Ministry of Trade, Industry and Energy

Retail sales in Korea drop 3.3% in March

The Ministry of Trade, Industry and Energy announced on April 28 that Korea’s online and offline retailers in March saw a year-on-year decrease of 3.3 percent. Brick-and-mortar stores experienced a sales decrease of 17.6 percent, while sales at online retailers grew by 16.9 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 convenienc date2020-04-28

Trade Minister talks with Philippine and Australian ministers to discuss cooperative measures against COVID19

Trade Minister Yoo Myung-hee held a teleconference with her Philippine and Australian counterparts Ramon M. Lopez and Simon Birmingham, respectively, on April 27, to discuss ways to boost international cooperation in response to COVID-19 and pending bilateral trade issues.   Trade Minister Yoo stressed the need for international cooperation to allow business travels of essential personnel and maintain logistics flow in order to ease the economic fallout from the virus.   The three date2020-04-27

Minister Sung visits shipbuilding materials manufacturer to discuss coronavirus countermeasures

Trade, Industry and Energy Minister Sung Yun-mo (center) made an on-site visit to Hankuk Carbon, a local manufacturer of composite materials used to build LNG thermal insulation panels, in Miryang, Gyeongnam Province, on April 24, to check the situation of the shipbuilding equipment industry and discuss support measures in response to the plunge in shipbuilding contracts resulting from the COVID-19 outbreak.   Minister Sung said that the Ministry will make all-out efforts to not only reli date2020-04-24

Trade Minister discusses preemptive measures to cope with changes in trade after coronavirus pandemic

Trade Minister Yoo Myung-hee (right) held a meeting with trade experts at the Korea Trade Insurance Corporation building in Seoul, on April 23, to discuss prospects for the international business environment in the post-coronavirus world and seek preemptive measures to the unprecedented challenges to global trade.   Trade Minister Yoo said the post-pandemic set of trade orders characterized by increased protectionism and weaker global supply chain could pose risks to Korea’s export- date2020-04-24

Industry Ministry promises to support Korean refining sector hit by coronavirus

Trade, Industry and Energy Minister Sung Yun-mo (left) held a meeting with local oil refiners, including SK Energy, GS Caltex, Hyundai Oilbank, and S-OIL at the Korea Trade Insurance Corporation in Seoul, on April 22, to assess the difficulties refiners face amid COVID19 pandemic and discuss support measures for the industry hit by plunging oil prices and petroleum demand.   Minister Sung said the government will continue to support the refining sector recover from coronavirus by relievin date2020-04-22

Minister Sung meets with coronavirus-hit auto industry representatives to discuss countermeasures

Trade, Industry and Energy Minister Sung Yun-mo (left) held a meeting with local automakers and parts suppliers at the Korea Automobile Manufacturers Association in Seoul, on April 21, to discuss coronavirus countermeasures for the automobile industry hit by declining sales and auto plant shutdowns.   Minister Sung encouraged the industry’s efforts to normalize operations amid pandemic and said the government will continue to closely monitor the situation and develop policy measures date2020-04-21

Korea, China discuss joint efforts to facilitate economic exchanges amid COVID-19

Trade, Industry and Energy Minister Sung Yun-mo (center) talked with his Chinese counterpart Zhong Shan via teleconference on April 17, to discuss ways to expand bilateral cooperation as a follow-up to the ASEAN+3 Special Summit held on April 14.   Minister Sung proposed that the two countries work together to allow businesspeople make essential trips across borders. The two countries also agreed to work toward signing the Regional Comprehensive Economic Partnership (RCEP) agreement withi date2020-04-17

Korea, Vietnam seek closer cooperation in stabilizing global supply chain affected by COVID-19

Trade, Industry and Energy Minister Sung Yun-mo (right) talked with his Vietnamese counterpart Tran Tuan Anh via videoconference on April 13, to discuss ways to expand bilateral economic ties and to cooperate for the smooth functioning of the global supply chain affected by the new coronavirus spread. Minister Sung emphasized the importance of maintaining business activities by granting entry ban exemptions for the businesspeople. The two countries also agreed to establish Electronic Origin Dat date2020-04-14

Exports of ICT goods in March grow for the second consecutive month and reach $16.0 billion

The Ministry of Trade, Industry and Energy announced on April 13 that Korean exports of information and communications technology (ICT) goods in March increased 1.1 percent year-on-year to USD 16.0 billion. Imports inched up 2.7 percent to $9.4 billion, and the trade balance stood at a surplus of $6.6 billion. The second consecutive monthly growth in exports was mainly due to increasing sales of mobile phones and computers and periphery devices. By item, shipments of mobile phones and compute date2020-04-13

Korean auto exports, production, and domestic sales all increase in March

The Ministry of Trade, Industry and Energy announced on April 13 that Korea’s automobile exports, production, and domestic sales in March increased 1.3 percent, 6.8 percent, and 10.1 percent, respectively. The number of Korean vehicles exported in March rose 1.3 percent and amounted to 210,900 units. In terms of value, exports rose 3.0 percent to USD 3.8 billion. This expansion is primarily a result of robust demand for eco-friendly cars and sports utility vehicles (SUVs). Especially, the date2020-04-12