Ministry of Trade, Industry and Energy

Korea’s automobile exports log $5.1 bln in August

The Ministry of Trade, Industry and Energy (MOTIE) announced today that Korea’s automobile exports for August 2024 reached USD 5.1 billion, logging the second highest export value for the month despite the slight decline year-on-year. The accumulated export value through January–August totaled $47.4 billion, outpacing last year’s all-time high by 1.3 percent. The monthly value of hybrid electric vehicle (HEV) exports ($1.07 billion) soared 61.9 percent in terms of shipment volume, surpassing the previous high achieved in April last year ($1.06 billion). Exports of automotive parts sank 3.5 percent to $1.8 billion, impacted by the industry’s lower number of working days (-1 weekday) compared to last year. Domestic production decreased 7.1 percent to 289,948 units amid the ongoing facility repair at Kia’s Hwaseong plant and GM Korea’s Bupyeong plant, as well as the wage and collective bargaining agreement (CBA) negotiations at GM Korea. Major automakers have settled negotiations, setting off anticipation of revitalized exports and production in September. Domestic sales shrank 1.9 percent to 128,199 units. Meanwhile, sales of HEVs (up 21.5 percent) and EVs (up 60.0 percent) both posted double-digit growth, boosting the overall domestic sales of eco-friendly cars to 51,366 units (up 29.7 percent).   date2024-09-19

Vice Minister attends Defense Industry and Design Convergence Forum

Vice Minister Sungtaek Park at the Ministry of Trade, Industry and Energy (MOTIE) attended Korea’s first Defense Industry and Design Convergence Forum on September 13 at the Korea Institute of Design Promotion (KIDP) in Gyeonggi Province following the signing of a memorandum of understanding (MOU) for stronger collaboration in weapon systems design, with the participation of 30 related institutions including the Korea Defense Industry Association (KDIA) and design and defense specialized companies. date2024-09-13

Trade Minister visits Google’s New York headquarters

Trade Minister Inkyo Cheong visited Google’s New York headquarters on September 12 and met Google Cloud's Vice President of Government Affairs and Public Policy Marcus Jadottee and discussed ways to deepen Korea-U.S. cooperation in IT and digital trade policies development before touring Google’s New York campus. date2024-09-13

Trade Minister speaks at Korea-U.S. Economic Cooperation Seminar

Trade Minister Inkyo Cheong attended the Korea-U.S. Economic Cooperation Seminar on September 12 at Korea Society headquarters in New York to discuss the impact of trade, investment and technology cooperation on both economies and future vision for Korea-U.S. economic cooperation.   The seminar was attended by 60 economy experts of both countries, including Korea Society President Thomas Byrne and representatives of Korea International Trade Association (KITA) and LG Business Research. date2024-09-13

3rd Korea-Philippines Joint Commission for Trade and Economic Cooperation meeting

Korea’s Deputy Minister for Trade Yang Byeong-nae and the Philippines’ Assistant Secretary for Industry Development and Trade Policy Allan B. Gepty led their respective delegations in the 3rd Korea-Philippines Joint Commission for Trade and Economic Cooperation meeting via videoconference on September 12 to discuss the Korea-Philippines Free Trade Agreement (FTA) and measures for cooperation in areas like shipbuilding and eco-friendly vehicles. date2024-09-13

Korea’s ICT exports climb 28.5% in August

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s export and import of information and communication technology (ICT) goods for the month of August 2024 reached USD 20.6 billion and $11.6 billion, respectively, and the trade balance stood at an estimated surplus of $9.0 billion. ICT exports (up 28.5 percent year-on-year) logged double-digit growth for the eighth consecutive month on the backs of robust growth of semiconductors (up 37.6 percent), mobile phones (up 60.1 percent), and computers and peripherals (up 144.2 percent). By item, semiconductors posted double-digit growth for the 10th consecutive month as memory chips (up 71.7 percent to $7.3 billion) and system chips (up 2.7 percent to $4.1 billion) simultaneously advanced. Mobile phone exports surged over 60 percent as finished products (up 95.0 percent to $0.3 billion) and parts (up 53.0 percent to $1.3 billion) enjoyed strong demand. Computers and peripherals skyrocketed as solid-state drives (SSDs) hit a monthly export value of $1.3 billion (up 249.8 percent). By region, exports increased for most destinations, including China (including Hong Kong) (up 27.0 percent), Vietnam (up 7.5 percent), the U.S. (up 57.6 percent), and the EU (up 44.3 percent), whereas exports to Japan declined (down 17.2 percent).   date2024-09-13

Trade Minister Cheong engages in wide-ranging outreach to U.S.

