Ministry of Trade, Industry and Energy

Trade Minister Yoo meets with ASEAN ambassadors

Trade Minister Yoo Myung-hee (fifth from the left) had a luncheon meeting with ambassadors from ASEAN countries in Seoul on Nov 19 to ask for their cooperation to ensure the success of the 2019 ASEAN-ROK Commemorative Summit that will be held in Busan from Nov 25 to 26.     date2019-11-19

Minister Sung meets with Qatar Energy Minister

Trade, Industry and Energy Minister Sung Yun-mo (right) met with Qatar Energy Minister Saad Sherida Al-Kaabi to discuss ways to further expand bilateral cooperation in the LNG and renewable energy sectors in Seoul on Nov 18. date2019-11-19

Exports of Korean eco-friendly cars increase 8.2% in October

The Ministry of Trade, Industry and Energy announced on November 14 that the Korean automobile industry’s green car exports improved 8.2 percent year-on-year to 23,555 vehicles in October. Overall auto exports, however, decreased 10.2 percent to 208,714 vehicles from a year earlier. In value terms, car exports slipped 2.3 percent to USD 3.8 billion.Automobile output fell 7.9 percent to 351,409 units, but this figure is higher than this year’s average monthly production, which is 326, date2019-11-15

Vice Minister Cheong meets with US Under Secretary of State

Trade, Industry and Energy Vice Minister Cheong Seung-il (right) and U.S. Under Secretary of State for Economic Growth, Energy and the Environment Keith Krach discussed current trade issues as well as economic and energy cooperation between the two countries in Seoul on Nov 6. date2019-11-07

Trade Minister Yoo met with Governor of Oregon

Trade Minister Yoo Myung-hee (left) discussed with Governor of Oregon Kate Brown how to further promote trade and investment between Korea and Oregon in Seoul on Nov 6. date2019-11-07

Minister Sung meets with industry leaders to discuss RCEP and FTAs with Southeast Asian countries

Trade, Industry and Energy Minister Sung Yun-mo presided over a meeting in Seoul on Nov 5 with representatives from industry and academia to discuss the meaning and significance of Regional Comprehensive Economic Partnership (RCEP), a major Asian-Pacific trade pact set to be signed in 2020.   Minister Sung and the participants also shared thoughts on the recent progress in negotiations for FTAs with Southeast Asian countries.The participants included Korea Trade-Investment Promotion Agen date2019-11-07

Korean exports in October decrease 14.7% to $46.8 billion

The Ministry of Trade, Industry and Energy announced on November 1 that Korea’s exports in October decreased 14.7 percent to USD 46.8 billion from a year earlier. Imports saw a decline of 14.6 percent to $41.4 billion, resulting in a trade balance of a surplus of $5.4 billion.The decrease in exports was largely due to the U.S.-China conflict and other external uncertainties, as well as the stagnant semiconductor sector and a slowdown in the global economy.From November, exports are slated date2019-11-01

Online retail sales up 17.8% in September

The Ministry of Trade, Industry and Energy announced on October 30 that online retail sales in Korea went up 17.8 percent year-on-year in September. Sales at brick-and-mortar stores, on the other hand, decreased 5 percent. As a result, overall retail sales inched up 2.7 percent.These findings are based on surveys of 26 major retailers. Half of them are offline retailers: three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSM) oper date2019-10-30

Vice Minister Cheong meets with Latvian Economy Minister

Trade, Industry and Energy Vice Minister Cheong Seung-il (right) met with Latvia’s Economy Minister Ralfs Nemiro in Seoul on Oct 25 and exchanged views on boosting industry and economic cooperation between Korea and Latvia. date2019-10-29

Korea signs implementing agreement for renewable energy cooperation with the Philippines

Trade, Industry and Energy Vice Minister Cheong Seung-il (left) and the Philippines’ Defense Undersecretary Cardozo M. Luna signed an implementing agreement for renewable energy cooperation in Seoul on Oct 25. date2019-10-29