Ministry of Trade, Industry and Energy

Industry Ministry holds 2nd post-corona industrial strategy dialogue with representatives of materials, parts and equipment sectors

Trade, Industry and Energy Minister Sung Yun-mo (right) held a meeting with representatives of the materials, parts and equipment sectors and various R&D institutions at the Korea Chamber of Commerce and Industry headquarters, on May 11, to check the progress of supply stabilization of the 100 core items affected by Japanese export restrictions, and discuss post-corona industrial strategy.   Minister Sung stressed the importance of cooperative measures between the public and the priva date2020-05-11

Korea, EU discuss global trade issues amid COVID19 pandemic

Trade Minister Yoo Myung-hee held a videoconference with her EU counterpart Phil Hogan, on May 7, to discuss cooperative countermeasures to the coronavirus and various trade-related issues.   Trade Minister Yoo suggested that the two sides work together to ease non-tariff barriers and hold a digital strategic dialogue to the international standards for digital trade. Yoo also asked for the EU’s support in designating the K-quarantine model an international standard as an effort to s date2020-05-08

Minister Sung discusses cooperative measures for post-corona economic recovery with representatives of foreign-invested companies in Korea

Trade, Industry and Energy Minister Sung Yun-mo (center) attended a dialogue with representatives from foreign-invested companies at Korea Chamber of Commerce and Industry headquarters, on May 6, to discuss cooperative measures for Korea’s economic recovery in the post-corona era.   The businesses representatives praised Korea’s prompt and transparent leadership in responding to the virus and expressed willingness to mobilize all available resources in the course of COVID-19 r date2020-05-07

Korea’s exports fall 24.3 percent to $36.9 billion in April

The Ministry of Trade, Industry and Energy announced on May 1 that Korea’s exports in April fell 24.3 percent compared to the same period a year earlier to USD 36.9 billion. Imports also dropped 15.9 percent to $37.9 billion, resulting in a trade deficit of $950 million. Exports in April decreased significantly with the coronavirus pandemic in full swing. The decrease was led by a sharp drop in demand in major markets such as the U.S. and the EU coupled with plunging oil prices. Also, the date2020-05-01

Retail sales in Korea drop 3.3% in March

The Ministry of Trade, Industry and Energy announced on April 28 that Korea’s online and offline retailers in March saw a year-on-year decrease of 3.3 percent. Brick-and-mortar stores experienced a sales decrease of 17.6 percent, while sales at online retailers grew by 16.9 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 convenienc date2020-04-28

Trade Minister talks with Philippine and Australian ministers to discuss cooperative measures against COVID19

Trade Minister Yoo Myung-hee held a teleconference with her Philippine and Australian counterparts Ramon M. Lopez and Simon Birmingham, respectively, on April 27, to discuss ways to boost international cooperation in response to COVID-19 and pending bilateral trade issues.   Trade Minister Yoo stressed the need for international cooperation to allow business travels of essential personnel and maintain logistics flow in order to ease the economic fallout from the virus.   The three date2020-04-27

Minister Sung visits shipbuilding materials manufacturer to discuss coronavirus countermeasures

Trade, Industry and Energy Minister Sung Yun-mo (center) made an on-site visit to Hankuk Carbon, a local manufacturer of composite materials used to build LNG thermal insulation panels, in Miryang, Gyeongnam Province, on April 24, to check the situation of the shipbuilding equipment industry and discuss support measures in response to the plunge in shipbuilding contracts resulting from the COVID-19 outbreak.   Minister Sung said that the Ministry will make all-out efforts to not only reli date2020-04-24

Trade Minister discusses preemptive measures to cope with changes in trade after coronavirus pandemic

Trade Minister Yoo Myung-hee (right) held a meeting with trade experts at the Korea Trade Insurance Corporation building in Seoul, on April 23, to discuss prospects for the international business environment in the post-coronavirus world and seek preemptive measures to the unprecedented challenges to global trade.   Trade Minister Yoo said the post-pandemic set of trade orders characterized by increased protectionism and weaker global supply chain could pose risks to Korea’s export- date2020-04-24

Industry Ministry promises to support Korean refining sector hit by coronavirus

Trade, Industry and Energy Minister Sung Yun-mo (left) held a meeting with local oil refiners, including SK Energy, GS Caltex, Hyundai Oilbank, and S-OIL at the Korea Trade Insurance Corporation in Seoul, on April 22, to assess the difficulties refiners face amid COVID19 pandemic and discuss support measures for the industry hit by plunging oil prices and petroleum demand.   Minister Sung said the government will continue to support the refining sector recover from coronavirus by relievin date2020-04-22

Minister Sung meets with coronavirus-hit auto industry representatives to discuss countermeasures

Trade, Industry and Energy Minister Sung Yun-mo (left) held a meeting with local automakers and parts suppliers at the Korea Automobile Manufacturers Association in Seoul, on April 21, to discuss coronavirus countermeasures for the automobile industry hit by declining sales and auto plant shutdowns.   Minister Sung encouraged the industry’s efforts to normalize operations amid pandemic and said the government will continue to closely monitor the situation and develop policy measures date2020-04-21