Ministry of Trade, Industry and Energy

Minister Paik meets with China’s Commerce Minister

Trade, Industry and Energy Minister Paik Ungyu (left) posed for a photo with China’s Minister of Commerce Zhong Shan at a hotel in Beijing on December 15. During the meeting, Minister Paik and Minister Zhong discussed stronger economic cooperation and issues in bilateral trade including negotiations on liberalization of trade in services and investment under the Korea-China Free Trade Agreement (FTA). The two ministers agreed to hold the first meeting for the negotiations by February next date2017-12-15

ICT exports jump 25.9% to $18.6 billion in November

The Ministry of Trade, Industry and Energy announced on December 14 that exports of information and communication technology (ICT) goods jumped 25.9 percent to USD 18.6 billion, the second highest on record, in November from a year earlier on strong demand for semiconductors.     Exports of ICT goods increased at double-digit rates for 12 consecutive months, and reached a record-high for each respective month for 10 straight months.    Imports surged 17.1 percent yea date2017-12-14

Ministry announces 8th Basic Plan for Electricity Supply and Demand

The Ministry of Trade, Industry and Energy announced on December 14 a draft of the 8th Basic Plan for Long-term Electricity Supply and Demand.    Under the new biennial plan, which reflects environmental and safety factors in addition to stable power supply and economic efficiency, Korea will produce more power from renewable energy sources and natural gas, while gradually reducing its reliance on coal and nuclear power.    The Basic Plan for Long-term Electricity Supply date2017-12-14

Korean and Chinese ministers discuss stronger industrial cooperation

Trade, Industry and Energy Minister Paik Ungyu (right) met China’s Minister of Industry and Information Technology Miao Wei in Beijing on December 14. During the meeting, the two ministers exchanged views on strengthening bilateral industrial cooperation in new business areas, especially in preparation for the Fourth Industrial Revolution. The Ministry of Trade, Industry and Energy and the Chinese Ministry of Industry and Information Technology signed a memorandum of understanding on stra date2017-12-14

Automobile exports grow 3.4% on strong sales of eco-friendly cars in November

The Ministry of Trade, Industry and Energy announced on December 12 that exports of automobiles grew 3.4 percent to $4.1 billion on strong sales of eco-friendly cars and large vehicles in November.    Meanwhile, production and domestic sales by number of vehicles contracted 8 percent and 1.2 percent, respectively.   Automobile exports by value climbed in November although the number of vehicles shipped abroad declined 8 percent to 237,083.    Korean carmakers expor date2017-12-12

Minister Paik presides public-private meeting on industrial innovation

Trade, Industry and Energy Minister Paik Ungyu (right) spoke at the meeting with business leaders and policy experts to discuss industrial innovation at a hotel in southern Seoul on December 6.  Minister Paik presided the meeting, which was designed to address responses to changes in the global industries such as the Fourth Industrial Revolution as well as innovative industrial growths. At the meeting, the Minister delivered opening remarks and discussed the direction of the government&rsq date2017-12-06

Ministry hosts 54th Trade Day ceremony

Trade, Industry and Energy Minister Paik Ungyu (second from right in the front row) and Trade Minister Kim Hyun-chong (right in the front row) attended the 54th Trade Day ceremony at the COEX in southern Seoul on December 5.  The Ministry and the Korea International Trade Association (KITA) hosted the Trade Day ceremony to celebrate the recovery of trade and encourage businesses that have contributed to growths in exports and the Korean industries’ expansion to overseas markets. Six date2017-12-05

Korea’s exports grow 9.6% to $50 billion in November

The Ministry of Trade, Industry and Energy announced on December 1 that Korea’s exports in November grew 9.6 percent to USD 50 billion, a record for the month.  Exports of goods rose for the 13th consecutive month for the first time in 71 months since December 2011. The average daily exports of goods rose by 9.6 percent to $2.1 billion. Won-denominated exports increased 4.3 percent to 54.9 trillion won.  The total exports between January and November reached an all-time high of date2017-12-01

Retail sales grow 3% in October

The Ministry of Trade, Industry and Energy announced on November 29 that Korea’s retail sales grew 3 percent to 10.13 trillion won in October from a year ago.    Online sales, which account for about a third of the total retail sales, rose by 4.2 percent, a relatively slow pace compared to past months due to the suspension of delivery services during the Chuseok holiday between October 3 and 9. In-store sales climbed 2.5 percent.   By product, sales in five of seven majo date2017-11-29

Minister Paik meets French Minister for Ecological and Inclusive Transition

Trade, Industry and Energy Minister Paik Ungyu (right) posed for a photo with French Minister for the Ecological and Social Transition Nicolas Hulot during his visit to Paris, France on November 28.  During their meeting, Minister Paik and Minister Hulot exchanged views on the two countries’ energy policies and potential cooperation in fields of renewable energy and decommissioning of nuclear reactors. The Ministers signed a letter of intent for bilateral energy cooperation, which co date2017-11-28