Ministry of Trade, Industry and Energy

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

Korea’s August exports of ICT products rise for 3rd consecutive month, up 0.3% to $15.2 billion

The Ministry of Trade, Industry and Energy announced on September 15 that Korean information and communications technology (ICT) exports posted a year-on-year growth of 0.3 percent to USD 15.2 billion. Imports also rose 4.3 percent to $9.2 billion, and the trade balance stood at a surplus of $6.1 billion. By item, outbound shipments of semiconductors, computers and peripherals went up, while those of displays and mobile phones went down. Chip exports increased 2.6 percent to $8.3 billion. Mem date2020-09-15

Korea’s exports in August fall 9.9 percent to $39.7 billion

The Ministry of Trade, Industry and Energy announced on September 1 that Korea’s exports in August decreased 9.9 percent to USD 39.7 billion. Imports fell 16.3 percent to $35.5 billion, resulting in a trade surplus of $4.1 billion. The August exports recorded a single-digit decline for the second consecutive month despite fewer working days (down 1.5 days). Daily exports went down only 3.8 percent, showing the smallest decline since the outbreak of COVID-19. Four out of 15 major export i date2020-09-01

Korea’s retail sales increase 4.4% in July

The Ministry of Trade, Industry and Energy announced on August 28 that Korea’s overall retail sales in July saw a year-on-year growth of 4.4 percent. Sales of offline retailers edged down 2.1 percent, and those of online retailers went up 13.4 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 o date2020-08-31

Korea's auto export decline eases in July, domestic sales increase for 6 straight months

The Ministry of Trade, Industry and Energy announced on August 17 that Korea’s automobile output and exports in July decreased 3.8 percent and 11.7 percent, respectively. Meanwhile, domestic sales went up 8.9 percent, increasing for the 6th consecutive month. The number of vehicles produced by Korean automakers went down 3.8 percent to 345,711 units. The decrease was mainly attributable to a slowdown in overseas demand, but the decline eased due to rising domestic sales and export recover date2020-08-18

Korea’s ICT exports in July advance 3.3% to $15.0 billion

The Ministry of Trade, Industry and Energy announced on August 13 that Korean information and communications technology (ICT) industry’s export growth in July posted a year-on-year growth of 3.3 percent to USD 15.0 billion. Imports inched up 1.2 percent to $9.9 billion, and the trade balance stood at a surplus of $5.1 billion. By item, shipments of semiconductors, mobile phones, computers and peripherals saw growth while those of displays saw a decline. Outbound shipments of semiconduct date2020-08-13