Ministry of Trade, Industry and Energy

Korea’s April retail sales rise 13.7%

The Ministry of Trade, Industry and Energy announced on May 27 that Korea’s retail industry saw a 13.7 percent improvement in sales in April compared to the same period last year. Both offline and online retailers saw growth, up 11.2 percent and 16.5 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are physical retailers: three department store chains, three hypermarket chains, three convenience store chains, a date2021-05-27

Korea, US agree on global vaccine partnership

During President Moon Jae-in’s visit to the United States (May 20-23), Korea and the U.S. agreed to establish a comprehensive “KORUS Global Vaccine Partnership” in a summit meeting on May 22, local time.   Under the partnership, the two countries are to join efforts to accelerate global COVID-19 vaccine production and supply by combining Korea’s biopharmaceutical production capability and the U.S. vaccine development technology and raw material supply capability. date2021-05-24

Korean and US Leaders Agree to Co-Participate in Overseas Nuclear Markets

□ On May 21 (local time), the Presidents of Korea and the United States released a joint statement that Korea and the United States “commit to develop cooperation in overseas nuclear markets, including joint participation in nuclear power plant projects, while ensuring the highest standards of international nuclear safety, security, and nonproliferation are maintained.”   □ In addition, in the factsheet released with the joint statement, Korea and the United States announc date2021-05-22

Minister of Trade, Industry and Energy Organizes Korea-US Business Roundtable During President Moon Jae-in’s US Visit

During President Moon Jae-in’s visit to the United States (May 20-23), Minister of Trade, Industry and Energy Moon Sung-wook took steps to reinforce economic cooperation between the two countries, including the Korea-US Business Roundtable attended by President Moon Jae-in and United States Secretary of Commerce Gina Raimondo.➊ Minister Moon and Secretary Raimondo co-organized the Korea-US Business Roundtable attended by representatives of leading semiconductor, battery, automobile and v date2021-05-22

Korea’s ICT exports advance 32.6% in April

The Ministry of Trade, Industry and Energy announced on May 14 that Korea’s exports of information and communications technology (ICT) products in April advanced 32.6 percent to USD 17.1 billion, hitting the record high value for the month of April. Imports expanded 21.5 percent to $10.8 billion, and the trade surplus stood at a surplus of $6.3 billion. Outbound shipments of all major items experienced growth. Exports of chips increased 29.4 percent to $9.4 billion, rising for 10 straig date2021-05-17

Automobile exports in April jump 52.8% despite global automotive semiconductor shortage

The Ministry of Trade, Industry and Energy announced on May 14 that Korea’s automobile output and exports in April rose 11.8 percent and 52.8 percent, respectively. Meanwhile, domestic sales shrank 3.8 percent. Total output by Korea’s automobile industry in April went up 11.8 percent to 323,644 units despite the global automotive semiconductor shortage. Domestic sales edged down 3.8 percent to 161,097 units, which was partly attributable to the decrease in the special consumption date2021-05-14

S.Korea 11th in global export market for top-ranked items

S.Korea 11th in global export market for top-ranked items date2021-05-10

K-beauty boom makes S.Korea the fourth-largest cosmetics exporter

K-beauty boom makes S.Korea the fourth-largest cosmetics exporter date2021-05-06