4 billion) increased for the fourth consecutive month, driven by the solid growth of biopharmaceuticals (up 13.7 percent to $0.9 billion). Ship exports gained 4.3 percent to $2.2 billion, growing for the third month straight. Korea’s total automobile exports entered the $6 billion thresholds for the fourth consecutive month, thanks to demand for EVs and secondhand cars (up 71.0 percent to $0.7 billion) in the EU market.  In addition to the leading 15 items, Korea’s agricultural food products (up 5.5 percent to $1.0 billion) and cosmetics (up 9.3 percent to $1.0 billion) both reached historic highs for May and electric machinery (up 0.1 percent to $1.3 billion) improved for the fourth consecutive month. By region, Korea’s May exports expanded to two out of nine major destinations. To China, exports dropped 8.4 percent to $10.4 billion as those of semiconductors and petrochemicals receded. U.S.-bound exports fell 8.1 percent to $10.0 billion as a result of a plunge in automobile exports, despite the growth of wireless communications devices, petroleum products, and secondary batteries. Exports to ASEAN shrank 1.3 percent to $10.0 billion in spite of the double-digit growth of semiconductor exports, as petroleum products and petrochemicals took a sharp dive.  Exports to the EU (up 4.0 percent to $6.0 billion) were led by automobiles and semiconductors, gaining for the third consecutive month. Those to CIS countries surged 34.7 percent to $1.2 billion. Korea’s energy imports for May diminished 12.8 percent to $10.2 billion, owing to lower imports of crude oil and gas. Non-energy imports decreased 3.2 percent to $40.2 billion.   date2025-06-02

Trade Minister attends 57th Korea-Japan Business Conference

Korea’s Minister for Trade Inkyo Cheong gave a congratulatory address at the 57th Korea-Japan Business Conference on May 27 in Seoul, held with the participation of both governments and business leaders.  In commemoration of the 60th anniversary of the normalization of the two countries’ diplomatic relations, Trade Minister Cheong proposed that their governments and business leaders work together in setting new milestones to open a new chapter of cooperation for the next 60 years. He also stated that joint efforts will be made for trade collaboration through close intergovernmental communication, while also providing strong support towards expanding the scope of bilateral economic cooperation in supply chain stabilization, transition to carbon-free and new energy sources, as well as joint entry into Global South and other third countries. date2025-05-29

“K-FEZ Day in Europe” launches in London and Frankfurt

Korea’s Ministry of Trade, Industry and Energy (MOTIE) launched “K-FEZ Day in Europe” from May 19–23 in London and Frankfurt. Co-organized by MOTIE, the FEZ Planning Office, and the Korea Trade-Investment Promotion Agency (KOTRA), K-FEZ Day initially kicked off in Singapore last year with an aim to introduce Korea’s Free Economic Zones (FEZs) to investors in major cities around the world. This year’s K-FEZ Day was launched in the UK and Germany, countries ranking first and second in Europe by number of investments made in Korea as of 2024. Five of Korea’s FEZs (Incheon, Busan-Jinhae, Gwangyang Bay Area, Ulsan, Chungbuk) took part in the event. In the UK, a Korea-UK Investment Seminar was held to articulate the strengths of Korea’s FEZs and introduce investment strategies of each FEZ, held with roughly 30 UK-based potential and real estate investors such as Leonard Design Architects and Pure Data Centres Group. Following the seminar, participants and investors engaged in one-on-one business consultations on hotels, offices, healthcare facilities, and logistics. In Germany, a Korea-Germany Advanced Industries Roundtable was convened to heighten interest in FEZs with the participation of local companies holding track records of Korea-bound investments, such as DB Schenker, AMDT, Prettl, and Wilo. Participants discussed further commitments in future mobility, electrical and electronics, bio, machinery, and robotics. Head of Korea’s FEZ Planning Office Lee Hyunjo led the delegation for K-FEZ Day in Europe, stating that K-FEZ Day is a valuable opportunity for in-person promotions of Korea’s FEZs across major investor countries and that outcomes of the event will be managed by KOTRA Business Centers.   date2025-05-23

Trade Minister meets China’s Ambassador to Korea

Korea’s Minister for Trade Inkyo Cheong met China’s Ambassador to Korea Dai Bing on May 21 in Seoul to discuss Korea-China economic cooperation. date2025-05-23