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Trade/Investment
ICT exports record 11.5% growth to $15.3 billion in February
The Ministry of Trade, Industry and Energy announced on March 15 that outbound shipments of Korea’s information and communications technology (ICT) goods in February stood at USD 15.3 billion, recording a year-on-year growth of 11.5 percent. Imports of ICT products expanded 19.3 percent to $9.2 billion, and the trade surplus in this sector was $6.1 billion. Exports of all major items experienced growth except for computers and peripheral devices. Outbound shipmen date2021-03-15
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Trade/Investment
Korea announces plan to achieve $700 billion in annual exports by 2025
The Ministry of Trade, Industry and Energy, jointly with relevant ministries, announced on March 10 the strategy to achieve $700 billion in annual exports by 2025 through expansion of future growth engines and innovation in trade structures. The government plans to invest 5 trillion won (USD 4.4 billion) to foster prominent trade items in areas including bio-health, and spend 20 trillion won (USD 17.5 billion) on trade financing for services in contents, digital, healthcare, edutech, fi date2021-03-10
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Trade/Investment
Korea’s export value grows 9.5% to $44.8 billion in February
The Ministry of Trade, Industry and Energy announced on March 1 that Korea’s export value went up 9.5 percent to USD 44.8 billion in February. Imports also increased 13.9 percent to $42.1 billion. The trade balance stood at a surplus of $2.7 billion, staying positive for the 10th consecutive month. Exports in February showed growth for the fourth consecutive month despite three fewer working days. Daily exports expanded 26.4 percent, showing the largest growth in 40 months. Outbound ship date2021-03-02
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Trade/Investment
Trade Minister Yoo attends forum to discuss trade strategy on environmental issues
Trade Minister Yoo Myung-hee met with trade experts from industry and academia at a forum held at the Korea International Trade Association (KITA) on February 17, to discuss trade strategies amid rising concerns about climate change.Trade Minister Yoo mentioned that the multilateral trading system centered on the WTO should play a more active role in climate change and environmental issues, and said that at the Structured Discussions on Trade and Environmental Sustainability (TESSD) to be held i date2021-02-18
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Trade/Investment
Exports of Korean ICT goods grow 21.7% to $16.3 billion in January
The Ministry of Trade, Industry and Energy announced on February 10 that Korean exports of information and communications technology (ICT) goods in January expanded 21.7 percent to USD 16.3 billion, the second highest export value for the month of January. Imports of ICT products grew 21.7 percent to $10.7 billion, and the trade balance stood at a surplus of $5.6 billion. Exports of all major items experienced year-on-year increases. Chip exports climbed up 20.5 percent to $8.8 billion and in date2021-02-10
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Trade/Investment
Trade Minister visits logistics site ahead of Lunar New Year holidays
Trade Minister Yoo Myung-hee made an on-site visit to Uiwang Inland Container Depot in Uiwang, Gyeonggi Province, on February 8, to encourage logistics workers ahead of the Lunar New Year holidays. Trade Minister Yoo mentioned that the government will expand and reform the Import-Export Logistics Response Center and put together policy efforts with related industries for the digital transformation of logistics for imports and exports. date2021-02-09
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Trade/Investment
Trade Minister Yoo meets with foreign investment representatives to discuss FDI policies
Trade Minister Yoo Myung-hee (center) attended a New Year meeting hosted by the Korea Foreign Company Association (FORCA) on February 3, and met with representatives from foreign chambers of commerce and investment companies to discuss the 2021 policy direction for foreign direct investments.Trade Minister Yoo mentioned that in line with Korea’s New Deal projects, the government will develop strategies to work together with foreign companies with key technological and human resources in th date2021-02-04
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Trade/Investment
Korea’s January exports expand 11.4% to $48.0 billion
The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports in January expanded 11.4 percent from a year earlier to USD 48.0 billion. Imports also went up 3.1 percent to $44.1 billion. The trade balance stood at a surplus of $4.0 billion, staying positive for the 9th consecutive month. Exports in January showed double-digit growth for two months in a row for the first time in 40 months. It is also the third consecutive month in which the total exports and date2021-02-01
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Trade/Investment
Korea’s ICT exports record 3.8% growth in 2020
The Ministry of Trade, Industry and Energy announced on January 18 that Korea’s information and communications technology (ICT) Industry posted exports of USD 183.6 billion in 2020. Outbound shipments of ICT goods last year went up 3.8 percent compared to 2019 despite COVID-19 impacts. The ICT exports achieved the third highest value in history. Imports by the ICT sector in 2020 totaled $112.6 billion, resulting in a trade surplus of $71.0 billion. By product cat date2021-01-18
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Trade/Investment
FDI pledged to Korea reach $20 billion six years in a row
The Ministry of Trade, Industry and Energy announced on January 12 that foreign direct investments (FDI) pledged to Korea in 2020 recorded USD 20.7 billion, reaching $20 billion for six consecutive years since 2015. FDI commitments lost 11.1 percent last year amid the COVID-19 pandemic. The FDI that actually arrived in Korea decreased 17.0 percent to $11.1 billion. With the outbreak of the virus, the FDI decreased significantly in the first half of the year, but the decline was greatly mitigat date2021-01-12