Ministry of Trade, Industry and Energy

Minister Sung signs action plan with Vietnamese counterpart to boost trade cooperation

Trade, Industry and Energy Minister Sung Yunmo (left) and Vietnam’s Industry and Trade Minister Tran Tuan Anh signed an action plan to achieve bilateral trade of USD 100 billion by 2020 in Seoul on December 6.The action plan has been developed to step up cooperation between the two countries on various fields, including retail, automobiles, and materials and components. date2018-12-06

Minister Sung delivers speech at conference for attracting Busan World Expo 2030

Trade, Industry and Energy Minister Sung Yunmo (fourth from the right) delivered congratulatory remarks at the opening ceremony of the 5th International Conference for Attracting Busan World Expo 2030 that took place in Busan on December 4.The conference was held to promote the Busan World Expo 2030 bid and to build a network of foreign experts.More than 300 individuals attended the meeting. They include Busan City Mayor Oh Keo-don, BIE Secretary General Vicente G. Loscertales, and Polytechnic U date2018-12-04

Korea’s November exports continue to stay above $50 billion

The Ministry of Trade, Industry and Energy announced on December 1 that Korea’s exports in November rose 4.5 percent to USD 51.9 billion from the same period of last year, exceeding $50 billion for seven straight months for the first time.This is also the first time the country has seen an export value that is greater than $50 billion for any November exports. Average daily exports also increased 4.5 percent to $2.2 billion, which is the largest among any November export value. Won-denomin date2018-12-01

Online retail sales increase 28.3 percent in October

The Ministry of Trade, Industry and Energy announced on November 30 that online retail sales in October increased 28.3 percent compared to the same period of last year due to greater demand for travel and concerts in the fall.Offline retailers, on the other hand, saw a decrease of 3.6 percent in sales mainly because of a base effect caused by last year’s Korean Thanksgiving Day that fell in October. This year, the Chuseok public holiday was in September.Despite the slight downturn of brick date2018-11-30

Industry Ministry and OECD host joint forum on business innovation in Seoul

The Ministry of Trade, Industry and Energy hosted a joint forum with the OECD on the fourth industrial revolution (4IR) and business innovation at COEX in Seoul on November 23.During his welcoming speech, Deputy Minister of International Trade and Legal Affairs Kim Chang-kyu (fourth from the left) introduced the Korean government’s policies related to 4IR and said he hoped that the forum with the OECD would provide suggestions to the Korean industry and trade.The forum was attended by more date2018-11-23

Minister Sung meets with U.S. Ambassador to Korea Harry Harris

Minister of Trade, Industry and Energy Sung Yunmo (right) met with U.S. Ambassador to Korea Harry B. Harris at the Government Complex Seoul on November 16.During the meeting, Minister Sung and Ambassador Harris discussed bilateral cooperation between the two countries on economy, trade, and energy. date2018-11-16

Minister Sung chairs meeting with automakers and auto parts suppliers

Trade, Industry and Energy Minister Sung Yunmo (right) chaired a meeting with automakers and auto parts suppliers to discuss development of the industry at the Korea Auto Industries Coop. Association in Seoul on November 14.The Automobile Industry Development Committee was attended by more than forty participants from the industry and government agencies, including Korean Academy of Motor Industry President Kim Yong-jin, Hyundai Motor President Chung Jin-haeng, and Korea Fuel-Tech Corporation CE date2018-11-14

ICT exports increase at double-digit rate to $20.2 billion in October

The Ministry of Trade, Industry and Energy announced on November 14 that exports of information and communications technology (ICT) products in October reached USD 20.2 billion, up 12.3 percent from the same period last year.ICT imports also increased 10.3 percent to $10 billion from a year earlier, and the trade surplus stood at $10.2 billion.Surpassing $20 billion in ICT exports for three straight months was led by semiconductors and computers and peripheral devices.Semiconductor exports rose date2018-11-14

Minister Sung meets with Canadian Senate Speaker George Furey

Trade, Industry and Energy Minister Sung Yunmo (right) met with Canadian Senate Speaker George Furey for a discussion at the Government Complex Seoul on November 12.The meeting was also attended by Canadian Senators Grant Mitchell, Yonah Martin, and Sarabjit S. Marwah, as well as Canadian Ambassador-designate to Korea Michael Danagher. date2018-11-12

Korea’s auto exports, domestic sales, production all grow at double-digit rates in October

The Ministry of Trade, Industry and Energy announced on November 12 that Korea's automobile exports, domestic sales, and production in October all posted double-digit year-on-year growth rates because of more working days last month.Exports of automobiles recorded 230,086 units, up 32.2 percent from the same period last year. In terms of value, they jumped 35.7 percent to USD 3.9 billion. This is attributable to greater demand for newly launched sports utility vehicles (SUVs) and eco-friendly ca date2018-11-12