Ministry of Trade, Industry and Energy

Korea's exports gain 9.4% in July

The Ministry of Trade, Industry and Energy announced on August 1 that the value of Korean goods shipped overseas in July grew 9.4 percent to USD 60.7 billion, posting highest ever exports value for the month of July (previous highest was that of July 2021 at $55.5 billion). High energy prices pushed imports up 21.8 percent to $65.4 billion, resulting in a trade deficit of $4.7 billion. Daily average exports reached historic highs by improving 14.1 percent to $2.6 billion, and overall expo date2022-08-01

2nd Vice Minister attends Pyeongtaek Hydrogen Base Completion Ceremony

Trade, Industry and Energy 2nd Vice Minister Park Il-jun attended the Pyeongtaek Hydrogen Production Base Completion Ceremony on July 27 at the Asan National Industrial Complex to congratulate the construction completion of the hydrogen plant.   In his congratulatory message, the Vice Minister stated that the Pyeongtaek facilities will become the central force in 'ushering in the hydrogen economy into the metropolitan area” and added that “the Ministry plans to introduce a c date2022-07-29

1st Vice Minister presides RE100 business conference

Trade, Industry and Energy 1st Vice Minister Jang Young-jin presided the RE100 Business Conference on July 27 at the Korea Chamber of Commerce and Industry (KCCI) to facilitate discussions on measures to effectively implement RE100, the global corporate renewable energy initiative for 100% renewable electricity.   In his opening message, Vice Minister Jang stated that “Korea’s renewable energy supply conditions are relatively unfavorable compared to other countries, so in the date2022-07-29

Trade Minister attends IPEF Ministerial Meeting

Trade Minister Ahn Duk-geun attended the Indo-Pacific Economic Framework Ministerial Meeting co-hosted by U.S. Trade Representative Katherine Tai and U.S. Secretary of Commerce Gina Raimondo on July 26-27 via videoconferencing to exchange viewpoints with ministers from 14 member states on upcoming negotiation issues.   The trade chief relayed that “tangible outcomes are necessary for supply chain and clean energy, and as a flexible and efficient international body, IPEF is needed to date2022-07-29

Korea's retail industry grows 9.3% in H1 2022

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 28 that Korea’s overall retail sales in the first half of 2022 increased 9.3 percent. Offline and online retailers gained 8.4 percent and 10.3 percent, respectively. Retail sales for the month of June increased 9.2 percent, with both offline and online retailers experiencing growth, up 9.3 percent and 9.1 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 25 major retailers. Th date2022-07-28

19th Korea-ASEAN FTA Implementation Committee Meeting

The Ministry of Trade, Industry and Energy (MOTIE) held the 19th Korea-ASEAN FTA Implementation Committee Meeting on July 27 to discuss the furthering of free trade agreements (FTAs) and new trade order issues. MOTIE was represented by a 12-member delegation consisting of officials from relevant ministries and institutions, including MOTIE, the Ministry of Economy and Finance (MOEF), Ministry of Foreign Affairs (MOFA) and the Korea Customs Service (KCS). The ASEAN delegation was composed of r date2022-07-28

Trade Minister attends IPEF Ministerial Meeting

Trade Minister Ahn Duk-geun attended the Indo-Pacific Economic Framework (IPEF) Ministerial Meeting on July 26-27 via videoconferencing, which was co-hosted by U.S. Trade Representative (USTR) Katherine Tai and U.S. Secretary of Commerce Gina Raimondo, to exchange viewpoints prior to actual negotiations. The meeting was attended by ministerial-level officials of fourteen countries: South Korea, the U.S., Japan, Australia, New Zealand, Vietnam, Brunei, India, Indonesia, Malaysia, Philippines, Si date2022-07-27

2nd Vice Minister visits Korea Power Exchange

Trade, Industry and Energy 2nd Vice Minister Park Il-Jun visited the Korea Power Exchange (KPX) in South Jeolla Province on July 24 to inspect the power supply situation prior to midsummer, where he received a briefing from KPX Chairman Jung Dong-hee and encouraged the employees for their contribution to power supply stabilization. date2022-07-27

Minister Lee attends semiconductor industry conference

Trade, Industry and Energy Minister Lee Chang-yang attended the semiconductor industry conference at Dongjin Semichem plant in Gyeonggi-do on July 21 to announce the semiconductor superpower strategy and hold the industry-academia cooperation infrastructure MOU signing ceremony.   In his opening message, Minister Lee relayed that battery, display, future mobility, robot, bio and such promising new industries will be grouped together as “semiconductor-plus industry,” and that m date2022-07-27

2nd Vice Minister holds conference on energy demand streamlining

Trade, Industry and Energy 2nd Vice Minister Park Il-Jun presided the inter-industrial conference on streamlining energy demand on July 21 at the Korea Chamber of Commerce and Industry (KCCI) to gather opinions from various industries on energy demand efficiency improvement and to discuss summer power supply response measures, noting that industries take up 62 percent of total energy consumption.   The conference was attended by approximately 20 relevant representatives, including Korea E date2022-07-26