Ministry of Trade, Industry and Energy

Trade Minister meets Renault's International Affairs VP

Minister for Trade Inkyo Cheong met with Bruno Vincent, Vice President of International Affairs at Renault, on May 2 in Paris to discuss measures for cooperation on EV production facility investment. date2024-05-03

Trade Minister visits home appliance retailer Fnac Darty

Minister for Trade Inkyo Cheong visited France’s largest home appliance retailer Fnac Darty on May 2 to inspect Korean home appliance companies’ market presence in France. date2024-05-03

Minister attends “Green Building Conference for Climate Crisis Response”

Trade, Industry and Energy Minister Dukgeun Ahn attended the “Green Building Conference for Climate Crisis Response” on May 2 at the Seoul City Hall to give a congratulatory message and co-signed the memorandum of understanding (MOU) for reducing greenhouse gas (GHG) emissions of buildings with Seoul Mayor Oh Se-hoon, Land, Infrastructure and Transport Minister Park Sang-woo, and Co-Chairperson of the Presidential Commission on Carbon Neutrality and Green Growth Kim Sang-hyup. date2024-05-03

Trade Minister meets with Korean firms operating in Paris

Minister for Trade Inkyo Cheong held a conference with Korean firms operating in Paris on May 2 at Novotel Paris to discuss measures for global marketing strategies and export assistance in conjunction with the Paris 2024 Olympics. date2024-05-03

Trade Minister discusses investment with NPX's EVP

Minister for Trade Inkyo Cheong met with NPX’s Executive Vice President and Chief Strategy Officer Maarten Dirkzwager on May 1 at NPX Headquarters in the Netherlands to discuss investment prospects of strengthening automobile semiconductor supply chain cooperation and R&D center establishment. date2024-05-03

Trade Minister attends OECD MCM 2024 to discuss sustainable growth

Minister for Trade Inkyo Cheong is attending the Organization for Economic Cooperation and Development (OECD) Ministerial Council Meeting 2024 from May 2–3 at the OECD headquarters in Paris as the Co-Chief Delegate of the Korean delegation, jointly led by the Economy and Finance 1st Vice Minister.   The ministerial meetings are to be held over a two-day period in the attendance of representatives from 38 member countries and international organizations, including the World Trade Organization (WTO) under the theme of “Co-creating the Flow of Change: Leading Global Discussion with Objective and Reliable Approach towards Sustainable Growth.”   Trade Minister Cheong will be participating in “Session 2: Promoting Free and Fair Trade and Investment for Accelerating Sound Economic Growth - A Rules-based, Free and Fair International Economic Order,” articulating the Korean government’s major policies and measures for international joint efforts with regard to enhancing inclusiveness and sustainability of free trade and establishing bilateral and multilateral norms and standards for protecting the free trade system amid the rapidly changing trade environment.   In “Session 5: Credible Pathways Towards Sustainable and Inclusive Growth Under the Interlinked Global Crises” to be held on Day 2, he plans to introduce the Carbon Free Energy (CFE) Initiative and other measures proposed by the Korean government for overcoming crises, promoting inclusiveness for stakeholders, and cooperating with the OECD in view of climate change, shrinking biodiversity, and environmental pollution.   On the sidelines of the Council Meeting and sessions, the trade chief will attend the WTO trade ministers’ meeting to highlight the importance of the WTO reform, while also holding bilateral talks with counterparts of other countries. date2024-05-03

Korea to expand application of self-reporting and grading of buildings' energy efficiency

Trade, Industry and Energy Minister Dukgeun Ahn attended the “Green Building Conference for Climate Crisis Response” on May 2 at the Seoul City Hall to give a congratulatory message and co-signed the memorandum of understanding (MOU) for reducing greenhouse gas (GHG) emissions of buildings with Seoul Mayor Oh Se-hoon, Land, Infrastructure and Transport Minister Park Sang-woo, and Co-Chairperson of the Presidential Commission on Carbon Neutrality and Green Growth Kim Sang-hyup.   This February, MOTIE started enforcing the energy intensity target management system on buildings to manage their energy use, which sets an energy use target per unit area for medium- and large-sized, non-residential buildings with a total area of 5,000 square meters or larger, and applies a five-tiered target efficiency achievement grading method (A–E).   Based on the above system, Seoul City announced its “Climate Building Project” for reducing GHG emissions. According to the project, Seoul City will disclose the energy use target grades of the approximately 500 buildings it owns (May 2), which will then be extended to the 1,800 public buildings and self-governing districts’ buildings.   The MOU signing ceremony was followed by a conference on existing buildings’ green transition, where experts of related academic fields and research institutes gathered to announce carbon neutrality achievement strategies for buildings.   In his congratulatory message, Minister Dukgeun noted that Korea’s total energy use declined by 3.2 percent in 2023, but that of commercial and public buildings rather increased, stating that MOTIE intends to expand the application of the energy use self-reporting and grading system with aim to enhance energy efficiency of buildings, beginning with public institutions. He added that stronger support will go towards assisting R&D projects for energy efficiency improvement and small business owners’ energy saving equipment and electrical power fees, while tightening inspections on stores leaving doors open during air-conditioning. date2024-05-02

Anchor project for carbon neutrality forecast to annually reduce 70,000 tCO2eq of GHG

