Ministry of Trade, Industry and Energy

Korea's exports grow 12.6% in April

The Ministry of Trade, Industry and Energy announced on May 1 that Korea’s exports in April moved up 12.6 percent to USD 57.7 billion. Imports expanded 18.6 percent to $60.4 billion, resulting in a trade deficit of $2.7 billion. Exports in April achieved double-digit growth for the 14th consecutive month since March of 2021 in spite of Ukraine-Russia crisis, China’s zero-COVID lockdowns and previous year’s base effect. Year-on-year double-digit growth for this April is all the date2022-05-02

MOTIE leads public-private efforts to bolster supply chain response system

Ministry of Trade, Industry and Energy (MOTIE)’s Trade Minister Yeo Han-koo visited the Global Supply Chain Analysis Center (hereinafter 'Analysis Center') on April 29 to assess the supply chain status amidst China’s zero-COVID lockdowns and Russia-Ukraine situation so as to invigorate public-private joint efforts for stronger supply chain intelligence and countermeasures. The Analysis Center was launched on February 9 of 2022 by MOTIE, Korea International Trade Association (KI date2022-05-02

Trade Minister holds Global Supply Chain Inspection Meeting

The Ministry of Trade, Industry and Energy (MOTIE)'s Trade Minister Yeo Han-koo held the Global Supply Chain Inspection Meeting at the Korea International Trade Association (KITA) office in Seoul on April 29 to address pending issues arising from ongoing external crises.   Prior to presiding the meeting, the trade chief first visited the Global Supply Chain Analysis Center, a research center launched by MOTIE, KITA, and Korea Trade-Investment Promotion Agency (KOTRA), and purely devoted t date2022-04-29

March retail sales record 7.1% growth, both online and offline positive

The Ministry of Trade, Industry and Energy announced on April 28 that Korea’s total retail sales in March saw a year-on-year growth of 7.1 percent. Sales at both offline and online retailers increased, up 6.3 percent and 7.9 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 s date2022-04-29

Trade Minister holds conference with CPTPP members' ambassadors to Korea

Trade Minister Yeo Han-koo held a conference with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) member states’ ambassadors to Korea at the Lotte Hotel Seoul on April 28 to discuss Korea’s application and upcoming plans.   The Minister delivered opening remarks and facilitated discussions addressing CPTPP’s role in terms of the Asia-Pacific trade order, as well as the Partnership’s future development direction.   date2022-04-28

Trade Minister holds Public-Private Russia and Belarus Exports Restrictions Conference

Trade Minister Yeo Han-koo presided the Public-Private Russia and Belarus Exports Restrictions Conference at the Korean Security Agency of Trade and Industry (KOSTI) on April 27 for an interim review following the 57 non-strategic items sanctions enforced a month ago.   In his opening remarks, Minister Yeo stated that “the Government included the 57 non-strategic items on the catch-all list and negotiated with the U.S. for Foreign Direct Product Rule (FDPR) exemption in order to min date2022-04-28

1st Vice Minister attends Free Economic Zone Innovative Ecosystem Project outcome briefing

Trade, Industry, and Energy 1st Vice Minister Park Jin-kyu attended the Free Economic Zone (FEZ) Innovative Ecosystem Project outcome briefing session held at Pohang Knowledge Industry Center in Gyeongbuk Province on April 27 for project accomplishments review and discussions.   After discussions, the Vice Minister toured the major facilities of companies participating in the FEZ Project, including the Institute of Membrane Proteins (IMP), and encouraged the employees on site.   date2022-04-28

MOTIE attends 37th IPHE meeting for hydrogen economy development

The Ministry of Trade, Industry and Energy (MOTIE) attended the general meeting videoconference of the “37th International Partnership for Hydrogen and Fuel Cells in the Economy (IPHE)” on April 26-27. Member states shared their newly enforced hydrogen economy policies as follow-up to the previous meeting in November, as well as their respective working-level task progresses. IPHE consists of 23 nations, including South Korea, the U.S., Japan, China, France, UK, Australia, UAE, and date2022-04-27

MOTIE holds 1st RCEP Joint Committee Meeting

The Ministry of Trade, Industry, and Energy (MOTIE) attended the Regional Comprehensive Economic Partnership (RCEP) Joint Committee on April 26 via videoconferencing at the Government Complex Seoul, the first meeting since its coming into force on February 1 this year. The Korean government delegation is led by MOTIE’s Director General for FTA Negotiations Lee Kyung-sik and comprises eight delegates from relevant ministries, including the Ministry of Economy and Finance and the Minis date2022-04-27

1st Vice Minister attends Korea Technology Center Opening Ceremony

Trade, Industry and Energy 1st Vice Minister Park Jin-kyu attended the Korea Technology Center (KTC) Opening Ceremony hosted by Lam Research on April 26 in Yongin, Gyeonggi Province.   In his message, Vice Minister congratulated the completion of the awaited KTC within the Jigok General Industrial Complex, and participated in the LED touchscreen ceremony in recognition of the official launching of the R&D Center and to encourage Lam Research in its push to develop the semiconductor in date2022-04-26