Ministry of Trade, Industry and Energy

Industry Ministry stresses autonomy and global cooperation in market-oriented R&D policy innovation plan

Trade, Industry and Energy Minister Sung Yun-mo (center) held a virtual meeting with representatives from the industry, academia, and research institutes, on September 8, to discuss the market-oriented R&D policy innovation plan amid uncertainties presented by COVID-19 and the digital transition.The Ministry will allow more flexibility to R&D projects by lifting regulations for outstanding institutes in revising and adjusting research goals according to the market condition, encourage ma date2020-09-08

Minister Sung discusses renewable energy sector’s institutional innovation at Green New Deal conference

Trade, Industry and Energy Minister Sung Yun-mo held the Green New Deal policy conference virtually at the Government Complex in Sejong, on September 2, with representatives from major energy companies to discuss the institutional innovation for the renewable energy sector.The Ministry will provide support measures for the Green New Deal, which aims to increase the solar and wind capacities three times by 2025, to expand the use of renewable sources and strengthen the industrial competitiveness date2020-09-02

Korea’s exports in August fall 9.9 percent to $39.7 billion

The Ministry of Trade, Industry and Energy announced on September 1 that Korea’s exports in August decreased 9.9 percent to USD 39.7 billion. Imports fell 16.3 percent to $35.5 billion, resulting in a trade surplus of $4.1 billion. The August exports recorded a single-digit decline for the second consecutive month despite fewer working days (down 1.5 days). Daily exports went down only 3.8 percent, showing the smallest decline since the outbreak of COVID-19. Four out of 15 major export i date2020-09-01

Trade Minister Yoo meets with trade ministers virtually to talk about global economic recovery

Trade Minister Yoo Myung-hee attended the RCEP ministerial meeting and the ASEAN, ASEAN+3, EAS economic ministers' meetings virtually from August 27 to 29, and checked the progress of the RCEP agreement as well as the economic cooperation programs between Korea and ASEAN.Trade Minister Yoo also discussed with her fellow ministers the cooperation measures for easing the impact of COVID-19 on the global economy. date2020-08-31

Korea’s retail sales increase 4.4% in July

The Ministry of Trade, Industry and Energy announced on August 28 that Korea’s overall retail sales in July saw a year-on-year growth of 4.4 percent. Sales of offline retailers edged down 2.1 percent, and those of online retailers went up 13.4 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 four SSM o date2020-08-31

Industry Ministry inspects impact of COVID-19 resurge on real economy

Trade, Industry and Energy Minister Sung Yun-mo held an emergency virtual meeting with representatives from various industrial sectors on August 26 to discuss the impacts of the recent surge in new coronavirus cases on the real economy.Minister Sung emphasized thorough quarantine needs at industrial sites and promised that the Ministry will continue with its efforts to improve current support measures and assist the industrial sector overcome the crisis. date2020-08-26

Korea expresses willingness to join Czech nuclear project

Trade, Industry and Energy Minister Sung Yun-mo had two-day virtual meetings with his Czech counterpart Karel Havlíček and Jaroslav Mil, special envoy for nuclear energy, on August 19 and 20, to celebrate the 30th anniversary of the establishment of diplomatic relations between the two countries and discuss broader cooperation in various fields including industry, technology, and energy. In particular, as the Czech Republic recently announced the government's plan to build a new nuc date2020-08-21

Korea's auto export decline eases in July, domestic sales increase for 6 straight months

The Ministry of Trade, Industry and Energy announced on August 17 that Korea’s automobile output and exports in July decreased 3.8 percent and 11.7 percent, respectively. Meanwhile, domestic sales went up 8.9 percent, increasing for the 6th consecutive month. The number of vehicles produced by Korean automakers went down 3.8 percent to 345,711 units. The decrease was mainly attributable to a slowdown in overseas demand, but the decline eased due to rising domestic sales and export recover date2020-08-18

Korea’s ICT exports in July advance 3.3% to $15.0 billion

The Ministry of Trade, Industry and Energy announced on August 13 that Korean information and communications technology (ICT) industry’s export growth in July posted a year-on-year growth of 3.3 percent to USD 15.0 billion. Imports inched up 1.2 percent to $9.9 billion, and the trade balance stood at a surplus of $5.1 billion. By item, shipments of semiconductors, mobile phones, computers and peripherals saw growth while those of displays saw a decline. Outbound shipments of semiconduct date2020-08-13

Korea’s export decline eases in July, exports down 7% to $42.8 billion

The Ministry of Trade, Industry and Energy announced on August 1 that Korea’s exports in July decreased 7.0 percent to USD 42.8 billion. Imports fell 11.9 percent to $38.6 billion, resulting in a trade surplus of $4.3 billion. The July exports recorded the first single-digit decline since the COVID-19 pandemic had a full-fledged impact on exports in April. Also, the export value hit $40 billion in four months, and the trade balance remained positive for the third consecutive month since&n date2020-08-03