Ministry of Trade, Industry and Energy

October exports in Korea decrease 3.6% to $45.0 billion

The Ministry of Trade, Industry and Energy announced on November 1 that Korea’s exports in October saw a year-on-year decline of 3.6 percent to USD 45.0 billion. Imports went down 5.8 percent to $39.0 billion, resulting in a trade surplus of $6.0 billion. The exports in October experienced a slight decrease (down 3.6 percent) due to fewer working days. However, the average daily exports rose 5.6 percent to $2.1 billion, rebounding for the first time in nine months. The average daily expor date2020-11-02

Vice Minister Cheong announces Roadmap for Regulatory Innovation in Robot Industry

Trade, Industry and Energy Vice Minister Cheong Seung-il announced the Roadmap for Regulatory Innovation in the Robot Industry, on October 28, in the government’s efforts to encourage the growth of robot technology in the contact-free economy after pandemic.   Korea plans to allocate 194.4 billion won (USD 171.7 million) next year to the robot industry, which is 32% greater than this year, to the development of manufacturing and service robots. date2020-10-29

MOTIE launches Industrial Digital Transformation Alliance

Trade, Industry and Energy Minister Sung Yun-mo attended the Inaugural Ceremony of the Industrial Digital-Transformation Alliance in Seoul on October 28, launched as a follow-up to the digital-based industrial innovation growth strategy announced in August.The alliance is designed to support digital transformation projects in various industrial sectors, and 150 companies and institutions from the following 6 industries participated this time: future cars, home appliances/electronics, healthcare, date2020-10-28

Minister Sung attends conference to encourage cooperation in smart green industrial complex project

Trade, Industry and Energy Minister Sung Yun-mo held a conference with industrial representatives at Banwol Industrial Complex on October 27, to facilitate the successful implementation of the smart green industrial complex strategy. Minister Sung stressed the importance of solidarity and cooperation beyond digital and green transformations of individual businesses, and mentioned that the project on smart green industrial complexes could play a pivotal role as a symbol of Korean New Deal in the date2020-10-27

Korea, Britain discuss post-corona cooperation in industry and energy

Trade, Industry and Energy Minister Sung Yun-mo (second from the left) met with British Secretary of State for Business, Energy and Industrial Strategy Alok Sharma at Lotte Hotel Seoul, on October 26, and the two countries agreed to cooperate closely in the industrial and energy sectors in the post-corona world.They also participated in the signing ceremony for the agreed minutes of the 6th Science, Technology and Innovation Partnership Committee, in Korea and Britain’s efforts to strength date2020-10-26

Overall retail sales in Korea increase 8.5% in September

The Ministry of Trade, Industry and Energy announced on October 26 that Korea’s overall retail sales in September rose 8.5 percent compared to the same period last year. Sales of both offline and online retailers improved 1.0 percent and 20.0 percent, respectively. 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, a date2020-10-26

Industry Ministry holds committee meeting to create local jobs in Hoengseong and Miryang

Trade, Industry and Energy Minister Sung Yun-mo attended a committee meeting to create local jobs in Hoengseong and Miryang on October 20, in the government’s efforts to strengthen the ecosystem of local SMEs (small and medium-sized enterprises) and develop eco-friendly industrial complexes.   Minister Sung said that these projects present a new cooperative strategy in which SMEs that lack strong investment capacities can work together to make large-scale investments and build syner date2020-10-20

Minister Sung attends meeting to review regulatory exemptions for projects related to Korea’s new deal drive

Trade, Industry and Energy Minister Sung Yun-mo (right) held the committee meeting on reviewing regulatory exemptions for industrial businesses on October 19.   Eight of the 10 projects discussed were related to the Korean version of the New Deal, both the Green New Deal and the Digital New Deal. They include projects on second-life electric vehicle batteries, hydrogen charging stations, and smart digital power plants. These projects could offer new opportunities to speed up the implement date2020-10-19

Korea's auto production, domestic sales, exports all increase in September

The Ministry of Trade, Industry and Energy announced on October 19 that Korea’s automobile output, domestic sales, and exports in September increased 23.2 percent, 22.2 percent, and 14.8 percent, respectively. The number of vehicles produced by Korean automakers jumped 23.2 percent to 342,489 units due to the recovery in domestic sales and exports at the same time. Domestic sales in September experienced a 22.2 percent growth to 162,716 vehicles. Local sales of Korean-made cars increased date2020-10-19

Minister Sung attends 2nd Hydrogen Economy Meeting

Trade, Industry and Energy Minister Sung Yun-mo (second from the right) attended the 2nd Meeting of Hydrogen Economy Committee chaired by the Prime Minister Chung Sye-kyun at the Seoul government complex, on October 15.   The government plans to make hydrogen fueling mandatory, achieve 8GW in fuel cell volume by 2040, and expand the next year’s hydrogen investment to 800 billion won (USD 700 million). date2020-10-15