Ministry of Trade, Industry and Energy

Auto exports in May expand 57.5%

The Ministry of Trade, Industry and Energy announced on June 11 that Korea’s automobile output and exports in May grew 10.9 percent and 57.5 percent, respectively. Meanwhile, domestic sales contracted 10.1 percent. The number of vehicles produced by Korean automakers went up 10.9 percent to 256,272 units. The growth in automobile production was mostly attributable to a significant increase in outbound shipments. Over the same period, exports jumped 57.5 percent to 150,894 units. The bas date2021-06-14

Petroleum products rebound; Korea reaches all-time high April exports

Petroleum products rebound; Korea reaches all-time high April exports date2021-06-11

Minister Moon discusses carbon neutrality with state-run utility firms

Trade, Industry and Energy Minister Moon Sungwook (center) visited the Korea Electric Power Corporation (KEPCO) headquarters, on June 10, and met with representatives from state-run utility firms to discuss response measures for the country’s commitment to go carbon neutral by 2050. Minister Moon emphasized the need for comprehensive innovation across the energy sector and urged the state-run utilities to play a leading role in achieving carbon neutrality by establishing a sustainable syst date2021-06-10

Minister Moon attends Steel Day commemoration event

Trade, Industry and Energy Minister Moon Sungwook attended the 22nd Steel Day commemoration event at the POSCO Center in Seoul, on June 9, and discussed pending issues in the domestic steel industry with experts. The government and the industry agreed to work closely together to stabilize supply and demand for steel and strengthen the industry’s competitiveness by preparing for the carbon neutral era. date2021-06-09

Trade Minister Yoo holds committee meeting with trade officials

Trade Minister Yoo Myung-hee (second from the right) held a committee meeting with trade officials at the government complex in Sejong, on June 9, to discuss issues such as the WTO vaccine intellectual property waiver. date2021-06-09

Minister Moon meets with local battery makers at industry fair

Trade, Industry and Energy Minister Moon Sungwook visited InterBattery 2021, a three-day industry exhibition showcasing next-generation battery products and technologies held in Seoul, on June 9, and met with local battery makers afterwards.   Minister Moon promised active support for domestic companies amid fierce competition in the global electric vehicle battery market. date2021-06-09

Trade Minister Yoo meets with APEC ministers

Trade Minister Yoo Myung-hee attended a virtual meeting of Asia Pacific Economic Cooperation (APEC) ministers, on June 5, and the ministers agreed to join efforts to overcome COVID-19 and support the rules-based multilateral trading system.   Trade Minister Yoo said that Korea will make active contributions to accelerate the distribution of COVID-19 vaccines using its biopharmaceutical production capability, and emphasized APEC’s role in the discussion of environmental goods and ser date2021-06-07

Vice Minister Park visits COVID-19 vaccine manufacturing site for clinical trials

Trade, Industry and Energy Vice Minister Park Jin-kyu (right) made an on-site visit to the Animal Cell Culture Substantiation Center, a manufacturing facility for COVID-19 vaccines for clinical trials, in Andong, on June 2.   MOTIE has established facilities and equipment for consignment production of vaccines according to international standards since 2017 to foster the vaccine industry and support local companies’ production of vaccines for clinical trials.   Vice Minister date2021-06-03

Minister Moon encourages local hydrogen companies

Trade, Industry and Energy Minister Moon Sungwook visited the plant of Yuhan Precision, a local maker of bipolar plates used in fuel cell electric vehicles (FCEVs) in Asan, Chungnam, on June 1, and met with representatives from 11 hydrogen-specialized companies under the Hydrogen Act.   Minister Moon encouraged the companies’ efforts in contributing to the development of clean energy technology, and promised active support for them to grow as global leaders. date2021-06-02

Korea’s exports expand 45.6% to $50.7 billion in May

The Ministry of Trade, Industry and Energy announced on June 1 that Korea’s exports in May expanded 45.6 percent to USD 50.7 billion. Imports went up 37.9 percent to $47.8 billion, resulting in a trade surplus of $2.9 billion. The improvement in exports was mostly due to an ongoing recovery in the global economy. It is the first time since September 2017 that both the export value and volume posted double-digit increases. May exports recorded the highest year-on-year growth for the first date2021-06-01