Ministry of Trade, Industry and Energy

Korea's exports grow 6.1% in 2022

The Ministry of Trade, Industry and Energy announced on January 1 that Korea’s exports in 2022 hit USD 683.9 billion, a 6.1 percent increase over the previous year. Annual imports increased 18.9 percent to $731.2 billion. Annual trade amounts to $1.4 trillion (up 12.4 percent) and the trade balance stands at a deficit of $47.2 billion. Despite the Russia-Ukraine war, China’s zero-COVID lockdowns and other uncertainties, Korea’s exports hit historic highs, although major cou date2023-01-03

MOTIE cohosts 1st Exports & Investment Financial Assistance Conference

Trade, Industry and Energy Minister Lee Chang-yang and Financial Services Commission Chairman Kim Joo-hyun cohosted the 1st Exports and Investment Financial Assistance Conference on December 29 at the Korea Chamber of Commerce and Industry (KCCI) to discuss measures to overcome critical economic challenges in 2023 via industrial and financial sectors’ close cooperation. The meeting was attended by Government officials and industrial and financial sectors’ representatives, including date2022-12-30

1st Vice Minister attends Bio Industry Exports Assistance Conference

Trade, Industry and Energy 1st Vice Minister Jang Young-jin attended the Bio Industry Exports Assistance Conference on December 29 in Seoul and sought measures to bolster exports competitiveness of Korea’s medical supplies and devices with Health and Welfare 2nd Vice Minister Park Min-soo.   The Ministers gathered opinions and listened to various issues challenging the bio industry’s companies, exports assistance institutions and certification agencies, and discussed meas date2022-12-30

MOTIE cohosts 1st Exports & Investment Financial Assistance Conference

Trade, Industry and Energy Minister Lee Chang-yang held the 1st Exports and Investment Financial Assistance Conference on December 29 at the Korea Chamber of Commerce and Industry (KCCI) to discuss measures to overcome the critical economic challenges in 2023 via industrial and financial sectors’ close cooperation.   The Minister gave an opening message and led discussions on economic forecast per industry sector and corporate financial assistance for 2023.   The meeting was date2022-12-30

MOTIE announces work report for 2023

The Ministry of Trade, Industry and Energy (MOTIE) announced the work report for 2023 on December 27, outlining MOTIE’s four major tasks for 2023 as follows. One, MOTIE will direct pan-ministerial efforts to achieve exports growth by injecting KRW 360 trillion in trade financing and training up 1,500 young trade specialists. Korea’s goal is to achieve over USD 680 billion in exports in 2023. MOTIE will support Korea in entering the nuclear energy markets in the Czech Republic, Phil date2022-12-29

Korea's retail industry grows 8.4% in November

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 29 that Korea’s retail sales in November gained a year-on-year growth of 8.4 percent. Both physical and online retailers advanced in sales, up 8.5 percent and 8.3 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 25 major retailers. Thirteen of them are physical retailers: three department store chains, three hypermarket chains, three convenience store chains, and four &ld date2022-12-29

Trade Minister attends 14th pan-ministerial exports support group conference

Minister for Trade Dukgeun Ahn held the 14th pan-ministerial exports support group conference on December 28 at the Trade Center in Seoul to discuss measures to boost exports of cosmetics, food products and premium consumer goods.   The Trade Minister remarked that “promoting exports of consumer goods that are less vulnerable to recently rising protectionism across major economies can build a more stable trade structure,” and added that promotional efforts will focus on local date2022-12-28

Soprano Jo Sumi appointed as honorary ambassador for World Expo 2030 Busan

The World EXPO 2030 Busan Bid Committee (hereinafter “Committee”) held a ceremony to appoint South Korean soprano Jo Sumi as the 4th official honorary ambassador for World Expo 2030 Busan on December 27 at the LG Art Center in Seoul. At the ceremony, Committee Secretary General Yoon Sang-jik and Busan Mayor Park Heong-joon presented soprano Jo Sumi with the appointment plaque. The 4th official honorary ambassador following actor and filmmaker Lee Jung-jae, AI Rozy and boy band BTS, date2022-12-28

Korea holds 231st Ministerial Meeting on International Economic Affairs

South Korea’s Deputy Prime Minister and Economy and Finance Minister Choo Kyung-ho presided the 231st Ministerial Meeting on International Economic Affairs on December 26 at the Government Complex Seoul, which was attended by ministers and vice ministers of relevant ministries, including the Ministry of Trade, Industry and Energy (MOTIE). In his opening message, Minister Choo remarked that 2022 has been a year with a high level of external uncertainty from Russia-Ukraine war, supply chain date2022-12-28

MOTIE appoints 4th Honorary Ambassador for World Expo 2030 Busan

The Ministry of Trade, Industry and Energy (MOTIE) held a ceremony on December 27 at the LG Art Center in Seoul to appoint soprano Jo Sumi as the 4th Honorary Ambassador for the World Expo 2030 Busan.    The ceremony was also attended by World EXPO 2030 Busan Bid Committee Secretary General Yoon Sang-jik and Busan Mayor Park Heong-joon.   date2022-12-27