Ministry of Trade, Industry and Energy

Vice Minister Cheong gives speech at Korea Energy Show 2018

Trade, Industry and Energy Vice Minister Cheong Seung-il delivered opening remarks at the Korea Energy Show 2018 held at KINTEX in Goyang on October 2.During his address, Vice Minister Cheong said that energy transition is a global phenomenon and that innovation is needed in the energy sector.The opening event was attended by about 200 representatives from the power industry, including Korea Energy Agency Vice President Lee Sanghong and Hanwha Q-Cells President Ryu Seongjoo.Korea's largest date2018-10-02

Korea’s exports remain above $50 billion in September

The Ministry of Trade, Industry and Energy announced on October 1 that exports remained above USD 50 billion in September for five consecutive months. The cumulative exports from January to September grew 4.7 percent year-on-year to a record high of $450.4 billion, indicating robust export growth.When compared to a year earlier, however, September exports decreased 8.2 percent to $50.6 billion because of four fewer working days last month and a high base effect.Average daily exports increased 10 date2018-10-01

Minister Sung appreciates progress made in display industry at 9th Display Day

Trade, Industry and Energy Minister Sung Yunmo appreciated the progress made in the Korean display industry and referred to it as an exemplary case of innovation-driven growth at the celebration of the 9th Display Day in Seoul on October 1.During his speech at the ceremony, Minister Sung said the Ministry will provide full policy support for the display sector to develop next-generation display panels after liquid-crystal displays (LCDs) and organic light emitting diodes (OLEDs), foster world-cl date2018-10-01

Online retail sales post double-digit growth of 13.3 percent in August

The Ministry of Trade, Industry and Energy announced on September 28 that online retail sales in August increased 13.3 percent compared to a year earlier on the back of stronger demand for most item categories.Offline retail sales also went up 2.9 percent thanks to sales growth at convenience stores and super supermarkets (SSMs). This and the double-digit growth in web-based retail sales helped the overall retail sales expand 6.5 percent.The Ministry releases monthly retail sales figures based o date2018-09-28

Minister Sung takes office as 60th chief of Ministry of Trade, Industry and Energy

New Trade, Industry and Energy Minister Sung Yun-mo delivered an inaugural address as the Ministry’s 60th chief at his inauguration ceremony held in the Government Complex Sejong on September 27.During his speech, Minister Sung said that the Ministry will work towards industry, trade, and energy policies to create quality jobs and to spur innovation-driven economic growth.The ceremony was attended by all Ministry officials, including Trade, Industry and Energy Vice Minister Lee Inho, and s date2018-09-27

Trade Ministry, USTR sign revised KORUS FTA

Seoul, Korea - The Ministry of Trade, Industry and Energy announced that Trade Minister Kim Hyun-chong and United States Trade Representative Robert Lighthizer signed the revised Korea-U.S. (KORUS) Free Trade Agreement as a summit between the Korean and U.S. presidents took place in New York City on September 24 (local time). The Trade Ministry will now proceed with its remaining domestic procedures, including submitting an approval request to the Korean National Assembly. date2018-09-25

Trade Minister Kim, USTR Lighthizer sign revised KORUS FTA

Trade Minister Kim Hyun-chong (left) and United States Trade Representative Robert Lighthizer signed the revised Korea-U.S. (KORUS) Free Trade Agreement as a summit between Korean and U.S. presidents took place in New York City on September 24.The Trade Ministry now plans to proceed with its remaining domestic procedures, including submitting an approval request to the Korean National Assembly. date2018-09-24

Trade Minister Kim chairs meeting to discuss recent trade issues and review existing trade deals

Trade Minister Kim Hyun-chong (second from left) chaired a meeting to discuss recent international trade issues and review existing free trade agreements with government officials, industry representatives, and academics in Seoul on September 20.During his opening remarks at the meeting, Minister Kim said that global trade conditions are rapidly changing as a result of rising protectionism, ongoing U.S.-China trade dispute, and advancing fourth industrial revolution technologies.The Ministry's t date2018-09-20

August ICT exports set record high of $20.2 billion

The Ministry of Trade, Industry and Energy announced on September 17 that exports of information and communications technology (ICT) products in August hit a record high of USD 20.2 billion.Exports of ICT goods increased 15.5 percent compared to a year earlier. ICT imports were also up 0.4 percent to $8.7 billion, and the trade surplus in this sector stood at $11.5 billion.The historically high exports were led by semiconductors and displays. Overseas shipments of semiconductors went up 30.4 per date2018-09-17

Auto exports, production, domestic sales all expand in August

The Ministry of Trade, Industry and Energy announced on September 12 that Korea's automobile exports, production, and domestic sales in August all expanded compared to the same period last year.Exports of finished vehicles grew 2.1 percent year-on-year to 174,869 units. In terms of value, they inched up 0.5 percent to USD 2.9 billion. This is attributable to increased sales of newly launched sports utility vehicles (SUVs) and demand growth in Middle Eastern and non-EU European countries. In addi date2018-09-14