Ministry of Trade, Industry and Energy

Korea’s ICT exports hit new record in September

The Ministry of Trade, Industry and Energy announced on October 13 that outbound shipments of Korea’s information and communications technology (ICT) goods recorded the highest monthly value since the Ministry started compiling data in 1996, rising 21.1 percent to USD 21.3 billion in September.   Imports increased 18.8 percent to $11.4 billion, and the trade balance stood at a surplus of $10.0 billion.   Exports of all major ICT products posted double-digit growth, boosted by date2021-10-13

Cumulative FDI inflows to Korea advance 41.3% to $18.2 billion in Q3

The Ministry of Trade, Industry and Energy announced on October 7 that the cumulative foreign direct investments (FDIs) pledged to Korea over the first three quarters of the year advanced 41.3 percent to USD 18.2 billion. The FDIs that actually arrived in Korea over the same period expanded 40.9 percent to $11.7 billion.   Both FDI pledges and arrivals recorded the second highest cumulative values for the first three quarters on record.   Advanced technologies continued to attract date2021-10-07

Minister Moon encourages steel industry’s efforts to produce eco-friendly steel

Trade, Industry and Energy Minister Moon Sungwook (second from the left) attended the Hydrogen Iron & Steel Making (HyIS) Forum, organized to start an industrywide discussion on measures to achieve carbon neutrality through hydrogen-based steelmaking.   Minister Moon welcomed the industry’s technological innovation efforts to reduce carbon emissions, and said that the government plans to prepare a policy to stabilize the supply for green hydrogen. date2021-10-06

Korea’s exports hit record high monthly value in September

The Ministry of Trade, Industry and Energy announced on October 1 that Korea’s exports in September increased 16.7 percent to USD 55.8 billion, the highest on record since 1956 when Korea first started compiling trade data.   The achievement was possible despite two fewer working days compared to the same period last year. Korea extended export growth to 11 consecutive months, and recorded double-digit growth for seven straight months.   Average daily exports also set a new r date2021-10-01

Korea’s August retail sales rise 6.4%

The Ministry of Trade, Industry and Energy announced on September 29 that Korea’s retail sales in August posted year-on-year growth of 6.4 percent.   Both physical and online retailers experienced growth in sales, up 2.5 percent and 11.1 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, date2021-09-29

Cooperation committee launches to strengthen competitiveness of Korea’s semiconductor industry

Trade, Industry and Energy Minister Moon Sungwook (center) attended the launching ceremony for a committee composed of representatives from industry, academia and research institutes to beef up Korea’s semiconductor industry, on September 28.   Minister Moon mentioned that the K-semiconductor Strategy announced in May in response to the global supply chain reorganization has led to substantial results in taxation, finance and manpower training, and said that the government will cont date2021-09-28

Minister Moon holds meeting with economic research institutes

Trade, Industry and Energy Minister Moon Sungwook met with heads of public and private economic research institutes on September 16, to discuss recent economic conditions and the future direction of Korea’s industrial policy.   Minister Moon said that the government will push for innovation in the industrial structure by securing industrial and technological competitiveness amid supply chain reorganization, utilizing digital transformation and carbon neutrality effectively, and real date2021-09-16

Processed rice goods emerge as dark horse in agri-food exports

Processed rice goods emerge as dark horse in agri-food exports date2021-09-15

August automobile exports, output increase

The Ministry of Trade, Industry and Energy announced on September 15 that Korea’s automobile production and exports increased 0.7 percent and 4.1 percent, respectively, while domestic sales edged down 3.3 percent for the month of August. The export value totaled $3.0 billion, posting double-digit growth for eight straight months. Automobile output in August inched up 0.7 percent to 234,893 units despite automotive chip shortages and construction at the electric vehicle (EV) production li date2021-09-15

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