Ministry of Trade, Industry and Energy

Korea's March exports edge down 0.2 percent to $46.9 billion amid COVID-19 outbreak

The Ministry of Trade, Industry and Energy announced on April 1 that Korea’s exports in March decreased 0.2 percent from a year earlier to USD 46.9 billion. Imports slipped 0.3 percent to $41.9 billion. The trade balance stood at $5.0 billion, remaining positive for 98 straight months. The average daily exports recorded $2.0 billion and saw a year-on-year decrease but the gap improved to a single-digit decrease. Despite initial concerns of sharp contraction following the spread of the co date2020-04-01

Trade Minister Yoo proposes G20 collaboration on businesspeople mobility amid COVID19 outbreak

Trade, Industry and Energy Minister Yoo Myung-hee (left) attended the G20 Extraordinary Trade and Investment Ministers Meeting through videoconference on March 30, and called for collaboration of member countries to facilitate mobility of businesspeople and maintain global supply chain. Issues raised by the Korean government at the G20 Special Summit last week, such as the need to facilitate movement of essential personnel and continue the flow of cross-border economic exchanges, were reflected date2020-03-31

[G20 Trade and Investment Ministerial Statement]

We, the Trade and Investment Ministers of the G20 and guest countries, are profoundly saddened by the devastating human tragedy caused by the spread of COVID-19. The pandemic is a global challenge and requires a coordinated global response. The G20 Leaders, following their Extraordinary Meeting conducted on 26 March 2020, committed “to presenting a united front against this common threat.” Now more than ever is the time for the international community to step up cooperation and coord date2020-03-31

Overall retail sales in Korea improve 9.1% in February

The Ministry of Trade, Industry and Energy announced on March 30 that Korea’s overall retail sales in February saw a year-on-year growth of 9.1 percent on the back of strong online sales. Sales of brick-and-mortar stores went down 7.5 percent compared to the same period last year, while those of web-based retailers jumped 34.3 percent. These findings are based on surveys of 26 major retailers. Half of them are offline retailers: three department store chains, three hypermarket chains, th date2020-03-30

Minister Sung discusses impacts of coronavirus on auto parts industry

Trade, Industry and Energy Minister Sung Yun-mo (right) held a meeting with representatives of the domestic auto parts manufacturers in Seoul, on March 23, to check the impact on their parts supply chain amid the rapid spread of coronavirus across the U.S. and Europe and discuss aids to support their faltering business.   Minister Sung recognized the challenges not only to car exports but also to the supply of auto parts due to finished car plant and store closures in the U.S. and Europe date2020-03-23

Trade Minister Yoo calls for more active role of KOTRA’s offices overseas in supporting exporters hit by COVID-19

Trade Minister Yoo Myung-hee (right) held a video conference with overseas trade offices of the state-run Korea Trade-Investment Promotion Agency (KOTRA), at the KOTRA headquarters in Seoul, on March 18, to urge them to take an active role of tacking issues that Korean exporters face in the rise of COVID-19.   Trade Minister Yoo emphasized the need to strengthen resilience of the global supply chain. She said the government will continue to make all-out efforts to revitalize trade activit date2020-03-19

Minister Sung discusses coronavirus countermeasures with state-funded economic think tank representatives

Trade, Industry and Energy Minister Sung Yun-mo (center) held an emergency meeting with representatives from state-funded research institutes, including the Korea Institute for Industrial Economics, at the Government Complex in Sejong, on March 16, to discuss the coronavirus’s economic fallout and possible countermeasures. Minister Sung said that with increasing economic damage caused by the COVID-19 spreading across the real economy, the government has to respond differently to the unpre date2020-03-17

Korea’s auto industry experiences decline in February

The Ministry of Trade, Industry and Energy announced on March 13 that Korea’s automobile industry in February experienced a decline in exports, production, and domestic sales compared to the same period year earlier. Total auto output in February fell 26.4 percent to 189,235 units. The decrease was attributable mainly to the shortage of auto parts from China and the temporary shutdown of production lines due to the coronavirus outbreak. Domestic sales of automobiles also slowed down 18.8 p date2020-03-13

Korea hosts 8th director general-level export control policy dialogue with Japan

Lee Ho-hyeon, the director general responsible for trade policy at the Ministry of Trade, Industry and Energy, represented the Korean team at the 8th Korea-Japan Export Control Policy Dialogue held in Seoul via video conferencing from March 10, 10:00 am to March 11, 1:50 am. Both sides positively evaluated each other’s planned legal and institutional improvements to strengthen export management capabilities. On request of its Japanese counterpart Ministry of Economy, Trade and Industry, M date2020-03-11

Korea’s February ICT exports record $13.7 billion, increasing for the first time in 16 months

The Ministry of Trade, Industry and Energy announced on March 11 that Korean exports of information and communications technology (ICT) goods in February increased for the first time in 16 months and grew 8.5 percent year-on-year to USD 13.7 billion. Imports went up 5.7 percent to $7.7 billion, and the trade balance stood at a surplus of $6.0 billion. Outbound shipments of all items except for displays experienced increases. Exports of semiconductors went up 9.3 percent to $7.5 billion and incre date2020-03-11