Ministry of Trade, Industry and Energy

Korea’s exports in July grow 29.6% to $55.4 billion, hitting record high value

The Ministry of Trade, Industry and Energy announced on August 1 that the value of Korean goods shipped overseas in July grew 29.6 percent to USD 55.4 billion, hitting the record high monthly export value.   Imports jumped 38.2 percent to $53.7 billion, resulting in a trade surplus of $1.8 billion.   Exports exceeded the $50 billion mark for five straight months. It is also the first time in 10 years that exports increased more than 20 percent for four straight months. Daily export date2021-08-02

Minister Moon holds meeting to facilitate industry certification process

Trade, Industry and Energy Minister Moon Sungwook held a meeting with industry representatives at the Korean Agency of Technology and Standards, on July 29, to discuss measures to reduce the time and cost of industry certification. Minister Moon stressed that as Korea’s firms are actively developing convergence products using new technologies from the 4th Industrial revolution, the government’s technology regulations should not hinder their innovative efforts. date2021-07-29

Minister Moon makes on-site visits in Changwon

Trade, Industry and Energy Minister Moon Sungwook (second from the right) visited Changwon, on July 28, to encourage the opening of a smart manufacturing demo factory and the construction of a liquid hydrogen plant.   The smart manufacturing demo factory, built as part of the Smart Green Industrial Complex Strategy, incorporates advanced ICT technologies to increase productivity and boost production of high value-added products.   The liquid hydrogen plant, when its construction is date2021-07-28

Korea’s retail sales in June gain 11.4%

The Ministry of Trade, Industry and Energy announced on July 27 that Korea’s overall retail sales in June increased 11.4 percent.   Both offline and online retailers experienced growth, up 4.8 percent and 19.6 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 superm date2021-07-27

MOTIE holds meeting with shipping industry to discuss logistics challenges

Trade, Industry and Energy Minister Moon Sungwook (right) held a joint meeting with the Ministry of Oceans and Fisheries and the shipping industry representatives, on July 21, to discuss ways to resolve difficulties with logistics resulting from shipping container shortages and high freight rates. At the meeting, the ministries agreed to increase the shipping space for peak volumes in the third quarter and expand support for freight charges. date2021-07-21

Minister Moon checks power management system for stable supply of electricity

Trade, Industry and Energy Minister Moon Sungwook made a visit to the Seoul Power Generation Site Division of Korea Midland Power Co., on July 20, to check the power management system for a stable supply of electricity during the summer. date2021-07-20

Minister Moon encourages COVID-19 precautions at industrial sites

Trade, Industry and Energy Minister Moon Sungwook (second from the right) visited Daeryung Knowledge Industry Center, in Seoul, on July 19, to encourage industrial workers to take COVID-19 precautions as cases have surged recently. At a meeting with the Korea Industrial Complex Corporation, Minister Moon requested special efforts for a safe working environment since the virus can spread among transient population at industrial sites. date2021-07-19

Korea’s auto industry sees advancement in production and exports in H1

The Ministry of Trade, Industry and Energy announced on July 15 that Korea’s automobile output and exports in the first six months of 2021 posted year-on-year increases of 11.5 percent and 27.9 percent, respectively. In particular, exports recorded double-digit growth (up 27.9 percent to 1,049,658 units) for the first time since the first half of 2012. In value terms, exports jumped 49.9 percent to $23.6 billion. Green car exports expanded 37.1 percent to 172,921 units, the highest numbe date2021-07-15

Exports of Korea’s ICT goods grow 29.1% to $19.3 billion in June

The Ministry of Trade, Industry and Energy announced on July 14 that exports of Korea’s information and communications technology (ICT) goods increased 29.1 percent to USD 19.3 billion in June, posting growth for 13 consecutive months and hitting the record high export value for the month of June in history. Imports went up 17.7 percent to $10.6 billion, and the trade balance stood at a surplus of $8.7 billion. Exports of chips, displays, and computers and peripherals recorded growth, bu date2021-07-14

Minister Moon meets with energy firms to discuss demand response program

Trade, Industry and Energy Minister Moon Sungwook held a virtual meeting with demand side management companies and participants of demand response (DR) programs, on July 13, to discuss measures to effectively manage energy demand during summer. The DR market, first established in 2014, has played a role in meeting energy demand in summer and winter months as participant companies adjust energy consumption during peak hours and in turn get compensated. Minister Moon encouraged related firms to pa date2021-07-13