Ministry of Trade, Industry and Energy

Korea's exports maintaining upward trajectory across major markets

Minister for Trade Inkyo Cheong held the fourth exports promotion meeting with officials in charge of major destinations on April 26 at K-SURE in Seoul to review export conditions per region and discuss tailored export strategies.   In the first quarter of 2024, exports to chief destinations like the U.S. (up 15.5 percent year-on-year), China (up 4.3 percent), ASEAN (up 1.8 percent), and Latin America (up 21.6 percent) increased, recording an 8.3 percent growth to USD 163.8 billion.   To the U.S., automobiles (up 24.2 percent), general machinery (up 50.8 percent), and semiconductors (up 188.3 percent) enjoyed strong growth throughout the first quarter, surpassing all-time highs for the period.   As for China, its information technology (IT) industry rebound led to heightened demand for semiconductors (up 36.3 percent) and displays (up 26.2 percent).   To ASEAN, semiconductors (up 16.5 percent), petrochemicals (up 13.8 percent), and wireless communication devices (up 11.9 percent) led the overall growth.   Exports to Latin America posted the highest growth among all major destinations on the backs of robust demand for general machinery (up 20.1 percent) and petroleum products (up 68.6 percent).   With exports to major destinations like U.S., China, and ASEAN keeping up the growth pace in April, Trade Minister Cheong articulated expectations of exports and trade surplus advancing for the seventh and 11th consecutive month, respectively. “Thorough efforts will be made in expanding the trade network for emerging markets and responding to trade risks from Middle East tensions so that the present upward trajectory can maintain until the year end,” he said. date2024-04-29

Korea, U.S., and Japan to deepen cooperation on export controls and technology protection

Korea, the U.S., and Japan held a joint Disruptive Technology Protection Network Summit on April 25 (ET) in Washington D.C., U.S.   The Korean delegation, composed of representatives of the Office of the President, MOTIE, Ministry of Justice (MOJ), Ministry of Foreign Affairs (MOFA), and Korea Customs Service (KCS), was joined by the U.S.’ Department of Justice (DOJ) and Department of Commerce (DOC), and Japan’s Ministry of Economy, Trade, and Industry (METI) and National Police Agency (NPA).   Part of a follow-up measure to the Spirit of Camp David adopted at the trilateral summit held August 2023, the Summit is anticipated to augment the three countries’ cooperation in technology protection, export control implementation and related information sharing, exchange of success cases, and disruptive technology protection.   The Summit was chaired by Assistant Attorney General Matt Olsen of the Justice Department’s National Security Division and Assistant Secretary for Export Enforcement Matt Axelrod of the Commerce Department, the co-leaders of the U.S.’ Disruptive Technology Strike Force.   During the trilateral talks, the three countries shared the view that violation of export controls undermines national security. Korea’s MOJ, U.S. DOC, and Japan’s NPA signed a letter of intent (LOI) on deepening information sharing for tech leak law enforcement, while MOTIE also signed a LOI with the U.S. DOC and Japan’s METI for cooperation on export control implementation. date2024-04-26

Minister holds meeting with Korean companies operating in the Czech Republic

Trade, Industry and Energy Minister Dukgeun Ahn held a meeting with Korean companies operating in the Czech Republic on April 25 at the Korean embassy in Prague to listen to suggestions and local business issues. The meeting was attended by representatives of companies like Hyundai Motor, Hanwha Advanced Materials, Nexen Tire, and related institutions like KOTRA and KITA. date2024-04-26

Minister meets Czech Finance Minister

Trade, Industry and Energy Minister Dukgeun Ahn met with the Czech Finance Minister Zbynĕk Stanjura on April 25 in the Czech Republic to discuss measures for stronger bilateral cooperation. date2024-04-26

Deputy Trade Minister meets Poland’s Economic Development and Technology Deputy Minister

Deputy Minister for Trade Yang Byeong-nae met with Poland’s Economic Development and Technology Deputy Minister Jacek Tomczak on April 25 in Seoul and discussed measures for bolstering cooperation in trade, investment, industrial technology, and clean energy. date2024-04-26

Deputy Trade Minister meets Netherlands’ Infrastructure and Water Management Vice Minister

Deputy Minister for Trade Yang Byeong-nae met with the Netherlands’ Infrastructure and Water Management Vice Minister Kees Van der Burg on April 25 in Seoul and discussed measures for strengthening bilateral cooperation in mobility, battery, and supply chains. date2024-04-26

Trade Minister holds meeting for Korean youth's stronger WTO internship opportunities

Minister for Trade Inkyo Cheong held a conference on April 25 in Seoul with the presidents of nine domestic universities’ graduate schools of international studies and discussed measures for increasing internship opportunities for Korean university students at the World Trade Organization (WTO). date2024-04-26

Government and academia leaders discuss Korean youth's stronger WTO internship participation

Minister for Trade Inkyo Cheong held a conference on April 25 with the presidents of nine domestic universities’ graduate schools of international studies and discussed measures for increasing internship opportunities for young Korean talent at the World Trade Organization (WTO).   At the conference, government officials and academic leaders discussed ways to enable Korean youth’s stronger participation in WTO internship programs, including recommending outstanding students taking master’s and doctoral courses, considering alternative credit incentives for the selected student, and providing government support for living and flight expenses.   Noting the relatively low number of Korean students with career experience as WTO employee or intern despite the country ranking sixth in terms of global trade as of 2022, President Yoon Suk Yeol requested that the WTO increase internship participation opportunities for Korean students during bilateral talks with WTO Director General Ngozi Okonjo-Iweala in May 2023.   Trade Minister Cheong said that WTO work experience for Korean youth is key to enlarging Korea’s role within WTO and in training proficient trade experts, adding that efforts will be made to help Korea’s young talent to accumulate practical work experience and competitiveness through WTO internship programs and gain broader opportunities of working at international organizations. date2024-04-26

Deputy Trade Minister meets U.S. DOC Assistant Secretary

Deputy Minister for Trade Yang Byeong-nae met Ramin Toloui, Assistant Secretary for the Bureau of Economic and Business Affairs at the U.S. Department of State, on April 25 in Seoul to discuss measures for strengthening bilateral semiconductor industrial cooperation and investment. date2024-04-26

Trade Minister meets AfCFTA Secretary General

Minister for Trade Inkyo Cheong met with Wamkele Mene, Secretary General of the African Continental Free Trade Area (AfCFTA), on April 24 in Korea and exchanged views on expanding trade between Korea and African countries. date2024-04-26