Ministry of Trade, Industry and Energy

Korea’s ICT industry exports $17.7 billion worth of goods in May

The Ministry of Trade, Industry and Energy announced on June 14 that Korea’s information and communications technology (ICT) industry exported $17.7 billion (up 27.4 percent) worth of goods in May. Imports climbed up 17.7 percent to $10.5 billion, and the trade balance was a surplus of $7.2 billion. Outbound shipments of all major products experienced growth. Semiconductor exports advanced 24.0 percent to $10.1 billion, hitting the $10.0 billion mark in 30 months. Memory chips went up 1 date2021-06-14

Auto exports in May expand 57.5%

The Ministry of Trade, Industry and Energy announced on June 11 that Korea’s automobile output and exports in May grew 10.9 percent and 57.5 percent, respectively. Meanwhile, domestic sales contracted 10.1 percent. The number of vehicles produced by Korean automakers went up 10.9 percent to 256,272 units. The growth in automobile production was mostly attributable to a significant increase in outbound shipments. Over the same period, exports jumped 57.5 percent to 150,894 units. The bas date2021-06-14

Petroleum products rebound; Korea reaches all-time high April exports

Petroleum products rebound; Korea reaches all-time high April exports date2021-06-11

Korea’s exports expand 45.6% to $50.7 billion in May

The Ministry of Trade, Industry and Energy announced on June 1 that Korea’s exports in May expanded 45.6 percent to USD 50.7 billion. Imports went up 37.9 percent to $47.8 billion, resulting in a trade surplus of $2.9 billion. The improvement in exports was mostly due to an ongoing recovery in the global economy. It is the first time since September 2017 that both the export value and volume posted double-digit increases. May exports recorded the highest year-on-year growth for the first date2021-06-01

｢2021 P4G Seoul Summit Energy Session｣

□ The Ministry of Trade, Industry and Energy (Minister Moon Sungwook) organized a thematic session on energy* on the second day of the two-day ｢2021 P4G Seoul Summit (5.30~31)｣. * Thematic sessions : energy, water, food/agriculture, cities, circular economy ㅇ Under the theme ‘A Greener Planet with Innovative Energy Solutions’, representatives from governments, enterprises, and international organizations gathered to discuss innovative energy solutions for carbon neutrality an date2021-06-01

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