Ministry of Trade, Industry and Energy

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

Minister Paik discusses energy ties with UK’s Energy Secretary

Trade, Industry and Energy Minister Paik Ungyu (right) posed for a photo with Secretary of State for Business, Energy and Industrial Strategy (BEIS) Greg Clark during his visit to London, United Kingdom, on November 27.  During their meeting, Minister Paik and his counterpart Secretary Clark discussed ways of expanding cooperation in the nuclear power sector, ranging from construction and decommissioning of nuclear power plants, and promoting technological cooperation as part of efforts to date2017-11-27

Minister Paik attends Korea-Uzbekistan Business Forum

Trade, Industry and Energy Minister Paik Ungyu (third from left) posed for a photo with Uzbekistan’s President Shavkat Mirziyoyev (center) as well as government officials and business leaders from Korea and Uzbekistan at the Korea-Uzbekistan Business Forum at a hotel in Seoul on November 23.  The Korea Chamber of Commerce and Industry (KCCI) hosted the Business Forum with the Ministry of Trade, Industry and Energy and Uzbekistan’s National Investment Commission to celebrate the date2017-11-23

Trade Minister discusses economic cooperation with Russia’s Deputy Minister of Economic Development

Trade Minister Kim Hyun-chong (left) shook hands with Russia’s Deputy Minister of Economic Development Aleksey Gruzdev during his visit to Moscow, Russia on November 21.  Trade Minister Kim and Deputy Minister Gruzdev exchanged views on bilateral economic cooperation as well as a potential free trade agreement between Korea and the Eurasian Economic Union (EAEU). Member states of the EAEU include Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan.    date2017-11-21

Minister Paik meets Uzbekistan’s Deputy Prime Minister

Trade, Industry and Energy Minister Paik Ungyu (left) greeted Uzbekistan’s Deputy Prime Minister Jamshid Anvarovich Kuchkarov in his office at the Government Complex in Sejong on November 20. During the meeting, Minister Paik and Deputy Prime Minister Kuchkarov exchanged views on establishing a platform for e-commerce between the two countries. They also discussed assistance for Uzbekistan’s accession to the World Trade Organization (WTO) and joint studies into a free trade agreemen date2017-11-20

ICT exports rise 20.6% to $18 billion in October

The Ministry of Trade, Industry and Energy announced on November 15 that exports of information and communication technology goods rose by 20.6 percent to USD 18 billion, the second highest on record, in October from a year ago.   For nine consecutive months between February and October, Korea’s ICT sector posted record-high exports for each respective month. Exports of ICT goods also grew at double-digit rates for 11 straight months.   Imports in the ICT sector advanced 11 p date2017-11-15

Korea, Philippines hold bilateral ministerial meeting

Trade, Industry and Energy Minister Paik Ungyu (second from right) spoke with the Philippine’s Secretary of Trade and Industry Ramon M. Lopez (second from left) during the bilateral ministerial meeting in a resort in Danang, Vietnam.  Minister Paik and Secretary Lopez discussed bilateral trade as well as a wide range of cooperation including in fields of electric vehicles and infrastructure.    date2017-11-13

Minister Paik discusses trade, investment with Vietnam’s Industry Minister

Trade, Industry and Energy Minister Paik Ungyu (fourth from left) discussed bilateral trade and investment with Vietnam’s Industry and Trade Minister Tran Guan Anh (third from right) during a ministerial meeting at the Vietnamese Minister’s office in Hanoi, Vietnam on November 13.  At the meeting, Minister Paik and Minister Tran exchanged views on cooperation on energy infrastructure, trade issues, and support for Korean companies operating in Vietnam.    date2017-11-13