Korea’s Minister for Trade Inkyo Cheong met various key figures in the Biden administration, U.S. Congress, academia, and financial circles in Washington D.C. and New York City during his visit from September 11–12 as part of outreach activities to advance the mutually beneficial economic and trade cooperation between Korea and the U.S. amid increasing changes in the trade environment. Among those in the current administration, Trade Minister Cheong met with Deputy Secretary of Commerce Don Graves and discussed the outcomes and follow-up measures to the Korea-U.S. Supply Chain and Commercial Dialogue Ministerial Meeting and the Korea-Japan-U.S. trilateral Commerce and Industry Ministerial Meeting held in June, as well as Korea’s Indo-Pacific Economic Framework for Prosperity (IPEF) Crisis Response Network chairmanship and other trade issues.  The trade chief met U.S. Representative Young Kim to discuss visa issues and asked support for investment incentives under the Inflation Reduction Act (IRA) and other agendas of interest for Korean businesses. He also met with former Representatives Ron Kind, Jim Davis, and Tom Davis to discuss response measures to future U.S. industrial and trade policies. At Google’s New York headquarters, he sat down with executives to exchange views on digital trade policy development and ways to deepen Korea-U.S. advanced technology cooperation in AI, smart devices, and cloud computing before touring the cutting-edge working environment at Google’s New York campus.   Meanwhile, Trade Minister Cheong took part in the various events convened on the occasion of his visit. He attended the Korea-U.S. Economic Cooperation Seminar and Investors Roundtable for wider scope of bilateral cooperation and gathered business issues from locally operating Korean companies. On the last day of his trip, he met with experts from LG Business Research and U.S. law firm Arnold & Porter at the Korea-U.S. Economic Cooperation Seminar to take stock of trade, investment and technology cooperation outcomes. Lastly, the trade minister met Eurasia Group President Ian Bremmer among other leaders of major think tanks like Asia Society to assess the Korea-U.S. alliance and its role amid the rapidly changing global dynamics. In view of the growing geopolitical importance placed on East Asia, they discussed tasks to tackle for Korea to rise as a key country in terms of trade, economy, and security. Trade Minister Cheong stated that this trip to the U.S. leading up to its presidential elections is expected to further catalyze the two countries’ economic exchanges going forward.   date2024-09-13

K-Defense slicks up design, making ready for global market

The Ministry of Trade, Industry and Energy (MOTIE) and the Defense Acquisition Program Administration (DAPA) of the Republic of Korea held the first Defense Industry and Design Convergence Forum (“Forum”) today at the Korea Institute of Design Promotion (KIDP) in Gyeonggi Province, following the signing of a memorandum of understanding (MOU) for stronger collaboration in weapon systems design, with the participation of 30 related institutions including the Korea Defense Industry Association (KDIA) and design and defense specialized companies. Amid the recent increase of Korea’s arms exports, MOTIE and DAPA held the Forum based on a shared recognition of the need to closely cooperate in developing weapon systems design with aim to preemptively incorporate importers’ requests on not only the performance but also the weapon systems design, user convenience, and safety of Korean defense goods. In his congratulatory remarks, MOTIE’s Vice Minister Sungtaek Park vowed active policy support for the two industries’ collaboration and convergence, sharing plans to strengthen the technological prowess of design firms with respect to AI-based modeling as well as virtual reality (VR)- and augmented reality (AR)-based mockup environment technology.  Plans further include a joint project to support the development of optimal design for defense goods, providing education and design consulting to defense industry insiders at the Design-Driven Manufacturing Innovation Center, selecting and launching pilot projects by the first half of 2025 on improving the weapon systems’ usability and efficiency, and continuing to uncover collaboration items to tie in with project outcomes. For continued collaboration between the two industries, DAPA will uncover projects and conduct demand surveys on weapon systems design improvement, while MOTIE will aim for early commercialization through matching of design-specialized firms and joint projects. Vice Minister Park highlighted that design is a form of soft power that enhances product competitiveness and attractiveness, expressing anticipation for cooperation between MOTIE and DAPA to reduce industrial boundaries and creates synergy for discovering new growth engines.   date2024-09-13

Minister attends Industrial Complex Day 2024

Trade, Industry and Energy Minister Dukgeun Ahn attended the ceremony commemorating the 60th anniversary of Industrial Complex Day on September 12 at G-Tower in Seoul and gave a commemorative speech to 500 attendees. The minister awarded orders of merit and medals of honor to contributors to industrial development, including the Bronze Tower Order of Industrial Service Merit to Kovico CEO for the company’s donations and volunteer service in addition to creating jobs and promoting exports through developing military vehicles and specialty medical vehicles. date2024-09-13

Trade Minister chairs meeting with Korean firms in N.Y.

Minister for Trade Inkyo Cheong chaired a meeting with representatives of Korean firms operating in New York on September 11 in New York City and discussed business issues.   The meeting was attended by representatives of POSCO International, LG Electronics, Samsung C&T, Hanwha, and Doosan Enerbility. date2024-09-13