Ministry of Trade, Industry and Energy

BOOM-UP Korea 2024 to jumpstart exports toward this year's $700 bln target

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 15 that BOOM-UP Korea 2024 is held through April 15-16 at COEX in Seoul. Hosted by MOTIE and co-organized by Korea Trade-Investment Promotion Agency (KOTRA) and Korea International Trade Association (KITA), BOOM-UP Korea 2024 aims to build on the recent export rebound to create a favorable atmosphere for promoting exports and give all-out support towards reaching this year’s USD 700 billion export target.   Launched in 2010, BOOM-UP Korea has been inking over $100 million in business deals each year, and this is the first time that KOTRA and KITA are co-organizing the event. Representatives of approximately 560 world-leading companies like Ørsted, Mitsubishi Motors, and Costco are engaging in over 7,000 business consultations with around 3,000 Korean exporters over the two-day period, sealing an estimated 150 export deals and memorandums of understanding (MOUs) worth $160 million. Some of the noteworthy deals generated through the tradeshow include contract deals on see-through mini fridges entered with Costco and sandwich panels signed with a firm based in Türkiye.   MOTIE’s Minister Dukgeun Ahn and SMEs and Startups Minister Oh Youngju attended the BOOM-UP Korea 2024 opening ceremony on April 15. The two ministers vowed to strengthen interministerial cooperation in the future for stronger support towards exporting SMEs.   Regarding the upward trajectory Korea’s exports are on lately, Minister Ahn said that he looks forward to seeing BOOM-UP Korea 2024 priming the pump in attaining the $700 billion target and boosting the overall economy. He stated that “the Government plans to supply firms with a historic KRW 360 trillion in trade financing and a 1 trillion won export marketing budget as public-private joint efforts to promote exports.”   MSS Minister Oh mentioned that the ministry is currently seeking to realign policies with global perspectives and strengthen assistance for technology and service exports, stating that “for SMEs and startups’ global market penetration and competitiveness building, MSS will work in tandem with the Ministry of Foreign Affairs (MOFA) and MOTIE to install consultative groups at overseas missions to provide joint support.” date2024-04-16

Vice Minister holds emergency meeting to assess impact from Middle East situation

Trade, Industry and Energy Vice Minister Namho Choe held an emergency meeting on April 14 concerning Iran’s aerial attack on Israel on April 13 (local time) to assess the potential impact on domestic industries, export, energy prices, and supply chains with relevant institutions, including the Korea National Oil Corporation (KNOC), Korea Gas Corporation (KOGAS), Korea Trade-Investment Promotion Agency (KOTRA), and K-SURE. date2024-04-15

Trade-related technical regulations issued in Q1 2024 reach all-time high

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 15 that the number of trade-related technical regulations issued by World Trade Organization (WTO) member countries during the first quarter of 2024 amounted to 1,194, surpassing the previous high for the second consecutive year.   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.   Developing countries like Uganda and Egypt were among the countries to have issued the highest number of technical regulations, and the U.S. ranked third with 102 cases this quarter, down from last year’s first place.   Korea’s 15 top and emerging export destinations issued a total of 263 technical regulations (up 8.2 percent year-on-year), the increase led by China (up from six in Q1 2023 to 64 in Q1 2024).   By industry, food and drug (24.8 percent), ceramic chemistry (16.5 percent), and agriculture, livestock and fishery products (13 percent) were sectors that issued the highest number of technical regulations this quarter, followed by electrical and electronics (11.9 percent). date2024-04-15

Korea and Georgia hold intersessional negotiations for bilateral EPA

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 15 that the Korean and Georgian delegations are meeting through April 15-17 in Seoul to engage in intersessional negotiations for the two countries’ bilateral Economic Partnership Agreement (EPA).   Korea’s Director General for FTA Negotiations Peob-min Ryu and Georgia’s Economy and Sustainable Development Deputy Minister Genadi Arveladze are heading their respective delegations.   The intersessional negotiations follow the first official negotiating round convened this February in Georgia, where the two sides held extensive discussions and reached consensus across a number of areas.   During this intersessional meeting, the Korean delegation will be concentrating on discussing the details in areas like goods, services, digital, and cooperation. date2024-04-15

