Ministry of Trade, Industry and Energy

Retail sales advance 3.6% in July

The Ministry of Trade, Industry and Energy announced on August 30 that retail sales advanced 3.6 percent to $10.2 trillion won in July from a year earlier.   Web-based sales, which account for about a third of the total retail sales, rose by 4.4 percent year-on-year, and in-store sales grew 3.2 percent.   Growth in online retail sales moderated after five consecutive months of double-digit expansion due to decrease in revenues of online sales intermediaries. Brick-and-mortar sales date2017-08-30

Vice Minister Lee hosts 1st consultative meeting on renewable energy policies

Trade, Industry and Energy Vice Minister Lee Inho (third from left) spoke at the first consultation meeting on renewable energy policies in a hotel in downtown Seoul on August 24.  The meeting was designed to bring together municipal governments, civic groups, industries, and academics to cooperate on the government’s goal to boost the proportion of renewable energy in power generation to 20 percent by 2030.  Vice Minister Lee delivered a speech and discussed various renewable date2017-08-24

Trade Minister presides meeting to review exports in major sectors

Trade Minister Kim Hyun-chong (second from left) discussed trade issues with industry representatives at a meeting to review exports in Korea’s major sectors in downtown Seoul on August 24.  Trade Minister Kim, who presided the meeting held in the Korea Trade Insurance Corp. (K-sure), said that the Korean government will actively respond to trade protectionism, strengthen economic cooperation with emerging markets, and help boost the link between trade and industrial development.&nbs date2017-08-24

Korea, US hold special session of the KORUS FTA Joint Committee in Seoul

Trade Minister Kim Hyun-chong (right side of display) and United States Trade Representative (USTR) Robert Lighthizer (left side of display) held a videoconference during a special session meeting of the Korea-U.S. Free Trade Agreement (KORUS FTA) Joint Committee.    The Ministry of Trade, Industry and Energy (MOTIE) and the USTR convened a special session meeting of the KORUS FTA Joint Committee at a hotel in downtown Seoul on the morning of August 22 in accordance with a request by date2017-08-22

Korea hosts Asian WTO Moot Court & Trade Forum

Assistant Minister for Trade and Chief Negotiator for FTAs Lee Sang-jin (fifth from right in the front row) of the Ministry of Trade, Industry and Energy posed for a photo with officials from the World Trade Organization (WTO) and other trade experts at the Seoul National University (SNU) School of Law in Seoul on August 19.  The Asian WTO Moot Court and Trade Forum was organized to help boost interaction between domestic and international trade experts and foster trade practitioners. This date2017-08-19

Special session of KORUS FTA Joint Committee to be held in Seoul

The Ministry of Trade, Industry, and Energy announced on Aug. 18 that the Ministry and the Office of the United States Trade Representative (USTR) will convene a special session meeting of the Joint Committee under the Korea-U.S. Free Trade Agreement (KORUS FTA) on August 22 in Seoul.   Trade Minister Kim Hyun-chong and USTR Robert Lighthizer will open the meeting via videoconference, which will be followed by senior-level discussions in Seoul. USTR Chief of Staff Jamieson Greer and Assis date2017-08-18

Auto production, exports grow in July

The Ministry of Trade, Industry and Energy announced on August 10 that Korea’s automotive industry posted growth in exports as well as domestic production and sales.   Exports rose by 5.1 percent to 228,229 vehicles in July from a year ago on strong sales in Europe. Shipments of automobiles to the European Union surged 26.3 percent to $653 million, and those to the rest of Europe jumped 20.6 percent to $213 million.    Five domestic automotive makers, Hyundai Motor, Kia date2017-08-10

ICT exports reach record high for July

The Ministry of Trade, Industry and Energy announced on August 9 that exports of information and communication technology (ICT) goods jumped 20.9 percent to $15.7 billion in July, setting a new record for the month.    Korea has posted record-high exports for each month for six consecutive months since February. A significant expansion in semiconductor exports as well as double-digit increases in shipments to major markets including China, Vietnam, the U.S., and the European Union (E date2017-08-09

Trade Minister takes office

Newly appointed Trade Minister Kim Hyun-chong of the Ministry of Trade, Industry and Energy delivered a speech at his inauguration ceremony held in the Government Complex Sejong on Aug. 4. Trade Minister Kim brings a wealth of experience and expertise in trade policies. He served as the Trade Minister at the Ministry of Foreign Affairs and Trade in 2004 and negotiated the Korea-U.S. Free Trade Agreement (FTA) during his tenure. He was the Korean ambassador to the United Nations between 2007 and date2017-08-04

Korea’s exports surge 19.5% to $48.9 billion in July

The Ministry of Trade, Industry and Energy announced on August 1 that Korea’s exports expanded 19.5 percent to USD 48.9 billion in July as outbound shipments of high-value products significantly rose and markets diversified.    Exports grew at a double-digit rate for the seventh consecutive month for the first time in 70 months since September 2011. The average daily exports went up 19.5 percent to $2.1 billion, while won-denominated exports surged 18.5 percent to $55.4 trillio date2017-08-01