Ministry of Trade, Industry and Energy

Korea’s trade value reaches $1 trillion in 2019 for the third consecutive year despite challenges in global trade

The Ministry of Trade, Industry and Energy announced on January 1 that Korea’s trade value in 2019 reached USD 1 trillion for the third year. Although the country’s annual exports marked a 10.3 percent drop to $542.4 billion and imports saw a 6.0 percent decrease to $503.2 billion, Korea achieved the overall trade value of 1 trillion dollars and remained as a net exporter for the 11th consecutive year with a trade surplus of $39.2 billion.Despite a downturn in semiconductors, pe date2020-01-02

Both online and offline retail sales grow in November

The Ministry of Trade, Industry and Energy announced on December 25 that Korea’s overall retail sales in November grew 7.5 percent from a year earlier. This rise was a result of increases in sales at both online and offline retailers partly due to this year’s Korea Sales Festa that was held last month. The nation’s largest annual shopping festival provides discount benefits to consumers.The analysis was based on surveys of 26 major retailers. Half of them are offline retailers: date2019-12-27

ICT exports in November total $14.3 billion

The Ministry of Trade, Industry and Energy announced on December 22 that Korea’s November exports of information and communications technology (ICT) goods amounted to USD 14.3 billion. Imports of these items reached $9.1 billion, and the trade surplus in this sector was $5.2 billion.Exports fell 21.8 percent compared to the same period last year as a result of falling shipments of semiconductors, display panels, and mobile phones.By item, semiconductor exports dropped 30.7 percent year-on- date2019-12-23

Minister Sung discusses policy directions for Renewable Energy 3020 initiative

Trade, Industry and Energy Minister Sung Yun-mo (fifth from the right) discussed next year’s policy directions for the Ministry's “Renewable Energy 3020” initiative at the 2nd Renewable Energy Policy Meeting held in Seoul on December 20 with government officials and representatives from energy industries. date2019-12-20

Vice Minister Cheong meets with Sweden’s State Secretary to Minister for Industry and Innovation

Trade, Industry and Energy Vice Minister Cheong Seung-il (left) met with Sweden’s State Secretary to Minister for Business, Industry and Innovation Emil Högberg in Seoul on December 18. They explored ways to foster broad cooperation between the two countries on areas ranging from future mobility to biohealth. date2019-12-19

Trade Minister Yoo attends meeting held by Seoul Japan Club

Trade Minister Yoo Myung-hee (center) underlined a bridge role of Japanese companies doing business in Korea for economic cooperation between Korea and Japan in a meeting with members of the Seoul Japan Club in Seoul on December 11.The meeting was attended by more than 50 representatives from Japanese companies operating in Korea. date2019-12-16

Minister Sung attends MOU signing ceremony for industrial cooperation with Germany

Trade, Industry and Energy Minister Sung Yun-mo (left) attended the MOU signing ceremony for industrial cooperation between the Korea Electronics Technology Institute (KETI) and the Fraunhofer IAP in Berlin on December 10. Under the agreement, the two sides agreed to strengthen ties in the sectors of materials, parts and equipment. date2019-12-16

Korean exports of green vehicles up 24.1% to record high in November

The Ministry of Trade, Industry and Energy announced on December 13 that exports of Korean eco-friendly cars in November reached a record monthly high of 28,597 units, up 24.1 percent from a year earlier. By type, year-on-year increases were experienced in all types of green cars except for hybrid electric vehicles (HEVs).Meanwhile, overall auto exports last month decreased 8.6 percent to 217,498 vehicles due to a base effect and fewer overseas orders. Exports in value terms experienced a smalle date2019-12-13

Minister Sung attends 2nd Korea-Central Asia Economic Cooperation Strategy Meeting

Trade, Industry and Energy Minister Sung Yun-mo delivered congratulatory remarks and awarded government prizes to individuals who contributed to promoting economic cooperation between Korea and Central Asian countries at the second Korea-Central Asia Economic Cooperation Strategy Meeting in Seoul on December 6.   The meeting was attended by more than 100 government officials and representatives from businesses making inroads into Central Asia. Among them were KOTRA President Kwon Pyung-oh date2019-12-06

Minister Sung attends Korea’s 56th Trade Day Ceremony

Trade, Industry and Energy Minister Sung Yun-mo (right) held Korea's 56th Trade Day Ceremony to celebrate this year’s trade achievement at COEX in Seoul on December 5.   During the ceremony, Minister Sung expressed gratitude for the efforts and commitment of trade workers.   The reception was attended by more than 2,000 trade experts and business leaders, including Korea International Trade Association (KITA) Chairman Kim Young Ju. date2019-12-06