Ministry of Trade, Industry and Energy

Korea’s June exports decrease 10.9% to $39.2 billion, show signs of improvement

The Ministry of Trade, Industry and Energy announced on July 1 that Korea’s exports in June decreased 10.9 percent to USD 39.2 billion. Imports fell 11.4 percent to $35.6 billion, resulting in a trade surplus of $3.7 billion. Although exports in June decreased year-on-year due to the continued impact of the coronavirus, major indicators have improved. While April and May exports shrank by more than 20 percent, June exports recorded a 10.9 percent decrease. The trade balance also remained date2020-07-01

Overall retail sales in Korea increase 2% in May

The Ministry of Trade, Industry and Energy announced on June 30 that Korea’s overall retail sales in May saw a year-on-year growth of 2.0 percent. Specifically, brick-and-mortar sales fell 6.1 percent, while web-based sales jumped 13.5 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 store chains, and four SSM operators date2020-06-29

Trade Minister Yoo announces bid to run for WTO director-general

Trade Minister Yoo Myung-hee announced her bid to become the next World Trade Organization (WTO) director-general on June 24.                         Yoo's bid seeks to restore and reinforce the multilateral trading system, vitally important to Korea's economic interests, and is supported by the Korean government. date2020-06-24

Korea, Singapore begin talks on digital trade agreement

Trade Minister Yoo Myung-hee (right) talked with her Singaporean counterpart Chan Chun Sing via videoconference on June 22, to start negotiations on the Korea-Singapore Digital Partnership Agreement (KSDPA), the first digital trade deal for Korea.   Trade Minister Yoo said that the agreement is expected to help ease digital trade barriers between the two countries and enhance global competitiveness of new technology-based Korean firms.   The first official round of negotiations wil date2020-06-23

Minister Sung holds joint conference with OECD chief to discuss post-corona trade orders

Trade, Industry and Energy Minister Sung Yun-mo held a joint video conference titled “MOTIE-OECD Joint Conference – Post COVID-19: Challenges and Responses” with Organization for Economic Cooperation and Development (OECD) Secretary-General Angel Gurría on June 18, to discuss post-corona responses to the industrial and trade orders.   During his opening speech, Minister Sung suggested inter-connectivity, innovation, and inclusiveness as three key elements to the p date2020-06-18

Minister Sung holds emergency meeting after explosion of inter-Korean liaison office

Trade, Industry and Energy Minister Sung Yun-mo (center) called an emergency meeting of high-ranking officials after North Korea’s demolition of the Gaesong Inter-Korean Liaison Office on June 17, to determine its impacts on the real economy.   Minister Sung said the Ministry will closely monitor the impact on exports and safety of industrial and energy facilities, and work with relevant industries in order to give necessary support and implement countermeasures. date2020-06-17

Minister Sung holds webinar on Korea’s COVID-19 response to make “K-quarantine model” global standard

Trade, Industry and Energy Minister Sung Yun-mo held the “International webinar on Korea’s COVID-19 response: Protecting the planet with standards” on June 15, to establish cooperation with major international organizations in an effort to make the “K-quarantine strategy” the global standard for public health.   The webinar was attended by experts in global standardization including Edward Njoroge, president of International Organization for Standardization ( date2020-06-16

Korea’s ICT exports reach $13.9 billion in May

The Ministry of Trade, Industry and Energy announced on June 12 that Korean information and communications technology (ICT) industry in May reached USD 13.9 billion in exports and $8.9 billion in imports. The trade balance stood at a surplus of $5.0 billion. Exports of Korean ICT goods last month experienced a year-on-year decline of 2.6 percent, but decreased by a smaller percentage compared to those in April (down 15.3 percent). By item, shipments of semiconductors, and computers and periphe date2020-06-15

Minister Sung holds meeting to discuss post-corona cooperative strategy for automakers

Trade, Industry and Energy Minister Sung Yun-mo (left) held a meeting with representatives of the automobile and the financial sectors at Korea Fuel Tech research center in Pangyo, Gyeonggi Province, on June 15, to discuss measures to revive the coronavirus-hit auto industry through financial support.   The meeting was attended by representatives of subcontractors in the auto industry, car manufacturers, auto industry associations, policy banks, commercial banks, and local banks. date2020-06-15

Korean exports of electric vehicles reach record high in May

The Ministry of Trade, Industry and Energy announced on June 11 that Korean exports of electric vehicles hit record high in May, reaching 11,496 units. Overall automobile exports and production, however, decreased due to the effects of COVID-19. Meanwhile, domestic sales posted a year-on-year growth. The number of Korean vehicles produced by Korean automakers dropped 36.9 percent to 231,099 units. The decrease was attributable mainly to the production adjustment according to the slowdown in ove date2020-06-11