Ministry of Trade, Industry and Energy

Korea’s February exports rebound for the first time in 15 months and grow 4.5% to $41.3 billion

The Ministry of Trade, Industry and Energy announced on March 1 that Korea’s exports in February rebounded and increased 4.5 percent from a year earlier to USD 41.3 billion. Imports inched up 1.4 percent to $37.2 billion. The trade balance stood at a surplus of $4.1 billion, remaining positive for 97 straight months. February exports marked the first rebound in 15 months despite the outbreak of the new coronavirus. The decline in exports has been improving since hitting a trough in October date2020-03-02

Minister Sung inspects economic impact of COVID-19 outbreak on regional industries in Daegu and Gyeongbuk

Trade, Industry and Energy Minister Sung Yun-mo (second from right) visited the Daegu-Gyeongbuk regional headquarters of the Korea Industrial Complex Corporation on February 26, to discuss industrial complex-level countermeasures as economic toll is growing in the region with the spread of the novel coronavirus (COVID-19).   In an effort to minimize the damage to companies located within the industrial complexes and maintain their business activities, the Ministry plans to provide them wi date2020-02-28

Korean retail industry sees sales growth of 6.6% in January

The Ministry of Trade, Industry and Energy announced on February 28 that overall retail sales in Korea improved 6.6 percent from a year earlier. Sales at both web-based retailers and brick-and-mortar stores increased, 10.2 percent and 4.1 percent, respectively. These findings are based on surveys of 26 major retailers. Half of them are offline retailers: three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSM) operators. The other date2020-02-28

Korean auto industry sees improvement in EV and FCEV exports in January

The Ministry of Trade, Industry and Energy announced on February 14 that Korea’s January exports for electric vehicles (EVs) and fuel cell electric vehicles (FCEVs) increased 11.9 percent and 19.0 percent, respectively. Meanwhile, the Korean automobile industry saw a year-on-year decrease of production, domestic sales, and exports. Total auto output in January fell 29.0 percent to 251,573 units. The decline is mostly attributable to fewer working days due to the Lunar New Year holidays and date2020-02-14

Korean ICT exports record $13.4 billion in January

The Ministry of Trade, Industry and Energy announced on February 12 that Korea exported USD 13.4 billion worth of information and communications technology (ICT) goods in January. ICT imports totaled $8.8 billion, resulting in a trade surplus of $4.6 billion.ICT exports fell 7.2 percent from a year earlier due to decreasing shipments of semiconductors (down 3.3 percent), displays (down 21.3 percent), and mobile phones (down 28.0 percent). By item, semiconductor exports dropped 3.3 percent year- date2020-02-13

Minister Sung discusses impacts of coronavirus outbreak on Korean trade

Trade, Industry and Energy Minister Sung Yun-mo (center) held a meeting with representatives from trade organizations and semiconductor, automobile, and shipbuilding industries in Seoul, on February 3, to check the impact of the recent outbreak of the novel coronavirus and discuss preemptive measures to minimize the damage to the Korean economy.   The government plans to support Korean exporters to China and companies with production bases in China facing difficulties from the spread of t date2020-02-03

Korea’s January exports fall 6.1% to $43.4 billion

The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports in January saw a year-on-year decrease of 6.1 percent to USD 43.4 billion. Imports dropped 5.3 percent to $42.7 billion, resulting in The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports in January saw a year-on-year decrease of 6.1 percent to USD 43.4 billion. Imports dropped 5.3 percent to $42.7 billion, resulting in a trade surplus of $620 million. Korean exp date2020-02-03

Korean retail sales grow 4.8 percent in 2019 due to huge growth in online stores

The Ministry of Trade, Industry and Energy announced on January 29 that Korea’s retail sales in 2019 rose 4.8 percent compared to the previous year. More specifically, online retail sales improved by 14.2 percent, and brick-and-mortar sales edged down 0.9 percent. While online sales posted growth, offline sales such as hypermarket chains and SSM operators declined as online shopping expanded. The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half date2020-01-30

Minister Sung visits wheelchair manufacturer under regulatory sandbox program

Trade, Industry and Energy Minister Sung Yun-mo (right) made an on-site visit to Rscare Service, a local maker of wheelchairs equipped with an electric assistance device, for physically challenged people, in Gimpo, Gyeonggi Province, on January 29, in the Ministry’s efforts to drum up innovative businesses under the regulatory sandbox program. A regulatory sandbox program is a measure to encourage local companies to foster technology-driven new businesses by lifting or suspending existing date2020-01-29

Trade Minister Yoo stresses importance of international rules for e-commerce and digital trade at Davos

Trade Minister Yoo Myung-hee (center) attended a meeting of trade ministers on WTO e-commerce negotiations at the 2020 World Economic Forum held in Davos, Switzerland, on January 24 (local time), to discuss the importance of the establishment of digital trade rules.   Trade Minister Yoo said that provision of global digital trade agreements is one of the key tasks of the WTO to facilitate digital trade and investment in the era of the AI-driven 4th Industrial Revolution. She also emphasiz date2020-01-28