Ministry of Trade, Industry and Energy

Minister Moon meets with trade, industry experts to discuss future trade policy directions

Trade, Industry and Energy Minister Moon Sungwook held a forum with trade and industry experts on December 8 to exchange opinions on future trade policy directions as the Regional Comprehensive Economic Partnership (RCEP) will take effect next year.   Minister Moon said that the government will provide tailored support and consulting for each region and industry so that Korean firms can take advantage of the RCEP in doing business.   He added that Korea will actively engage in the date2021-12-08

Korea’s November exports hit $60 billion for first time in history

The Ministry of Trade, Industry and Energy announced on December 1 that Korea’s exports increased 32.1 percent year-on-year to USD 60.4 billion. Imports jumped 43.6 percent to $57.4 billion, resulting in a trade surplus of $3.1 billion. Exports advanced for 13 straight months and exceeded $60 billion for the first time on record in November. Average daily exports posted a 26.6 percent increase to $2.5 billion. The export volume also gained 8.2 percent. The monthly export value recorded date2021-12-01

Overall retail sales increase 14.4% in October

The Ministry of Trade, Industry and Energy announced on November 29 that Korea’s overall retail sales increased 14.4 percent in October. Both offline and online sales saw growth, up 10.0 percent and 19.7 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are physical retailers: three department store chains, three hypermarket chains, three convenience store chains, and four 'super supermarket'(SSM) operators. The date2021-11-29

Minister Moon attends Hydrogen Economy Committee meeting

Trade, Industry and Energy Minister Moon Sungwook (right) attended the 4th Meeting of the Hydrogen Economy Committee presided by the Prime Minister Kim Boo-kyum, on November 26, and presented the Ministry’s implementation strategies to make Korea a first mover to build a hydrogen economy.   The government plans to supply 27.9 million tons of green/blue hydrogen in 2050, and expand the self-sufficiency rate of clean hydrogen to over 60 percent. date2021-11-26

Korea, Uzbekistan vow to expand energy, digital, green cooperation

Trade, Industry and Energy Minister Moon Sungwook (left) met with Uzbek Deputy Prime Minister and Minister of Investments and Foreign Trade Sardor Umurzakov in Seoul, on November 25, at the 11th Joint Committee on Trade and Economic Cooperation between Korea and Uzbekistan.   The two countries agreed to join efforts to expand energy, resource, digital and green cooperation. date2021-11-25

Minister Moon meets Sartorius CEO to discuss investment in biopharmaceutical raw materials

Trade, Industry and Energy Minister Moon Sungwook (left) met with Sartorius CEO Joachim Kreuzburg in Seoul, on November 24, to discuss the German biopharmaceutical raw material and equipment supplier’s investment plan to build a production line in Songdo.   Minister Moon said that as the government is making an all-out effort for Korea’s vision to become the global vaccine hub and stabilize the supply chain of core items, Sartorius’ investment in building a biopharmaceut date2021-11-24

Korea, Costa Rica hold trade forum

Trade, Industry and Energy Minister Moon Sungwook delivered congratulatory remarks at the Korea-Costa Rica Trade and Investment Forum, on November 24, held on the occasion of Costa Rica’s president Carlos Alvarado Quesada’s state visit to Korea.   Minister Moon said that with the implementation of the Free Trade Agreement (FTA) between Korea and five Central American nations, the framework for economic cooperation between the two sides has been solidified.   He suggeste date2021-11-24

Korea, France agree for stronger digital, environment-friendly cooperation

Trade, Industry and Energy Minister Moon Sungwook (left) met with the French Secretary of State for Digital Transition and Electronic Communications Cédric O in Seoul, on November 19, and the two countries agreed to expand cooperation in new industries and encourage exchange between digital startups. Minister Moon also mentioned Busan’s bid to host the 2030 World Expo, and asked for support. date2021-11-19

Minister Moon meets ASML CEO

Trade, Industry and Energy Minister Moon Sungwook (right) met with ASML CEO Peter Wennink at ASML Korea’s headquarters in Hwaseong, on November 18, to discuss cooperative measures in the semiconductor sector with the global manufacturer of extreme ultraviolet (EUV) lithography equipment.   ASML has announced its plans to invest KRW 240 billion (USD 229 million) in the Hwaseong semiconductor cluster, and the two sides agreed for a stronger cooperation for a stable supply of materials date2021-11-19

Korea’s automobile industry sees decreases in October due to automotive chip shortage

The Ministry of Trade, Industry and Energy announced on November 18 that automobile output, domestic sales, and exports decreased 21.6 percent, 21.4 percent, and 18.1 percent, respectively, for the month of October. Despite the expectation that the global automotive chip shortage would ease in the third quarter, the supply from Southeast Asia was delayed, leading to cuts in production and exports. The number of vehicles produced by Korean carmakers in October lost 21.6 percent to 263,723 units date2021-11-18