Ministry of Trade, Industry and Energy

Minister Sung discusses impacts of coronavirus outbreak on Korean trade

Trade, Industry and Energy Minister Sung Yun-mo (center) held a meeting with representatives from trade organizations and semiconductor, automobile, and shipbuilding industries in Seoul, on February 3, to check the impact of the recent outbreak of the novel coronavirus and discuss preemptive measures to minimize the damage to the Korean economy.   The government plans to support Korean exporters to China and companies with production bases in China facing difficulties from the spread of t date2020-02-03

Korea’s January exports fall 6.1% to $43.4 billion

The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports in January saw a year-on-year decrease of 6.1 percent to USD 43.4 billion. Imports dropped 5.3 percent to $42.7 billion, resulting in The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports in January saw a year-on-year decrease of 6.1 percent to USD 43.4 billion. Imports dropped 5.3 percent to $42.7 billion, resulting in a trade surplus of $620 million. Korean exp date2020-02-03

Korean retail sales grow 4.8 percent in 2019 due to huge growth in online stores

The Ministry of Trade, Industry and Energy announced on January 29 that Korea’s retail sales in 2019 rose 4.8 percent compared to the previous year. More specifically, online retail sales improved by 14.2 percent, and brick-and-mortar sales edged down 0.9 percent. While online sales posted growth, offline sales such as hypermarket chains and SSM operators declined as online shopping expanded. The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half date2020-01-30

Minister Sung visits wheelchair manufacturer under regulatory sandbox program

Trade, Industry and Energy Minister Sung Yun-mo (right) made an on-site visit to Rscare Service, a local maker of wheelchairs equipped with an electric assistance device, for physically challenged people, in Gimpo, Gyeonggi Province, on January 29, in the Ministry’s efforts to drum up innovative businesses under the regulatory sandbox program. A regulatory sandbox program is a measure to encourage local companies to foster technology-driven new businesses by lifting or suspending existing date2020-01-29

Trade Minister Yoo stresses importance of international rules for e-commerce and digital trade at Davos

Trade Minister Yoo Myung-hee (center) attended a meeting of trade ministers on WTO e-commerce negotiations at the 2020 World Economic Forum held in Davos, Switzerland, on January 24 (local time), to discuss the importance of the establishment of digital trade rules.   Trade Minister Yoo said that provision of global digital trade agreements is one of the key tasks of the WTO to facilitate digital trade and investment in the era of the AI-driven 4th Industrial Revolution. She also emphasiz date2020-01-28

Trade Minister Yoo meets with WTO director-general at Davos 2020

Trade Minister Yoo Myung-hee (left) met with the WTO Director-General Roberto Azevedo (right) at the 2020 World Economic Forum held in Davos, Switzerland, on January 23 (local time), to discuss the restoration of the WTO-centered multilateral trading system and the contributions Korea can make to this end.   Trade Minister Yoo emphasized the need for the normalization of the WTO Appellate Body and the WTO reform. She went on to point out that because Korea is well placed to understand the date2020-01-28

Korea’s ICT industry posts exports of $176.9 billion in 2019

The Ministry of Trade, Industry and Energy announced on January 20 that Korea’s information and communications technology (ICT) Industry posted exports of USD 176.9 billion in 2019. Outbound shipments of ICT goods last year decreased 19.7 percent compared to 2018 due to stagnant markets for major items, the slowdown of the global economy including China, and the base effect. However, the ICT exports achieved the third highest value in history. Imports by the ICT sector in 2019 reached $1 date2020-01-21

Green vehicles sold within Korea hit record high in December 2019

The Ministry of Trade, Industry and Energy announced on January 16 that eco-friendly and hybrid vehicles sold within Korea in December 2019 increased 23.3% to 15,262 units compared to a year earlier. Automobile exports last month decreased by 6.7 percent year-on-year to 205,595 vehicles due to the need for overseas inventory exhaustion following the release of new K5 model and the adjustment of GM Korea export line. Although the number of vehicles shipped overseas went down, the increase in exp date2020-01-16

Vice Minister Cheong visits Korean photoresist manufacturer in Hwaseong

Trade, Industry and Energy Vice Minister Cheong Seung-il (center) made an on-site visit to the plant of Dongjin Semichem, a local photoresist maker, in Hwaseong, Gyeonggi Province, on January 15, to encourage the firm’s plan to extend its production line.   Photoresist is one of the three materials used to make chips and displays that Japan restricted its exports to Korea on July 4 last year. The other two materials are high-purity hydrogen fluoride and fluorinated polyimides. &nbs date2020-01-15

Minister Sung visits Power to Gas solution provider

Trade, Industry and Energy Minister Sung Yun-mo (second from the right) visited G-philos, a local Power to Gas (P2G) technology provider in Yongin, Gyeonggi Province, on January 13, to encourage the firm’s contribution for making technological progress in the country’s transition to a hydrogen economy.   Korea has stepped up the transition to a global hydrogen powerhouse since it announced the Roadmap for Hydrogen Economy on January 17, 2019. Under the policy vision, the natio date2020-01-13