Ministry of Trade, Industry and Energy

Korea’s auto exports, production grow at double-digit rates in December 2018

The Ministry of Trade, Industry and Energy announced on January 18 that Korea's automobile exports and production in December 2018 grew at double-digit rates compared to a year earlier.Automobile exports last month increased 22.6 percent year-on-year to 219,313 vehicles due to newly introduced models, a base effect, and higher demand for eco-friendly cars. The number of green cars shipped overseas jumped 70.8 percent to 22,933 vehicles.The number of domestic vehicles produced by Korea's seven ma date2019-01-18

Materials, components exports rose 11.8 percent to $316.2 billion in 2018

The Ministry of Trade, Industry and Energy announced on January 17 that exports of 11 types of industrial materials and components in 2018 rose 11.8 percent year-on-year to USD 316.2 billion.Imports also improved 5.3 percent to $177.2 billion, making the trade surplus stand at $139.1 billion.By type, electronic components were responsible for 43.8 percent of the total exports. They were followed by chemical products and primary metals, which represented 15.6 percent and 8.9 percent, respectively date2019-01-17

Korea’s ICT industry posts record-breaking exports of $220.4 billion in 2018

The Ministry of Trade, Industry and Energy announced on January 17 that Korea’s information and communications technology (ICT) Industry posted record-breaking exports of USD 220.4 billion in 2018.Outbound shipments of ICT goods last year increased 11.5 percent compared to 2017, achieving double-digit growth rates for two years in a row. Monthly ICT exports have also been increasing for 24 consecutive months.Imports by the ICT sector in 2018 reached $107.1 billion, resulting in a trade sur date2019-01-17

Minister Sung meets with Saudi ministers to advance bilateral cooperation

Trade, Industry and Energy Minister Sung Yun-mo (second from the left) had a meeting with Saudi Arabia’s Energy Minister Khalid A. Al-Falih (third from the right) and Saudi Economy Minister Mohammed Al-Tuwaijri (second from the right) in the UAE on January 14 (local time).During the ministerial talk, the top officials discussed key issues involving bilateral cooperation in industry and energy, as well as the Korea-Saudi Vision 2030.The ministers agreed to hold the second meeting of the Kor date2019-01-15

Minister Sung visits UAE to enhance industrial bilateral ties

Industry, Trade and Energy Minister Sung Yun-mo (right) met with Abu Dhabi Executive Affairs Authority Chairman Khaldoon Khalifa Al Mubarak in the UAE on January 13 (local time).Minister Sung and Chairman Al Mubarak discussed ways of enhancing bilateral cooperation in industry and investment, including nuclear power plants.Prior to the meeting with Chairman Al Mubarak, Minister Sung also held a gathering to encourage the representatives of the Korean corporations participating in the Barakah pow date2019-01-14

Minister Sung meets with steel industry leaders to share policy directions for 2019

Trade, Industry and Energy Minister Sung Yun-mo (center) met with steel industry leaders to share the Korean government’s 2019 policy directions at a new year’s gathering in Seoul on January 10.During his congratulatory remarks at the meeting, Minister Sung praised their efforts in achieving steel exports of $600 billion last year amid rising global protectionism and other uncertainties.To overcome the challenges posed by internal and external factors this year, Minister Sung asked f date2019-01-10

Vice Minister Cheong delivers speech at conference for global market entry strategies

Trade, Industry and Energy Vice Minister Cheong Seung-il delivered a congratulatory speech at the conference for global market entry strategies in Seoul on January 9.After expressing his gratitude to Korea’s exporters for their efforts, Vice Minister Cheong said that the Korean government will focus on the revitalization and innovation strategies for the manufacturing sector in order to globalize materials, components, and equipment, to encourage smart and eco-friendly operations of major date2019-01-09

Minister Sung shares policy directions for 2019 with petrochemical industry leaders

Trade, Industry and Energy Minister Sung Yunmo (fourth from the right) shared the Korean government’s policy directions for 2019 with petrochemical industry leaders at a new year’s meeting in Seoul on January 8.During his congratulatory remarks, Minister Sung said that the Korean petrochemical exports that surpassed the $50 billion mark last year made a great contribution to the country’s economic growth. He attributed this achievement to active investment activities and increa date2019-01-08

FDI pledged to Korea reach record-breaking $26.9 billion in 2018

The Ministry of Trade, Industry and Energy announced on January 3 that foreign direct investments (FDI) pledged to Korea in 2018 reached a record-breaking USD 26.9 billion, up 17.2 percent from a year earlier.The increasing trend of FDI commitments continued last year, achieving more than $20 billion for four years in a row.FDI pledged through the second quarter reached a record $15.8 billion, thanks to foreign investment growth momentum that started in the fourth quarter of 2017. This led the a date2019-01-03

Korea’s trade value reaches record high of $1.1 trillion in 2018

The Ministry of Trade, Industry and Energy announced on January 1 that Korea’s trade value in 2018 reached a record high of USD 1.1 trillion, exceeding the $1 trillion mark for two straight years. The country’s annual exports posted a 5.5 percent growth to $605.5 billion, which is also an unprecedented achievement. With imports rising 11.8 percent to $535.0 billion, Korea remained as a net exporter for 10 consecutive years with a trade surplus of $70.5 billion.Compared to other years date2019-01-01