Ministry of Trade, Industry and Energy

Korean exports in June decrease 13.5% to $44.2 billion

The Ministry of Trade, Industry and Energy announced on July 1 that Korea’s exports in June decreased 13.5 percent year-on-year to USD 44.2 billion. Its imports declined 11.1 percent to 40 billion, resulting in a trade surplus of $4.2 billion.Exports from January to June went down 8.5 percent to $271.6 billion compared to the same period last year. Imports over the same period fell 5.1 percent to $252 billion, and the trade balance in the first half of this year came to a surplus of $19.6 date2019-07-01

Trade Minister Yoo discusses with American businesses in Seoul

Trade Minister Yoo Myung-hee (seventh from the right) attended a business roundtable hosted by the American Chamber of Commerce in Korea (AMCHAM Korea) in Seoul on June 28.During the meeting, Trade Minister Yoo emphasized that AMCHAM Korea and U.S. investors play a bridging role in expanding economic cooperation between the two countries.The event was joined by some 20 ministry officials and corporate leaders, including AMCHAM Korea Chairman James Kim, Country Manager of United Airlines in Korea date2019-06-28

Vice Minister Cheong reviews Nano-Convergence 2020 Program

Trade, Industry and Energy Vice Minister Cheong Seung-il (center) and Science and ICT Vice Minister Mun Mi-ock (second from the right) attended the presentation of results of the Nano-Convergence 2020 Program held in Suwon, south of Seoul, on June 28.Promoting commercialization of results derived from the public sector’s R&D activities, the Nano-Convergence 2020 program is scheduled to run until 2020 by the Nano-Convergence Foundation (NCF), which was founded in 2012 under the joint su date2019-06-28

Korea, Malaysia announce official launch of FTA talks

Trade Minister Yoo Myung-hee (center) had a video conference with Malaysian International Trade and Industry Minister Darell Leiking in the Government Complex Gwacheon to officially announce the launch of Korea-Malaysia Free Trade Agreement negotiations on June 27.The two sides agreed to work towards signing the deal by this November when the Korea-Association of Southeast Asian Nations (ASEAN) special summit is scheduled to take place in Busan, Korea’s largest port city. date2019-06-28

Overall retail sales in Korea improve 8% in May

The Ministry of Trade, Industry and Energy announced on June 27 that Korea’s overall retail sales in May saw a year-on-year growth of 8.0 percent as both offline and online retailers experienced sales improvement.Specifically, sales of brick-and-mortar stores inched up 1.9 percent compared to the same period last year, while those of web-based retailers jumped 18.1 percent.The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are brick-and- date2019-06-27

Minister Sung discusses bilateral ties with Saudi Energy Minister in Seoul

Trade, Industry and Energy Minister Sung Yun-mo (left) had a meeting with Saudi Arabian Energy Minister Khalid Al-Falih in Seoul on June 27 to discuss the Korea-Saudi Vision 2030 and cooperation in nuclear energy.The day before the meeting, the two Ministers signed memoranda of understanding (MOUs) for cooperation in the automobile industry and hydrogen economy in the presence of President Moon Jae-in and Saudi Crown Prince Mohammed bin Salman. date2019-06-27

Minister Sung attends Seoul Climate and Energy Summit 2019

Trade, Industry and Energy Minister Sung Yun-mo (fifth from the left in the front row) delivered a congratulatory speech at the Seoul Climate and Energy Summit 2019 that took place in the capital of Korea on June 27.Held under the title of “Globalization 4.0 and the Paris Agreement as Smart City Strategy,” the event attracted some 300 participants, including Climate Change Center Chairman Kang Chang-hee, Seoul Mayor Park Won-soon, and Korea Energy Agency President Kim Chang-seop. date2019-06-27

Korea, Indonesia hold industry ministerial meeting in Seoul

Trade, Industry and Energy Minister Sung Yun-mo (left) had a meeting with Indonesia’s Industry Minister Airlangga Hartarto in Seoul on June 26.The two Ministers discussed ways to expand bilateral trade and to improve cooperation in key industries such as steel, petrochemicals, and automobiles. date2019-06-26

Korean universities launch programs to train students in system chip design

Trade, Industry and Energy Vice Minister Cheong Seung-il (center in the front row) visited Seongnam, near Seoul, on June 25 to join the launching ceremony of new university programs aimed at training students to be experts in system semiconductor design.Starting the second semester of this year, 13 universities in Korea will offer 3rd year undergraduate courses related to chip design in existing departments such as electrical engineering. From 2021, these programs are expected to produce more th date2019-06-25

ICT industry exports $14.3 billion worth of goods in May

The Ministry of Trade, Industry and Energy announced on June 21 that Korean information and communications technology (ICT) exports in May decreased 22.6 percent year-on-year to USD 14.3 billion, declining for seven straight months.Imports, on the other hand, grew 10.8 percent to $9.7 billion, and the trade balance in this sector was a surplus of $4.6 billion.Decreases were experienced in exports of semiconductors, displays, mobile phones, and computers and peripheral devices.Outbound shipments date2019-06-21