Ministry of Trade, Industry and Energy

Minister Ahn holds Carbon Free Energy Initiative Conference

Trade, Industry and Energy Minister Dukgeun Ahn held a Carbon Free Energy Initiative Conference on July 16 in Seoul to discuss outcomes and outlook of the CFE Initiative with experts and discussed international carbon regulation response and global diffusion of the CFE Initiative.   The conference was attended by representatives of related institutions, companies, and academia, including Korea Institute of Industrial Technology (KITECH), Samsung Electronics, POSCO, GS Energy, Hanwha Solutions, Doosan Enerbility, and Konkuk University. date2024-07-16

Korea’s automobile exports hit historic high of $37 bln for H1

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 16 that Korea’s automobile exports reached a record-breaking USD 37 billion (up 3.8 percent year-on-year) in the first half (H1) of 2024.  In spite of high inflation and shrinking disposable income, H1 automobile exports achieved the feat on the backs of robust North America-bound exports and increasing global demand for hybrid electric vehicles (EVs).  For the month of June, automobile exports amounted to $6.2 billion despite the lower number of working days (-1.5 year-on-year). With the exception of February when Seollal holidays landed this year, automobile exports have been entering the $6 billion thresholds each month since last November. By destination, H1 automobile exports to North America jumped 26 percent to $21.7 billion, driving overall exports. The decline in exports to Europe can be attributed to the recently slowing EV sales across Germany and Northern Europe. In June, exports to North America kept their lead and those to the Middle East turned to an expansion for the first time in eight months since last October, when the Israel-Hamas war broke out. The production volume for H1 approached 2.2 million units (down 2.4 percent year-on-year), maintaining over a monthly average of 350,000 units as major plants in Ulsan and Hwaseong operated at maximum capacity. Once Kia’s Gwangmyeong plant launches into full operation in July, exports are expected to gain greater momentum in H2. Domestic sales dropped 10.7 percent to 798,544 units in H1 2024, set back by a high base effect from last year. Meanwhile, eco-friendly vehicle sales logged an all-time high of approximately 300,000 units.   date2024-07-16

Korea and Israel spur tech synergy at Innovation Day 2024

The Ministry of Trade, Industry and Energy (MOTIE) and the Israel Innovation Authority (IIA) co-hosted Korea-Israel Innovation Day 2024 (“Innovation Day”) on July 16 at the Seongnam Global Convergence Center. The largest technology collaboration event held between the two countries, this year’s Innovation Day drew the participation of a record high total of 30 Israeli universities and companies, including Israel Aerospace Industries (IAI), Foresight Automotive, and TriEye. From Korea, roughly 70 companies are taking part in the bilateral technology exchange, including Samsung Electronics and Hyundai Motor. To note, this year’s Innovation Day is also launching technical seminars and one-on-one business meetings in areas with high synergy potential, such as semiconductor and smart mobility. On the occasion of the event, promising projects will be uncovered and granted funding via the Korea-Israel Industrial R&D Foundation (KORIL-RDF). At last year’s Innovation Day, a smart aviation motor project led by IAI and Korean firm Contromax was selected for the two countries’ joint global R&D. Once the project is completed, Contromax will be supplying its smart motors to major domestic aircraft manufacturers. Since 2001, the Korean and Israeli governments have co-invested a total of USD 93 million in 206 commercialization-focused technology development projects. Every year, around seven joint R&D projects are selected for grant support. date2024-07-16

Korea’s ICT exports climb 28.2% in H1 2024

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 15 that Korea’s export of information and communications technology (ICT) goods for the first half (H1) of 2024 climbed 28.2 percent year-on-year to USD 108.9 billion, the second highest H1 record for ICT exports. Meanwhile, the import of ICT goods decreased 0.7 percent to $67.8 billion and the trade balance stood at a surplus of $41.1 billion.   Increased demand for semiconductors and the surge in their unit price were some of the drivers boosting the ICT industry, which posted double-digit growth for the past six consecutive months.   By item, exports of semiconductors (up 49.9 percent), displays (up 14.6 percent), and computers/peripherals (up 35.6 percent) advanced in H1, but those of mobile phones (down 2.8 percent) retreated.   By region, ICT exports to China (including Hong Kong) (up 37.3 percent), Vietnam (up 21.7 percent), the U.S. (up 19.2 percent), and EU (up 8.2 percent) expanded, while those to Japan (down 9.3 percent) shrank.   Despite the rising import of semiconductors and displays, the import of ICT goods in H1 2024 inched down year-on-year, partially owing to the reduced import of mobile phones.   For June, Korea’s export of ICT goods amounted to a record high of $21.1 billion for the month. Imports reached $10.9 billion, and the trade balance stood at a surplus of $10.2 billion.   By item, semiconductors (up 49.4 percent), displays (up 22.6 percent), mobile phones (up 8.0 percent), and computers/peripherals (up 48.9 percent) were among the majority of ICT goods that enjoyed growth. Thanks to unit price hikes and strong demand for downstream industries like servers and personal computers, semiconductor exports achieved new monthly highs ($13.4 billion) and led the overall ICT industry’s export growth rate over the 30 percent thresholds for three consecutive months.   By destination, ICT exports to China (including Hong Kong) (up 29.2 percent), Vietnam (up 36.8 percent), the U.S. (up 27.0 percent), and the EU (up 1.5 percent) increased, whereas those to Japan (down 8.6 percent) fell.   Korea’s monthly import of ICT goods for June dropped 5.1 percent year-on-year as the import of semiconductors and secondary batteries decreased. date2024-07-15

