Ministry of Trade, Industry and Energy

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

Minister Moon attends meeting to encourage cooperation between middle market enterprises and energy agencies

Trade, Industry and Energy Minister Moon Sungwook (second from the right) attended a meeting, on September 3, to create a cooperative system between middle market enterprises and energy agencies for ESG and carbon neutral goals.   The Korea Energy Agency, the Korea Institute of Energy Technology Evaluation and Planning, and the Federation of Middle Market Enterprises in Korea signed a memorandum of understanding (MOU), and the state-run energy organizations promised to help middle market date2021-09-03

MOTIE, civic group join efforts for carbon neutrality

Trade, Industry and Energy Minister Moon Sungwook (center) met with the heads of the Korea NGO’s Energy Network on September 3, to discuss measures to induce public participation in climate action to achieve the 2050 carbon neutral goal.   Minister Moon stressed the role of civic groups in building a broad consensus among the public and encouraging people to take part in energy conservation. date2021-09-03

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