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Special session of KORUS FTA Joint Committee to be held in Seoul
The Ministry of Trade, Industry, and Energy announced on Aug. 18 that the Ministry and the Office of the United States Trade Representative (USTR) will convene a special session meeting of the Joint Committee under the Korea-U.S. Free Trade Agreement (KORUS FTA) on August 22 in Seoul. Trade Minister Kim Hyun-chong and USTR Robert Lighthizer will open the meeting via videoconference, which will be followed by senior-level discussions in Seoul. USTR Chief of Staff Jamieson Greer and Assis date2017-08-18
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Auto production, exports grow in July
The Ministry of Trade, Industry and Energy announced on August 10 that Korea’s automotive industry posted growth in exports as well as domestic production and sales. Exports rose by 5.1 percent to 228,229 vehicles in July from a year ago on strong sales in Europe. Shipments of automobiles to the European Union surged 26.3 percent to $653 million, and those to the rest of Europe jumped 20.6 percent to $213 million. Five domestic automotive makers, Hyundai Motor, Kia date2017-08-10
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ICT exports reach record high for July
The Ministry of Trade, Industry and Energy announced on August 9 that exports of information and communication technology (ICT) goods jumped 20.9 percent to $15.7 billion in July, setting a new record for the month. Korea has posted record-high exports for each month for six consecutive months since February. A significant expansion in semiconductor exports as well as double-digit increases in shipments to major markets including China, Vietnam, the U.S., and the European Union (E date2017-08-09
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Korea’s exports surge 19.5% to $48.9 billion in July
The Ministry of Trade, Industry and Energy announced on August 1 that Korea’s exports expanded 19.5 percent to USD 48.9 billion in July as outbound shipments of high-value products significantly rose and markets diversified. Exports grew at a double-digit rate for the seventh consecutive month for the first time in 70 months since September 2011. The average daily exports went up 19.5 percent to $2.1 billion, while won-denominated exports surged 18.5 percent to $55.4 trillio date2017-08-01
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Retail sales jump 7.2% on fast e-commerce growth in June
The Ministry of Trade, Industry and Energy announced on July 28 that retail sales jumped 7.2 percent in June, led by the fast growth of e-commerce. Online retail sales, which account for about a third of the total retail sales, jumped 13.6 percent year-on-year in June as various promotions by retailers helped drive up food and clothing sales. Revenues generated from physical stores rose by 4.2 percent on higher grocery prices. In the first half of 2017, retail sales advan date2017-07-28
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Material, component exports jump 10.5% to $134.4 billion in 1st half
The Ministry of Trade, Industry and Energy announced on July 19 that exports of industrial materials and components jumped 10.5 percent to USD 134.4 billion in the first half, marking the first double-digit growth in six years since the second half of 2011. Outbound shipments of 12 types of materials and components surged 10.3 percent to $68.6 billion in the second quarter from a year earlier and expanded 10.7 percent to $65.8 billion in the first quarter. Both expo date2017-07-19
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Automobile exports advance 1.3% to $3.8 billion in June
The Ministry of Trade, Industry and Energy announced on July 13 that automobile exports expanded 1.3 percent to USD 3.8 billion from a year ago, marking the fifth consecutive month of growth. The number of vehicles shipped abroad, as opposed to the value in dollars, grew 0.8 percent year-on-year to 240,475, thanks to strong sales in Europe and Central and South America despite the decline in sales in North America, the largest market for Korean automotive makers. Do date2017-07-13
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ICT exports soars 18% to new record for June
The Ministry of Trade, Industry and Energy announced on July 12 that exports of information and communication technology (ICT) goods soared 18 percent to USD 15.9 billion in June, a new record for the month. Outbound shipments in the ICT sector expanded for eight consecutive months and at a double-digit rate for seven straight months as semiconductor exports continued to grow at a fast pace. Imports of ICT goods jumped 21.7 percent to $8.9 billion. Trade surplus in date2017-07-12