Ministry of Trade, Industry and Energy

South Korea Pushes for National Assembly's Approval of FTAs with China, Vietnam and New Zealand

      The South Korean government submitted three bills to the National Assembly today for approval on the recently signed bilateral free trade agreements (FTAs) with China, Vietnam and New Zealand.   The government will make its best efforts to put the FTAs with these countries into effect as soon as possible to realize their benefits, the MOTIE's Deputy Trade Minister Woo Taehee said in a press briefing today.   date2015-06-08

ROK and Senegal to Cooperate in Trade, Industry and Investment

      Republic of Korea President Park Geun-hye and Republic of Senegal President Macky Sall have agreed to strengthen bilateral cooperation in trade, industry and investment.   During the summit between their leaders in Seoul yesterday, the two countries signed memoranda of understanding to upgrade their economic relations.   MOTIE Minister Yoon Sang-jick attended the signing, which is expected to help Korean companies tap into Senegal's Plan Senegal Emergent (PSE) - or Emerging Senegal Plan - a blueprint for the African country's development. date2015-06-05

South Korea’s Exports Expected to Recover in June

      South Korea's exports are expected to recover significantly in June thanks to an increase in exports of (new) automobiles, an ease in the decline of exports for oil and petrochemical products and two and a half more working days, a government report said this week.   The Korean government will implement its short-term export revitalization measures as planned, which were announced on April 15 with a focus on marketing support, the Ministry of Trade, Industry and Energy said in its press release on the country's trade data for May.   To secure mid- and long-term export competitiveness, the government is preparing a comprehensive package of measures by the end of June through an in-depth analysis of export trends and structural changes in overseas shipments in cooperation with relevant research institutions.   Korea’s exports fell 10.9 percent to $42.4 billion and imports decreased 15.3 percent to $36.1 billion in May from a year earlier, resulting in a trade surplus, for the 40th consecutive month, of $6.3 billion, according to the press release.   Overseas shipments in May recorded the biggest year-on-year decline of the year due to falling unit prices of major products (such as oil, petrochemicals, and steel) and one fewer working day, the MOTIE said in the release.   For more details, please read the MOTIE's latest press release on South Korea's monthly trade data:   date2015-06-04

Export and Import Trends for May 2015

  □ Korea’s exports fell 10.9 percent to $42.4 billion and imports decreased 15.3 percent to $36.1 billion in May from a year earlier, resulting in a trade surplus, for the 40th consecutive month, of $6.3 billion.   □ Overseas shipments showed their largest year-on-year decline for this year in May as a result of persistent unfavorable export conditions including falling unit prices for exports such as oil, a global trade slowdown, and one fewer working day due to a public holiday (Buddha’s Birthday). - By product, shipments of computers, semiconductors, and mobile telecommunication devices showed an increase, while those of steel, ships, and automobiles decreased. By region, exports declined for most regions amid the global trade slowdown. - Exports to the US, China, and Japan continued to fall, while shipments to Hong Kong and Vietnam maintained an upward trend, surpassing Japan in terms of export volume as South Korea’s third and fourth largest overseas markets. ※ Exports to Vietnam increased sharply due to increasing local production of South Korean wireless communication devices and home electronic appliances.   □ The unit prices of major raw materials continued to decrease, but the recent rebound in oil prices mitigated the overall decline.   □ ○ Exports in May recorded the biggest year-on-year decline of the year due to falling unit prices of major products (such as oil, petrochemicals, and steel) and one fewer working day. - Overseas shipments are expected to recover significantly in June thanks to an increase in exports of (new) automobiles, an ease in the decline of exports for oil and petrochemical products and two and a half more working days. ○  The government will implement its short-term export revitalization measures as planned, which were announced on April 15 with a focus on marketing support. * The measures include tapping into e-commerce and domestic markets in China, product marketing in prospective export market regions, assisting small- and medium-sized companies’ exports with problems such as non-tariff barriers, and expanding support for trade insurance. ○ To secure the mid- and long-term export competitiveness, the government is preparing a comprehensive package of measures by the end of June through an in-depth analysis of export trends and structural changes in overseas shipments in cooperation with relevant research institutions. * The package will include the analysis of internal and external factors for the recent export slowdown, assessment and supportive measures for export competitiveness (deregulation, tax support, personnel enhancement, facilitation of investment in facilities and research and development (R&D), utilization of free trade agreements (FTAs), and development of prospective export products.) Attachment: date2015-06-04

