Ministry of Trade, Industry and Energy

ICT Export and Import Trends in June 2015

    □ South Korea’s exports of information and communications technology (ICT) products increased by 0.2 percent to $13.95 billion, and imports decreased by 2.4 percent to $7.28 billion in June 2015 from a year earlier, resulting in a monthly surplus of $6.67 billion.   □ : Shipments of key items including mobile phones and system semiconductors rose in spite of unfavorable external conditions, such as a contracting global ICT market and deteriorating trade environment. ICT exports rose 2.0 percent in May and 0.2 percent in June, extending their growth, by a small margin, for the second consecutive month. - By product, exports of cell phones, semiconductors, and computers and peripherals increased, while those of display panels and digital TVs dropped from a year earlier. - By region, shipments to the European Union (EU) decreased as a result of a slowing economy and a weaker Euro, while those to Asia and the United States (US) increased. Exports to the Association of Southeast Asian Nations (ASEAN) countries jumped on the back of rising demand for cell phone parts and semiconductors.   □ : Year-on-year ICT imports decreased for the first time in 2015. - By product, a rise in imports of cell phones and semiconductors was offset by a fall in incoming shipments of computers and peripherals and digital TVs. By region, imports from the US jumped, while those from the EU, China and the ASEAN countries decreased.   □ South Korea’s total ICT trade showed a surplus of $6.77 billion for the month of June due to a positive balance in such key items as semiconductors, cell phones, and display panels, contributing to the country’s overall trade surplus of $10.24 billion.   ○South Korea’s ICT trade has registered consistent surpluses, showing a positive balance of $4.82 billion with China (including Hong Kong), $0.29 billion with the EU, and $0.77 billion with the US in June 2015. The country recorded a trade deficit of $0.36 billion with Japan for the month.   □ ICT exports during the first half of 2015 fell by 0.2 percent from a year earlier to $83.59 billion while imports rose 4.1 percent to $43.97 billion, resulting in a surplus of $39.62 billion.     date2015-07-30

South Korea Opens First Paid Charging Station for Electric Cars

South Korea Opens First Paid Charging Station for Electric Cars   South Korea opened its first paid charging station for electric vehicles yesterday as the country pushes forward with its plan to develop energy-related new industries and reduce carbon emissions.   Chung Yang-ho, deputy minister for energy and resources at the Ministry of Trade, Industry and Energy (MOTIE), attended the opening ceremony for the new station in Jeju Island, the Hawaii of Korea.   Major local companie date2015-07-24

South Korea's Renault Samsung to Develop Super Fuel-Efficient Electric Car

South Korea's Renault Samsung to Develop Super Fuel-Efficient Electric Car   South Korea's Renault Samsung Motors Co. plans to develop an electric car within three years that can drive more than 300 km (186 miles) on a single charge.   The plan was unveiled at the 7th Private-Government Consultative Meeting on Energy-Related New Industries held in Seoul earlier this week, the Ministry of Trade, Industry and Energy (MOTIE) said in a statement.   Renault Samsung Motors, the local un date2015-07-23

The MOTIE's New Spokesman Debuts with First Weekly Media Briefing

      The MOTIE's newly-appointed spokesperson Sung Yun-mo made his first weekly media briefing on the ministry's key announcements and activities this week.   Prior to the new post, Sung, 52, was director-general for policy planning at the ministry, and started his public career after passing the Public Administration Examination in 1988.   His predecessor Park Won-joo was promoted to the post of the MOTIE's deputy minister for planning and coordination. date2015-07-21

South Korea to Launch Website to Improve Foreign Investment Rules

South Korea to Launch Website to Improve Foreign Investment Rules   South Korea plans to launch a special website this week dedicated to improving regulations on foreign investment in the country.   Starting July 27, the website (http://e.better.go.kr) will communicate and share the latest information about changes in foreign investment rules.   Foreign invested companies are encouraged to visit the website and suggest ideas on improving the rules, after which they will receive fe date2015-07-20

