Ministry of Trade, Industry and Energy

Exports of Korean ICT goods drop 21.8% to $14.5 billion in July

The Ministry of Trade, Industry and Energy announced on August 21 that July exports of Korean information and communications technology (ICT) goods fell 21.8 percent year-on-year to USD 14.5 billion.Inbound shipments, on the other hand, moved up 6.9 percent to $9.7 billion, and trade balance in this sector stood at a surplus of $4.8 billion.By item, semiconductor exports dropped 27.7 percent to $7.6 billion, following lower demand for chips used in servers and mobile phones. Lower prices compare date2019-08-21

Trade Minister Yoo presides over 14th trade promotion meeting in Seoul

Trade Minister Yoo Myung-hee chaired the 14th trade promotion meeting in Seoul on August 16 to review current trade issues.   During the meeting, Trade Minister Yoo stressed that Korea will seek new free trade agreements (FTAs) this year to diversify markets for Korea’s exports amid growing external uncertainties such as Japan’s latest export restriction measures against the country.   The meeting was attended by some 30 government officials from other ministries includ date2019-08-20

Korea’s auto exports post double-digit growth in July

The Ministry of Trade, Industry and Energy announced on August 15 that July exports of Korean automobiles grew 11.6 percent to 215,927 vehicles compared to the same period last year. In value terms, outbound shipments increased 21.6 percent to USD 3.8 billion. This expansion in exports was largely attributable to improved sales of sport utility vehicles (SUVs) and eco-friendly cars in North America and the EU.For environment-friendly vehicles, exports jumped 102.3 percent to 25,063 units. These date2019-08-16

Minister Sung meets with reps. of state-run research institutes for materials and parts

Trade, Industry and Energy Minister Sung Yun-mo presided over a meeting with the representatives of 11 state-run research institutions for materials and parts at the Korea Research Institute of Chemical Technology (KRICT) in Daejeon on Aug 8.    During the meeting, Minister Sung discussed ways to revamp R&D policies in direction to raise local production of key materials and parts and to cut reliance on Japan in the two sectors.    date2019-08-09

Trade Minister Yoo Meets with Australia’s Trade Minister

Trade Minister Yoo Myung-hee (right) had a meeting with Australia’s Minister for Trade, Tourism and Investment Simon Birmingham in Seoul on Aug 5.    The Ministers explored ways to boost trade and investment between the two countries and expand cooperation in the energy sector.   date2019-08-06

Trade Minister Yoo Attends the 8th RCEP Intersessional Ministerial Meeting

Trade Minister Yoo Myung-hee (fourth from the right in the front row) attended the 8th Regional Comprehensive Economic Partnership (RCEP) intersessional ministerial meeting in Beijing from Aug 2 to 3.    During the meeting, Trade Minister Yoo met with her counterparts and discussed ways to conclude the trade pact this year. She also addressed the unfairness of Japan's recent export restriction measure to the RCEP member states and called on Japan to withdraw the move.   The me date2019-08-05

Korea’s July exports decrease 11% to $46.1 billion

The Ministry of Trade, Industry and Energy announced on August 1 that Korea’s exports in July decreased 11.0 percent year-on-year to USD 46.1 billion. Imports also declined 2.7 percent to $43.7 billion, and the trade balance stood at a surplus of $2.4 billion, remaining positive for 90 straight months.The decrease in exports was due to a mix of different factors: i) worsening external conditions such as the ongoing U.S.-China trade dispute and Japan’s export restrictions, ii) a slowd date2019-08-01

Minister Sung meets with Pakistan’s Adviser to Prime Minister on Commerce

Trade, Industry and Energy Minister Sung Yun-mo (right) had a meeting with Pakistan's Adviser to Prime Minister on Commerce, Textile, Industries and Investment Abdul Razak Dawood in Seoul on August 1.   Minister Sung and Adviser Dawood discussed ways to promote investment between the two countries and expand bilateral cooperation in the fields of infrastructure construction.   date2019-08-01

Overall retail sales in Korea increase 5% in June

The Ministry of Trade, Industry and Energy announced on July 30 that Korea’s overall retail sales in June grew 5.0 percent compared to the same period last year.Sales of offline retailers inched up 0.7 percent, and those of online retailers advanced 11.7 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 fo date2019-07-30

Letter by the ROK government regarding Japan’s plan to revise its export controls (Summary)

The government of the Republic of Korea (ROK) sent a letter to its Japanese counterpart last week to address the fact that Japan's planned amendments to its Export Trade Control Order are not based on sufficient grounds. The revisions are designed to remove the ROK from its white list for trade.Read the summary of the letter: date2019-07-30