Ministry of Trade, Industry and Energy

Vice Minister Cheong meets with US Under Secretary of State

Trade, Industry and Energy Vice Minister Cheong Seung-il (right) and U.S. Under Secretary of State for Economic Growth, Energy and the Environment Keith Krach discussed current trade issues as well as economic and energy cooperation between the two countries in Seoul on Nov 6. date2019-11-07

Trade Minister Yoo met with Governor of Oregon

Trade Minister Yoo Myung-hee (left) discussed with Governor of Oregon Kate Brown how to further promote trade and investment between Korea and Oregon in Seoul on Nov 6. date2019-11-07

Minister Sung meets with industry leaders to discuss RCEP and FTAs with Southeast Asian countries

Trade, Industry and Energy Minister Sung Yun-mo presided over a meeting in Seoul on Nov 5 with representatives from industry and academia to discuss the meaning and significance of Regional Comprehensive Economic Partnership (RCEP), a major Asian-Pacific trade pact set to be signed in 2020.   Minister Sung and the participants also shared thoughts on the recent progress in negotiations for FTAs with Southeast Asian countries.The participants included Korea Trade-Investment Promotion Agen date2019-11-07

Korean exports in October decrease 14.7% to $46.8 billion

The Ministry of Trade, Industry and Energy announced on November 1 that Korea’s exports in October decreased 14.7 percent to USD 46.8 billion from a year earlier. Imports saw a decline of 14.6 percent to $41.4 billion, resulting in a trade balance of a surplus of $5.4 billion.The decrease in exports was largely due to the U.S.-China conflict and other external uncertainties, as well as the stagnant semiconductor sector and a slowdown in the global economy.From November, exports are slated date2019-11-01

Online retail sales up 17.8% in September

The Ministry of Trade, Industry and Energy announced on October 30 that online retail sales in Korea went up 17.8 percent year-on-year in September. Sales at brick-and-mortar stores, on the other hand, decreased 5 percent. As a result, overall retail sales inched up 2.7 percent.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) oper date2019-10-30

Vice Minister Cheong meets with Latvian Economy Minister

Trade, Industry and Energy Vice Minister Cheong Seung-il (right) met with Latvia’s Economy Minister Ralfs Nemiro in Seoul on Oct 25 and exchanged views on boosting industry and economic cooperation between Korea and Latvia. date2019-10-29

Korea signs implementing agreement for renewable energy cooperation with the Philippines

Trade, Industry and Energy Vice Minister Cheong Seung-il (left) and the Philippines’ Defense Undersecretary Cardozo M. Luna signed an implementing agreement for renewable energy cooperation in Seoul on Oct 25. date2019-10-29

Energy Ministry jointly hosts a renewable energy conference in Seoul

The Ministry of Trade, Industry and Energy (MOTIE) kicked off the opening ceremony of the Korea International Renewable Energy Conference (KIREC Seoul 2019) at COEX in Seoul on October 23.Held biennially, the international renewable energy conference is one of the renewable energy sector’s largest events, providing opportunities to discuss climate change responses and promote the use of renewables.Jointly hosted this year by MOTIE, the Seoul Metropolitan Government, and REN21, the conferen date2019-10-24

Minister Sung delivers welcoming speech at KIREC Seoul 2019

Trade, Industry and Energy Minister Sung Yun-mo delivered welcoming remarks at the opening ceremony for Korea International Renewable Energy Conference (KIREC) Seoul 2019 at Coex in Seoul on Oct 23, co-hosted by the Ministry of Trade, Industry and Energy, REN21 and the Seoul Metropolitan Government.   During his speech, Minister Sung emphasized that the energy transition driven by renewables is a global innovation trend.   KIREC Seoul 2019 was attended by 3,500 energy leaders from date2019-10-23

Korea’s ICT industry posts exports of $15.8 billion in September

The Ministry of Trade, Industry and Energy announced on October 21 that Korean exports of information and communications technology (ICT) goods in September decreased 22 percent to USD 15.8 billion from a year earlier. Shipments of mobile phone parts expanded, but those of semiconductors and displays contracted.ICT imports, on the other hand, grew 9.8 percent year-on-year to $8.8 billion. The trade balance in this sector was a surplus of $7.0 billion.By item, semiconductor shipments fell 31.5 pe date2019-10-23