Ministry of Trade, Industry and Energy

Korea’s ICT exports reach $13.9 billion in May

The Ministry of Trade, Industry and Energy announced on June 12 that Korean information and communications technology (ICT) industry in May reached USD 13.9 billion in exports and $8.9 billion in imports. The trade balance stood at a surplus of $5.0 billion. Exports of Korean ICT goods last month experienced a year-on-year decline of 2.6 percent, but decreased by a smaller percentage compared to those in April (down 15.3 percent). By item, shipments of semiconductors, and computers and periphe date2020-06-15

Minister Sung holds meeting to discuss post-corona cooperative strategy for automakers

Trade, Industry and Energy Minister Sung Yun-mo (left) held a meeting with representatives of the automobile and the financial sectors at Korea Fuel Tech research center in Pangyo, Gyeonggi Province, on June 15, to discuss measures to revive the coronavirus-hit auto industry through financial support.   The meeting was attended by representatives of subcontractors in the auto industry, car manufacturers, auto industry associations, policy banks, commercial banks, and local banks. date2020-06-15

Korean exports of electric vehicles reach record high in May

The Ministry of Trade, Industry and Energy announced on June 11 that Korean exports of electric vehicles hit record high in May, reaching 11,496 units. Overall automobile exports and production, however, decreased due to the effects of COVID-19. Meanwhile, domestic sales posted a year-on-year growth. The number of Korean vehicles produced by Korean automakers dropped 36.9 percent to 231,099 units. The decrease was attributable mainly to the production adjustment according to the slowdown in ove date2020-06-11

Industry Ministry seeks to expand support for retail industry while demand soars for online delivery

Trade, Industry and Energy Minister Sung Yun-mo (right) visited the logistics center of Emart Online Store run by SSG.COM, an online retailer, on June 10, to check the industry’s response to the surge in online retail purchases and discuss measures to bolster overseas exports of retail services and technologies.   Minister Sung emphasized that online retail services have emerged as the key industry in the post-corona non-contact economy, and mentioned three policy directions to boos date2020-06-10

Korea to resume WTO complaint over Japan’s export restrictions on key materials

The Ministry of Trade, Industry and Energy held a briefing on June 2, and announced that it would resume dispute settlement proceedings with respect to the WTO complaint over Japan’s export curbs on three key industrial inputs for the semiconductor industry.   Japan imposed the export restrictions on these key materials related to semiconductor manufacturing on July 4, 2019. Over the past six months, Korea has halted the WTO complaint process and focused on dialogue with Japan to re date2020-06-03

Korea’s May exports fall 23.7% to $34.9 billion

The Ministry of Trade, Industry and Energy announced on June 1 that Korea’s exports in May saw a year-on-year decrease of 23.7 percent to USD 34.9 billion. Imports dropped 21.1 percent to $34.4 billion, resulting in a trade surplus of $436 million. Exports in May fell due to the global economic slowdown led by the novel coronavirus, as well as 1.5 fewer working days compared to a year earlier. Korea’s trade balance turned to black only after one month of deficit. Imports of capital date2020-06-01

Korea’s retail sales rise 3.9 percent in April

The Ministry of Trade, Industry and Energy announced on May 29 that Korea’s retail sales in April rose 3.9 percent compared to the same period last year. In particular, online retail sales jumped 16.9 percent. Brick-and-mortar sales, on the other hand, decreased 5.5 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 date2020-05-29

Industry Ministry holds 6th post-corona industrial strategy dialogue with construction equipment makers

Trade, Industry and Energy Minister Sung Yun-mo (left) held a meeting with representatives of the equipment industry at the Korea Trade Insurance Corporation headquarters, on May 27, to check up on the status of a leading industry in the Korean economy that is experiencing a significant slowdown in demand amid the coronavirus pandemic.   Minister Sung said that the government will make every effort to strengthen support for demand recovery and global competitiveness of construction equipm date2020-05-27

Korean auto exports dip in April, domestic sales increase

The Ministry of Trade, Industry and Energy announced on May 16 that Korea’s automobile production and exports decreased due to stagnant global demand, but domestic sales increased in April. The number of Korean vehicles produced by Korean automakers fell 22.2 percent to 289,515 units. The decrease was attributable mainly to fewer working days in April and contraction in overseas sales demand. Over the same period, the number of vehicles exported in April dropped 44.3 percent and recorded date2020-05-18

MOTIE signs MOU to test-run hydrogen powered trucks and taxis

Trade, Industry and Energy Minister Sung Yun-mo attended a signing ceremony for the memorandum of understanding (MOU) aimed for test-running hydrogen-powered trucks and taxis in Cheonan, Chungnam Province, on May 14, in the Ministry’s efforts to expand the use of hydrogen vehicles, which had previously been concentrated on passenger cars, into commercial vehicles and public transportations.   Minister Sung called for active participation and cooperation of carmakers and hydrogen-rel date2020-05-14