Ministry of Trade, Industry and Energy

July retail sales up 7.8 percent, as retailers see growth online, offline

The Ministry of Trade, Industry and Energy announced on August 30 that overall retail sales in July 2018 expanded 7.8 percent compared to July 2017, as online and offline retailers both saw growth.   Online sales jumped 17.8 percent, seeing the biggest year-on-year growth since January 2018.   Sales at brick-and-mortar retailers also climbed, 2.3 percent year-on-year, led by sales growth at convenience stores and department stores.   All categories of retailers except for co date2018-08-30

Korea, Indonesia hold automotive dialogue

Deputy Minister for Trade Kang Sung-chun (left hand side, fourth from left) sought bilateral cooperation in the automobile industry with his Indonesian counterpart during the first Korea-Indonesia Automotive Dialogue in Seoul on August 24.   During the dialogue, the two Asian trade partners decided to have automotive dialogues on a regular basis to expand cooperation in the future car industry, such as electric vehicles, hydrogen-powered cars, and autonomous cars.   Regarding marke date2018-08-24

July ICT exports top $18.6 billion, led by semiconductors, displays, phones

The Ministry of Trade, Industry and Energy announced on August 16 that exports of information and communication technology (ICT) goods in July were worth USD 18.6 billion, up 18.2 percent year-on-year.   Semiconductors, display panels and mobile phones, the three top ICT export categories, all saw growth simultaneously for the first time since December 2014. ICT exports have now seen double-digit growth for 20 consecutive months, since December 2016.   ICT imports saw an increase o date2018-08-16

Auto parts exports rise 7.1 percent in July

The Ministry of Trade, Industry and Energy announced on August 13 that auto parts exports rose 7.1 percent year-on-year to USD 2 billion in July.   The expansion was mostly led by export growth to the U.S. and Chinese markets. Shipments to North America and Asia increased 7.2 percent to $714 million and 17.9 percent to $501 million, respectively. Shipments to the European Union (EU) and to non-EU European countries also saw growth, posting 2.8 percent growth to $392 million and 11.8 perce date2018-08-13

Korea’s exports jump 6.2 percent in July

The Ministry of Trade, Industry and Energy announced on August 1 that exports topped USD 51.9 billion in July, returning to year-on-year growth after a month of contraction.   The value of average daily exports advanced 4.0 percent compared to July 2017 to hit $2.2 billion, growing for three consecutive months. Average daily exports excluding ships jumped 15.1 percent to $2.1 billion, continuing a 21-month growth streak.   The volume of overall outbound shipments advanced 3.3 perce date2018-08-01

Minister Paik conducts site visit to SK Hynix

Minister of Trade, Industry and Energy Paik Ungyu (second from right) visited the site of SK Hynix, the nation’s second largest chipmaker, located in Icheon, Gyeonggi Province, in order to listen to challenges and difficulties facing the company in management and to discuss the policy direction to keep the Korean chipmaker competitive in the global market.   On the same day, Minister Paik also made a visit to the Samsung Electronics' chip-making site located in Pyeongtaek, Gyeonggi date2018-07-30

June retail sales climb 8.1 percent

The Ministry of Trade, Industry and Energy announced on July 30 that overall retail sales in June grew 8.1 percent from a year earlier, boosted by strong online sales.   Online sales surged 14.0 percent in June, continuing an eight-month streak of double-digit growth.    Sales at brick-and-mortar retailers also advanced 4.8 percent year-on-year, although their share of total sales decreased as online sales soared.   The Ministry of Trade, Industry and Energy estimates m date2018-07-30

Trade Minister meets US chief trade negotiator

Trade Minister Kim Hyun-chong (right) met with U.S. Trade Representative Robert Lighthizer to discuss the follow-ups for updating the Korea-US free trade agreement in Washington on July 27.    The two countries had reached an agreement in principle on reforming the six-year-old Korea-US trade pact in March 25 this year and since then, they have taken measures required for the signing.   The Minister also delivered Korea’s views to the U.S. chief trade negotiator on why t date2018-07-28

Ministry turns to deregulation drive for new growth engines

Minister of Trade, Industry and Energy Paik Ungyu vowed to ease regulations on new industries for future growth, such as hydrogen-powered vehicles, biohealth, and new energy businesses, during a discussion with business leaders in Seoul on July 24.    The discussion was attended by some 30 executives from relevant industries, including Korea Gas Corporation CEO Cheong Seung-il, Hyundai Motor Vice President Park Gwang-sik, and JNK Heaters President Kim Bang-hee, as well as officials f date2018-07-24

Trade Minister meets with NEC director to call for US car tariff exemptions

Trade Minister Kim Hyun-chong (left) met Larry Kudlow, Director of the U.S. National Economic Council (NEC), in Washington on July 20 and called on the U.S. government to exempt tariffs on the imports of Korean cars and car parts.   The Minister explained to the White House economic advisor that Korea should not be subject to the Section 232 tariffs on imported autos and auto parts. He said that the country has never posed a threat to the U.S. national security as its key ally and has rem date2018-07-21