Ministry of Trade, Industry and Energy

Korea’s exports hit record high monthly value in September

The Ministry of Trade, Industry and Energy announced on October 1 that Korea’s exports in September increased 16.7 percent to USD 55.8 billion, the highest on record since 1956 when Korea first started compiling trade data.   The achievement was possible despite two fewer working days compared to the same period last year. Korea extended export growth to 11 consecutive months, and recorded double-digit growth for seven straight months.   Average daily exports also set a new r date2021-10-01

Korea’s August retail sales rise 6.4%

The Ministry of Trade, Industry and Energy announced on September 29 that Korea’s retail sales in August posted year-on-year growth of 6.4 percent.   Both physical and online retailers experienced growth in sales, up 2.5 percent and 11.1 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, date2021-09-29

Cooperation committee launches to strengthen competitiveness of Korea’s semiconductor industry

Trade, Industry and Energy Minister Moon Sungwook (center) attended the launching ceremony for a committee composed of representatives from industry, academia and research institutes to beef up Korea’s semiconductor industry, on September 28.   Minister Moon mentioned that the K-semiconductor Strategy announced in May in response to the global supply chain reorganization has led to substantial results in taxation, finance and manpower training, and said that the government will cont date2021-09-28

Minister Moon holds meeting with economic research institutes

Trade, Industry and Energy Minister Moon Sungwook met with heads of public and private economic research institutes on September 16, to discuss recent economic conditions and the future direction of Korea’s industrial policy.   Minister Moon said that the government will push for innovation in the industrial structure by securing industrial and technological competitiveness amid supply chain reorganization, utilizing digital transformation and carbon neutrality effectively, and real date2021-09-16

Processed rice goods emerge as dark horse in agri-food exports

Processed rice goods emerge as dark horse in agri-food exports date2021-09-15

August automobile exports, output increase

The Ministry of Trade, Industry and Energy announced on September 15 that Korea’s automobile production and exports increased 0.7 percent and 4.1 percent, respectively, while domestic sales edged down 3.3 percent for the month of August. The export value totaled $3.0 billion, posting double-digit growth for eight straight months. Automobile output in August inched up 0.7 percent to 234,893 units despite automotive chip shortages and construction at the electric vehicle (EV) production li date2021-09-15

Minister Moon meets with steel, petrochemical firms to discuss new NDC targets

Trade, Industry and Energy Minister Moon Sungwook met with CEOs of steel and petrochemical firms, which account for more than 75.8% of greenhouse gas emissions in the domestic industrial sector, on September 14, as Korea considers stronger nationally determined contribution (NDC) targets. Minister Moon said that the government plans to strengthen communication with the industry and fully support investment efforts by firms to meet the NDC goals. date2021-09-14

Korea’s ICT exports post growth of 33.2% to $20.3 billion

The Ministry of Trade, Industry and Energy announced on September 14 that exports of Korea’s information and communications technology (ICT) goods increased 33.2 percent to USD 20.3 billion in August, rising for 15 consecutive months and hitting the record high export value for the month of August and the second highest monthly export value in history. Imports recorded year-on-year growth of 23.7 percent to $11.4 billion, and the trade balance stood at a surplus of $8.9 billion. Shipment date2021-09-14

Korea initiates process to join Digital Economic Partnership Agreement (DEPA)

The Office of the Minister for Trade at the Ministry of Trade, Industry and Energy officially notified New Zealand, the Depositary of the Digital Economic Partnership Agreement (DEPA), of Korea’s intent to join the Agreement on September 13. The government has completed the domestic procedures to initiate negotiations on Korea’s accession to the DEPA, including a feasibility study (May 2020), public hearing (May 2021) and report to the National Assembly (August 2021), and has secure date2021-09-13

Minister Moon meets with trade experts to discuss policy response to recent global trade environment

  Trade, Industry and Energy Minister Moon Sungwook (center) met with trade experts on September 10, to exchange ideas on the rapidly changing global trade environment which incorporates industry, technology and energy issues.   Minister Moon said that while Korea’s trade policy has mainly focused on signing free trade agreements (FTAs) and expanding access to global markets, it is time to develop capabilities to respond to supply chain disruptions and digital transformation, date2021-09-10