South Korea Steps Up Efforts to Promote Exports

South Korea Steps Up Efforts to Promote Exports   South Korea is stepping up efforts to promote the country's exports in order to cope with rising global economic uncertainty, including the slowing Chinese economy and Greek debt crisis.   The Ministry of Trade, Industry and Energy (MOTIE) and other relevant ministries have recently unveiled a comprehensive package of measures to enhance the export competitiveness of Asia's fourth-largest economy.   To find out about the latest ex date2015-07-17

Export and Import Trends for June 2015

  □ Korea’s exports fell 1.8 percent to $46.9 billion and imports dropped 13.6 percent to $36.7 billion in June from a year earlier, resulting in a trade surplus, for the 41st consecutive month, of $10.2 billion.   The slowdown in exports eased in June thanks to two and a half more working days, a pause in the fall of oil prices, and the completion of maintenance activities in the petrochemical and petro product industries. - By product, shipments of automobiles, mobile telecommunication devices, and steel showed an increase. The recent recovery in crude prices mitigated a decrease in exports of petro products and petrochemicals. However, shipments of semiconductors, ships, textiles, and flat panel displays decreased. By region, exports to ASEAN, the US, and China gained.   The unit prices of major raw materials continued to decrease, and imports of capital and consumer goods increased.   - Both exports and imports were stagnant in the first half of the year due to negative external conditions such as falling oil prices, the weakening yen and euro, and slowdowns in global trade and import demand from China. 1. Oil prices plunged 46.5 percent from the same period a year ago, leading to a sharp decline in exports of petroleum products and petrochemical products. 2. The weakening yen and euro also aggravated the price competitiveness of automobiles, general machinery, and other competitive items in the major export markets, causing a downturn in exports to the country’s major export markets. 3. Global economic growth slowed as the world economy grew less than expected and import demand from China declined. - Export conditions are expected to improve slightly for some items, helped by the launch of new products including automobiles and wireless communication devices. Nevertheless, external threats will continue, such as the won's appreciation against major currencies, a slowdown in imports by China, and political unrest in Europe. - The Korean government plans to announce a special package of measures this month to help strengthen the country’s export competitiveness, while continuing to monitor export conditions at home and abroad. These measures will focus on improving the competitiveness of the country’s core industries through innovation in the manufacturing sector in the mid- to long-term, and on diversifying export items and markets.   date2015-07-15

MOTIE Minister Yoon Attends Forum on Eurasia-Korea Future

      Minister of Trade, Industry and Energy Yoon Sang-jick attended New-Eurasia Forum Seoul 2015 in Seoul yesterday, which discussed the future of Eurasia and the Republic of Korea (ROK).   About 500 political and business leaders from home and abroad attended the forum, including Chinese Ambassador to the ROK Qiu Guohong and Russian Trade Representative to the ROK Mikhail Bondarenko. date2015-07-14

MOTIE Minister Yoon Meets with Pakistan's Commerce Minister and Australia's Ambassador

      Minister of Trade, Industry and Energy Yoon Sang-jick greeted a visit by Pakistan's Commerce Minister Khurram Dastgir Khan at his satellite office in Seoul last week.   During the meeting, the two ministers discussed various bilateral issues such as initiating a private joint study on a possible free trade agreement (FTA) between the Republic of Korea (ROK) and Pakistan.   Earlier in the week, Minister Yoon also met with Australia's ambassador to the ROK to exchange views on ways to promote bilateral economic cooperation with the implementation of the FTA between their countries. date2015-07-13

The total number of female researchers at corporate research centers to surpass 46,000

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 13 that according to a survey by the Korea Industrial Technology Association, the total number of female researchers at corporate research centers as of June 2015 reached 46,032, which is over 2,700 more than the end of last year. At this rate, the increment is likely to reach over 4,400 by this year, exceeding that of last year.     Compared to their male counterpart, more female researchers have a master's or PhD degree, As of June this year, the number of female researchers with a master's degree has increased by 15.0 percent and those with a PhD degree has increased by 9.6 percent compared to the end of last year.     The Korean government put the MOTIE in charge of increasing the number of female researchers in various industries and the MOTIE has been making multilateral efforts to open childcare centers at industrial complexes for working moms and provide female middle school, high school and college students with an opportunity to visit the industrial sites.     The MOTIE plans to host a job forum for female researchers that have away from work and open the "Industrial R&D Academy" to support those wishing to come back to work.     * Short version date2015-07-13