Ministry of Trade, Industry and Energy

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

Korea’s exports in April jump 41.1% to $51.2 billion

The Ministry of Trade, Industry and Energy announced on May 1 that Korea’s exports in April jumped 41.1 percent to USD 51.2 billion. Imports expanded 33.9 percent to $50.8 billion, resulting in a trade surplus of $388 million. Exports in April recorded the sharpest year-on-year growth since January 2011. This is a noticeable improvement, way above the base effect from last year’s contraction (down 25.6 percent). The export value exceeded $50.0 billion for two months in a row, markin date2021-05-03

Amendments to the 「Enforcement Decree of the Environment-friendly Vehicles Act」approved at Cabinet Meeting

The Ministry of Trade, Industry and Energy announced that the government has approved amendments to the “Enforcement Decree of the Act on Promotion of Development and Distribution of Environment-friendly Motor Vehicles” during a cabinet meeting on April 27. The revisions mean that ① public institutions will be required to purchase only environment-friendly vehicles (current requirements are 70% of all vehicles), and ② parking electric vehicles (EVs) at standard charging stations date2021-04-30

Korea’s retail sales move up 18.5% in March

The Ministry of Trade, Industry and Energy announced on April 26 that Korea’s overall retail sales in March saw a year-on-year growth of 18.5 percent. Sales at both offline and online retailers increased, up 21.7 percent and 15.2 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, and four “super date2021-04-27