Ministry of Trade, Industry and Energy

Korean retail industry sees 7% increase in sales in August

The Ministry of Trade, Industry and Energy announced on September 29 that the Korean retail industry saw a 7.0 percent year-on-year increase in sales in August. Sales at brick-and-mortar stores advanced 2.1 percent, while sales at online retailers rose 15.2 percent.These results 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 oth date2019-09-30

Minister Sung meets with IEA Executive Director

Trade, Industry and Energy Minister Sung Yun-mo (left) had a meeting with IEA Executive Director Fatih Birol and exchanged views on global energy security, energy transition and the hydrogen economy in Seoul on Sep 27. date2019-09-27

Trade Minister Yoo meets with foreign investors in materials & components industry in Seoul

Trade Minister Yoo Myung-hee (center) discussed current trade and industry issues with foreign investors in the materials and components industry in Seoul on Sep 26.   The meeting was attended by more than 30 government officials and business leaders from foreign-invested companies including 3M Korea, DuPont Korea and Merck Korea. date2019-09-27

Minister Sung meets with US Secretary of Commerce

Trade, Industry and Energy Minister Sung Yun-mo (left) and U.S. Secretary of Commerce Wilbur Ross discussed ways to expand trade and investment between Korea and the U.S. in a meeting held in New York. During the talks, Minister Sung stressed Korea should be exempted from potential U.S. auto tariffs. date2019-09-25

Minister Sung attends signing ceremony for sale and purchase of LNG between Korea and the U.S.

Trade, Industry and Energy Minister Sung Yun-mo (center) attended the signing ceremony held in New York, Sep 23, for a deal to buy liquefied natural gas (LNG) from the U.S. Under the deal, KOGAS will import 1.58 million tons of U.S. LNG from BP for up to 18 years. date2019-09-25

Korea and Australia signs a letter of intent on hydrogen cooperation

Trade, Industry and Energy Vice Minister Cheong Seung-il (right) and Australia’s Resources and Northern Australia Minister Matthew Canavan signed a letter of intent on expanding hydrogen cooperation between the two countries on Seoul on Sep 23. date2019-09-25

Trade Minister Yoo attends the 51st Korea-Japan Economic Association Conference

Trade Minister Yoo Myung-hee (third from the left) addressed an opening speech at the 51st Korea-Japan Economic Association Conference in Seoul on Sep 24.   About 300 business leaders from both countries discussed how to restore bilateral economic ties at the annual meeting. date2019-09-24

Korean ICT industry exports goods worth $15.2 billion in August

The Ministry of Trade, Industry and Energy announced on September 22 that the Korean industry of information and communications technology (ICT) exported goods worth USD 15.2 billion in August, down 24.5 percent from a year earlier.Meanwhile, ICT imports inched up 1.9 percent to $8.8 billion, and the trade balance saw a surplus of $6.4 billion.A breakdown of exports showed that outbound shipments of semiconductors, displays, mobile phones, and computers and peripheral devices all saw year-on-yea date2019-09-23

Automobile exports edge down 3.4 percent in August

The Ministry of Trade, Industry and Energy announced on September 18 that Korean automobile exports inched down 3.4 percent to 164,154 vehicles from a year earlier. The drop in exports is largely attributable to fewer working days. In value terms, however, exports advanced 4.6 percent year-on-year to USD 3.0 billion.Automobile output totaled 249,390 units, down 15.9 percent. The local automakers are Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, Renault Samsung Motors, Zyle Daewoo Bus, an date2019-09-18

Minister Sung meets with Kazakh Foreign Minister in Seoul

Trade, Industry and Energy Minister Sung Yun-mo (right) had a meeting with Kazakhstan’s Foreign Minister Beibut B. Atamkulov in Seoul on Sep 16.   The two Ministers discussed ways to boost trade and investment between Korea and Kazakhstan and bolster bilateral cooperation as a follow-up to the first Korea-Kazakhstan summit that took place in April.   date2019-09-16