Ministry of Trade, Industry and Energy

Korea’s exports expand 20.6% to $53.9 billion in February

The Ministry of Trade, Industry and Energy announced on March 1 that Korea’s export value went up 20.6 percent to USD 53.9 billion in February. Imports also increased 25.1 percent to $53.1 billion. The trade balance stood at a surplus of $0.8 billion, faring positive despite high imports from soaring energy prices. Despite rising raw material prices and Russia-Ukraine escalations, February’s trade balance achieved a much better performance compared to January’s, rising by $5.7 date2022-03-02

Trade Minister holds pan-ministerial 25th Trade Committee Meeting

Trade Minister Yeo Han-koo held the pan-ministerial 25th Trade Committee Meeting in Government Complex Seoul on February 24 to discuss response measures in light of the Russia-Ukraine crisis, changing landscape of the Asia-Pacific region’s trade order, and future pursuits for digital trade partnerships. The trade chief stressed the following two points at the beginning of the meeting. One is that the meeting aims to assess the impact of Russia-Ukraine situation on the region’s real date2022-02-28

Korea’s retail sales post 13.9% year-on-year growth in January

The Ministry of Trade, Industry and Energy announced on February 25 that Korea’s retail sales in January posted a 13.9 percent year-on-year growth. Offline sales jumped 18.4 percent, while online sales rose 9.1 percent. The Ministry releases monthly retail sales figures based on surveys of 25 major retailers. 13 of them are brick-and-mortar retailers: three hypermarket chains, three department store chains, three convenience store chains, and four “super supermarket” (SSM) op date2022-02-28

Korea and Indonesia sign MOUs for expanding supply chain cooperation

Trade, Industry, and Energy Minister Moon Sung-wook visited Jakarta, Indonesia through 20-22 of February to hold the Korea-Indonesia Business Forum and raw materials supply chain cooperation with his Indonesian counterparts. One of the goals of this visit was to review the progress made so far since President Moon Jae-in’s state visit in 2017, during which Indonesia expressed commitment to the New Southern Policy. Moreover, the meeting was substantial as it strengthened the cooperation ba date2022-02-24

Minister Moon attends Dialogue with Foreign-Invested Companies

Trade, Industry, and Energy Minister Moon Sung-wook attended the Dialogue with Foreign-Invested Companies presided by President Moon Jae-in at the Blue House on February 17, where representatives of Chambers of Commerce, foreign-invested companies, government officials, and Korea Trade-Investment Promotion Agency (KOTRA) gathered under the theme of “K Dream,” promoting win-win growth of Korea’s economy and foreign-invested companies. The event was convened amidst Korea’s date2022-02-22

MOTIE leads public-private joint efforts amid global chip race

Trade, Industry, and Energy Minister Moon Sung-wook attended the Semiconductor Investment Promotion Conference at the Lotte Hotel Seoul on February 16, held to strengthen the semiconductor industry supply chain and bring about an innovation across Korean companies’ competitiveness landscape. Addressing the rising uncertainties in view of the recent supply chain realignment, Russia-Ukraine geopolitical risk, raw materials price surge, and natural disasters from climate change, attendees ag date2022-02-21

MOTIE aims to achieve both “quarantine” and “economy” through BCP

Trade, Industry, and Energy Minister Moon Sung-wook visited the Jusung Engineering R&D Center located in Yongin-si, Gyeonggi-do on February 17 in order to inspect domestic companies’ Omicron response quarantine conditions. Jusung Engineering is a mid-sized producer of semiconductors, displays, and solar cells, employing 536 workers and having generated KRW 236 billion in sales revenue as of Q3 2021. The visit was made in recognition of the growing importance of companies’ pand date2022-02-21

Trade Minister holds Korea-New Zealand talks

Trade Minister Yeo Han-koo held an online meeting with New Zealand Trade and Export Growth Minister Damien O’Connor on February 15. The two trade chiefs exchanged views on major trade issues, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Digital Economy Partnership Agreement (DEPA), and the Indo-Pacific economic framework. Minister Yeo extended request for New Zealand’s support as Korea is currently seeking to submit an official appli date2022-02-17