Ministry of Trade, Industry and Energy

Trade Minister Cheong checks APEC 2025 preparations

Minister for Trade Inkyo Cheong of the Republic of Korea visited APEC 2025 host city Gyeongju on November 1 to check the city’s infrastructure situation including traffic, lodging, and venue sites and encourage Gyeongju City Hall workers for their hard work with preparations. date2024-11-04

Trade Minister leads discussions on stronger strategic cooperation with India

Minister for Trade Inkyo Cheong of the Republic of Korea held a conference on October 31 at the Korea Chamber of Commerce and Industry (KCCI) for discussions on measures for stronger strategic cooperation with India, whose importance is growing across the global supply chain. The conference was  held with the participation of related experts and leaders of major economic institutions including the Korea Institute for Industrial Economics & Trade (KIET), Korea Institute for International Economic Policy (KIEP), Korea Rural Economic Institute (KREI), Korea Trade-Investment Promotion Agency (KOTRA), Korea International Trade Association (KITA), and KB Securities. date2024-11-01

Minister Ahn chairs 3rd Global Trade Strategy Meeting

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea chaired the third Global Trade Strategy Meeting on October 31 in Seoul with the participation of relevant experts and representatives of economic groups and major industries including semiconductors, automobiles, battery, and steel. date2024-11-01

Overseas Certification Trends 2024

Korean Agency for Technology and Standards (KATS) President Jin Jong-wook attended the Overseas Certification Trends 2024 on October 31 at the Seoul Trade Exhibition Center (SETEC) and shared the latest trends on the certifications for global market entry of major export items. date2024-11-01

Korea’s exports rise 4.6% in October

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s exports for October rose 4.6 percent year-on-year to USD 57.5 billion. Imports rose 1.7 percent to $54.4 billion and the trade balance stood at a surplus of $3.17 billion (up $1.62 billion). This year’s October exports reached an all-time high for the month, maintaining the winning streak for the 13th consecutive month and renewing monthly highs for three months straight since August. Ten out of 15 major items advanced, led by semiconductors (up 40.3 percent to $12.5 billion), which logged historic highs for the month and kept up the growth pace for 12 months straight. Computer exports posted double-digit growth (up 54.1 percent to $1.0 billion) and wireless communications devices (up 19.7 percent to $2.0 billion) climbed for the eighth consecutive month. Automobile exports grew 5.5 percent to $6.2 billion, attaining record highs for October and renewing monthly highs for the second month straight. Car parts hiked 5.9 percent to $1.9 billion, turning to an expansion in three months. Bio-health exports soared 18.5 percent to $1.2 billion, increasing for the fourth consecutive month. Steel exports (up 8.8 percent to $2.9 billion) snapped their eight-month losing streak and petrochemicals (up 10.2 percent to $4.0 billion) turned to growth in two months, while textiles (up 2.5 percent to $0.9 billion) and home appliances (up 5.0 percent to $0.7 billion) both recovered the upward trajectory in three months. Meanwhile, the export of petroleum products (down 34.9 percent to $3.4 billion) shrank from unit cost declines of products tied to oil prices. By region, exports to five out of nine major destinations showed growth. China-bound exports surged on the backs of strong performance by semiconductors and petrochemicals, amounting to an all-time high at $12.2 billion (up 10.9 percent) and growing for the 8th consecutive month.  Exports to the U.S. achieved an unprecedented $10.4 billion (up 3.4 percent) for October, renewing monthly highs for the 15th consecutive month. To the EU (up 5.7 percent to $5.3 billion), demand for wireless communications devices and bio-health led to growth for the third consecutive month. Meanwhile, gas imports increased 30.2 percent but oil price falls reduced crude oil imports (down 17.9 percent), pushing down overall energy imports to $11.2 billion (down 6.7 percent). Non-energy imports increased 4.1 percent to $43.2 billion.   date2024-11-01

Donghae, Samcheok and Pohang designated as hydrogen-specialized complexes to power Korea’s hydrogen industry

Prime Minister Han Duck-soo of the Republic of Korea chaired the seventh Hydrogen Economy Committee meeting today in Seoul with the participation of government officials and industry, academia, and research experts. Committee discussions centered on three agenda items including the designation of hydrogen-specialized complexes and support measures, liquid hydrogen carrier super gap strategy, and the Hydrogen City 2.0 Strategy. First, Donghae and Samcheok of Gangwon Province and Pohang of North Gyeongsang Province are to be designated as Korea’s first hydrogen-specialized complexes to promote the integration of hydrogen companies and nurture the regions into a central hub to lead the growth of the domestic hydrogen industry. Companies in the Seoul capital area deciding to move into these specialized complexes will be provided catered incentives such as a preferential subsidy rate (up 2 percent), permission to enter private contracts for industrial land, as well as support for buyer-supplier joint R&D, demonstration and pilot distribution projects, and manpower training. Second, the Government will prepare to meet the rise in global hydrogen transport demand, while actively supporting the early securing of large-scale liquid hydrogen carrier technology to gain super gap competitiveness and preoccupy new markets.  To this end, efforts will go into developing foundational MPE (materials, parts, equipment) technologies for liquid hydrogen storage systems, hydrogen-powered propulsion, and related core materials and equipment, with plans to build the demonstration vessel by 2027, verify technology and safety through land and sea navigation by 2030, and realize large-scale carrier commercialization through scale-ups by 2040. Third, based on the accumulated experience from hydrogen pilot cities (2020–2024), the new Hydrogen City 2.0 Strategy will aim to establish a diverse hydrogen ecosystem across the hydrogen-specialized cities. The cities will be an upgraded version through hydrogen trams, hydrogen trucks, and other hydrogen transportation infrastructure with a greater scope of eco-friendly hydrogen production facilities. Hydrogen fuel cells will be installed in various different types of buildings including those for industrial complexes, cultural centers, and silver towns. Prime Minister Han stated in his opening address that hydrogen is a carbon-free energy source recognized as a key means for carbon reduction at the United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP28), as well as a promising future industry estimated to reach trillions of dollars in global market size by 2050. He underscored that the Korean government will swiftly push the policies passed by the Committee to establish a comprehensive hydrogen industrial ecosystem and concentrate on policy endeavors to lead the global hydrogen economy.   date2024-11-01

