Ministry of Trade, Industry and Energy

Korean ICT industry exports goods worth $15.2 billion in August

The Ministry of Trade, Industry and Energy announced on September 22 that the Korean industry of information and communications technology (ICT) exported goods worth USD 15.2 billion in August, down 24.5 percent from a year earlier.Meanwhile, ICT imports inched up 1.9 percent to $8.8 billion, and the trade balance saw a surplus of $6.4 billion.A breakdown of exports showed that outbound shipments of semiconductors, displays, mobile phones, and computers and peripheral devices all saw year-on-yea date2019-09-23

Automobile exports edge down 3.4 percent in August

The Ministry of Trade, Industry and Energy announced on September 18 that Korean automobile exports inched down 3.4 percent to 164,154 vehicles from a year earlier. The drop in exports is largely attributable to fewer working days. In value terms, however, exports advanced 4.6 percent year-on-year to USD 3.0 billion.Automobile output totaled 249,390 units, down 15.9 percent. The local automakers are Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, Renault Samsung Motors, Zyle Daewoo Bus, an date2019-09-18

Minister Sung meets with Kazakh Foreign Minister in Seoul

Trade, Industry and Energy Minister Sung Yun-mo (right) had a meeting with Kazakhstan’s Foreign Minister Beibut B. Atamkulov in Seoul on Sep 16.   The two Ministers discussed ways to boost trade and investment between Korea and Kazakhstan and bolster bilateral cooperation as a follow-up to the first Korea-Kazakhstan summit that took place in April.   date2019-09-16

WTO Appellate Body releases its report on Korea’s anti-dumping duties on pneumatic valves from Japan

The World Trade Organization released an Appellate Body report on September 10 regarding the Republic of Korea’s anti-dumping duties on valves for pneumatic transmissions from Japan. In the WTO Appellate Body proceedings, Korea won in ten out of a total of 13 claims. To find out more: https://www.wto.org/english/news_e/news19_e/504abr_e.htm date2019-09-11

Vice Minister Cheong attends MOU signing ceremony for nuclear energy cooperation

Trade, Industry and Energy Vice Minister Cheong Seung-il (left, back row) joined the MOU signing ceremony between KEPCO and Barakah One Company in Abu Dhabi on Sep 10.    Under the agreement, the two countries will cooperate on securing new nuclear energy projects around the world. date2019-09-11

Minister Sung meets with Governor of Indiana

Trade, Industry and Energy Minister Sung Yun-mo (right) had a meeting with Indiana Governor Eric Holcomb and Indiana Secretary of Commerce Jim Schellinger in Seoul on Sep 5.   Minister Sung and Governor Holcomb discussed how to promote trade and investment between Korea and Indiana and explored ways to support Korean companies that have operations in the state.   date2019-09-06

Trade Minister Yoo attends Korea-Myanmar MOU signing ceremony

Trade Minister Yoo Myung-hee (center) attended the Myanmar-ROK MOU Signing Ceremony for economic and infrastructure development held in Yangon on September 4. The agreements will bolster cooperation in various industries between the two countries and provide an opportunity for Korean companies to expand their export markets.   date2019-09-05

Minister Sung visits a leading fiber optic cable manufacturing company in Ansan

Trade, Industry and Energy Minister Sung Yun-mo (second from the left) visited Taihan Fiber Optics, a local producer of synthetic quartz in Ansan, on Sep 4. During his visit, Minister Sung discussed ways to improve competitiveness of the material industry. date2019-09-05

Exports in August fall 13.6% to $44.2 billion

The Ministry of Trade, Industry and Energy announced on September 1 that Korea’s August exports fell 13.6 percent from a year earlier to USD 44.2 billion. Imports decreased 4.2 percent to $42.5 billion and the trade balance showed a surplus of $1.7 billion, staying positive for 91 consecutive months.The decline in exports was affected by several factors such as a base effect, fewer working days, and deteriorating external conditions, including the U.S.-China trade dispute and Japan’s date2019-09-02

Korea’s online retail sales improve 8.7% in July

The Ministry of Trade, Industry and Energy announced on August 29 that Korea’s online retail sales in July saw a year-on-year improvement of 8.7 percent. Overall retail sales, however, inched down 0.1 percent as sales at brick-and-mortar stores decreased 5.6 percent.These results are 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, and four super supermarket (SSM) op date2019-08-30