Ministry of Trade, Industry and Energy

Korea's exports fall 13.6% in March, but trade balance improves

The Ministry of Trade, Industry and Energy announced on April 1 that Korea’s exports in March declined 13.6 percent year-on-year to USD 55.1 billion. Imports fell 6.4 percent to $59.8 billion. Trade balance stood at a deficit of $4.6 billion. March exports were hit by the slowdown in the global economy and semiconductor industry, as well as the high base effect of last year’s March exports having recorded historic highs. Meanwhile, export value managed to reclaim $55 billion thresho date2023-04-03

Trade Minister holds 32nd Trade Promotion Committee meeting

Minister for Trade Dukgeun Ahn chaired the 32nd Trade Promotion Committee meeting on March 30 and led discussions on five major agenda items: 1) Korea’s response trade issues related to major countries, 2) progress in and responses to the Indo-Pacific Economic Framework for Prosperity (IPEF) negotiations, 3) the direction of the Economic Partnership Agreement (EPA), 4) the World Trade Organization (WTO) fisheries subsidies follow-up, and 5) assistance measures for overseas plant bid projec date2023-03-31

MOTIE announces 2-track strategy measure to strengthen NPP EM exports

The Ministry of Trade, Industry and Energy (MOTIE) announced strategy measures to strengthen exports of nuclear power plant equipment and materials (NPP EM) at the 4th Nuclear Power Plant Export Strategy Committee Meeting on March 29 at Four Seasons Hotel Seoul. Global demand for NPP EM has recently been on the rise due to the construction of new NPPs and expanding continued operations, while major NPP supplier countries are experiencing weakening EM manufacturing due to abandoned NPP projects, date2023-03-30

MOTIE announces appointment of "Baby Shark" as 5th ambassador for World Expo 2030 Busan

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 28 that “Baby Shark”, created by the Korean company Pinkfong, has been appointed as the fifth official honorary ambassador for World Expo 2030 Busan by the World Expo 2030 Busan Bid Committee and Busan Metropolitan City. Loved by kids and parents from all around the world, Baby Shark is an animated character created in 2016 and will promote Busan City as host for World Expo 2030 as the fifth honorary ambassador al date2023-03-29

Korea's retail industry grows 7.9% in February

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 28 that Korea’s retail sales in February achieved an overall growth of 7.9 percent, year-on-year. Offline and online sales both expanded, by 8.0 percent and 7.8 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 25 major retailers. Thirteen of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four date2023-03-29

Trade Minister discusses measures for promoting export to Japan

Minister for Trade Dukgeun Ahn held a conference on March 22 at COEX in Seoul with domestic companies exporting to Japan and discussed measures for expanding exports to Japan and gathered industry opinions. The conference was held to seek measures for boosting exports to Japan and strengthening industrial and trade cooperation by capitalizing on the improving Korea-Japan relations following the recent summit meeting in Tokyo. Japan is one of Korea’s four major importers, a core market, a date2023-03-28

MOTIE launches 7th Energy Commission

Trade, Industry and Energy Minister Lee Chang-yang launched the 7th Energy Commission (hereinafter “Commission”) and held the 28th Energy Commission meeting at the Lotte Hotel Seoul on March 24. The newly appointed 25 Commission members consist of a balanced mix of experts with professional careers currently in areas like power generation, nuclear power plants, renewables, hydrogen, resources, and those with academic backgrounds in economics, law and engineering. In his opening mes date2023-03-27

Korea and Israel kick smart mobility cooperation into high gear

The Ministry of Trade, Industry and Energy (MOTIE) held the Korea-Israel Innovation Day with the Israel Innovation Authority in Tel Aviv on March 21 with representatives from both countries’ industry, academia and R&D there to further bolster smart mobility technology cooperation. Korea and Israel have joint investments adding up to approximately USD 77 million, and 196 international joint R&D projects. This year, the two countries will focus on smart mobility, a rapidly growing date2023-03-24