Ministry of Trade, Industry and Energy

Sectoral implementing agencies working in full capacity to ensure the success of the South Korea–Vietnam Free Trade Agreement

Sectoral implementing agencies working in full capacity to ensure the success of the South Korea–Vietnam Free Trade Agreement   First working-level talks of the Commodity Trading Commission, Economic Cooperation Committee, SPS Committee, and Investment Commission   The Ministry of Trade, Industry and Energy (Minister Joo Hyunghwan) is holding a meeting with four of the implementing agencies of the South Korea–Vietnam Free Trade Agreement (FTA) for two days from April 11 to date2016-04-10

Export and Import Trends for December 2015

  □ South Korea’s exports fell 13.8 percent to USD 42.6 billion and imports decreased 19.2 percent to USD 35.5 billion in December from a year earlier, resulting in a trade surplus, for the 47th consecutive month, of USD 7.2 billion.   : By product, shipment of major export items including those sensitive to oil price decreased, while exports of new items increased. Shipments of petrochemical and petro products; ships and semiconductors fell. Shipment of mobile telecommunication devices showed an increase as well as new competitive products such as Organic Light Emitting Diodes (OLEDs) and cosmetics. By region, exports to most regions excluding Vietnam fell.   Imports of major raw materials, capital products, and consumer products decreased.   ○ Trade conditions for 2016: A gradual economic rebound and a recovery in world trade growth are expected. Both trends will be led by advanced nations. New FTAs that recently came into effect, such as the Korea-China and the Korea-Vietnam FTAs, will also have positive effects. - Slowing growth rate in China, sustainment of low oil prices, and the possibility of economic slowdowns in emerging countries following interest rate hikes in the US will most probably have negative results. ○ South Korea's exports in 2016 are predicted to rise by 2.1 percent to USD 538.2 billion. They will be influenced by a gradual recovery in both the world economy and global trade. Imports are forecasted to increase by 2.6 percent to USD 448.2 billion. Most of this will result from an increased demand for capital and consumer goods due to improving consumer confidence. The difference in increases in exports and imports will lead to a trade surplus estimated at USD 90.0 billion.   date2016-01-30

New MOTIE Minister Holds Meeting to Promote Exports

    New Minister of Trade, Industry and Energy Joo Hyunghwan hosted a meeting of agencies in charge of supporting the country's exports in Seoul yesterday.   During the meeting, Minister Joo explained the government's policies related to exports and stressed the need to find innovative ways to promote overseas shipments. date2016-01-21

MOTIE New 2nd Vice Minister Takes Office

MOTIE New 2nd Vice Minister Takes Office   The Ministry of Trade, Industry and Energy (MOTIE)'s new Second Vice Minister Woo Taehee has taken office, replacing his predecessor Moon Jae-do who served the ministry 34 years.   The new vice minister visited the country's biggest liquefied petroleum gas (LPG) charging station in Seoul yesterday as his first official outside activity after inauguration.   He also delivered a New Year message at an annual gathering of about 200 governmen date2016-01-19

ROK, China and Japan Hold 9th Round of FTA Talks

  The Republic of Korea, China and Japan held the ninth round of high-level negotiations for their free trade agreement (FTA) in Tokyo today.   During the talks, the ROK's Deputy Trade Minister Kim Hak-do and his Chinese and Japanese counterparts discussed details of the trilateral FTA. date2016-01-18

New MOTIE Minister Joo Hyunghwan Takes Office

    New Minister of Trade, Industry and Energy Joo Hyunghwan, previously Vice Finance Minister, took office in Sejong yesterday, replacing Yoon Sang-jick who served in the top post for almost three years.   In his inauguration speech, the new minister pledged to innovate South Korea's industrial policies across the board to reinvigorate the country's economy amid slowing global growth.   After the inauguration ceremony, Minister Joo visited Hoong-A Corp., a local manufacturer of packaging machinery, as his first official outside activity.     date2016-01-14

Sales Trends by Major Retailers in November 2015

  □ The sales by major retailers, including those of department stores and convenience stores increased from a year earlier, while those of hypermarkets and super supermarkets fell in Nov. 2015. □ The sales of convenience stores have increased in large percentages for ten consecutive months since Feb. 2015. □By product group, the sales of food, commodities, and miscellaneous goods decreased for all major retailers except for convenience stores.   date2015-12-30

Automobile Industry Trends for November 2015

    □ The volume of South Korean automobile exports and production decreased by 3.5 percent and 2.8 percent, respectively, while domestic sales increased by 14.4 percent. This was attributed to reduced exports to emerging markets, reduction in individual consumption tax, the effect of new model releases, and strong sales of multi-purpose vehicles.   □ : Production decreased by 2.8 percent from a year earlier to 395,004 units despite an increase in domestic sales. This decrease was attributable to reduced export volume including Accent, Genesis, and Santa Fe and halt in production of diesel models, SM5 and QM5.   □ : Domestic sales increased by 14.4 percent from a year earlier to 165,570 units. This was attributable to strong sales of multi-purpose vehicles and launches of new models.   - Sales of imported cars increased by 28.0 percent from a year earlier to 26,100 units.   □ : Exports decreased by 3.5 percent from a year earlier to 263,687 units. This was mainly attributable to demand contraction in emerging markets such as Russia and Latin America.   date2015-12-30

Export and Import Trends for November 2015

      □ South Korea’s exports fell 4.7 percent to $44.4 billion and imports decreased 17.6 percent to $34.1 billion in November from a year earlier, resulting in a trade surplus, for the 46th consecutive month, of $10.4 billion.   By product, exports of most of the key items decreased, while those of mobile telecom devices increased. Exports of ships jumped sharply in November. By region, exports to most regions decreased, while those to Vietnam continued to increase. Exports to Europe turned positive.   : Imports of major raw materials and capital products decreased, while imports of consumer products remained on a rising trend.   ○ The recent downturn in the nation’s exports eased in November. Most of the change was attributable to a decrease in the number of exports from a year earlier, along with an increase in the delivery of offshore plants by the ship sector   ○ Imports of raw materials fell sharply due to lower prices. This resulted in a surplus in excess of USD 10 billion.   ○ Exports of items that are strongly affected by the price of oil decreased by USD 2.3 billion. Most of this was due to a further drop in the price of oil. Renovations to production and other facilities also played a part.   ○ The decline in exports of items that are strongly affected by the price of oil should moderate in December. Overall exports are expected to continue falling in November, however, due to continuing sluggish demand for such major items as semiconductors.   date2015-12-28

South Korea's FTAs with China, Vietnam and New Zealand Take Effect December 20

    The Republic of Korea (South Korea)'s free trade agreements with China, Vietnam and New Zealand went into effect on December 20.   The new FTAs came into force as South Korea steps up efforts to reinvigorate its economy amid slowing global demand and low oil prices. date2015-12-24