Ministry of Trade, Industry and Energy

Online retail sales increase 28.3 percent in October

The Ministry of Trade, Industry and Energy announced on November 30 that online retail sales in October increased 28.3 percent compared to the same period of last year due to greater demand for travel and concerts in the fall.Offline retailers, on the other hand, saw a decrease of 3.6 percent in sales mainly because of a base effect caused by last year’s Korean Thanksgiving Day that fell in October. This year, the Chuseok public holiday was in September.Despite the slight downturn of brick date2018-11-30

Industry Ministry and OECD host joint forum on business innovation in Seoul

The Ministry of Trade, Industry and Energy hosted a joint forum with the OECD on the fourth industrial revolution (4IR) and business innovation at COEX in Seoul on November 23.During his welcoming speech, Deputy Minister of International Trade and Legal Affairs Kim Chang-kyu (fourth from the left) introduced the Korean government’s policies related to 4IR and said he hoped that the forum with the OECD would provide suggestions to the Korean industry and trade.The forum was attended by more date2018-11-23

Minister Sung meets with U.S. Ambassador to Korea Harry Harris

Minister of Trade, Industry and Energy Sung Yunmo (right) met with U.S. Ambassador to Korea Harry B. Harris at the Government Complex Seoul on November 16.During the meeting, Minister Sung and Ambassador Harris discussed bilateral cooperation between the two countries on economy, trade, and energy. date2018-11-16

Minister Sung chairs meeting with automakers and auto parts suppliers

Trade, Industry and Energy Minister Sung Yunmo (right) chaired a meeting with automakers and auto parts suppliers to discuss development of the industry at the Korea Auto Industries Coop. Association in Seoul on November 14.The Automobile Industry Development Committee was attended by more than forty participants from the industry and government agencies, including Korean Academy of Motor Industry President Kim Yong-jin, Hyundai Motor President Chung Jin-haeng, and Korea Fuel-Tech Corporation CE date2018-11-14

ICT exports increase at double-digit rate to $20.2 billion in October

The Ministry of Trade, Industry and Energy announced on November 14 that exports of information and communications technology (ICT) products in October reached USD 20.2 billion, up 12.3 percent from the same period last year.ICT imports also increased 10.3 percent to $10 billion from a year earlier, and the trade surplus stood at $10.2 billion.Surpassing $20 billion in ICT exports for three straight months was led by semiconductors and computers and peripheral devices.Semiconductor exports rose date2018-11-14

Minister Sung meets with Canadian Senate Speaker George Furey

Trade, Industry and Energy Minister Sung Yunmo (right) met with Canadian Senate Speaker George Furey for a discussion at the Government Complex Seoul on November 12.The meeting was also attended by Canadian Senators Grant Mitchell, Yonah Martin, and Sarabjit S. Marwah, as well as Canadian Ambassador-designate to Korea Michael Danagher. date2018-11-12

Korea’s auto exports, domestic sales, production all grow at double-digit rates in October

The Ministry of Trade, Industry and Energy announced on November 12 that Korea's automobile exports, domestic sales, and production in October all posted double-digit year-on-year growth rates because of more working days last month.Exports of automobiles recorded 230,086 units, up 32.2 percent from the same period last year. In terms of value, they jumped 35.7 percent to USD 3.9 billion. This is attributable to greater demand for newly launched sports utility vehicles (SUVs) and eco-friendly ca date2018-11-12

Minister Sung attends MOU signing ceremony between battery makers

Trade, Industry and Energy Minister Sung Yunmo (center) attended the memorandum of understanding (MOU) signing ceremony between Korea’s battery manufacturers that was held in Seoul on November 12.After the MOUs were signed between the three battery makers to create a fund and collaborate on research and development, Minister Sung said in his speech that the Korean government will actively support technology innovation and investment in the battery sector.The event was attended by about 10 date2018-11-12

Minister Sung discusses with Korean business leaders

Trade, Industry and Energy Minister Sung Yunmo (fourth from left in the front row) had a discussion with business leaders of the Korea Chamber of Commerce and Industry (KCCI) at the KCCI building in Seoul on November 12.The meeting was held to listen to the opinions of the industry representatives and to enhance cooperation between the public and private sectors.Among the attendees were KCCI Chairman Park Yongmaan, Tong Yang Moolsan Corp. Chairman Kim Hui Yong, and LG Chem Vice Chairman Park Jin date2018-11-12

Minister Sung appreciates development of textile industry

Trade, Industry and Energy Minister Sung Yunmo (left) appreciated the development of the textile industry during his speech at the commemoration ceremony of the 32nd Textile Day in Seoul on November 9.At the event, Minister Sung said that the textile and fashion industries have been one of the main drivers of Korea’s economic growth and still play a key role in the country’s economy. Minister Sung also emphasized cooperation in manufacturing higher value-added products, developing ne date2018-11-09