Ministry of Trade, Industry and Energy

Korea, Uzbekistan promise stronger cooperation in trade, rare metals, and EVs

The Ministry of Trade, Industry and Energy organized a business roundtable with Uzbekistan on the occasion of Uzbek President Shavkat Mirziyoyev’s state visit to Korea, on December 17, to expand investment between the two countries and improve Korean firms’ business environment in Uzbekistan. The two countries also signed memorandum of understandings (MOUs) to establish a communication channel for energy, cooperate in the production of rare metals, and join efforts in developing ind date2021-12-17

Korea’s automobile export value turns to positive growth in November

The Ministry of Trade, Industry and Energy announced on December 15 that Korea’s automobile export value increased 3.3 percent, turning to positive growth in three months. In terms of volume, automobile production, domestic sales, and exports decreased 6.6 percent, 16.0 percent, and 4.7 percent, respectively. The export value posted growth due to expansion of high value-added vehicles. Green car exports showed the highest monthly value on record. Automobile production in November went do date2021-12-15

Korea and Singapore announce conclusion of Korea’s first digital trade agreement, Korea-Singapore Digital Partnership Agreement (DPA)

Trade Minister Yeo Han-Koo and Singapore’s Second Minister for Trade and Industry Tan See Leng issued a Joint Statement on December 15 announcing the conclusion of the “Korea-Singapore Digital Partnership Agreement”, Korea’s first digital trade agreement.       Read more: date2021-12-15

ICT exports reach record high in November

The Ministry of Trade, Industry and Energy announced on December 14 that shipments of Korea’s information and communications technology (ICT) products reached an all-time high value of USD 21.5 billion, up 30.0 percent from the same period last year. Exports posted double-digit growth for eight straight months. Imports went up 23.1 percent to $12.8 billion, and the trade balance stood at a surplus of $8.7 billion. Exports of all four ICT product types expanded. Those of semiconductors date2021-12-14

Korea announces 「Carbon Neutrality Vision and Strategy for Industry and Energy」

On December 10, Korea announced the ｢Carbon Neutrality Vision and Strategy for Industry and Energy｣, Korea’s first comprehensive strategy to achieve carbon neutrality in the industry and energy sectors which account for more than 70 percent of total carbon emissions. The government plans to phase out coal power generation by 2050 and achieve a carbon-free energy mix with renewables and hydrogen. To this end, the government vowed all-out support with tax, finance, and regulatory innova date2021-12-13

Evaluation of 2021 Korea’s Trade and Future Policy Directions

In 2021, Korea’s trade value hit $1 trillion at the fastest pace on record despite prolonged COVID-19 pandemic and global supply chain bottlenecks, and the country is expected to achieve the largest annual trade and export values in history.       Read more: date2021-12-10

Kimchi on track for first trade surplus in 12 years

Selected as the most enjoyed K-food overseas, annual exports of the spicy condiment are set to hit a fresh highRead more: date2021-12-09

Minister Moon attends 2nd Industrial Technology Future Forum

Trade, Industry and Energy Minister Moon Sungwook attended the 2nd Industrial Technology Future Forum, organized by the Korea Institute for Advancement of Technology (KIAT) on December 9, to discuss 22 policy agendas set forth by industrial experts to effectively respond to digital transformation and climate change. Minister Moon said in his welcome remarks that today’s forum is meaningful that the government, the National Assembly, and representatives from industry, academia and research date2021-12-09

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