Ministry of Trade, Industry and Energy

ICT exports hit record high in 2017

The Ministry of Trade, Industry and Energy announced on January 16 that exports of information and communication technology (ICT) products surged 21.6 percent to a record USD 197.6 billion in 2017 from a year ago, surpassing $190 billion for the first time. In 2017, exports of ICT products, including semiconductors, mobile phones, computers and display panels, recorded a double-digit growth for the first time in seven years since 2010. Exports also achieved a monthly high for each month from Fe date2018-01-19

Korea’s automobile exports return to growth in 2017

The Ministry of Trade, Industry and Energy announced on January 17 that Korea’s exports of automobiles returned to growth in 2017, while production and domestic sales slowed. Automobile exports increased 3.9 percent year-on-year to $41.7 billion in 2017 after two years of contraction. Exports in value grew although the number of vehicles shipped abroad contracted 3.5 percent to 2,529,153. Car production in 2017 decreased 2.7 percent to 4,114,913 units from a year earlier. Domestic sales date2018-01-19

Industrial materials, components exports post all-time high in 2017

The Ministry of Trade, Industry and Energy announced on January 18 that exports of 12 types of industrial materials and components in 2017 posted an all-time high of USD 28.2 billion.The value of materials and components shipped abroad rose 12.0 percent year-on-year, recording a double-digit growth for the first time in six years, on the back of global economic recovery.Imports in the sectors grew to $168.3 billion, up 10.3 percent from 2016. The annual trade balance increased by $14.6 bill date2018-01-18

Minister Paik meets Abu Dhabi Executive Affairs Authority Chairman

Trade, Industry and Energy Minister Paik Ungyu (right) greeted Abu Dhabi Executive Affairs Authority Chairman Khaldoon Khalifa Al Mubarak at a hotel in downtown Seoul on January 9.   During their breakfast meeting, Minister Paik and Chairman Al Mubarak discussed cooperation between the governments of Korea and the United Arab Emirates (UAE) for the successful completion and operation of the Barakah nuclear power plant, which is under construction by a Korean consortium. They exchanged vie date2018-01-10

Retail sales rise by 9.4 % in November 2017

The Ministry of Trade, Industry and Energy announced on December 29 that Korea’s retail sales rose by 9.4 percent to 10.7 trillion won in November on a double-digit growth in e-commerce revenues and strong performance of brick-and-mortar retailers. Web-based sales, which account for more than a third of the total retail sales, jumped 16.7 percent from a year earlier, while in-store revenues expanded 5.4 percent, the fastest pace recorded since January. Sales in all seven major product date2018-01-08

Korea, US kick off talks to amend Korea-US FTA

Director General for Trade Policy Bureau Yoo Myung-hee (right) of the Ministry of Trade, Industry and Energy (MOTIE) discussed amendments of the Korea-U.S. Free Trade Agreement (KORUS FTA) with Assistant U.S. Trade Representative for Japan, Korea and APEC Michael Beeman (left) in Washington D.C. on January 5, 2018.     Officials of the MOTIE and the U.S. Trade Representative (USTR) met in the Office of the USTR for the first round of negotiations on amendments of the KORUS FTA. The date2018-01-06

Follow-up FTA talks with China

Deputy Minister for Trade Kang Sung-chun spoke at a public hearing on the follow-up negotiations for the Korea-China Free Trade Agreement (FTA) at the COEX in Southern Seoul on January 5, 2018.   The Ministry of Trade, Industry and Energy hosted the public hearing to gather opinions from interested parties and experts ahead of starting negotiations to expand the Korea-China FTA to include trade in services and investments. The public hearing is one of the domestic procedures required unde date2018-01-05

Ministry holds public hearing on follow-up negotiations for Korea-China FTA

The Ministry of Trade, Industry and Energy announced that it will host a public hearing on January 5 about the negotiations to expand the Korea-China Free Trade Agreement to include trade in services and investments.The public hearing will be held at the COEX in Southern Seoul to gather opinions from interested parties and experts as such move is required under Article 7 of the “Act on the Conclusion Procedure and Implementation of Commercial Treaties” ahead of the negotiations.When date2018-01-05

Korea’s exports surge by 15.8% to record $573.9 billion in 2017

The Ministry of Trade, Industry and Energy announced on January 1 that Korea’s exports surged by 15.8 percent to a record $573.9 billion in 2017 from a year earlier. Exports of goods expanded at a double-digit rate for the first time in six years since 2011, surpassing the previous record of $572.7 billion set in 2014, despite the fact that there were 1.5 fewer working days compared to the said year. The average daily export reached an all-time high of $2.1 billion. With imports expandin date2018-01-05

FDI inflows hit record high of $22.9 billion in 2017

The Ministry of Trade, Industry and Energy announced on January 3 that foreign direct investment (FDI) pledged to Korea in 2017 advanced 7.7 percent year-on-year to a record USD 22.9 billion.The upward trend in FDI was maintained by achieving more than $20 billion for three years in a row.FDI arrivals in 2017 also increased 20.9 percent to $12.8 billion, indicating that despite global and domestic economic uncertainties, foreign investors are confident in the Korean economy.While newly pledged F date2018-01-03