Ministry of Trade, Industry and Energy

Overall retail sales in Korea improve 9.1% in February

The Ministry of Trade, Industry and Energy announced on March 30 that Korea’s overall retail sales in February saw a year-on-year growth of 9.1 percent on the back of strong online sales. Sales of brick-and-mortar stores went down 7.5 percent compared to the same period last year, while those of web-based retailers jumped 34.3 percent. These findings are based on surveys of 26 major retailers. Half of them are offline retailers: three department store chains, three hypermarket chains, th date2020-03-30

Minister Sung discusses impacts of coronavirus on auto parts industry

Trade, Industry and Energy Minister Sung Yun-mo (right) held a meeting with representatives of the domestic auto parts manufacturers in Seoul, on March 23, to check the impact on their parts supply chain amid the rapid spread of coronavirus across the U.S. and Europe and discuss aids to support their faltering business.   Minister Sung recognized the challenges not only to car exports but also to the supply of auto parts due to finished car plant and store closures in the U.S. and Europe date2020-03-23

Trade Minister Yoo calls for more active role of KOTRA’s offices overseas in supporting exporters hit by COVID-19

Trade Minister Yoo Myung-hee (right) held a video conference with overseas trade offices of the state-run Korea Trade-Investment Promotion Agency (KOTRA), at the KOTRA headquarters in Seoul, on March 18, to urge them to take an active role of tacking issues that Korean exporters face in the rise of COVID-19.   Trade Minister Yoo emphasized the need to strengthen resilience of the global supply chain. She said the government will continue to make all-out efforts to revitalize trade activit date2020-03-19

Minister Sung discusses coronavirus countermeasures with state-funded economic think tank representatives

Trade, Industry and Energy Minister Sung Yun-mo (center) held an emergency meeting with representatives from state-funded research institutes, including the Korea Institute for Industrial Economics, at the Government Complex in Sejong, on March 16, to discuss the coronavirus’s economic fallout and possible countermeasures. Minister Sung said that with increasing economic damage caused by the COVID-19 spreading across the real economy, the government has to respond differently to the unpre date2020-03-17

Korea’s auto industry experiences decline in February

The Ministry of Trade, Industry and Energy announced on March 13 that Korea’s automobile industry in February experienced a decline in exports, production, and domestic sales compared to the same period year earlier. Total auto output in February fell 26.4 percent to 189,235 units. The decrease was attributable mainly to the shortage of auto parts from China and the temporary shutdown of production lines due to the coronavirus outbreak. Domestic sales of automobiles also slowed down 18.8 p date2020-03-13

Korea hosts 8th director general-level export control policy dialogue with Japan

Lee Ho-hyeon, the director general responsible for trade policy at the Ministry of Trade, Industry and Energy, represented the Korean team at the 8th Korea-Japan Export Control Policy Dialogue held in Seoul via video conferencing from March 10, 10:00 am to March 11, 1:50 am. Both sides positively evaluated each other’s planned legal and institutional improvements to strengthen export management capabilities. On request of its Japanese counterpart Ministry of Economy, Trade and Industry, M date2020-03-11

Korea’s February ICT exports record $13.7 billion, increasing for the first time in 16 months

The Ministry of Trade, Industry and Energy announced on March 11 that Korean exports of information and communications technology (ICT) goods in February increased for the first time in 16 months and grew 8.5 percent year-on-year to USD 13.7 billion. Imports went up 5.7 percent to $7.7 billion, and the trade balance stood at a surplus of $6.0 billion. Outbound shipments of all items except for displays experienced increases. Exports of semiconductors went up 9.3 percent to $7.5 billion and incre date2020-03-11

Korea’s February exports rebound for the first time in 15 months and grow 4.5% to $41.3 billion

The Ministry of Trade, Industry and Energy announced on March 1 that Korea’s exports in February rebounded and increased 4.5 percent from a year earlier to USD 41.3 billion. Imports inched up 1.4 percent to $37.2 billion. The trade balance stood at a surplus of $4.1 billion, remaining positive for 97 straight months. February exports marked the first rebound in 15 months despite the outbreak of the new coronavirus. The decline in exports has been improving since hitting a trough in October date2020-03-02

Minister Sung inspects economic impact of COVID-19 outbreak on regional industries in Daegu and Gyeongbuk

Trade, Industry and Energy Minister Sung Yun-mo (second from right) visited the Daegu-Gyeongbuk regional headquarters of the Korea Industrial Complex Corporation on February 26, to discuss industrial complex-level countermeasures as economic toll is growing in the region with the spread of the novel coronavirus (COVID-19).   In an effort to minimize the damage to companies located within the industrial complexes and maintain their business activities, the Ministry plans to provide them wi date2020-02-28

Korean retail industry sees sales growth of 6.6% in January

The Ministry of Trade, Industry and Energy announced on February 28 that overall retail sales in Korea improved 6.6 percent from a year earlier. Sales at both web-based retailers and brick-and-mortar stores increased, 10.2 percent and 4.1 percent, respectively. These findings 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 other date2020-02-28