Ministry of Trade, Industry and Energy

Industry Ministry inspects impact of COVID-19 resurge on real economy

Trade, Industry and Energy Minister Sung Yun-mo held an emergency virtual meeting with representatives from various industrial sectors on August 26 to discuss the impacts of the recent surge in new coronavirus cases on the real economy.Minister Sung emphasized thorough quarantine needs at industrial sites and promised that the Ministry will continue with its efforts to improve current support measures and assist the industrial sector overcome the crisis. date2020-08-26

Korea expresses willingness to join Czech nuclear project

Trade, Industry and Energy Minister Sung Yun-mo had two-day virtual meetings with his Czech counterpart Karel Havlíček and Jaroslav Mil, special envoy for nuclear energy, on August 19 and 20, to celebrate the 30th anniversary of the establishment of diplomatic relations between the two countries and discuss broader cooperation in various fields including industry, technology, and energy. In particular, as the Czech Republic recently announced the government's plan to build a new nuc date2020-08-21

Korea's auto export decline eases in July, domestic sales increase for 6 straight months

The Ministry of Trade, Industry and Energy announced on August 17 that Korea’s automobile output and exports in July decreased 3.8 percent and 11.7 percent, respectively. Meanwhile, domestic sales went up 8.9 percent, increasing for the 6th consecutive month. The number of vehicles produced by Korean automakers went down 3.8 percent to 345,711 units. The decrease was mainly attributable to a slowdown in overseas demand, but the decline eased due to rising domestic sales and export recover date2020-08-18

Korea’s ICT exports in July advance 3.3% to $15.0 billion

The Ministry of Trade, Industry and Energy announced on August 13 that Korean information and communications technology (ICT) industry’s export growth in July posted a year-on-year growth of 3.3 percent to USD 15.0 billion. Imports inched up 1.2 percent to $9.9 billion, and the trade balance stood at a surplus of $5.1 billion. By item, shipments of semiconductors, mobile phones, computers and peripherals saw growth while those of displays saw a decline. Outbound shipments of semiconduct date2020-08-13

Korea’s export decline eases in July, exports down 7% to $42.8 billion

The Ministry of Trade, Industry and Energy announced on August 1 that Korea’s exports in July decreased 7.0 percent to USD 42.8 billion. Imports fell 11.9 percent to $38.6 billion, resulting in a trade surplus of $4.3 billion. The July exports recorded the first single-digit decline since the COVID-19 pandemic had a full-fledged impact on exports in April. Also, the export value hit $40 billion in four months, and the trade balance remained positive for the third consecutive month since&n date2020-08-03

Korea’s retail sales in June grow 4.6%

The Ministry of Trade, Industry and Energy announced on July 30 that Korea’s overall retail sales in June saw a year-on-year growth of 4.6 percent. Sales of offline retailers edged down 3.0 percent, and those of online retailers expanded 15.9 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 convenience store chains, and four SSM op date2020-07-30

Korea announces “New Deal” investment plans in green projects

Trade, Industry and Energy Minister Sung Yun-mo had a briefing at the Government Complex in Sejong, on July 16, and outlined the government's plans to fund green projects as part of its 'New Deal' initiative. date2020-07-16

Foreign direct investment pledged to Korea reach $7.7 billion in H1

The Ministry of Trade, Industry and Energy announced on July 15 that foreign direct investment (FDI) pledged to Korea in the first half of the year fell 22.4 percent year-on-year to USD 7.7 billion. The FDI that actually arrived in Korea over the same period decreased 23.9 percent to $4.7 billion.Restrictions on the cross-border movement and rising uncertainties due to COVID-19 led to the decline in FDI. However, investment pledges to several industries such as materials, parts and equipment, hi date2020-07-15

Korea's auto exports drop, domestic sales rise in June

The Ministry of Trade, Industry and Energy announced on July 14 that Korea’s automobile exports and output in June decreased 37.4 percent and 10.8 percent, respectively. Meanwhile, domestic sales jumped 41.9 percent to 205,709 units and hit record high. The number of Korean vehicles produced by Korean automakers went down 10.8 percent to 297,019 units. The decrease was mainly attributable to a slowdown in overseas demand, but the decline eased compared to the past two months. Auto export date2020-07-14

Korea’s ICT export growth turns positive in June

The Ministry of Trade, Industry and Energy announced on July 13 that Korean information and communications technology (ICT) industry’s export growth in June rebounded for the first time in three months and reached USD 15.0 billion, up 1.0 percent compared to a year earlier. Imports grew 4.8 percent to $9.0 billion, and the trade balance stood at a surplus of $6.0 billion. By item, shipments of computers and peripherals saw growth while those of semiconductors, displays, and mobile phones date2020-07-13