Ministry of Trade, Industry and Energy

Korea’s October exports hit second highest on record

The Ministry of Trade, Industry and Energy announced on November 1 that Korea’s exports in October rose 22.7 percent year-on-year to USD 55 billion, the second highest on record.This achievement was possible because of both internal and external factors. The internal factors include the Korean firms’ pursuit of manufacturing high value products, diversification of exports items, and balanced growth of exports to foreign destinations. The external factors are strong manufacturing indu date2018-11-01

Vice Minister Cheong emphasizes smart use of data for customized services

Trade, Industry and Energy Vice Minister Cheong Seung-il (center) emphasized to businesses the smart use of data for customized services in the age of the Fourth Industrial Revolution at the Virtual Human Big Data Platform Exhibition and Forum held in the Assembly Members’ Office Building on October 30.At the forum, Vice Minister Cheong said that the big data platform project will provide new business models to small- and medium-sized enterprises and startups, leading to the creation of qu date2018-10-30

Overall retail sales grow 6.9 percent in September

The Ministry of Trade, Industry and Energy announced on October 30 that overall retail sales in September posted a year-on-year increase of 6.9 percent thanks to growths in both online and retail sales.Brick-and-mortar retailers saw a 6.0 percent growth in sales because of the national Chuseok holiday. Last year, the public holiday was in October.Sales of online retailers increased 8.6 percent, the smallest positive change since October 2017, due to the suspension of delivery services during Kor date2018-10-30

Korea’s annual chip exports surpass $100 billion for first time

Seoul, Korea - The Ministry of Trade, Industry and Energy hosted the 11th Semiconductor Day at COEX in Seoul on October 25 to commemorate this year’s annual exports of semiconductors that surpassed $100 billion for the first time. This is an unprecedented achievement for any single export item. During his commemoration remarks at the event, Trade, Industry and Energy Minister Sung Yunmo said that this accomplishment was possible because of close public-private cooperation, as well as home date2018-10-25

Minister Sung lauds Korea’s achievement of surpassing annual chip exports of $100 billion

Trade, Industry and Energy Minister Sung Yunmo (third from the left) lauded Korea’s unprecedented achievement of surpassing annual chip exports of $100 billion at the ceremony of the 11th Annual Semiconductor Day that took place at COEX in Seoul on October 25.During his commemorative address at the event, Minister Sung said that this accomplishment was possible because of close public-private cooperation, as well as homegrown companies that made bold endeavors, continuous investments, and date2018-10-25

Minister Sung commemorates Korea’s first implementation of hydrogen fuel cell buses

Trade, Industry and Energy Minister Sung Yunmo (second from right in the first row) attended the ceremony for Korea’s first implementation of hydrogen fuel cell buses to raise public awareness and promote the national spread of fuel cell buses in Ulsan on October 22.During his commemorative address, Minister Sung highlighted that the Korean government plans to expand its support for technological development in fuel cell cars as well as other future car technologies. Seoul also aims to imp date2018-10-23

Korea’s first operation of hydrogen buses take place in Ulsan

Seoul, Korea - The Ministry of Trade, Industry and Energy announced on October 22 that Korea’s first operation of hydrogen fuel cell buses was launched in Ulsan, spurring public interest and promoting the national spread of hydrogen buses. A memorandum of understanding (MOU) was signed by the Ulsan city government, Hyundai Motor, and an Ulsan bus company to operate hydrogen buses, spread hydrogen vehicles and charging stations, and raise public awareness about their safety and environment date2018-10-22

Materials, components exports grow 13.6 percent to $237.9 billion in Q1 - Q3

The Ministry of Trade, Industry and Energy announced on October 18 that exports of 11 types of industrial materials and components in the first three quarters of this year went up 13.6 percent year-on-year to $237.9 billion.Imports also rose 5.1 percent to $131.8 billion and the trade surplus stood at $106.1 billion, surpassing the $100 billion mark for the first time for materials and components.By type, electronic components accounted for 44.0 percent of the total exports. The other two types date2018-10-18

Minister Sung attends Korea-Italy Business Networking Seminar in Rome

Trade, Industry and Energy Minister Sung Yunmo (center) attended the memorandum of understanding (MOU) signing ceremony held at the Korea-Italy Business Networking Seminar in Rome, Italy, on October 17.At the event, the Korea Trade-Investment Promotion Agency (KOTRA) and the Italian Trade Agency (ITA) signed an MOU for investment cooperation between the two countries. KOTRA also inked an MOU with Istituo Marangoni for the advancement of fashion design.During the ceremony, Minister Sung delivered date2018-10-18

ICT exports in September reach new monthly record of $20.3 billion

The Ministry of Trade, Industry and Energy announced on October 17 that exports of information and communications technology (ICT) products in September increased 5.3 percent year-on-year, reaching the highest monthly record of USD 20.3 billion.ICT imports decreased 11.7 percent to $8.0 billion and Korea stayed as a net ICT exporter with a trade surplus of $12.3 billion.In particular, growths in outbound shipments of semiconductors and computers and peripheral devices helped ICT exports surpass date2018-10-17