Ministry of Trade, Industry and Energy

Minister Moon holds Korea-US energy talks

Trade, Industry, and Energy Minister Moon Sung-wook held an online meeting with U.S. Energy Minister Jennifer Granholm at the Korea Technology Center in Seoul on February 26.   After exchanging opening remarks, the two leaders shared views on international cooperation, emergency IEA meeting results, and the IEA member states’ oil reserves release option among several measures to stabilize the global energy market.   date2022-03-02

Korea’s exports expand 20.6% to $53.9 billion in February

The Ministry of Trade, Industry and Energy announced on March 1 that Korea’s export value went up 20.6 percent to USD 53.9 billion in February. Imports also increased 25.1 percent to $53.1 billion. The trade balance stood at a surplus of $0.8 billion, faring positive despite high imports from soaring energy prices. Despite rising raw material prices and Russia-Ukraine escalations, February’s trade balance achieved a much better performance compared to January’s, rising by $5.7 date2022-03-02

Trade Minister holds pan-ministerial 25th Trade Committee Meeting

Trade Minister Yeo Han-koo held the pan-ministerial 25th Trade Committee Meeting in Government Complex Seoul on February 24 to discuss response measures in light of the Russia-Ukraine crisis, changing landscape of the Asia-Pacific region’s trade order, and future pursuits for digital trade partnerships. The trade chief stressed the following two points at the beginning of the meeting. One is that the meeting aims to assess the impact of Russia-Ukraine situation on the region’s real date2022-02-28

Korea’s retail sales post 13.9% year-on-year growth in January

The Ministry of Trade, Industry and Energy announced on February 25 that Korea’s retail sales in January posted a 13.9 percent year-on-year growth. Offline sales jumped 18.4 percent, while online sales rose 9.1 percent. The Ministry releases monthly retail sales figures based on surveys of 25 major retailers. 13 of them are brick-and-mortar retailers: three hypermarket chains, three department store chains, three convenience store chains, and four “super supermarket” (SSM) op date2022-02-28

Korea and Australia sign MOUs on critical minerals and supply chain

Energy Vice Minister Park Ki-young attended the 1st Critical Minerals Working Group Meeting held in Canberra, Australia on February 24 to discuss the two countries’ bilateral cooperation on critical minerals and supply chain. At the meeting, Vice Minister Park delivered opening remarks and exchanged views with Australian counterparts on Korea-Australia critical minerals strategy and R&D cooperation measures. He also attended the signing ceremony of 6 MOUs between the two countries&rsq date2022-02-28

Trade Minister holds gathering with ambassadors to Korea

Trade Minister Yeo Han-koo presided a gathering with ambassadors to Korea on February 24 at the Lotte Hotel Seoul for fostering talks on strengthening raw materials supply chain partnerships in light of the recent Russia-Ukraine crisis. Minister Yeo gave an opening message in which he introduced supply-demand stabilization measures regarding economic security items in preparation against possible raw materials supply setbacks amidst the Ukraine situation. He also participated in an exchange o date2022-02-28

MOTIE holds 25th Trade Committee Meeting

Trade Minister Yeo Han-koo held the 25th Trade Committee Meeting in Government Complex Seoul on February 24 in the presence of relevant ministries’ officials in order to assess the economic impact from the current Russia-Ukraine crisis and push prompt measures in response to the changing Asia-Pacific trade landscape.   The trade chief delivered an opening message, in which he addressed the current military tension buildup and need for an overall monitoring of trade and commerce envi date2022-02-28

MOTIE signs MOU for Gunsan shipyard re-operation

Trade, Industry, and Energy Minister Moon Sung-wook visited the Hyundai Heavy Industries Gunsan Shipyard on February 24 to attend the shipyard’s re-operation MOU signing ceremony. During the Minister’s visit, an MOU was signed for the re-operation of the Hyundai Heavy Industries Gunsan Shipyard, which had halted operations in 2017 against the headwinds of the 2008 global financial crisis and the dry season of 2016 when orders hit rock bottom. In the recent wake of the global shipbui date2022-02-25

Korea and Indonesia sign MOUs for expanding supply chain cooperation

Trade, Industry, and Energy Minister Moon Sung-wook visited Jakarta, Indonesia through 20-22 of February to hold the Korea-Indonesia Business Forum and raw materials supply chain cooperation with his Indonesian counterparts. One of the goals of this visit was to review the progress made so far since President Moon Jae-in’s state visit in 2017, during which Indonesia expressed commitment to the New Southern Policy. Moreover, the meeting was substantial as it strengthened the cooperation ba date2022-02-24

MOTIE holds Meeting on Russia-Ukraine Crisis Impact on Major Businesses & Exports

Trade Minister Yeo Han-koo presided the “Russia-Ukraine Crisis Impact Assessment on Major Businesses & Exports' meeting on February 22 at the K-Sure headquarters in Seoul in light of the recent geopolitical situation. This meeting was convened for the purpose of assessing repercussions from the current Russia-Ukraine conflict escalation on Korea’s businesses and exports, and to provide exports stimulus through support measures. Minister Yeo discussed future import and export pro date2022-02-23