Ministry of Trade, Industry and Energy

Korea’s ICT exports record 3.8% growth in 2020

The Ministry of Trade, Industry and Energy announced on January 18 that Korea’s information and communications technology (ICT) Industry posted exports of USD 183.6 billion in 2020.   Outbound shipments of ICT goods last year went up 3.8 percent compared to 2019 despite COVID-19 impacts. The ICT exports achieved the third highest value in history.   Imports by the ICT sector in 2020 totaled $112.6 billion, resulting in a trade surplus of $71.0 billion.   By product cat date2021-01-18

Green car exports, domestic sales hit record high in 2020

The Ministry of Trade, Industry and Energy announced on January 14 that exports and domestic sales of eco-friendly vehicles hit record highs in 2020.   For 2020, the number of domestic vehicles produced by Korea’s seven automakers moved down 11.2 percent to 3.5 million units. Output in the first half of the year was more harshly hit by a slowdown in sales and a difficulty in procuring major parts due to COVID-19. The domestic automobile manufacturers are Hyundai Motor, Kia Motors, G date2021-01-14

FDI pledged to Korea reach $20 billion six years in a row

The Ministry of Trade, Industry and Energy announced on January 12 that foreign direct investments (FDI) pledged to Korea in 2020 recorded USD 20.7 billion, reaching $20 billion for six consecutive years since 2015. FDI commitments lost 11.1 percent last year amid the COVID-19 pandemic. The FDI that actually arrived in Korea decreased 17.0 percent to $11.1 billion. With the outbreak of the virus, the FDI decreased significantly in the first half of the year, but the decline was greatly mitigat date2021-01-12

Government to allow renewable energy purchase as part of RE100 initiative

The Ministry of Trade, Industry and Energy announced on January 5th that it will allow domestic electricity consumers to purchase electricity from renewable sources as part of the RE100 initiative, a global campaign for transition to 100% renewable energy. Both industrial and general consumers of electricity can participate in the K-RE100 system through registration at the state-run Korea Energy Agency. Electricity from renewable sources will be procured through the green premium system, the th date2021-01-06

Korea’s exports reach $512.9 billion in 2020, exceeding $500 billion mark for 4th consecutive year

The Ministry of Trade, Industry and Energy announced on January 1 that Korea’s exports in 2020 reached USD 512.9 billion, falling 5.4 percent. The country’s annual imports recorded $467.2 billion, down 7.2 percent. Korea remained as a net exporter for the 12th consecutive year with a trade surplus of $45.6 billion. Despite a downturn in overall exports due to the global economic fallout and a plunge in oil prices amid pandemic, Korea’s exports showed noticeable signs of recove date2021-01-04

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