Ministry of Trade, Industry and Energy

Exports of ICT goods in March reach $15.9 billion

The Ministry of Trade, Industry and Energy announced on April 22 that Korean exports of information and communications technology (ICT) goods in March decreased 16.3 percent year-on-year to USD 15.9 billion.Imports inched up 1.4 percent to $9.2 billion, and the trade balance stood at a surplus of $6.7 billion.The fifth consecutive monthly decline in exports was mainly due to slowing sales of semiconductors, displays, mobile phones.By item, shipments of semiconductors, displays, mobile phones, an date2019-04-22

Korean exports of materials and parts total $67.5 billion in Q1

The Ministry of Trade, Industry and Energy announced on April 22 that Korea’s exports of materials and parts in the first quarter of this year totaled USD 67.5 billion, down 9.0 percent from the same period last year.The country’s imports also saw a year-on-year decrease of 4.3 percent to $41.7 billion. The trade balance stood at a surplus of $25.8 billion in this segment.These figures are based on 11 different item categories: five for materials (textiles, chemical product date2019-04-22

Minister Sung discusses with Korean business representatives in Kazakhstan

Trade, Industry and Energy Minister Sung Yun-mo (center) discussed with Korean business representatives various aspects of economic cooperation between Korea and Kazakhstan at a breakfast meeting held in Nur-Sultan on April 22 (local time).On the same day, government agencies, institutions, and companies from the two countries signed a total of seven memoranda of understanding (MOUs) as a means to expand bilateral cooperation in trade and investment. date2019-04-22

Minister Sung convenes breakfast meeting with Korean business leaders in Uzbekistan

Trade, Industry and Energy Minister Sung Yun-mo (center) convened a breakfast meeting with Korean business leaders to discuss economic cooperation with Uzbekistan in Tashkent on April 19 (local time).On the same day, government agencies, institutions, and companies from Korea and Uzbekistan signed a total of ten memoranda of understanding (MOUs) as an effort to expand cooperation and promote industrial diversification. The areas of cooperation include information and communication technology, di date2019-04-19

Korean auto exports rise 2.4 percent year-on-year in Q1

The Ministry of Trade, Industry and Energy announced on April 17 that Korea’s automobile exports in the first quarter increased 2.4 percent compared to the same period year earlier.The number of Korean vehicles exported from January to March amounted to 587,690 units. In terms of value, exports rose 4.7 percent to USD 10.3 billion. This expansion is primarily a result of robust demand for eco-friendly cars, sports utility vehicles (SUVs), and compact cars.Over the same period, the number o date2019-04-17

Trade Minister Yoo meets with ADB President Nakao in Manila

Trade Minister Yoo Myung-hee (left) met with Asian Development Bank (ADB) President Takehiko Nakao in Manila, Philippines, on April 17 (local time).During the meeting, Trade Minister Yoo explained Korea’s New Northern and Southern Policies, and the two sides agreed to cooperate in promoting joint projects between Korea and the ADB in energy and industrial technology. date2019-04-17

Korea, Philippines hold trade ministerial meeting in Manila

Trade Minister Yoo Myung-hee (fifth from the right) and Philippine Trade and Industry Secretary Ramon M. Lopez (fifth from the left) explored ways to boost economic and trade ties between the two countries at a ministerial meeting held in Manila on April 17 (local time).The two sides agreed to make the best effort to conclude negotiations for a bilateral free trade agreement in time for the Korea-ASEAN Commemorative Summit scheduled in November 2019.This year marks the 70th anniversary of t date2019-04-17

Minister Sung and Turkmen Finance Minister vow to step up cooperation in industry and energy

Trade, Industry and Energy Minister Sung Yun-mo (left) and Turkmenistan Finance and Economy Minister Batyr Bazarov signed a memorandum of understanding (MOU) on expanding cooperation in standardization at a Korea-Turkmenistan MOU signing ceremony held in Ashgabat on April 16 (local time).In addition to the above signed MOU, five more MOUs were inked between the two countries to improve ties in various areas of industry and energy, including transportation infrastructure, synthetic textiles, and date2019-04-16

Trade Minister Yoo meets with US Senator Rob Portman in Seoul

Trade Minister Yoo Myung-hee (second from the left) met with US Senator Rob Portman (second from the right) to discuss various economic and trade issues between the two countries in Seoul on April 16. date2019-04-16

The ROK government welcomes WTO ruling over Korea’s restrictions on Japanese food imports

The Government of the Republic of Korea appreciates and welcomes the April 11 decision by the Appellate Body of the World Trade Organization that Korea’s restrictions on Japanese food imports are consistent with the WTO Agreement on the Application of Sanitary and Phytosanitary Measures (SPS Agreement). To read the findings of the WTO Appellate Body:https://www.wto.org/english/news_e/news19_e/495abr_e.htm date2019-04-12