Ministry of Trade, Industry and Energy

Trade Ministry publishes agreed outcomes of Korea-US FTA amendment and modification negotiations

The Ministry of Trade, Industry and Energy and the Office of the United States Trade Representative published the agreed outcomes of amendment and modification negotiations to the Korea-US Free Trade Agreement at 10:00 p.m. (local time) on September 3.As the first step in its domestic procedure, the Ministry will gather public comments on the Korean translations of the two protocols from September 3 to 10. The submitted comments will be reviewed for possible inclusion before finalizing the Korea date2018-09-03

Korea’s August exports surpass $50 billion for first time

The Ministry of Trade, Industry and Energy announced on September 1 that exports last month expanded 8.7 percent year-on-year to USD 51.2 billion, surpassing $50 billion for the first time for August exports. Exports in the first eight months also reached a record high of $399.8 billion, up 6.6 percent from the same period last year.Average daily exports also hit an August record high of $2.1 billion, and won-denominated exports increased 7.8 percent to 57.4 trillion won.The increase in outbound date2018-09-01

Trade Minister attends 6th RCEP ministerial meeting

Trade Minister Kim Hyun-chong (fifth from right in the first row) attended the sixth Regional Comprehensive Economic Partnership (RCEP) ministerial meeting held in Singapore from August 30 to 31.During the meeting, Trade Minister Kim and top trade officials from 16 countries including China, Japan, and Association of Southeast Asian Nations (ASEAN) member states emphasized the importance of RCEP amid growing uncertainties in the global trade environment and reaffirmed their commitment to reach a date2018-08-31

July retail sales up 7.8 percent, as retailers see growth online, offline

The Ministry of Trade, Industry and Energy announced on August 30 that overall retail sales in July 2018 expanded 7.8 percent compared to July 2017, as online and offline retailers both saw growth.   Online sales jumped 17.8 percent, seeing the biggest year-on-year growth since January 2018.   Sales at brick-and-mortar retailers also climbed, 2.3 percent year-on-year, led by sales growth at convenience stores and department stores.   All categories of retailers except for co date2018-08-30

Korea, Indonesia hold automotive dialogue

Deputy Minister for Trade Kang Sung-chun (left hand side, fourth from left) sought bilateral cooperation in the automobile industry with his Indonesian counterpart during the first Korea-Indonesia Automotive Dialogue in Seoul on August 24.   During the dialogue, the two Asian trade partners decided to have automotive dialogues on a regular basis to expand cooperation in the future car industry, such as electric vehicles, hydrogen-powered cars, and autonomous cars.   Regarding marke date2018-08-24

July ICT exports top $18.6 billion, led by semiconductors, displays, phones

The Ministry of Trade, Industry and Energy announced on August 16 that exports of information and communication technology (ICT) goods in July were worth USD 18.6 billion, up 18.2 percent year-on-year.   Semiconductors, display panels and mobile phones, the three top ICT export categories, all saw growth simultaneously for the first time since December 2014. ICT exports have now seen double-digit growth for 20 consecutive months, since December 2016.   ICT imports saw an increase o date2018-08-16

Auto parts exports rise 7.1 percent in July

The Ministry of Trade, Industry and Energy announced on August 13 that auto parts exports rose 7.1 percent year-on-year to USD 2 billion in July.   The expansion was mostly led by export growth to the U.S. and Chinese markets. Shipments to North America and Asia increased 7.2 percent to $714 million and 17.9 percent to $501 million, respectively. Shipments to the European Union (EU) and to non-EU European countries also saw growth, posting 2.8 percent growth to $392 million and 11.8 perce date2018-08-13

Korea’s exports jump 6.2 percent in July

The Ministry of Trade, Industry and Energy announced on August 1 that exports topped USD 51.9 billion in July, returning to year-on-year growth after a month of contraction.   The value of average daily exports advanced 4.0 percent compared to July 2017 to hit $2.2 billion, growing for three consecutive months. Average daily exports excluding ships jumped 15.1 percent to $2.1 billion, continuing a 21-month growth streak.   The volume of overall outbound shipments advanced 3.3 perce date2018-08-01

Minister Paik conducts site visit to SK Hynix

Minister of Trade, Industry and Energy Paik Ungyu (second from right) visited the site of SK Hynix, the nation’s second largest chipmaker, located in Icheon, Gyeonggi Province, in order to listen to challenges and difficulties facing the company in management and to discuss the policy direction to keep the Korean chipmaker competitive in the global market.   On the same day, Minister Paik also made a visit to the Samsung Electronics' chip-making site located in Pyeongtaek, Gyeonggi date2018-07-30

June retail sales climb 8.1 percent

The Ministry of Trade, Industry and Energy announced on July 30 that overall retail sales in June grew 8.1 percent from a year earlier, boosted by strong online sales.   Online sales surged 14.0 percent in June, continuing an eight-month streak of double-digit growth.    Sales at brick-and-mortar retailers also advanced 4.8 percent year-on-year, although their share of total sales decreased as online sales soared.   The Ministry of Trade, Industry and Energy estimates m date2018-07-30