Ministry of Trade, Industry and Energy

Trade Figures for June

date2011-07-05

Trade Figures for First Half of 2011

Exports grew in most key areas. Outbound shipments of petroleum products, ships and automobiles posted strong year-on-year growth. Higher global oil prices boosted the average export price per barrel of petroleum products 38.6 percent. As the shipbuilding industry bounced back, it received new orders for high-value-added ships such as drillships and oil tankers and delivered those ships on schedule. From January 1 to June 20, exports to key trading partners increased.   Meanwhile, imports climbed 26.6 percent to $258 billion. The average value of all imports per day reached $1.92 billion. With imports of crude oil and coal jumping 46.8 percent and 46.4 percent from a year ago, respectively, inbound shipments of raw materials, which accounted for 63.1 percent of all imports, went up 35 percent. Imports of capital and consumer goods increased 12.7 percent and 31.6 percent, respectively.     date2011-07-04

Business Sentiment Improves in Second Quarter

The Ministry of Knowledge Economy and the Korea Institute for Industrial Economics and Trade released the Business Survey Index (BSI) for the second quarter, which showed improved sentiment among Korea’s manufacturers compared with the previous quarter. The index for the second quarter stood at 101, while the corresponding figure for the first quarter was 96. The BSI is intended to measure local manufacturers’ assessment of and prospects for business conditions in Korea. A total of 500 manufacturers responded to the quarterly online survey. An index reading above 100 indicates that manufacturers consider current business conditions better than conditions in the previous quarter. The BSI reading for sales and domestic demand were higher than the 100 baseline, while exports and ordinary profits came in at 99 and 91, respectively. The automobile and precision equipment sectors performed better than in the first quarter. In contrast, readings for the semiconductor and textile sectors fell below the 100 mark. Prospects for business conditions in the third quarter reached 111, meaning optimists outnumbered pessimists. Notably, with an index reading of 162, manufacturing companies had high expectations for the semiconductor sector. * Released by the Industrial Economic Policy Division date2011-06-30

Minister Greets Danish Climate Minister

Minister Greets Danish Climate Minister Minister of Knowledge Economy Choi Joong-Kyung shakes hands with Danish Minister for Climate and Energy Lykke Friis on June 20 in Seoul. The two officials discussed bilateral cooperation on green growth. date2011-06-23

Minister Speaks with Qatari Health Minister

Minister of Knowledge Economy Choi Joong-Kyung speaks with Qatari Minister of Health Abdulla Bin Khalid Al-Qahtani on June 21 in Gwacheon, south of Seoul. The two officials shared ideas on partnerships involving trade, investment and IT-enhanced healthcare. date2011-06-23

Korea Appointed Secretariat of International Smart Grid Action Network

For the next three years Korea will serve as Secretariat of the International Smart Grid Action Network (ISGAN), a mechanism for multilateral collaboration involving 20 member countries. As interim Secretariat since November 2010, Korea took the lead in supporting ISGAN’s administrative processes and communications. Recently, representatives of member governments and the International Energy Agency gathered in Seoul to kick off the first official meeting. Italy was chosen as Chair, with the United States and Korea as Vice Chairs. The representatives also assessed ISGAN’s progress in four foundational projects: a global inventory of smart grid policies and activities; smart grid case studies; cost-benefit analyses and toolkits; and a synthesis of insights for decision makers. “Korea will take a central role in facilitating a dynamic exchange of information to ensure the achievement of the shared goal: to advance the development and deployment of smarter electric grids around the world,” Vice Minister for Trade and Energy Kim Junggwan said at a ceremony held to celebrate Korea’s new role. ISGAN was launched in July 2010 at the first Clean Energy Ministerial in Washington, D.C., and formally established under the IEA via an Implementing Agreement signed in April at the second Ministerial in Abu Dhabi. For further information, please see the press release dated April 21. * Released by the Smart Grid and Electricity Market Division date2011-06-23

Vice Minister Promotes Green Energy

Vice Minister for Trade and Energy Kim Junggwan speaks at the Global Green Energy Leaders’ Forum on June 14 in Seoul. The forum drew almost 500 participants, including dignitaries from Japan, the United States and Denmark. date2011-06-21

Minister Travels to Russia to Promote Investment, Technology Cooperation

Minister Travels to Russia to Promote Investment, Technology Cooperation Minister of Knowledge Economy Choi Joong-Kyung traveled to Moscow last week for a brief trip to follow up on two memorandums of understanding. One MOU addresses industrial partnerships between Korea and Russia, and the other deals with joint efforts to modernize the Russian economy. While in Moscow, Minister Choi met with business leaders and senior government officials and attended an investment forum and a forum on indus date2011-06-21

Korea, U.S. State of Maryland Forge Industrial Ties

  Korea, U.S. State of Maryland Forge Industrial Ties Minister of Knowledge Economy Choi Joong-Kyung and Maryland Governor Martin O’Malley ink the Memorandum of Understanding on Industrial Cooperation on June 7 in Seoul. date2011-06-17

MKE Senior Official Speaks at Global Biomedical Forum

Director General for Emerging Industries Kim Joon Dong speaks at the opening of the Global Biomedical Forum on June 8 in Seoul. Participants included industry representatives from the United States, Japan and China. date2011-06-17