Ministry of Trade, Industry and Energy

Korea’s trade value reaches $1 trillion in 2019 for the third consecutive year despite challenges in global trade

The Ministry of Trade, Industry and Energy announced on January 1 that Korea’s trade value in 2019 reached USD 1 trillion for the third year. Although the country’s annual exports marked a 10.3 percent drop to $542.4 billion and imports saw a 6.0 percent decrease to $503.2 billion, Korea achieved the overall trade value of 1 trillion dollars and remained as a net exporter for the 11th consecutive year with a trade surplus of $39.2 billion.Despite a downturn in semiconductors, pe date2020-01-02

Both online and offline retail sales grow in November

The Ministry of Trade, Industry and Energy announced on December 25 that Korea’s overall retail sales in November grew 7.5 percent from a year earlier. This rise was a result of increases in sales at both online and offline retailers partly due to this year’s Korea Sales Festa that was held last month. The nation’s largest annual shopping festival provides discount benefits to consumers.The analysis was based on surveys of 26 major retailers. Half of them are offline retailers: date2019-12-27

ICT exports in November total $14.3 billion

The Ministry of Trade, Industry and Energy announced on December 22 that Korea’s November exports of information and communications technology (ICT) goods amounted to USD 14.3 billion. Imports of these items reached $9.1 billion, and the trade surplus in this sector was $5.2 billion.Exports fell 21.8 percent compared to the same period last year as a result of falling shipments of semiconductors, display panels, and mobile phones.By item, semiconductor exports dropped 30.7 percent year-on- date2019-12-23

Korean exports of green vehicles up 24.1% to record high in November

The Ministry of Trade, Industry and Energy announced on December 13 that exports of Korean eco-friendly cars in November reached a record monthly high of 28,597 units, up 24.1 percent from a year earlier. By type, year-on-year increases were experienced in all types of green cars except for hybrid electric vehicles (HEVs).Meanwhile, overall auto exports last month decreased 8.6 percent to 217,498 vehicles due to a base effect and fewer overseas orders. Exports in value terms experienced a smalle date2019-12-13

Korea’s November exports fall 14.3% to $44.1 billion

The Ministry of Trade, Industry and Energy announced on December 1 that Korea’s exports in November saw a year-on-year decrease of 14.3 percent to USD 44.1 billion. Imports dropped 13.0 percent to $40.7 billion, resulting in a trade surplus of $3.4 billion.Korean exports last month were affected by several factors: ongoing external uncertainties such as the U.S.-China trade dispute and a global economic slowdown; a delayed price recovery of semiconductors, petrochemicals, and petroleum pro date2019-12-02

Korean retail industry sees sales growth of 4.1% in October

The Ministry of Trade, Industry and Energy announced on November 28 that overall retail sales in Korea improved 4.1 percent from a year earlier. Sales at web-based retailers saw a growth of 12.5 percent, but those at brick-and-mortar stores inched down 1.1 percent.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 oth date2019-11-29

Korean ICT exports amount to $15.5 billion in October

The Ministry of Trade, Industry and Energy announced on November 21 that Korea exported USD 15.5 billion worth of information and communications technology (ICT) goods in October. ICT imports totaled $9.4 billion, resulting in a trade surplus of $6.1 billion.ICT exports fell 23.3 percent from a year earlier due to decreasing shipments of semiconductors, displays, and mobile phones.By item, semiconductor exports dropped 32.1 percent year-on-year to $8.0 billion. System chips increased 6.7 percent date2019-11-22

[ASEAN-ROK Summit] Trade Minister Yoo discusses cooperation with ASEAN ambassadors to Korea in Seoul

Trade Minister Yoo Myung-hee had a luncheon meeting with ambassadors to the Republic of Korea from Association of Southeast Asian Nations (ASEAN) countries in Seoul on November 19 ahead of the ASEAN-Korea Commemorative Summit.The Summit scheduled to be held in Busan from November 25 to 26 will commemorate the 30th anniversary of dialogue relations between Korea and ASEAN.The luncheon was organized to call for cooperation from participating nations of the Summit for its success and discuss the in date2019-11-19