Ministry of Trade, Industry and Energy

Minister Paik meets Vietnamese counterpart in Hanoi

Trade, Industry and Energy Minister Paik Ungyu (right) posed for a photo with Vietnam’s Industry and Trade Minister Tran Tuan Anh during his visit to Hanoi, Vietnam, on March 22.During their meeting, Minister Paik and Minister Anh discussed the direction of economic cooperation between the two sides.The meeting was followed by a signing ceremony of memorandums of understanding for closer ties between the two countries in five different sectors: automobiles, textiles and shoes, electricity, date2018-03-22

Korea, China begin subsequent FTA negotiations in Seoul

Korea and China began the first round of subsequent negotiations for the Korea-China free trade agreement (FTA) to expand liberalization in the service and investment sectors based on a negative list approach in Seoul on March 22.The Korean delegation was led by Deputy Minister of Trade and Investment Kim Young-sam (third from right) of the Ministry of Trade, Industry and Energy. The Chinese delegation was led by Vice Minister Wang Shouwen (third from left) of the Ministry of Commerce.During Pre date2018-03-22

ICT exports jump 12% to $15.7 billion in February

The Ministry of Trade, Industry and Energy announced on March 15 that exports of information and communication technology (ICT) goods jumped 12 percent year-on-year to USD 15.7 billion in February.Exports of ICT goods saw double-digit growth for the 15th consecutive month since December 2016, while reaching a record-high for each respective month for 13 straight months.ICT imports also rose 6.9 percent from a year earlier to $7.8 billion, increasing for 16 consecutive months.Trade surplus in thi date2018-03-15

Korea, China to begin follow-up FTA talks in Seoul

The Ministry of Trade, Industry and Energy announced on March 14 that the first round of follow-up negotiations about services and investments under the Korea-China free trade agreement (FTA) will take place in Seoul on March 22 and 23.During President Moon Jae-in’s visit to China in December last year, the Ministry and China’s Ministry of Commerce agreed to commence the negotiations on liberalization in services and investments early this year.The negotiations follow the completion date2018-03-14

Minister Paik meets with Saudi Arabian counterpart

Trade, Industry and Energy Minister Paik Ungyu (right) met with Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Khalid A. Al-Falih in Riyadh, Saudi Arabia, on March 12 (Saudi time).During the meeting, Minister Paik and Minister Al-Falih discussed ways to deliver tangible outcomes of the Korea-Saudi Arabia Vision 2030 and expand cooperation between the two countries in the industry and energy sectors. date2018-03-13

Automobile exports see decline in February

The Ministry of Trade, Industry and Energy announced on March 13 that automobile exports saw a year-on-year decline in February.The number of working days in February this year was three days fewer than that in the same month last year due to the Seollal holiday. This contributed to a contraction in automobile exports, production, and domestic sales. In 2017, the national holiday was in January.Automobile exports decreased 17.1 percent year-on-year to 165,952 vehicles. In terms of value, they sh date2018-03-13

Minister Paik chairs meeting in response to US steel and aluminum tariffs

Trade, Industry and Energy Minister Paik Ungyu (left) chaired a meeting with steel and aluminum industry leaders in response to U.S. President Donald Trump’s signing of proclamations imposing tariffs on steel and aluminum at COEX in Seoul on March 9.The presidential proclamations were issued under Section 232 of the Trade Expansion Act of 1962, which allows the U.S. president to impose tariffs or quotas on imports for national security purposes.Minister Paik expressed his regrets about the date2018-03-09

Korea’s exports grow 4% to $44.9 billion in February

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 1 that Korea’s exports in February grew 4 percent year-on-year to USD 44.9 billion. This was despite 2.5 fewer working days in February this year compared with the same month in 2017 because of the Seollal holiday.Exports of goods increased for 16 consecutive months for the first time in 74 months since December 2011. The average daily exports of goods rose 17.3 percent to $2.3 billion from a year earlier, achieving grow date2018-03-02

Minister Paik meets with Indian counterpart in New Delhi

Trade, Industry and Energy Minister Paik Ungyu (left) met with Indian Commerce and Industry Minister Suresh Prabhu during his visit to New Delhi, India, on February 27 (India time).During their meeting, Minister Paik and Minister Prabhu exchanged their views on issues of mutual interest, including the Korea-India Comprehensive Economic Partnership Agreement (CEPA) and technological cooperation in promising industries. date2018-02-28

Online retail sales increase 21.6% in January

The Ministry of Trade, Industry and Energy announced on February 27 that online retail sales in January increased 21.6 percent from a year earlier while overall retail sales remained roughly the same due to a 9.2 percent year-on-year decrease in in-store retail sales.Online retail sales in January this year saw the largest year-on-year increase since September 2017. This improvement is attributable to the occurrence of the Seollal holiday in February. In the previous year, the same holiday fell date2018-02-27