Ministry of Trade, Industry and Energy

Trade Minister meets New Zealand’s Deputy Secretary for the Ministry of Foreign Affairs and Trade

Minister for Trade Inkyo Cheong met New Zealand’s Deputy Secretary for the Ministry of Foreign Affairs and Trade Vangelis Vitalis on January 23 in Switzerland on the margins of the 2025 Annual Meeting of the World Economic Forum (WEF) in Davos and discussed bilateral trade issues and economic cooperation. date2025-02-03

Korea’s exports fall 10.3% in January

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on February 1 that Korea’s exports for the month of January declined 10.3 percent year-on-year to USD 49.1 billion. Imports dropped 6.4 percent to $51.0 billion and the trade balance stood at a deficit of $1.9 billion. January exports were impacted by the long Seollal holidays (January 25–30) as the number of working days (20) decreased by four days compared to that of January 2024 (24), temporarily slowing down exports. The average daily export value, considering the impact from the lower number of working days, increased 7.7 percent to $2.5 billion, the second highest in history following the all-time high $2.5 billion of January 2022. The majority of items suffered from the reduced number of working days in January, but the average daily export value advanced for 10 items.  Semiconductors (up 8.1 percent to $10.1 billion) recorded their second highest exports for the month of January, maintaining the upward trajectory for the 15th consecutive month and entering the $10 billion thresholds for the ninth consecutive month. Computer exports posted double-digit growth (up 14.8 percent to $0.8 billion), growing for the 13th consecutive month. Exports of automobiles (down 19.6 percent to $5.0 billion) and car parts (down 17.2 percent to $1.6 billion) were more heavily affected in comparison to other industries, owing to automakers’ relatively longer Seollal holiday period (January 25–31). For petroleum products (down 29.8 percent to $3.4 billion), fires at major production facilities in December 2024 were a cause for setback in shipments, fueled by the fall in international petroleum product prices in comparison with those of January 2024. Exports to most destinations declined, the drop in China-bound exports (down 14.1 percent to $9.2 billion) attributed to the Spring Festival holidays (January 28–February 4). Exports to the U.S. also sank 9.4 percent to $9.3 billion as those of automobiles and general machinery contracted. Exports to ASEAN (down 2.1 percent to $8.6 billion) inched down but those to Vietnam (up 4.0 percent to $4.4 billion) showed strong growth on the backs of semiconductor exports, rising for the 13th consecutive month.   date2025-02-03

CES 2025 Innovation Forum

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea attended the CES 2025 Innovation Forum on January 23 at COEX in Seoul. The event was attended by approximately 150 persons composed of representatives of CES innovation awards winning companies and related institutions including KOTRA. date2025-02-03

Trade Minister meets European Commission Executive Vice-President

Minister for Trade Inkyo Cheong met European Commission Executive Vice-President Maroš Šefčovič on January 23 in Switzerland on the margins of the 2025 Annual Meeting of the World Economic Forum (WEF) in Davos and discussed global trade and economic security issues. date2025-02-03

Trade Minister meets Bahrain’s Minister of Industry and Commerce

Minister for Trade Inkyo Cheong met Bahrain’s Minister of Industry and Commerce Abdulla bin Adel Fakhro on January 23 in Switzerland on the margins of the 2025 Annual Meeting of the World Economic Forum (WEF) in Davos and discussed measures for bilateral economic cooperation. date2025-02-03

Trade Minister meets Saudi Arabia’s Minister of Commerce and Investment

Minister for Trade Inkyo Cheong met Saudi Arabia’s Minister of Commerce and Investment Majid bin Abdullah Al-Kassabi on January 23 in Switzerland on the margins of the 2025 Annual Meeting of the World Economic Forum (WEF) in Davos and discussed bilateral trade issues and economic cooperation. date2025-02-03

APEC private steering committee launch ceremony

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea attended the launching ceremony of the private steering committee for the Asia-Pacific Economic Cooperation (APEC) CEO Summit Korea 2025 on January 23 in Seoul to take stock of preparations and committee plans and encouraged business leaders’ active cooperation for Korea’s successful hosting of this year’s APEC Economic Leaders' Meeting (AELM). The ceremony was attended by the committee’s chair Chey Tae-won and other members. date2025-02-03

Trade Minister meets GCC Secretary General

Minister for Trade Inkyo Cheong met GCC Secretary General Jasem Mohamed AlBudaiwi on January 22 in Switzerland on the margins of the 2025 Annual Meeting of the World Economic Forum (WEF) in Davos and discussed measures for stronger economic cooperation. date2025-02-03

Trade Minister meets ASEAN Secretary-General

Minister for Trade Inkyo Cheong met ASEAN Secretary-General Kao Kim Hourn on January 22 in Switzerland on the margins of the 2025 Annual Meeting of the World Economic Forum (WEF) in Davos and discussed measures for stronger economic cooperation. date2025-02-03

Trade Minister meets Philippines’ Secretary of Trade and Industry

Minister for Trade Inkyo Cheong met Philippines’ Secretary of Trade and Industry Cristina Aldeguer-Roque on January 22 in Switzerland on the margins of the 2025 Annual Meeting of the World Economic Forum (WEF) in Davos and discussed bilateral trade issues. date2025-02-03