Trade-related technical regulations issued in H1 2024 reach 2,009

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 14 that the number of trade-related technical regulations issued by World Trade Organization (WTO) member countries during the second quarter (Q2) of 2024 amounted to 818, slightly lower than the 932 of Q2 2023. This adds up to a total of 2,009 technical regulations issued over the first half (H1) of this year, close to the 2,053 of H1 2023. In accordance with the Technical Barriers to Trade (TBT) Agreement, WTO member countries are required to report cases of technical regulatory establishments and revisions that are viewed to significantly impact trade. In Q2 2024, the U.S. issued the highest number of technical regulations (106), taking up 13 percent of total, followed by Egypt (62) and Brazil (55). By industry, food and drug (23 percent), agriculture, livestock and fishery products (18 percent), and ceramic chemistry (16 percent) are among the sectors that issued the highest number of technical regulations this quarter, followed by electrical and electronics (14 percent). Korea’s 15 top and emerging export destinations issued a total of 279 technical regulations, taking up 34 percent. They were led by the U.S. and China, pertaining to regulations concerning energy efficiency and electrical device safety requirements, respectively. date2024-07-15

Korea participates in 7th RCEP Joint Committee Meeting

Director General for Free Trade Agreement (FTA) Policy Ahn Chang-yong is attending the seventh Regional Comprehensive Economic Partnership (RCEP) Joint Committee meeting as Korea’s Chief Delegate through July 15–17 in the Lao People's Democratic Republic (PDR), this year’s ASEAN Chair.   Partner countries hold the RCEP Joint Committee on a quarterly basis to review and discuss various matters concerning the smooth implementation and management of the RCEP Agreement, as well as economic and technological cooperation issues. This year’s Joint Committee Co-Chairs are Indonesia and China, each representing ASEAN and non-ASEAN partner countries.   The seventh RCEP Joint Committee meeting will proceed with the participation of the 15 partner countries’ Chief Delegates and representatives of the ASEAN Secretariat and the Lao PDR’s Ministry of Industry and Commerce.   By the end of this year, partner countries attending this Joint Committee meeting aim to install a support unit in the form of a secretariat for implementing the RCEP, which entered into force in 2022. Other agenda items include RCEP accession procedures and the outcomes of the Joint Committee on RCEP Implementation.   Meanwhile, Director General Ahn plans to visit the Lao Ministry of Industry and Commerce on the occasion of his visit to discuss measures for economic cooperation and launching of joint seminars for RCEP promotion. date2024-07-15

Trade Minister visits Renault Korea's Busan plant

Minister for Trade Inkyo Cheong visited Renault Korea's Busan plant on July 12 under the initiative of promoting foreign investment and discussed hybrid car investment and electric vehicle (EV) investment plans, then toured the stamping, welding, and assembly lines prior to going on a test drive on a new hybrid EV model. date2024-07-15

Korea and China launch 1st bilateral Export Control Dialogue meeting in Beijing

Director General for Trade Controls Policy Choi Woo-hyuk co-chaired the initial Korea-China Export Control Dialogue meeting on July 11 in Beijing with counterpart Jiang Qianliang, Deputy Director General for the Bureau of Industry, Security, Import and Export Control (BISIEC) of the Ministry of Commerce of China.   The two sides exchanged views on export control issues based on the shared consensus formed during the bilateral talks held on the margins of the ninth trilateral Korea-China-Japan summit convened in May this year. Moreover, both sides agreed to keep close communication and make joint effort towards maintaining stable and smooth industrial and supply chains to nurture favorable conditions for the two countries’ trade development. date2024-07-11

MOTIE signs MOU on energy saving and carbon reduction with CNC and Samsung Electronics

The Ministry of Trade, Industry and Energy (MOTIE) entered into a memorandum of understanding (MOU) with the 2050 Presidential Commission on Carbon Neutrality and Green Growth (“CNC”) and Samsung Electronics on July 11 in Seoul to promote energy-saving practices and carbon reduction efforts by utilizing the artificial intelligence (AI) functionality and automated demand response (ADR) system of home appliance management applications (apps).   MOTIE’s Vice Minister Namho Choe took part in the MOU signing with CNC Co-Chairperson Kim Sang-hyup and Samsung Electronics Executive Vice President Park Chan-woo. date2024-07-11

MOTIE signs MOU on energy saving and carbon reduction with CNC and Samsung Electronics

The Ministry of Trade, Industry and Energy (MOTIE) entered into a memorandum of understanding (MOU) with the 2050 Presidential Commission on Carbon Neutrality and Green Growth (“CNC”) and Samsung Electronics on July 11 in Seoul to promote energy-saving practices and carbon reduction efforts by utilizing the artificial intelligence (AI) functionality and automated demand response (ADR) system of home appliance management applications (apps).   MOTIE’s Vice Minister Namho Choe took part in the MOU signing with CNC Co-Chairperson Kim Sang-hyup and Samsung Electronics Executive Vice President Park Chan-woo.   In accordance with this MOU, the three parties plan to launch a nationwide campaign to promote public awareness of energy saving and carbon reduction efforts through Samsung Electronics’ ADR-enabled home appliance management app. As part of the campaign, they will be working in tandem to provide the public with demand response (DR) schedule data, synchronize home appliance management apps, and support the public’s daily efforts to promote carbon neutrality and green growth.   Vice Minister Choe said, “Although we see strong public participation in energy saving, it is still considered necessary but inconvenient. In this regard, this energy saving campaign is a good measure to minimize the inconvenience to participants by synchronizing demand response signaling and smart appliance apps.” date2024-07-11