Korea's ICT exports grow 19.4% in March

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 15 that Korea’s export and import of information and communications technology (ICT) goods for March reached USD 18.8 billion (up 19.4 percent year-on-year) and $11.7 billion (down 1.2 percent), respectively, with the trade balance standing at an estimated surplus of $7.1 billion.   ICT exports recorded double-digit growth for the third consecutive month, boosted by strong exports of most major items like semiconductors, displays, mobile phones, and computers/peripherals. Semiconductor exports in particular achieved $11.7 billion, an all-time monthly high for this year.   By item, the export value of semiconductors (up 33.9 percent), displays (up 13.0 percent), computers/peripherals (up 20.3 percent), mobile phones (up 6.6 percent) and other major items showed an overall increase.   By destination, ICT exports to China and Hong Kong (up 32.5 percent), Vietnam (up 6.7 percent), the U.S. (up 22.8 percent), and EU (up 10.5 percent) expanded, whereas those to Japan (down 25.0 percent) declined.   March ICT imports inched down 1.2 percent year-on-year as the import of computers/peripherals and secondary batteries shrank. date2024-04-15

MOTIE holds emergency meeting to monitor domestic impact from Middle East situation

Trade, Industry and Energy Vice Minister Namho Choe held an emergency meeting on April 14 concerning Iran’s aerial attack on Israel on April 13 (local time) to assess the potential impact on domestic industries, export, energy prices, and supply chains with relevant authorities.   According to the assessment carried out by MOTIE and related institutions, the impact on Korea’s domestic industries is limited thus far, but the Government plans to closely follow and respond to future situation development.   At present, the supply of crude oil and LNG has not been disrupted, and oil and LNG carriers either navigating or loading near the Middle East regions are confirmed to be normally operating. Loading for exports and imports is also proceeding without setback. As for items other than crude oil and gas, there are no further identified critical items with high dependence on Middle East sourcing. Moreover, it is assessed that supply chain impact will be limited, as sourcing for bromine and other petrochemical items with relatively higher reliance on the Middle East can seek replacement with domestic production and alternative import channels.   Still, the Korean government plans to gear up for situation management through close monitoring on international oil prices and the impact on Korea’s economy by installing a comprehensive situation room headed by Vice Minister Choe to activate an emergency response team per each area, including oil, gas, trade, and supply chain, to communicate and monitor the situation on a daily basis with related countries and institutions.   Vice Minister Choe remarked that “The Government plans to closely monitor and examine the situation development with related institutions and industries,” and assured that efforts will be made to minimize impact on the Korean economy. date2024-04-15

Minister Ahn discusses investment with Korean firms in U.S.

Trade, Industry and Energy Minister Dukgeun Ahn held a meeting with representatives of Korean companies operating in the U.S. local market on April 11 in Washington D.C. to discuss investment issues and related support measures. date2024-04-13

Minister Ahn meets U.S. Representative Earl Blumenauer

Trade, Industry and Energy Minister Dukgeun Ahn met with U.S. Representative Earl Blumenauer on April 11 (local time) in Washington D.C. to discuss Korea-U.S. economic and trade cooperation, IRA incentives, and visa issues. date2024-04-13

Minister Ahn meets U.S. Representative Rudy Yakym

Trade, Industry and Energy Minister Dukgeun Ahn met with U.S. Representative Rudy Yakym on April 11 (local time) in Washington D.C. to discuss Korea-U.S. economic and trade cooperation, IRA incentives, and visa issues. date2024-04-13

Minister Ahn meets with U.S. Representative Buddy Carter

Trade, Industry and Energy Minister Dukgeun Ahn met with U.S. Representative Buddy Carter on April 11 (local time) in Washington D.C. to discuss Korea-U.S. economic and trade cooperation, IRA incentives, and visa issues.   date2024-04-13