Ministry of Trade, Industry and Energy

Government announces Basic Plan on Electricity Demand and Supply

The Ministry of Trade, Industry and Energy announced on December 28 the 9th Basic Plan on Electricity Demand and Supply, which consists of power supply and demand forecasts, demand management plans, measures to improve the power market system and reduce of greenhouse gases for the next 15 years. Under the 9th Basic Plan, the government seeks to promote energy transition policies to a safe and clean power generation mix, implement measures to further reduce emissions, and expand investment on th date2020-12-29

Korea’s retail sales in November rise 6.3% in November

The Ministry of Trade, Industry and Energy announced on December 24 that Korea’s overall retail sales in November rose 6.3 percent compared to the same period last year. Sales of physical retailers edged down 2.4 percent, while those of online retailers expanded 17.0 percent. The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience stor date2020-12-24

Korea’s ICT exports increase 15.8% to $16.6 billion

The Ministry of Trade, Industry and Energy announced on December 15 that Korea’s November exports of information and communications technology (ICT) goods amounted to USD 16.6 billion, up 15.8 percent compared to the same period last year. This is the 6th consecutive month of year-on-year growth. Imports of ICT products reached $10.4 billion, resulting in a trade surplus of $6.2 billion. Outbound shipments of all products expanded. Shipments of semiconductors moved up 16.1 percent to $8 date2020-12-15

Korea's domestic sales of automobiles rise for 3 straight months

The Ministry of Trade, Industry and Energy announced on December 14 that Korea’s automobile output and exports in November lost 6.3 percent and 10.2 percent, respectively. However, domestic sales went up 5.8 percent and rose for the third consecutive month. Total auto output in November by Korean automakers fell 6.3 percent to 324,472 units. The labor-management conflict at GM Korea and Kia and the production adjustment at Renault Samsung led to the decline. Domestic sales in Korea went date2020-12-14

WTO Panel Report on Korea-Japan Dispute over Anti-Dumping Duties on Stainless Steel Bars

WTO Panel Report on Korea-Japan Dispute over Anti-Dumping Duties on Stainless Steel Bars ‣ The Panel rejected Japan’s key complaints but ruled that Korea partially violated the anti-dumping rules based on issues not included in Japan’s complaint. ‣ The government plans to appeal the ruling due to legal errors contained therein and will discuss a fair alternative appeals process with the Japanese side given the dysfunctional state of the Appellate Body.Read the full text: date2020-12-03

Korea’s November exports grow 4.0% to $45.8 billion

The Ministry of Trade, Industry and Energy announced on November 1 that Korea’s exports in November increased 4.0 percent from a year earlier to USD 45.8 billion. Imports edged down 2.1 percent to $39.9 billion. The trade balance stood at a surplus of $5.9 billion, moving up for 7 straight months. It is the third consecutive month that the trade balance recorded more than $5.0 billion. November exports showed that the economic recovery is gaining momentum. The export growth remained posi date2020-12-01

October retail sales in Korea expand 8.4%

The Ministry of Trade, Industry and Energy announced on November 23 that Korea’s overall retail sales in October went up 8.4 percent compared to the same period last year. Sales of offline and online retailers improved 2.1 percent and 17.1 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and date2020-11-23

[JOINT MINISTERIAL STATEMENT - 31ST APEC MINISTERIAL MEETING 2020]

JOINT MINISTERIAL STATEMENT  31st APEC MINISTERIAL MEETING 2020 We, the APEC Ministers, met on 16 November 2020, under the Chairmanship of The Honourable Dato' Seri Mohamed Azmin Ali, Senior Minister and Minister of International Trade and Industry, Malaysia. This marks the first time that the APEC Ministerial Meeting (AMM) has convened virtually. We assessed the forum's achievements in 2020, provided guidance on future work, and discussed preparations for the 2020 APEC Economic Leaders' date2020-11-17