Ministry of Trade, Industry and Energy

Auto industry slows in June due to fewer working days

The Ministry of Trade, Industry and Energy announced on July 20 that car production, car exports, and domestic sales all saw year-on-year declines in June due to two fewer working days.   Automobile exports decreased 7.7 percent year-on-year to 218,874 vehicles in June 2018. In terms of value, they shrank 9.9 percent to USD 3.5 billion. This decrease is attributable to the export slowdown in the U.S. market and due to production increases in Korean automakers’ overseas plants.  date2018-07-20

South Korea, Canada discuss joint response to US auto tariffs

Trade Minister Kim Hyun-chong (right) and Canadian Minister of Foreign Affairs Chrystia Freeland discussed ways to cooperate against the U.S. Section 232 investigations into auto and auto parts imports in Canada on July 18.    Both Ministers agreed that the two countries, both of which are allied with the U.S. and have a trade pact with the U.S., should be exempted from possible new security-based tariffs. In addition, the officials underlined the need for joint actions against grow date2018-07-19

Minister Paik lectures on policy direction for industrial innovation

Minister Paik presented a policy direction to bring innovation into industries in a business forum for CEOs under the title of the “Industrial Innovation: New Challenges and Opportunities,' in Jeju on July 19.   About 700 corporate leaders in Korea attended the forum, which was organized by The Korea Chamber of Commerce (KCCI) , the nation’s largest business association. date2018-07-19

June ICT exports hit $19.1 billion

The Ministry of Trade, Industry and Energy announced on July 18 that exports of information and communication technology (ICT) goods in June were worth more than USD 19.1 billion. The monthly export figure is tied for the second-highest ever.   Exports of ICT goods in June surged 20.4 percent compared to a year earlier, achieving double-digit year-on-year growth for the 19th consecutive month, since December 2016.    ICT imports inched downward 3.0 percent year-on-year to $8.6 date2018-07-18

Industrial materials, components exports hit record high in H1

The Ministry of Trade, Industry and Energy announced on July 19 that exports of industrial materials and components set a new record of USD 155.6 billion in the first half of 2018, growing 15.6 percent year-on-year.   Imports and trade surpluses of 11 types of materials and components were also at an all-time high. Imports rose 8.2 percent to $88.1 billion and the trade surplus stood at $67.5 billion.   Exports of both materials and components achieved double-digit growth of 14.2 p date2018-07-18

Trade Minister exchanges views with advisors on trade issues

Trade Minister Kim Hyun-chong (center) hosted a meeting with advisors for trade issues in the private sector to discuss a strategic approach to key trade issues facing Korea in Seoul on July 16.   Key issues brought to the table ranged from the government’s response to the U.S.-China trade tensions to the U.S. Section 232 probe into imports of autos and auto parts.   Advisors in the meeting included Kim jun-dong, Vice Chairman of the Korea Chamber of Commerce and Industry, Ha date2018-07-16

Vice Minister marks opening of Korean exhibit at trade fair in Russia

Vice Minister Lee In-ho delivered his congratulatory remarks during the opening ceremony of the Korean exhibit at the international trade fair Innoprom, currently underway in Russia, on July 9.    Praising the opening of the Korean exhibit for being the first visible step in terms of bilateral cooperation between Seoul and Moscow since the Korea-Russia summit this past June, Vice Minister Lee said that he expects further mutual exchanges to blossom, not only in terms of trade, but al date2018-07-09

Vice Minister attends trade remedy forum

Vice Minister of Trade, Industry and Energy Lee In-ho (seventh from left, front row) gave the congratulatory remarks at the Seoul International Forum on Trade Remedies 2018 in Seoul on July 3.    Saying that the free trade system has contributed to growth and made our lives considerably better, Vice Minister Lee called for fair and transparent remedies that abide by WTO rules and told the trade remedy authorities that they should reduce uncertainties in order to overcome protectionis date2018-07-03

Minister Paik attends launch ceremony for Saudi nuclear project support center

Minister of Trade, Industry and Energy Paik Ungyu (eighth from left) attended the opening ceremony for an office center aimed at supporting the Korean tender for a Saudi Arabian nuclear energy project, in Seoul on July 2.    The support center was opened as the Korea Electric Power Corporation (KEPCO), the state-run energy utility, was shortlisted to bid for the building of two nuclear power plants in Saudi Arabia. The center will respond to any issues concerning the Saudi Arabian nu date2018-07-02

Trade Minister calls for swift RCEP deal

Trade Minister Kim Hyun-chong (third from left, back row) attended the ministerial meeting for the Regional Comprehensive Economic Partnership (RCEP) that took place in Tokyo on July 1.    In his opening remarks, Trade Minister Kim said that reaching a RCEP deal would be a great opportunity to show that shared prosperity can be built across regions through free trade, against a backdrop in which protectionism is posing a threat to the world's free trade system.    He also date2018-07-01