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 30 that three more companies have been added to the list of SMEs and middle-market firms leading in the area of carbon neutrality, raising their total number to 12. These 12 companies are forecast to reduce an estimated annual 70,000 tCO2eq of greenhouse gases (GHGs) through a KRW 67.8 billion investment in new facility and equipment.   For firms in carbon-intensive industries making leading efforts to reduce GHG emissions, the Korean government is providing support in terms of state funding up to 40 percent (maximum of 3 billion won over two years) of the expenses needed to make improvements in processes, equipment replacement, and facility expansion.   On April 30, MOTIE held a performance exchange meeting at AJU Steel’s Gimcheon Plant, a firm that is currently replacing its equipment with low emissions systems and equipment, along with the 12 companies selected for anchor projects in plant establishment support for carbon neutrality. Prior to the exchange meeting, attendees were able to experience firsthand the application technologies for carbon neutrality AJU Steel is introducing to its production site, such as automation systems for process optimization and convergence systems for plating and coating.   At the meeting, five firms that completed establishing their respective low-carbon systems shared emissions reduction outcomes and business knowhow to other firms. These twelve companies’ outcomes will be updated via reports and videos through the Korea National Cleaner Production Center (KNCPC) YouTube channel and website (www.kncpc.or.kr). Moreover, the World Climate Industry EXPO slated for September this year in Busan will also promote the content to other companies, experts, and general public. date2024-05-02

Korea's exports climb 13.8% in April

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 1 that Korea’s April exports advanced 13.8 percent year-on-year to USD 56.3 billion, rising for the seventh consecutive month. Imports rose 5.4 percent to $54.7 billion and the trade balance stood at a surplus of $1.5 billion.   The daily average export value, accounting for the number of working days, increased 11.3 percent to $2.5 billion, maintaining double-digit growth for the third consecutive month and building up a strong upward momentum.   The month of April saw the highest number of items gain in exports for this year as 13 out of 15 major items achieved growth.   IT items, namely semiconductors, displays, computers, and wireless communication devices, enjoyed an across-the-board expansion for two months straight. Their aggregate export value grew by an unprecedented 46.6 percent, advancing for the sixth consecutive month. Semiconductor exports reached a second highest monthly value of $9.96 billion (up 56.1 percent) for April, sustaining growth for the sixth consecutive month. Displays logged a record-breaking $1.4 billion (up 16.3 percent) for the year and increased for the ninth consecutive month. Computers (up 76.2 percent) and wireless communication devices (up 11.4 percent) made their steepest climb for the year as well, each gaining for the fourth and second consecutive month, respectively.   Automobile exports broke their previous all-time highs set in November 2023 by recording $6.8 billion (up 10.3 percent). General machinery exports snapped their one-month losing streak and grew 1.5 percent to $4.7 billion, a record high for April. Ship exports increased 5.6 percent and grew for the ninth consecutive month. Bio health exports (up 21.3 percent) posted their first double-digit growth for this year and carried on the expansion for the sixth consecutive month. Petroleum products (up 19.0 percent) rose for the second consecutive month, while textiles (up 1.7 percent), home appliances (up 9.4 percent), automotive parts (up 2.9 percent), and petrochemicals (up 12.3 percent) snapped their two-month losing streak.   By region, exports to seven out of nine major destinations increased in April. To the U.S., a record high of $11.4 billion (up 24.3 percent) broke the previous record set in December 2023, carrying the upward momentum for the ninth consecutive month.   Exports to China (up 9.9 percent) reached $10.5 billion and grew for the second consecutive month.   Exports to Latin America (up 38.2 percent) grew at a sharpest pace out of all nine major destinations, increasing for the fourth consecutive month.   Exports to ASEAN (up 10.5 percent) and Japan (up 18.4 percent) broke their one-month downward streak, while those to India (up 18.0 percent) and the Middle East (up 1.0 percent) switched to an expansion after two months of decline.   Imports increased for the first time in 14 months since February 2023. The import value of energy rose 14.6 percent to $12.5 billion on increased demand for crude oil (up 17.8 percent) and gas (up 21.9 percent). The energy import volume also rose on the backs of heightened refinery utilization and increased gas demand for power generation and industrial application. Meanwhile, non-energy imports showed an uptick of 2.9 percent to $42.2 billion.   With the trade balance for April achieving a surplus for the 11th consecutive month, the accumulated surplus through January–April this year amounted to $10.6 billion, surpassing last year’s annual trade deficit of $10.3 billion and recording an all-time high in five years.   MOTIE's April monthly trade figures are based on Korea Customs Service (KCS) data for April 1–30, which are subject to change prior to data finalization in February 2025. date2024-05-02

Vice Minister visits Hanwha Aerospace Daejeon Plant

Trade, Industry and Energy Vice Minister Kang Kyungsung led the Defense Exports Task Force in his meeting with Hanwha Aerospace CEO Son Jae-il on April 30 at the company’s Daejeon plant and discussed recent exports outcomes.   The Vice Minister received a briefing on company management and issues from CEO Son and exchanged views regarding measures for expanding defense exports and developing the arms industry prior to touring the production facilities and encouraging employees.   The Defense Exports Task Force is composed of representatives from the Ministry of Trade, Industry and Energy (MOTIE), Korea Defense Industry Trade Support Center (KODITS), K-SURE, and Korea Planning & Evaluation Institute of Industrial Technology (KEIT). date2024-04-30