Ministry of Trade, Industry and Energy

Korea’s August exports jump 34.9% to $53.2 billion

The Ministry of Trade, Industry and Energy announced on September 1 that Korea’s exports in August saw a year-on-year expansion of 34.9 percent and recorded USD 53.2 billion, hitting the highest value for the month of August in history. Imports jumped 44.0 percent to $51.6 billion, resulting in a trade surplus of $1.7 billion. Exports posted growth for 10 consecutive months. It is also the first time in 11 years that exports increased more than 20 percent for five straight months. Daily date2021-09-02

Korea’s retail industry sees sales growth of 13.1% in July

The Ministry of Trade, Industry and Energy announced on August 26 that Korea’s retail industry saw sales growth of 13.1 percent in July. Both offline and online sales posted growth, up 7.0 percent and 20.2 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 supermarket' (SSM) operators. date2021-08-26

S.Korea's bio-health industry exports log best-ever first half in 2021

S.Korea's bio-health industry exports log best-ever first half in 2021 date2021-08-25

Korea, Colombia to expand cooperation in trade, investment

Trade, Industry and Energy Minister Moon Sungwook (left) attended a forum to discuss trade and investment cooperation between Korea and Colombia in Seoul, on August 25, held on the occasion of Colombian President Ivan Duque’s state visit to Korea.   Minister Moon suggested further economic cooperation between the two countries in various areas including trade, artificial intelligence (AI), clean energy, future cars, and health. date2021-08-25

Minister Moon visits site of secondary battery recycling

Trade, Industry and Energy Minister Moon Sungwook (right) made a visit to the plant of SungEel HiTech, a local supplier of cathode materials from recycled secondary batteries, in Gunsan, Jeollabukdo, on August 19, and met with industry representatives afterwards to discuss measures necessary to establish a stable supply chain of rare metals.   Minister Moon said that the government will set up a comprehensive plan for metal reserves by the end of the year. date2021-08-19

2nd Vice Minister visits hydrogen production facility in Daejeon

Trade, Industry and Energy 2nd Vice Minister Park Kiyoung made an on-site visit to the hydrogen production facility at the Korea Institute of Energy Research in Daejeon, on August 18, to discuss with industry experts measures to achieve carbon neutrality through clean hydrogen and create new jobs. date2021-08-18

Minister Moon discusses R&D investment strategy with private sector experts

Trade, Industry and Energy Minister Moon Sungwook presided over a strategy meeting to discuss industrial technology R&D innovation, on August 18, at the Office of Strategic R&D Planning (OSP), launched in 2010 to devise strategic plans for R&D investment and innovation of industrial technology.   Minister Moon emphasized the need to reestablish R&D investment directions for industrial technologies amid rapidly changing internal and external environments, and expand investm date2021-08-18

Auto exports edge down 2.9%, export value rises 12.3% in July

The Ministry of Trade, Industry and Energy announced on August 18 that Korea’s automobile output, domestic sales, and exports went down 13.9 percent, 9.6 percent, and 2.9 percent, respectively. However, in value terms, the export value increased 12.3 percent to $4.1 billion, posting double-digit growth for seven straight months. Declines in production and exports are attributable to a high base effect from last year’s expansion and fewer working days (down 2 days) this year. Vehic date2021-08-18

Korea, Kazakhstan sign 23 MOUs

The Ministry of Trade, Industry and Energy organized a business roundtable with Kazakhstan on the occasion of Kazakh President Kassym-Jomart Tokayev’s state visit to Korea, on August 17, and the two countries signed 23 memorandums of understanding (MOUs) for cooperation in various industries including automobile and natural resources.   Minister Moon pointed out that through the Fresh Wind economic program launched in 2019, the two countries have generated substantial progress in ec date2021-08-17

Korea, Mexico to strengthen cooperation in energy and resources

Trade, Industry and Energy Minister Moon Sungwook (left) met with Mexican Energy Minister Rocío Nahle García in Seoul, on August 13, to discuss plans to strengthen cooperation in energy and resources. Minister Moon suggested that the two countries hold detailed working-level talks for the bilateral meeting on industry and resources scheduled for next year, the 60th anniversary of diplomatic relations. The two sides also agreed to join efforts for the Dos Bocas oil refinery project date2021-08-13