MOTIE Launches Website for 3D Printing Design Sellers and Buyers

      The Ministry of Trade, Industry and Energy (MOTIE) launched an internet website () this week that provides a market platform for buyers and sellers of 3D printing design files.   The MOTIE expects the new website will help build an easier and healthier distribution system for 3D printing design files, which are increasingly used in various areas such as healthcare and education.   date2015-06-04

ROK and China Formally Sign FTA for New Era of Future Partnership

      The Republic of Korea (ROK) and China formally signed a bilateral free trade agreement (FTA) in Seoul today, opening a new era of their future partnership.   MOTIE Minister Yoon Sang-jick and China’s Commerce Minister Gao Hucheng hosted the signing ceremony, completing three years of FTA talks that started in May 2012.   During a meeting earlier today, the two ministers concurred that, in addition to promoting bilateral trade and investment, the FTA will serve as a platform to pursue cooperation for new growth engines in all directions between the governments and companies of both countries.   The ROK government will submit a bill to the National Assembly for approval of today’s signed FTA and carry out its implementation as soon as possible in order to quickly bring its benefits to the country's people and companies.   The FTA will go into effect 60 days after both countries notify each other in writing of the completion of their local procedures for the implementation or on a set date agreed upon by both parties. date2015-06-01

Sales Trends by Major Retailers in April 2015

  □ Sales by major retailers, including those of department stores and convenience stores, rose from a year earlier, while those of hypermarkets and super supermarkets had no change or fell marginally, respectively in April 2015.   □By product group, the sales of food rose while those of miscellaneous goods and clothing fell.   date2015-05-30

Automobile Industry Trends for April 2015

    □ The volume of South Korean automobile production and exports decreased by 2.2 percent and 6.0 percent, respectively, while domestic sales increased by 3.4%. This was attributed to economic recession in emerging markets and strong sales of multi-purpose vehicles in the domestic market.   □ : Production decreased by 2.2 percent from a year earlier to 424,402 units. This fall was mainly attributable to economic recession in emerging markets such as Russia, Latin America, and Middle East. Also, weakened competitive edge due to Yen and Euro depreciation contributed as well.   □ : Domestic sales increased by 3.4 percent from a year earlier to 152,834 units. This was attributable to new model launches such as Tucson and Tivoli as well as increase in demand in multi-purpose vehicles.   - Sales of imported cars increased by 14.7 percent from a year earlier to 20,831 units.   □ : Exports decreased by 6.0 percent from a year earlier to 282,019 units. This was attributable to weakened competitive edge due to Yen and Euro depreciation, demand contraction in emerging markets such as Russia, Latin America, and Middle East.   date2015-05-30

MOTIE 2nd Vice Minister Moon Advocates S. Korea's New Energy Policy at CEM6

  The MOTIE's 2nd Vice Minister Moon Jae-do attended the sixth Clean Energy Ministerial (CEM6) held in Merida, Mexico, from May 27 to 28.   During the two-day event, the vice minister advocated South Korea's new policy for energy-related new industries as a shining example of how to tackle energy problems.   VM Moon and other world energy leaders also announced ambitious actions to accelerate the global transition to clean energy.   To find more information about the outcomes of CEM6, please visit its website at   South Korea hosted the fifth CEM last year. The United States will host CEM7 in 2016, and China intends to host CEM8 in 2017. date2015-05-29

MOTIE and Vietnam Discuss Investment, Industrial and Energy Cooperation

    MOTIE Minister Yoon Sang-jick greeted a visit by Ho Chi Minh City Party Committee Secretary Le Thanh Hai earlier this week at his satellite office in Seoul.   During the visit, the two exchanged views on bilateral economic cooperation between South Korea and Vietnam, especially in investment, industry and energy.   date2015-05-28