Ministry of Trade, Industry and Energy

10th Korea-EU FTA working group meeting on pharmaceuticals and medical devices

The Ministry of Trade, Industry and Energy (MOTIE), together with the Ministry of Health and Welfare and the Ministry of Food and Drug Safety, convened the 10th Korea-EU FTA working group (hereinafter “working group”) meeting on pharmaceuticals and medical devices on May 19 at the Government Complex Sejong via videoconference with their EU counterparts. The Korean delegation was led by MOTIE’s Europe Division Trade Policy Director Seo Sung-tae, while the EU delegation was led date2022-05-19

Korea's automobile exports reach $4.4 billion in April

The Ministry of Trade, Industry, and Energy announced on May 16 that Korea’s April automobiles exports recorded 196,780 units (up 12.4 percent) and USD 4.4 billion (up 6.1 percent) in value. Despite escalating global supply chain uncertainties, Korea showed mostly robust performance in its automobile production, domestic demand, and exports compared to the previous month. Production of cars suffered year-on-year from car parts shortages, less operating days (1 less), and supply chain ho date2022-05-16

424th Korea Trade Commission gives final conclusion on anti-dumping duty expiry review

The Ministry of Trade, Industry and Energy (MOTIE) held the 424th Korea Trade Commission (hereinafter “the Commission”) meeting on May 12 and gave the final conclusion of anti-dumping duty expiry review on butyl glycol ether from the U.S. and France. At the meeting, Chairperson Chang Seung-wha announced the Commission’s decision to suggest to the Economy and Finance Minister an extension of a 5-year 20.1-25.0 percent anti-dumping duty in consideration of possible dumping recur date2022-05-13

Korea's ICT exports hit all-time highs in April, expanding 16.9%

The Ministry of Trade, Industry and Energy announced on May 12 that Korea’s exports of information and communications technology (ICT) products in April advanced 16.9 percent to USD 19.9 billion, hitting record highs in both monthly and accumulated value. Imports expanded 12.4 percent to $12.1 billion, and the trade balance stood at a surplus of $7.8 billion despite external uncertainties, including the Russia-Ukraine situation and China’s lockdowns. Outbound shipments of all major date2022-05-13

Trade Minister discusses investment with Thermo Fisher Scientific for global vaccine hub

Trade Minister Yeo held a videoconference on May 9 with Thermo Fisher Scientific, a U.S. supplier of scientific instrumentation, consumables, and software services, to discuss investment prospects of establishing a life science materials production plant in Korea amid the company’s plans to expand its vaccine materials infrastructure. Thermo Fisher Scientific is a global producer of both raw and subsidiary life science materials with approximately 100,000 personnel across 60 countries. It date2022-05-11

Trade Minister attends Trade Ministers’ Meeting to discuss Ukraine support

Trade Minister Yeo Han-koo attended the virtual Trade Ministers’ Meeting convened by the UK Secretary of State for International Trade Anne Marie Trevelyan on May 4 to discuss support for the people and economy of Ukraine. This meeting was held to strengthen solidarity and cooperation of the international community with respect to economic recovery assistance for Ukraine, and was proposed and held by the UK government. The U.S., Germany, France, Australia, and Japan were among the partici date2022-05-06

Korea's exports grow 12.6% in April

The Ministry of Trade, Industry and Energy announced on May 1 that Korea’s exports in April moved up 12.6 percent to USD 57.7 billion. Imports expanded 18.6 percent to $60.4 billion, resulting in a trade deficit of $2.7 billion. Exports in April achieved double-digit growth for the 14th consecutive month since March of 2021 in spite of Ukraine-Russia crisis, China’s zero-COVID lockdowns and previous year’s base effect. Year-on-year double-digit growth for this April is all the date2022-05-02

MOTIE leads public-private efforts to bolster supply chain response system

Ministry of Trade, Industry and Energy (MOTIE)’s Trade Minister Yeo Han-koo visited the Global Supply Chain Analysis Center (hereinafter 'Analysis Center') on April 29 to assess the supply chain status amidst China’s zero-COVID lockdowns and Russia-Ukraine situation so as to invigorate public-private joint efforts for stronger supply chain intelligence and countermeasures. The Analysis Center was launched on February 9 of 2022 by MOTIE, Korea International Trade Association (KI date2022-05-02