Trade Minister Cheong checks APEC 2025 preparations

Minister for Trade Inkyo Cheong of the Republic of Korea held talks with three new members of the APEC Business Advisory Council (ABAC) on October 31 as part of preparations for Korea’s APEC chairmanship in 2025. Placing emphasis on the importance of public-private cooperation for a successful hosting of APEC 2025, they discussed plans and preparation progress with regard to the Economic Leaders’ Week to be held on the sidelines of the APEC Summit, as well as ABAC activities. The ABAC members shared their anticipation for Korea’s tangible business outcomes through next year’s economic leaders’ events such as the APEC CEO Summit and the ABAC Dialogue with APEC Leaders by inviting global business leaders of promising future industries like semiconductors and artificial intelligence (AI). Today, Trade Minister Cheong is visiting the host city Gyeongju to check the city’s infrastructure situation including traffic, lodging, and venue sites and encourage Gyeongju City Hall workers for their hard work with preparations. The trade chief is also convening a meeting with the advisory body APEC Vision Group at the city’s Hwabaek International Convention Center (HICO), where the APEC Summit is to be held, to review the Vision Working Group’s proposed tasks and gather suggestions and strategies for narrowing down next year’s APEC trade agenda items.   date2024-11-01

USITC determines Korean aluminum extrusions do not injure U.S. industry

The U.S. International Trade Commission (USITC) announced on October 30 (local time) that its anti-dumping investigation results conclude that aluminum extrusions from 14 countries, including Korea, do not injure a U.S. industry. The U.S. antidumping investigations consist of the U.S. Department of Commerce (DOC)’s countervailing duty (CVD) investigations and the USITC’s import injury investigations. All investigations are terminated once the USITC judges that there is no harm done to a U.S. industry. Accordingly, the 0–43.56 percent anti-dumping rate previously levied (U.S. DOC, September 27) on imports of Korean aluminum extrusions is terminated, ensuing that Korea’s export of aluminum extrusions and car parts made using them will no longer be subject to impact from risk of cost increases.   date2024-10-31

Korea eyeing stronger strategic cooperation with India

Minister for Trade Inkyo Cheong of the Republic of Korea held a conference today at the Korea Chamber of Commerce and Industry (KCCI) for discussions on measures for stronger strategic cooperation with India, whose importance is growing across the global supply chain. The conference serves as a follow-up to the Trade Policy Roadmap announced this August, held with the participation of related experts and leaders of major economic institutions including the Korea Institute for Industrial Economics & Trade (KIET), Korea Institute for International Economic Policy (KIEP), Korea Rural Economic Institute (KREI), Korea Trade-Investment Promotion Agency (KOTRA), Korea International Trade Association (KITA), and KB Securities. Attendees shared the view that both economic and strategic partnership with India is rising in importance with respect to Korea’s Indo-Pacific Strategy, with the acknowledgement that other major countries are making efforts for cooperation with India through various ways benefiting regional security and economic growth. Accordingly, experts voiced the need for stronger cooperation with India in sectors of respective competitiveness such as Korea’s digital and advanced manufacturing as well as India’s space and information technology (IT). In his opening message, the trade chief stated that the two countries hold great potential for cooperation over a wide range of areas like trade, investment, and supply chains, but that outcomes so far have remained somewhat limited. He added that the Government will seek tangible collaboration measures by realigning the existing cooperation framework so that Korea and India can scale new heights in bilateral trade and economic cooperation.   date2024-10-31

Minister Ahn chairs 3rd Global Trade Strategy Meeting

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea chaired the third Global Trade Strategy Meeting today in Seoul with the participation of relevant experts and representatives of economic groups and major industries including semiconductors, automobiles, battery, and steel.  Today’s meeting was held to take stock of the current situation in the lead up to the U.S. presidential elections with related investor companies and industries and to discuss public-private joint response measures. Based on experts’ analyses on the possible economic and political impact from election results, attendees engaged in in-depth talks on Korea’s U.S. outreach progress, future plans, as well as industries’ response measures. Industries’ representatives asked that the Government establish stable cooperative ties with the incoming U.S. regime to ease export and investment uncertainties, while also acting as their spokesperson. They further shared that they are working through numerous private sector channels to reduce U.S. trade risks. Minister Ahn highlighted that based on the solid Korea-U.S. alliance, the Korean government plans to strengthen industrial and trade cooperation with the U.S. and concentrate policy endeavors on prioritizing support for Korean firms’ smooth business management, ensuring that industries will be promptly updated on related information and that the public-private joint team will swiftly and proactively respond to the varying global trade risks. The Ministry of Trade, Industry and Energy (MOTIE) plans to hold another Global Trade Strategy Meeting subsequent to U.S. elections to discuss major trade issues and response measures with the participation of public and private sectors.   date2024-10-31