Ministry of Trade, Industry and Energy

Korea, China discuss joint efforts to facilitate economic exchanges amid COVID-19

Trade, Industry and Energy Minister Sung Yun-mo (center) talked with his Chinese counterpart Zhong Shan via teleconference on April 17, to discuss ways to expand bilateral cooperation as a follow-up to the ASEAN+3 Special Summit held on April 14.   Minister Sung proposed that the two countries work together to allow businesspeople make essential trips across borders. The two countries also agreed to work toward signing the Regional Comprehensive Economic Partnership (RCEP) agreement withi date2020-04-17

Korea, Vietnam seek closer cooperation in stabilizing global supply chain affected by COVID-19

Trade, Industry and Energy Minister Sung Yun-mo (right) talked with his Vietnamese counterpart Tran Tuan Anh via videoconference on April 13, to discuss ways to expand bilateral economic ties and to cooperate for the smooth functioning of the global supply chain affected by the new coronavirus spread. Minister Sung emphasized the importance of maintaining business activities by granting entry ban exemptions for the businesspeople. The two countries also agreed to establish Electronic Origin Dat date2020-04-14

Exports of ICT goods in March grow for the second consecutive month and reach $16.0 billion

The Ministry of Trade, Industry and Energy announced on April 13 that Korean exports of information and communications technology (ICT) goods in March increased 1.1 percent year-on-year to USD 16.0 billion. Imports inched up 2.7 percent to $9.4 billion, and the trade balance stood at a surplus of $6.6 billion. The second consecutive monthly growth in exports was mainly due to increasing sales of mobile phones and computers and periphery devices. By item, shipments of mobile phones and compute date2020-04-13

Korean auto exports, production, and domestic sales all increase in March

The Ministry of Trade, Industry and Energy announced on April 13 that Korea’s automobile exports, production, and domestic sales in March increased 1.3 percent, 6.8 percent, and 10.1 percent, respectively. The number of Korean vehicles exported in March rose 1.3 percent and amounted to 210,900 units. In terms of value, exports rose 3.0 percent to USD 3.8 billion. This expansion is primarily a result of robust demand for eco-friendly cars and sports utility vehicles (SUVs). Especially, the date2020-04-12

Trade Ministry supports exporters hit by COVID-19 to utilize video conferencing and consulting tools for trade consultations

Trade, Industry and Energy Minister Sung Yun-mo (left) visited the Korea Trade-Investment Promotion Agency (KOTRA) headquarters in Seoul, on April 8, to encourage KOTRA to support trade consultations of exporters through video conferencing with foreign buyers amid the COVID-19 pandemic.   Minister Sung said the government will give full support for expanding video conferencing infrastructures for Korean exporters and so minimize the fallout of the COVID-19 impacts on trade. date2020-04-09

Foreign direct investment pledged to Korea total $3.3 billion in Q1

The Ministry of Trade, Industry and Energy announced on April 9 that foreign direct investments (FDIs) pledged to Korea in the first quarter of this year increased 3.2 percent year-on-year to USD 3.3 billion. The FDIs that actually arrived in Korea over the same period declined 17.8 percent to $2.4 billion. Despite the difficult external conditions caused by the spread of the new coronavirus, FDI commitments to Korea increased 3.2 percent compared to the first quarter of the previous year. The date2020-04-09

Industry Ministry launches support group for innovation of materials, parts and equipment industries

Trade, Industry and Energy Minister Sung Yun-mo (left) attended a launching ceremony of the Support Group composed of state-funded R&D institutes, in order to facilitate convergence and innovation across materials, parts and equipment sectors. The event was held at the Korea Chamber of Commerce & Industry, in Seoul, on April 7. The Ministry expects the alliance will play a key role of supporting R&D activities of the three sectors and so help them decrease technological dependence on date2020-04-07

Korea's March exports edge down 0.2 percent to $46.9 billion amid COVID-19 outbreak

The Ministry of Trade, Industry and Energy announced on April 1 that Korea’s exports in March decreased 0.2 percent from a year earlier to USD 46.9 billion. Imports slipped 0.3 percent to $41.9 billion. The trade balance stood at $5.0 billion, remaining positive for 98 straight months. The average daily exports recorded $2.0 billion and saw a year-on-year decrease but the gap improved to a single-digit decrease. Despite initial concerns of sharp contraction following the spread of the co date2020-04-01

Trade Minister Yoo proposes G20 collaboration on businesspeople mobility amid COVID19 outbreak

Trade, Industry and Energy Minister Yoo Myung-hee (left) attended the G20 Extraordinary Trade and Investment Ministers Meeting through videoconference on March 30, and called for collaboration of member countries to facilitate mobility of businesspeople and maintain global supply chain. Issues raised by the Korean government at the G20 Special Summit last week, such as the need to facilitate movement of essential personnel and continue the flow of cross-border economic exchanges, were reflected date2020-03-31

[G20 Trade and Investment Ministerial Statement]

We, the Trade and Investment Ministers of the G20 and guest countries, are profoundly saddened by the devastating human tragedy caused by the spread of COVID-19. The pandemic is a global challenge and requires a coordinated global response. The G20 Leaders, following their Extraordinary Meeting conducted on 26 March 2020, committed “to presenting a united front against this common threat.” Now more than ever is the time for the international community to step up cooperation and coord date2020-03-31