Ministry of Trade, Industry and Energy

Overall retail sales in Korea increase 8.5% in September

The Ministry of Trade, Industry and Energy announced on October 26 that Korea’s overall retail sales in September rose 8.5 percent compared to the same period last year. Sales of both offline and online retailers improved 1.0 percent and 20.0 percent, respectively. 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, a date2020-10-26

Korea's auto production, domestic sales, exports all increase in September

The Ministry of Trade, Industry and Energy announced on October 19 that Korea’s automobile output, domestic sales, and exports in September increased 23.2 percent, 22.2 percent, and 14.8 percent, respectively. The number of vehicles produced by Korean automakers jumped 23.2 percent to 342,489 units due to the recovery in domestic sales and exports at the same time. Domestic sales in September experienced a 22.2 percent growth to 162,716 vehicles. Local sales of Korean-made cars increased date2020-10-19

Korea’s ICT exports rise for 4 straight months, up 11.9% to $17.6 billion in September

The Ministry of Trade, Industry and Energy announced on October 15 that Korean information and communications technology (ICT) exports in September went up for the 4th consecutive month and posted a year-on-year growth of 11.9 percent to USD 17.6 billion. Imports also rose 9.0 percent to $9.6 billion, and the trade balance stood at a surplus of $8.1 billion. By item, outbound shipments of semiconductors, displays, computers and peripherals went up, while those of mobile phones went down. Ship date2020-10-15

Foreign direct investment pledged to Korea rise 43.6% to $5.2 billion in Q3

The Ministry of Trade, Industry and Energy announced on October 13 that foreign direct investment (FDI) pledged to Korea totaled USD 5.2 billion in the third quarter, posting a year-on-year growth of 43.6%. Cumulative announced FDI inflows this year reached $12.9 billion. Over the July-September period, the FDI pledges marked the record-high amount for the third quarter as current investors greatly expanded their investment. Investments in high-tech materials, parts, and research and developme date2020-10-13

Korea’s September exports post growth for first time since COVID-19, up 7.7% to $48.1 billion

The Ministry of Trade, Industry and Energy announced on October 1 that Korea’s exports in September went up 7.7 percent to USD 48.1 billion, rebounding for the first time since the outbreak of COVID-19. Imports also increased 1.1 percent to $39.2 billion, resulting in a trade surplus of $8.9 billion. The September exports recorded growth for the first time in seven months, and the percentage of increase was the highest since October, 2018. The trade surplus also marked the largest figure date2020-10-01

Korea’s August retail sales post a year-on-year growth of 6.6%

The Ministry of Trade, Industry and Energy announced on September 29 that Korea’s overall retail sales in August rose 6.6 percent compared to the same period last year. Sales of offline retailers edged down 2.4 percent, but those of online retailers jumped 20.1 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 chai date2020-09-29

Korea's August EV exports grow 22.2%, share of domestic green car sales set new record

The Ministry of Trade, Industry and Energy announced on September 18 that Korea’s automobile output, domestic sales, and exports in August decreased 6.4 percent, 1.2 percent, and 15.8 percent, respectively. The number of vehicles produced by Korean automakers recorded a year-on-year decline of 6.4 percent to 233,357 units. The primary reason for the decline was the resurgence of COVID-19 and temporary shutdowns of major plants due to the new vehicle line facility constructions at Hyundai date2020-09-18

Minister Sung visits Changwon industrial complex as part of Korea’s Green New Deal initiative

Trade, Industry and Energy Minister Sung Yun-mo made an on-site visit to Changwon National Industrial Complex, one of the seven sites for the “smart green industrial project”, on September 17, in the Korean government’s Green New Deal drive to foster high-tech, eco-friendly industrial complexes.The government plans to designate 15 smart green industrial complexes by 2025, and transform traditional manufacturing sites into digitalized, energy-efficient industrial clusters to imp date2020-09-18