Ministry of Trade, Industry and Energy

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

Retail sales jump 7.2% on fast e-commerce growth in June

The Ministry of Trade, Industry and Energy announced on July 28 that retail sales jumped 7.2 percent in June, led by the fast growth of e-commerce.   Online retail sales, which account for about a third of the total retail sales, jumped 13.6 percent year-on-year in June as various promotions by retailers helped drive up food and clothing sales. Revenues generated from physical stores rose by 4.2 percent on higher grocery prices.    In the first half of 2017, retail sales advan date2017-07-28

59th Trade, Industry and Energy Minister takes office

New Trade, Industry and Energy Minister Paik Ungyu spoke at the inauguration ceremony held in the Government Complex Sejong on July 24. Minister Paik took office on July 24 as the 59th Trade, Industry and Energy Minister.  The ceremony was attended by all Ministry officials including Trade, Industry and Energy Vice Ministers Lee Inho (1st) and Woo Taehee (2nd) as well as senior officials from the Korean Agency for Technology and Standards.    date2017-07-24

Material, component exports jump 10.5% to $134.4 billion in 1st half

The Ministry of Trade, Industry and Energy announced on July 19 that exports of industrial materials and components jumped 10.5 percent to USD 134.4 billion in the first half, marking the first double-digit growth in six years since the second half of 2011.    Outbound shipments of 12 types of materials and components surged 10.3 percent to $68.6 billion in the second quarter from a year earlier and expanded 10.7 percent to $65.8 billion in the first quarter.    Both expo date2017-07-19

Automobile exports advance 1.3% to $3.8 billion in June

The Ministry of Trade, Industry and Energy announced on July 13 that automobile exports expanded 1.3 percent to USD 3.8 billion from a year ago, marking the fifth consecutive month of growth.    The number of vehicles shipped abroad, as opposed to the value in dollars, grew 0.8 percent year-on-year to 240,475, thanks to strong sales in Europe and Central and South America despite the decline in sales in North America, the largest market for Korean automotive makers.    Do date2017-07-13

ICT exports soars 18% to new record for June

The Ministry of Trade, Industry and Energy announced on July 12 that exports of information and communication technology (ICT) goods soared 18 percent to USD 15.9 billion in June, a new record for the month.    Outbound shipments in the ICT sector expanded for eight consecutive months and at a double-digit rate for seven straight months as semiconductor exports continued to grow at a fast pace.    Imports of ICT goods jumped 21.7 percent to $8.9 billion. Trade surplus in date2017-07-12

Korea Trade Commission holds 2017 Seoul International Forum on Trade Remedies

Korea Trade Commission (KTC) Chairman Shin Hi-tack (sixth from right in the front row) and representatives of trade remedy agencies from across the world posed for a photo holding traditional Korean fans at the 2017 Seoul International Forum on Trade Remedies at the Korean Chamber of Commerce and Industry in central Seoul on July 6.    The KTC under the roof of the Ministry of Trade, Industry and Energy hosted its annual international forum under the theme of “Rules-based Trade date2017-07-06

FDI in Korea contracts 4.4% to $5 billion in 1st half

The Ministry of Trade, Industry and Energy announced on July 4 that USD 5 billion of foreign direct investment (FDI) arrived in Korea in the first half of this year, 4.4 percent down from a year earlier.     New FDI commitments to Korea also contracted 9.1 percent year-on-year to USD 9.6 billion amid growing uncertainties in the global economy such as two interest rate hikes by the U.S. Federal Reserve, negotiations on Britain’s exit from the European Union, and the rising prot date2017-07-04