Ministry of Trade, Industry and Energy

Korea’s exports in April fall 2 percent to $48.9 billion

The Ministry of Trade, Industry and Energy announced on May 1 that Korea’s exports in April fell 2 percent to USD 48.9 billion compared to the same period a year earlier. Imports expanded 2.4 percent to $44.7 billion, resulting in a trade surplus of $4.1 billion.The decrease in exports was in part due to falling prices of semiconductors and petrochemicals as well as a slowing Chinese economy. Other external factors such as the ongoing U.S.-China trade dispute and stagnant world trade date2019-05-01

Sales of Korean retail industry grow 7.6 percent in March

The Ministry of Trade, Industry and Energy announced on April 28 that Korea’s online and offline retailers saw a year-on-year sales increase of 7.6 percent in March. Brick-and-mortar stores experienced a sales growth of 1.3 percent, and sales at online retailers grew by 18.2 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 date2019-04-28

Fashion industry meets ICT technology in Seoul

Trade, Industry and Energy Minister Sung Yun-mo (right) and Seoul City Mayor Park Won-soon (center) attended the opening ceremony of a new state-of-the-art clothing shop in Dongdaemun District, Seoul, on April 25.The clothing store is capable of designing and producing customized clothes within 24 hours. This was possible because of the Dongdaemun area’s advanced fashion infrastructure and Korea’s competitive information and communications technology (ICT).During his speech at the ev date2019-04-25

Exports of ICT goods in March reach $15.9 billion

The Ministry of Trade, Industry and Energy announced on April 22 that Korean exports of information and communications technology (ICT) goods in March decreased 16.3 percent year-on-year to USD 15.9 billion.Imports inched up 1.4 percent to $9.2 billion, and the trade balance stood at a surplus of $6.7 billion.The fifth consecutive monthly decline in exports was mainly due to slowing sales of semiconductors, displays, mobile phones.By item, shipments of semiconductors, displays, mobile phones, an date2019-04-22

Korean exports of materials and parts total $67.5 billion in Q1

The Ministry of Trade, Industry and Energy announced on April 22 that Korea’s exports of materials and parts in the first quarter of this year totaled USD 67.5 billion, down 9.0 percent from the same period last year.The country’s imports also saw a year-on-year decrease of 4.3 percent to $41.7 billion. The trade balance stood at a surplus of $25.8 billion in this segment.These figures are based on 11 different item categories: five for materials (textiles, chemical product date2019-04-22

Minister Sung discusses with Korean business representatives in Kazakhstan

Trade, Industry and Energy Minister Sung Yun-mo (center) discussed with Korean business representatives various aspects of economic cooperation between Korea and Kazakhstan at a breakfast meeting held in Nur-Sultan on April 22 (local time).On the same day, government agencies, institutions, and companies from the two countries signed a total of seven memoranda of understanding (MOUs) as a means to expand bilateral cooperation in trade and investment. date2019-04-22

Minister Sung convenes breakfast meeting with Korean business leaders in Uzbekistan

Trade, Industry and Energy Minister Sung Yun-mo (center) convened a breakfast meeting with Korean business leaders to discuss economic cooperation with Uzbekistan in Tashkent on April 19 (local time).On the same day, government agencies, institutions, and companies from Korea and Uzbekistan signed a total of ten memoranda of understanding (MOUs) as an effort to expand cooperation and promote industrial diversification. The areas of cooperation include information and communication technology, di date2019-04-19

Korean auto exports rise 2.4 percent year-on-year in Q1

The Ministry of Trade, Industry and Energy announced on April 17 that Korea’s automobile exports in the first quarter increased 2.4 percent compared to the same period year earlier.The number of Korean vehicles exported from January to March amounted to 587,690 units. In terms of value, exports rose 4.7 percent to USD 10.3 billion. This expansion is primarily a result of robust demand for eco-friendly cars, sports utility vehicles (SUVs), and compact cars.Over the same period, the number o date2019-04-17

Trade Minister Yoo meets with ADB President Nakao in Manila

Trade Minister Yoo Myung-hee (left) met with Asian Development Bank (ADB) President Takehiko Nakao in Manila, Philippines, on April 17 (local time).During the meeting, Trade Minister Yoo explained Korea’s New Northern and Southern Policies, and the two sides agreed to cooperate in promoting joint projects between Korea and the ADB in energy and industrial technology. date2019-04-17

Korea, Philippines hold trade ministerial meeting in Manila

Trade Minister Yoo Myung-hee (fifth from the right) and Philippine Trade and Industry Secretary Ramon M. Lopez (fifth from the left) explored ways to boost economic and trade ties between the two countries at a ministerial meeting held in Manila on April 17 (local time).The two sides agreed to make the best effort to conclude negotiations for a bilateral free trade agreement in time for the Korea-ASEAN Commemorative Summit scheduled in November 2019.This year marks the 70th anniversary of t date2019-04-17