Ministry of Trade, Industry and Energy

Trade Minister Kim extends outreach to US lawmakers

Trade Minister Kim Hyun-chong (right) had meetings with U.S. Representative Kay Granger of Texas (left) and other Congress members, including Sen. Joni Ernst and Reps. Rob Woodall, Andy Kim, and Jackie Walorski, during his trip to Washington, D.C., from January 29 to February 6.During the meetings, Trade Minister Kim underlined that Korea should be exempt from potential Section 232 tariffs on auto and auto parts in order to deepen the future-oriented economic partnership between the two allies.T date2019-02-06

Trade Minister Kim talks with Trump administration’s economic team

Trade Minister Kim Hyun-chong (left) had talks with key economic team members of the Trump administration including U.S. National Economic Council Director Larry Kudlow (right), U.S. Commerce Department Secretary Wilbur Ross, and U.S. Trade Representative Robert Lighthizer during his visit to Washington, D.C., from January 29 to February 6.During the talks, Trade Minister Kim emphasized that Korea should be spared from potential Section 232 auto and auto parts tariffs, considering the closer, fu date2019-02-06

Korea’s January exports decrease 5.8 percent to $46.4 billion

The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports in January decreased 5.8 percent to USD 46.4 billion compared to the same period last year.Its imports also slipped 1.7 percent to $45.0 billion, but its trade balance remained positive at $1.3 billion, making the country a net exporter for 84 consecutive months.Exports last month were affected by many external factors such as the U.S.-China trade dispute and the falling prices of semiconductors and oil date2019-02-01

Trade Minister Kim meets with US Senator Steve Daines in Washington, DC

Trade Minister Kim Hyun-chong (left) met with U.S. Senator Steve Daines of Montana in Washington, D.C., on January 30 (local time) to explain Korea’s stance on the U.S. Commerce Department’s Section 232 probe into auto imports. date2019-01-31

Trade Minister Kim meets with US Senator David Perdue in Washington, DC

Trade Minister Kim Hyun-chong (right) had a meeting with U.S. Senator David Perdue of Georgia in Washington, D.C., on January 30 (local time) to convey Korea’s stance on the U.S. Commerce Department’s Section 232 auto investigation. date2019-01-31

Minister Sung gives congratulatory remarks to smart medical device makers

Trade, Industry and Energy Minister Sung Yun-mo (right) gave congratulatory remarks at the inauguration ceremony of the “Korea Smart Medical Device Industrial Promotion Foundation” held in Seongnam on January 30.During his speech, Minister Sung emphasized the importance of cooperation between hospitals and medical device makers for the further development of the industry as well as for creating demand in both domestic and foreign markets. He added that the Korean government will supp date2019-01-30

Trade Minister Kim discusses with US Senator Chuck Grassley in Washington, DC

Trade Minister Kim Hyun-chong (right) had a meeting with U.S. Senate Finance Committee Chairman Chuck Grassley (left) in Washington, D.C., on January 29 (local time).During the meeting, Trade Minister Kim delivered Korea’s stance on the U.S. Department of Commerce’s Section 232 investigation into auto tariffs. date2019-01-30

Korean retail sales post year-on-year growth rate of 6.8 percent in 2018

The Ministry of Trade, Industry and Energy announced on January 30 that Korea’s retail sales in 2018 rose 6.8 percent compared to the previous year.More specifically, online retail sales improved by 15.9 percent, and brick-and-mortar sales inched up 1.9 percent. While both online sales and offline sales posted growth, consumers’ preference towards online shopping was greater due to its convenience that was enhanced by new technologies and bettered delivery services.The Ministry relea date2019-01-30

Trade Minister Kim has bilateral meeting with his EU counterpart in Davos

Trade Minister Kim Hyun-chong (right) had a bilateral discussion with EU Trade Commissioner Cecilia Malmström (left) as an effort to bolster Korea’s exports and new industries during his visit to Davos, Switzerland, from January 22 to 25.Trade Minister Kim also had bilateral meetings with top government officials from other countries such as Saudi Arabia, Canada, the UK, Brazil, and Russia.During his trip to Davos, Trade Minister Kim attended WTO ministerial meetings where he apprecia date2019-01-26

Minister Sung shares government’s industrial policy plans with biotech leaders

Trade, Industry and Energy Minister Sung Yun-mo shared the Korean government’s industrial policy plans with the country’s biotech leaders at a New Year’s meeting in Seoul on January 25.Expressing his gratitude for the development in the biotech sector, Minister Sung laid out four policy directions that would accelerate innovation and promote growth in the industry: improving regulations, creating an innovation ecosystem, building a core infrastructure, and developing new export date2019-01-25