Ministry of Trade, Industry and Energy

Korea’s auto industry experiences decline in February

The Ministry of Trade, Industry and Energy announced on March 13 that Korea’s automobile industry in February experienced a decline in exports, production, and domestic sales compared to the same period year earlier. Total auto output in February fell 26.4 percent to 189,235 units. The decrease was attributable mainly to the shortage of auto parts from China and the temporary shutdown of production lines due to the coronavirus outbreak. Domestic sales of automobiles also slowed down 18.8 p date2020-03-13

Korea’s February ICT exports record $13.7 billion, increasing for the first time in 16 months

The Ministry of Trade, Industry and Energy announced on March 11 that Korean exports of information and communications technology (ICT) goods in February increased for the first time in 16 months and grew 8.5 percent year-on-year to USD 13.7 billion. Imports went up 5.7 percent to $7.7 billion, and the trade balance stood at a surplus of $6.0 billion. Outbound shipments of all items except for displays experienced increases. Exports of semiconductors went up 9.3 percent to $7.5 billion and incre date2020-03-11

Korea’s February exports rebound for the first time in 15 months and grow 4.5% to $41.3 billion

The Ministry of Trade, Industry and Energy announced on March 1 that Korea’s exports in February rebounded and increased 4.5 percent from a year earlier to USD 41.3 billion. Imports inched up 1.4 percent to $37.2 billion. The trade balance stood at a surplus of $4.1 billion, remaining positive for 97 straight months. February exports marked the first rebound in 15 months despite the outbreak of the new coronavirus. The decline in exports has been improving since hitting a trough in October date2020-03-02

Korean retail industry sees sales growth of 6.6% in January

The Ministry of Trade, Industry and Energy announced on February 28 that overall retail sales in Korea improved 6.6 percent from a year earlier. Sales at both web-based retailers and brick-and-mortar stores increased, 10.2 percent and 4.1 percent, respectively. These findings are based on surveys of 26 major retailers. Half of them are offline retailers: three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSM) operators. The other date2020-02-28

Korean auto industry sees improvement in EV and FCEV exports in January

The Ministry of Trade, Industry and Energy announced on February 14 that Korea’s January exports for electric vehicles (EVs) and fuel cell electric vehicles (FCEVs) increased 11.9 percent and 19.0 percent, respectively. Meanwhile, the Korean automobile industry saw a year-on-year decrease of production, domestic sales, and exports. Total auto output in January fell 29.0 percent to 251,573 units. The decline is mostly attributable to fewer working days due to the Lunar New Year holidays and date2020-02-14

Korean ICT exports record $13.4 billion in January

The Ministry of Trade, Industry and Energy announced on February 12 that Korea exported USD 13.4 billion worth of information and communications technology (ICT) goods in January. ICT imports totaled $8.8 billion, resulting in a trade surplus of $4.6 billion.ICT exports fell 7.2 percent from a year earlier due to decreasing shipments of semiconductors (down 3.3 percent), displays (down 21.3 percent), and mobile phones (down 28.0 percent). By item, semiconductor exports dropped 3.3 percent year- date2020-02-13

Korea’s January exports fall 6.1% to $43.4 billion

The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports in January saw a year-on-year decrease of 6.1 percent to USD 43.4 billion. Imports dropped 5.3 percent to $42.7 billion, resulting in The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports in January saw a year-on-year decrease of 6.1 percent to USD 43.4 billion. Imports dropped 5.3 percent to $42.7 billion, resulting in a trade surplus of $620 million. Korean exp date2020-02-03

Korean retail sales grow 4.8 percent in 2019 due to huge growth in online stores

The Ministry of Trade, Industry and Energy announced on January 29 that Korea’s retail sales in 2019 rose 4.8 percent compared to the previous year. More specifically, online retail sales improved by 14.2 percent, and brick-and-mortar sales edged down 0.9 percent. While online sales posted growth, offline sales such as hypermarket chains and SSM operators declined as online shopping expanded. The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half date2020-01-30