Ministry of Trade, Industry and Energy

Korea’s automobile exports record $6.5 billion in April

Korea’s Ministry of Trade, Industry and Energy (MOTIE) announced today that domestic automobile sales for the month of April 2025 logged 150,622 units, increasing month-on-month for the third consecutive month. Domestic sales advanced 6.7 percent year-on-year on the backs of continued demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs), each gaining 50.3 percent and 29.9 percent year-on-year, respectively, in terms of units. Their aggregate sales volume accounts for 46 percent (68,048 units) of Korea’s entire domestic sales in April. Korea’s automobile exports for April (USD 6.5 billion) saw growth in destinations like the EU, Asia, Middle East, Latin America, and Africa. Exports to the EU advanced 26.7 percent year-on-year, based on strong demand for Korean EV models in the local market. Moreover, the robust exports of secondhand cars helped boost auto exports to non-EU European countries (up 11.6 percent) and Asia (up 53.9 percent). Meanwhile, U.S.-bound automobile exports shrank 19.6 percent from the impact of tariffs and other factors, including a major Korean automaker’s opening of a new production plant in Georgia, U.S. Automobile production inched down by only 2.2 percent to 385,621 units in spite of growing trade uncertainties, powered by surging domestic sales and Korean automobiles’ solid performance in the EU and non-U.S. markets.   date2025-05-20

Minister Ahn meets U.S. Trade Representative

Trade, Industry and Energy Minister Dukgeun Ahn met with U.S. Trade Representative Jamieson Greer on May 16 at ICC Jeju and reviewed the Korea-U.S. technical discussions held on May 1 and agreed to hold further consultations going forward. date2025-05-19

Deputy Trade Minister meets Chile’s Undersecretary for International Economic Relations

Korea’s Deputy Minister for Trade Park Jong-won met with Claudia Sanhueza Riveros, Chile’s Undersecretary for International Economic Relations, on May 16 at ICC Jeju on the occasion of the 2025 APEC MRT Meeting and discussed progress on the Korea-Chile FTA upgrade negotiations. date2025-05-19

Deputy Minister for Trade meets Canada’s Special Envoy for the Indo-Pacific

Korea’s Deputy Minister for Trade Park Jong-won met with Ian McKay, Canada’s Special Envoy for the Indo-Pacific and Ambassador to Japan on May 16 at ICC Jeju on the occasion of the 2025 APEC MRT Meeting and discussed bilateral trade and investment cooperation. date2025-05-19

Trade Minister Cheong meets with Japan's METI & MOFA vice ministers

Minister for Trade Inkyo Cheong met with Masaki Okushi, Vice Minister of Japan’s Ministry of Economy, Trade and Industry (METI), and Miyaji Takuma, Vice Minister of Japan’s Ministry of Foreign Affairs (MOFA), on May 16 at ICC Jeju on the occasion of the 2025 APEC MRT Meeting and discussed multilateral trade cooperation and Korea-Japan economic cooperation. date2025-05-19

Korea strengthens cooperation with Asia-Pacific economies to address global trade uncertainties

Korea’s Minister for Trade Inkyo Cheong of the Ministry of Trade, Industry and Energy (MOTIE) held high-level bilateral talks with trade representatives of 14 APEC member economies and the World Trade Organization (WTO) through May 14-16 on Jeju Island, as part of a series of bilateral meetings convened on the sidelines of the 2025 APEC Ministers Responsible for Trade (MRT) Meeting. During the talks, he took stock of the recent developments in U.S. tariff consultations with major economies and discussed measures to enhance trade and economic cooperation in addressing global trade uncertainties. First, Trade Minister Cheong met with U.S. Trade Representative Jamieson Greer on May 15 to discuss the status of U.S. tariff consultations with major economies and to exchange views on the Korea-U.S. technical discussions launched on May 1. Representative Greer noted Korea’s efforts to deliver meaningful outcomes through this year’s APEC MRT Meeting as chair of APEC 2025. On May 16, Trade Minister Cheong held a meeting with Masaki Okushi, Vice Minister of Japan’s Ministry of Economy, Trade and Industry (METI), and Miyaji Takuma, Vice Minister of Japan’s Ministry of Foreign Affairs (MOFA). Commemorating the 60th anniversary of the normalization of diplomatic relations, the two sides agreed to deepen collaboration in key areas like advanced industries, hydrogen and other emerging energy sectors, and supply chain resilience. They also pledged to work together toward the success of APEC 2025 and the Osaka-Kansai Expo and to actively leverage both Korea-Japan and Korea-U.S.-Japan cooperation platforms. In the meeting with Budi Santoso, Indonesia’s Minister of Trade, Trade Minister Cheong emphasized that more than 2,000 Korean companies are currently operating in Indonesia, requesting the Indonesian government’s support in resolving challenges faced by Korean firms including local certification and import restriction issues so as to ensure stable business operations. Meanwhile, Korea’s Deputy Minister for Trade Park Jong-won met with Ian McKay, Canada’s Special Envoy for the Indo-Pacific and Ambassador to Japan, to discuss ways to expand Korea-Canada cooperation in celebration of the 10th anniversary of the two countries’ bilateral FTA and to address support for Korean companies operating in Canada. He also met with Claudia Sanhueza Riveros, Chile’s Undersecretary for International Economic Relations, to review progress on the Korea-Chile FTA upgrade negotiations and to request the Chilean government’s support for Korean companies seeking to participate in Chile’s lithium development projects. Trade Minister Cheong stated that the bilateral talks with 14 Asia-Pacific economies’ trade leaders and the WTO Director-General have helped to promote the sharing of insights on global developments and trade response measures, while also advancing close cooperation on key issues such as building resilient critical minerals supply chains, expanding trade networks, and addressing challenges faced by Korean companies operating overseas. He added that the ministry will strive to mitigate trade uncertainties and external risks based on the newly gained insights and strengthened intraregional cooperation.   date2025-05-19

Minister meets WTO Director-General

Trade, Industry and Energy Minister Dukgeun Ahn met with WTO Director-General Ngozi Okonjo-Iweala on May 16 in Seoul and discussed issues on the global trade and economic environment, the importance of multilateral trade, and cooperation with the WTO. date2025-05-19

Trade Minister meets Indonesian Minister for Trade

Minister for Trade Inkyo Cheong met with Indonesian Minister for Trade Budi Santoso on May 16 at ICC Jeju on the occasion of the 2025 APEC MRT Meeting and discussed APEC outcomes and WTO reform measures. date2025-05-19

Trade Minister meets U.S. Trade Representative

Minister for Trade Inkyo Cheong met with U.S. Trade Representative Jamieson Greer on May 15 at ICC Jeju on the occasion of the 2025 APEC MRT Meeting and discussed bilateral trade issues. Representative Greer noted Korea’s efforts to create meaningful outcomes through the APEC MRT Meeting as this year’s APEC chair. date2025-05-19

Trade Minister meets WTO Director-General

Minister for Trade Inkyo Cheong met with WTO Director-General Ngozi Okonjo-Iweala on May 15 at ICC Jeju on the occasion of the 2025 APEC MRT Meeting and discussed issues on the WTO reform and multilateral trade system. date2025-05-19