Ministry of Trade, Industry and Energy

Korea’s export value grows 9.5% to $44.8 billion in February

The Ministry of Trade, Industry and Energy announced on March 1 that Korea’s export value went up 9.5 percent to USD 44.8 billion in February. Imports also increased 13.9 percent to $42.1 billion. The trade balance stood at a surplus of $2.7 billion, staying positive for the 10th consecutive month. Exports in February showed growth for the fourth consecutive month despite three fewer working days. Daily exports expanded 26.4 percent, showing the largest growth in 40 months. Outbound ship date2021-03-02

Korea’s retail sales post 6.1% year-on-year growth in January

The Ministry of Trade, Industry and Energy announced on February 25 that Korea’s overall retail sales in January posted a 6.1 percent year-on-year growth. Offline sales fell 5.8 percent, while online sales jumped 22.6 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 store chains, and four “super supermarket” date2021-02-25

Korea's automobile industry posts double-digit growth in output, domestic sales, and exports in January

The Ministry of Trade, Industry and Energy announced on February 15 that Korea’s automobile output, domestic sales, and exports in January all experienced double-digit increases and went up 24.9 percent, 18.4 percent, and 29.5 percent, respectively. Total automobile output in January by Korean automakers climbed up 24.9 percent to 314,190 units. Productions normalized after collective wage bargaining settlements were reached, and increases in domestic sales and exports led to an expansion date2021-02-15

South Korea claims top spot in 2020 global shipbuilding orders

South Korea claims top spot in 2020 global shipbuilding orders date2021-02-10

Exports of Korean ICT goods grow 21.7% to $16.3 billion in January

The Ministry of Trade, Industry and Energy announced on February 10 that Korean exports of information and communications technology (ICT) goods in January expanded 21.7 percent to USD 16.3 billion, the second highest export value for the month of January. Imports of ICT products grew 21.7 percent to $10.7 billion, and the trade balance stood at a surplus of $5.6 billion. Exports of all major items experienced year-on-year increases. Chip exports climbed up 20.5 percent to $8.8 billion and in date2021-02-10

Korea’s January exports expand 11.4% to $48.0 billion

The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports in January expanded 11.4 percent from a year earlier to USD 48.0 billion. Imports also went up 3.1 percent to $44.1 billion. The trade balance stood at a surplus of $4.0 billion, staying positive for the 9th consecutive month. Exports in January showed double-digit growth for two months in a row for the first time in 40 months. It is also the third consecutive month in which the total exports and date2021-02-01

Korea to invest 240 billion won in system semiconductor R&D

The Ministry of Trade, Industry and Energy, Ministry of Science and ICT, and Ministry of SMEs and Startups announced the support measures for the technological innovation in the system semiconductor industry at the Seoul Government Complex on February 1. The Ministries will invest a total of 240 billion won, or USD 215 million, to prominent areas in the system chip industry such as power semiconductors, next generation sensors, and artificial intelligence semiconductors, and foster local fables date2021-02-01

2020 retail sales in Korea expand 5.5% due to strong online sales

The Ministry of Trade, Industry and Energy announced on January 28 that Korea’s retail sales in 2020 expanded 5.5 percent compared to 2019, thanks to strong online sales (up 18.4 percent). Brick-and-mortar sales fell 3.6 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 store chains, and four SSM operators. The ot date2021-01-28