Ministry of Trade, Industry and Energy

Foreign direct investment pledged to Korea reach $7.7 billion in H1

The Ministry of Trade, Industry and Energy announced on July 15 that foreign direct investment (FDI) pledged to Korea in the first half of the year fell 22.4 percent year-on-year to USD 7.7 billion. The FDI that actually arrived in Korea over the same period decreased 23.9 percent to $4.7 billion.Restrictions on the cross-border movement and rising uncertainties due to COVID-19 led to the decline in FDI. However, investment pledges to several industries such as materials, parts and equipment, hi date2020-07-15

Korea's auto exports drop, domestic sales rise in June

The Ministry of Trade, Industry and Energy announced on July 14 that Korea’s automobile exports and output in June decreased 37.4 percent and 10.8 percent, respectively. Meanwhile, domestic sales jumped 41.9 percent to 205,709 units and hit record high. The number of Korean vehicles produced by Korean automakers went down 10.8 percent to 297,019 units. The decrease was mainly attributable to a slowdown in overseas demand, but the decline eased compared to the past two months. Auto export date2020-07-14

Korea’s ICT export growth turns positive in June

The Ministry of Trade, Industry and Energy announced on July 13 that Korean information and communications technology (ICT) industry’s export growth in June rebounded for the first time in three months and reached USD 15.0 billion, up 1.0 percent compared to a year earlier. Imports grew 4.8 percent to $9.0 billion, and the trade balance stood at a surplus of $6.0 billion. By item, shipments of computers and peripherals saw growth while those of semiconductors, displays, and mobile phones date2020-07-13

Korea, Cambodia to launch official negotiations for FTA

Trade Minister Yoo Myung-hee (right) had a virtual meeting with her Cambodian counterpart Pan Sorasak on July 9, and announced the launch of official negotiations for a bilateral free trade agreement (FTA) between the two countries.   Trade Minister Yoo welcomed the launch of official talks with Cambodia as an opportunity to strengthen economic ties with the country that has a great potential for growth as ASEAN’s production and trade hub, and to enhance the competitiveness of Korea date2020-07-10

Minister Sung meets with Uzbekistan’s deputy prime minister for investment and foreign economic affairs

Trade, Industry and Energy Minister Sung Yun-mo (left) met with Uzbekistan’s deputy prime minister for investments and foreign economic affairs, Sardor Umurzakov, in Seoul on July 6.   At the first ministerial meeting held face-to-face since the coronavirus outbreak, the two countries discussed ways to expand bilateral economic cooperation in various industries and agreed to proceed with preparations for the Korea-Uzbek free trade agreement (FTA) negotiations. date2020-07-07

Korea launches hydrogen economy drive to foster hydrogen-related businesses

Trade, Industry and Energy Minister Sung Yun-mo attended the 1st Hydrogen Economy Committee at KINTEX in Ilsan, Gyeonggi Province, on July 1, in the government’s efforts to boost the hydrogen industry and expand Korea’s leadership in the global hydrogen economy.   The government plans to foster 1,000 hydrogen-related firms by 2040, expand the supply of hydrogen fuel cell vehicles to 850,000 units and install 660 charging stations by 2030, and build two additional hydrogen citi date2020-07-01

Korea’s June exports decrease 10.9% to $39.2 billion, show signs of improvement

The Ministry of Trade, Industry and Energy announced on July 1 that Korea’s exports in June decreased 10.9 percent to USD 39.2 billion. Imports fell 11.4 percent to $35.6 billion, resulting in a trade surplus of $3.7 billion. Although exports in June decreased year-on-year due to the continued impact of the coronavirus, major indicators have improved. While April and May exports shrank by more than 20 percent, June exports recorded a 10.9 percent decrease. The trade balance also remained date2020-07-01

Overall retail sales in Korea increase 2% in May

The Ministry of Trade, Industry and Energy announced on June 30 that Korea’s overall retail sales in May saw a year-on-year growth of 2.0 percent. Specifically, brick-and-mortar sales fell 6.1 percent, while web-based sales jumped 13.5 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 date2020-06-29

Trade Minister Yoo announces bid to run for WTO director-general

Trade Minister Yoo Myung-hee announced her bid to become the next World Trade Organization (WTO) director-general on June 24.                         Yoo's bid seeks to restore and reinforce the multilateral trading system, vitally important to Korea's economic interests, and is supported by the Korean government. date2020-06-24

Korea, Singapore begin talks on digital trade agreement

Trade Minister Yoo Myung-hee (right) talked with her Singaporean counterpart Chan Chun Sing via videoconference on June 22, to start negotiations on the Korea-Singapore Digital Partnership Agreement (KSDPA), the first digital trade deal for Korea.   Trade Minister Yoo said that the agreement is expected to help ease digital trade barriers between the two countries and enhance global competitiveness of new technology-based Korean firms.   The first official round of negotiations wil date2020-06-23