Ministry of Trade, Industry and Energy

Korea’s January exports expand 11.4% to $48.0 billion

The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports in January expanded 11.4 percent from a year earlier to USD 48.0 billion. Imports also went up 3.1 percent to $44.1 billion. The trade balance stood at a surplus of $4.0 billion, staying positive for the 9th consecutive month. Exports in January showed double-digit growth for two months in a row for the first time in 40 months. It is also the third consecutive month in which the total exports and date2021-02-01

Korea to invest 240 billion won in system semiconductor R&D

The Ministry of Trade, Industry and Energy, Ministry of Science and ICT, and Ministry of SMEs and Startups announced the support measures for the technological innovation in the system semiconductor industry at the Seoul Government Complex on February 1. The Ministries will invest a total of 240 billion won, or USD 215 million, to prominent areas in the system chip industry such as power semiconductors, next generation sensors, and artificial intelligence semiconductors, and foster local fables date2021-02-01

2020 retail sales in Korea expand 5.5% due to strong online sales

The Ministry of Trade, Industry and Energy announced on January 28 that Korea’s retail sales in 2020 expanded 5.5 percent compared to 2019, thanks to strong online sales (up 18.4 percent). Brick-and-mortar sales fell 3.6 percent.   The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four SSM operators. The ot date2021-01-28

Minister Sung visits Green New Deal project sites in Yeonggwang

Trade, Industry and Energy Minister Sung Yunmo made an on-site visit to the solar plant and the wind power testbed in Yeonggwang, Jeollanam-do, on January 27, to examine the conditions for renewable energy expansion for the 2050 carbon neutral goal and Korea’s Green New Deal initiative.   The Yeonggwang solar power plant, completed in June 2020, is the largest plant of solar generation in Korea with a 100MW scale. The Yeonggwang wind power test bed is being operated to provide the l date2021-01-28

Minister Sung encourages Gwangju Free Economic Zone Authority to become AI industry based growth hub

Trade, Industry and Energy Minister Sung Yunmo attended the launching ceremony for the Gwangju Free Economic Zone Authority at Gwangju Innobiz Center on January 27, and delivered a congratulatory speech to encourage the Authority’s vision to become a new industrial hub centered on artificial intelligence technologies.   Minister Sung mentioned that the Gwangju FEZ Authority has an important role in regional development and creation of jobs by strengthening global competitiveness in date2021-01-28

Minister Sung visits Korean biohealth firm to encourage export achievement

Trade, Industry and Energy Minister Sung Yunmo (left) made an on-site visit to the plant of MEK-ICS, a local ventilator manufacturer in Paju, Gyeonggi Province, on January 21, to encourage the firm’s efforts for technological development and export growth amid COVID-19 pandemic.   The government has supported the firm’s respiratory care technologies through R&D assistance since 2011, and has also provided export consulting services in the medical equipment sector.   date2021-01-21

Minister Sung discusses measures to localize key materials, parts and equipment in national defense sector

The Ministry of Trade, Industry and Energy and the Ministry of National Defense held the 7th Meeting for the National Defense Industry Development on January 19, to discuss measures to strengthen the competitiveness of the defense industry and boost exports. Minister Sung mentioned that in order for the defense industry to become a competitive exporting industry in the post-corona era, it is important to speed up the application of excellent 4th industrial revolution private technologies in the date2021-01-19

Korea’s ICT exports record 3.8% growth in 2020

The Ministry of Trade, Industry and Energy announced on January 18 that Korea’s information and communications technology (ICT) Industry posted exports of USD 183.6 billion in 2020.   Outbound shipments of ICT goods last year went up 3.8 percent compared to 2019 despite COVID-19 impacts. The ICT exports achieved the third highest value in history.   Imports by the ICT sector in 2020 totaled $112.6 billion, resulting in a trade surplus of $71.0 billion.   By product cat date2021-01-18

Green car exports, domestic sales hit record high in 2020

The Ministry of Trade, Industry and Energy announced on January 14 that exports and domestic sales of eco-friendly vehicles hit record highs in 2020.   For 2020, the number of domestic vehicles produced by Korea’s seven automakers moved down 11.2 percent to 3.5 million units. Output in the first half of the year was more harshly hit by a slowdown in sales and a difficulty in procuring major parts due to COVID-19. The domestic automobile manufacturers are Hyundai Motor, Kia Motors, G date2021-01-14

Minister Sung encourages Ulsan Free Economic Zone Authority’s hydrogen initiative

Trade, Industry and Energy Minister Sung Yunmo (center) attended the launching ceremony for the Ulsan Free Economic Zone Authority at Ulsan Metropolitan City Hall on January 14, and delivered a congratulatory speech to encourage the Authority’s vision to establish a hydrogen industry hub for innovative growth.   Minister Sung mentioned that the UFEZ Authority has an important role in regional development and creation of jobs by fostering the new future hydrogen industry through the date2021-01-14