Ministry of Trade, Industry and Energy

Korea's exports rise 6.6% in August

The Ministry of Trade, Industry and Energy announced on September 1 that Korea’s exports in August saw a year-on-year expansion of 6.6 percent and recorded USD 56.7 billion, hitting the highest value for the month of August in history. Imports jumped 28.2 percent to $66.2 billion, resulting in a trade deficit of $9.5 billion. Total trade volume achieved highest ever $960.3 billion. Despite protracted Russia-Ukraine war and tighter monetary policies of major countries, exports posted grow date2022-09-01

Minister holds talks with U.S. Ambassador to Korea over IRA and CHIPS Act

Trade, Industry and Energy Minister Lee Chang-yang met with Philip S. Goldberg, United States Ambassador to South Korea, in Seoul on August 31 to congratulate his new appointment to the post and discussed future Korea-U.S. cooperation on current issues. On the recently passed Inflation Reduction Act (IRA), Minister Lee relayed his agreement to general measures for climate change response and clean energy expansion. However, with regard to tax benefits for EV makers, he expressed serious co date2022-09-01

Prime Minister and 2nd Vice Minister attend H2 MEET

South Korea’s Prime Minister Han Duck-soo and Trade, Industry and Energy 2nd Vice Minister Park Il-Jun attended the H2 MEET (Mobility, Energy, Environment, Technology) Exhibition opening ceremony at KINTEX in Goyang-si, Gyeonggi-do on August 31. In his congratulatory message, Prime Minister stated that “Korea’s new regime aims to achieve a balanced development of all hydrogen cycles (production, distribution, utilization) and that future policies will be soon announced by the date2022-08-31

Korea and Canada hold talks on energy and resources cooperation

Trade, Industry and Energy 2nd Vice Minister Park Il-jun held talks with John F.G. Hannaford, Canada’s Deputy Minister of Natural Resources, on August 30 at the Government Complex Seoul to discuss measures to deepen Korea-Canada cooperation in natural gas, critical minerals, hydrogen and nuclear reactors. date2022-08-31

MOTIE submits IPEF plan to National Assembly

The Ministry of Trade, Industry and Energy (MOTIE) submitted its Indo-Pacific Economic Framework for Prosperity (IPEF) negotiations plan to the National Assembly’s Trade, Industry, Energy, SMEs and Startups Committee on August 29. After the launching of IPEF on the occasion of the May 23 summit meeting, the Government has been actively engaging in member states’ preliminary negotiations process, proceeding with the economic feasibility evaluation (May-June) and public hearing (July date2022-08-31

Government delegation team to hold IRA talks in Washington D.C.

The Ministry of Trade, Industry and Energy (MOTIE) announced that the Government delegation team will be holding talks through August 29-31 in Washington D.C. regarding the Inflation Reduction Act (IRA) signed in mid-August. The delegation will convey South Korea’s concerns on the amended EV subsidies law to the U.S. Trade Representative, Department of the Treasury, Department of Commerce and Congress members in order to seek countermeasures. The schedule will also include a conference w date2022-08-31

2nd Vice Minister visits Korea's first hydrogen self-charging station

Trade, Industry and Energy 2nd Vice Minister Park Il-jun visited the nation’s first hydrogen self-charging station at Incheon Airport on August 29 for safety devices inspection and self-charging demonstration.    In his opening message, the Vice Minister remarked that “self-charging is an excellent case of regulatory improvement in that it satisfies both drivers and charging station business operators by enabling longer station operation hours and cheaper hydrogen price.& date2022-08-30

Trade Minister convenes emergency Trade Committee regarding IRA

Trade Minister Ahn Duk-geun presided an emergency meeting of the Korea Trade Committee on August 30 at the Korea Chamber of Commerce and Industry (KCCI) to discuss measures in response to the recently passed U.S.’ Inflation Reduction Act (IRA). With respect to IRA, the Ministry has been actively communicating with the U.S. through industrial and ministerial channels so as to prevent Korea’s domestic EV industry bleeding from unfair competition in the U.S. market, including high- and date2022-08-30

Trade Minister attends World EXPO 2030 Busan Advisory Committee 2nd meeting

Trade Minister Ah Duk-geun attended the World EXPO 2030 Busan Advisory Committee’s second meeting on August 26 at the Four Seasons Hotel in Seoul to confirm the final bid dossier for submission and discussed promotion plans for the second half of 2022.   The meeting was attended by Committee members, including Prime Minister Han Duck-soo, Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won and Busan Mayor Park Heong-joon.   date2022-08-30

Korea's retail industry gains 9.7% in July

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 30 that Korea’s retail industry saw sales growth of 9.7 percent in July. Both offline and online sales posted growth, up 12.1 percent and 7.3 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 'super supermarket' (SSM) date2022-08-30