Ministry of Trade, Industry and Energy

Industry Ministry holds 6th post-corona industrial strategy dialogue with construction equipment makers

Trade, Industry and Energy Minister Sung Yun-mo (left) held a meeting with representatives of the equipment industry at the Korea Trade Insurance Corporation headquarters, on May 27, to check up on the status of a leading industry in the Korean economy that is experiencing a significant slowdown in demand amid the coronavirus pandemic.   Minister Sung said that the government will make every effort to strengthen support for demand recovery and global competitiveness of construction equipm date2020-05-27

Korean auto exports dip in April, domestic sales increase

The Ministry of Trade, Industry and Energy announced on May 16 that Korea’s automobile production and exports decreased due to stagnant global demand, but domestic sales increased in April. The number of Korean vehicles produced by Korean automakers fell 22.2 percent to 289,515 units. The decrease was attributable mainly to fewer working days in April and contraction in overseas sales demand. Over the same period, the number of vehicles exported in April dropped 44.3 percent and recorded date2020-05-18

MOTIE signs MOU to test-run hydrogen powered trucks and taxis

Trade, Industry and Energy Minister Sung Yun-mo attended a signing ceremony for the memorandum of understanding (MOU) aimed for test-running hydrogen-powered trucks and taxis in Cheonan, Chungnam Province, on May 14, in the Ministry’s efforts to expand the use of hydrogen vehicles, which had previously been concentrated on passenger cars, into commercial vehicles and public transportations.   Minister Sung called for active participation and cooperation of carmakers and hydrogen-rel date2020-05-14

Exports of Korean ICT goods in April record $12.9 billion

The Ministry of Trade, Industry and Energy announced on May 14 that Korean information and communications technology (ICT) goods in April recorded USD 12.9 billion, down 15.3 percent compared to a year earlier. Imports fell 6.4 percent to $8.9 billion, and the trade balance stood at a surplus of $4.0 billion. Exports experienced a year-on-year decline due to a slowdown in the key export items – semiconductors, displays, and mobile phones. By item, shipments of semiconductors, displays, date2020-05-14

Trade Minister Yoo talks with WTO director-general and calls for contingency guidelines

Trade Minister Yoo Myung-hee held a virtual meeting with the WTO Director-General Roberto Azevedo, on May 12, to discuss WTO-level responses to minimize the damage from the coronavirus pandemic on the multilateral trade system.   In particular, Trade Minister Yoo suggested that it is important to set contingency guidelines for the member countries, to quickly restore the global trade order and resolve international trade and investment issues in emergency situations. date2020-05-13

Korea renews call for Japan to lift export curbs on three key materials

Ministry of Trade, Industry and Energy held a briefing on May 12, and urged Japan to respond to Korea’s request of lifting restrictions on its exports of three key industrial materials by the end of this month.   Japan imposed the regulations on July 4 last year without a notice. The briefing came after Korea has met all prerequisites in order for a swift resolution of pending issues, including the revision of article related to catch-all controls on conventional arms trade and the date2020-05-12

Industry Ministry holds 2nd post-corona industrial strategy dialogue with representatives of materials, parts and equipment sectors

Trade, Industry and Energy Minister Sung Yun-mo (right) held a meeting with representatives of the materials, parts and equipment sectors and various R&D institutions at the Korea Chamber of Commerce and Industry headquarters, on May 11, to check the progress of supply stabilization of the 100 core items affected by Japanese export restrictions, and discuss post-corona industrial strategy.   Minister Sung stressed the importance of cooperative measures between the public and the priva date2020-05-11

Korea, EU discuss global trade issues amid COVID19 pandemic

Trade Minister Yoo Myung-hee held a videoconference with her EU counterpart Phil Hogan, on May 7, to discuss cooperative countermeasures to the coronavirus and various trade-related issues.   Trade Minister Yoo suggested that the two sides work together to ease non-tariff barriers and hold a digital strategic dialogue to the international standards for digital trade. Yoo also asked for the EU’s support in designating the K-quarantine model an international standard as an effort to s date2020-05-08

Minister Sung discusses cooperative measures for post-corona economic recovery with representatives of foreign-invested companies in Korea

Trade, Industry and Energy Minister Sung Yun-mo (center) attended a dialogue with representatives from foreign-invested companies at Korea Chamber of Commerce and Industry headquarters, on May 6, to discuss cooperative measures for Korea’s economic recovery in the post-corona era.   The businesses representatives praised Korea’s prompt and transparent leadership in responding to the virus and expressed willingness to mobilize all available resources in the course of COVID-19 r date2020-05-07

Korea’s exports fall 24.3 percent to $36.9 billion in April

The Ministry of Trade, Industry and Energy announced on May 1 that Korea’s exports in April fell 24.3 percent compared to the same period a year earlier to USD 36.9 billion. Imports also dropped 15.9 percent to $37.9 billion, resulting in a trade deficit of $950 million. Exports in April decreased significantly with the coronavirus pandemic in full swing. The decrease was led by a sharp drop in demand in major markets such as the U.S. and the EU coupled with plunging oil prices. Also, the date2020-05-01