Ministry of Trade, Industry and Energy

Government to allow renewable energy purchase as part of RE100 initiative

The Ministry of Trade, Industry and Energy announced on January 5th that it will allow domestic electricity consumers to purchase electricity from renewable sources as part of the RE100 initiative, a global campaign for transition to 100% renewable energy. Both industrial and general consumers of electricity can participate in the K-RE100 system through registration at the state-run Korea Energy Agency. Electricity from renewable sources will be procured through the green premium system, the th date2021-01-06

Korea’s exports reach $512.9 billion in 2020, exceeding $500 billion mark for 4th consecutive year

The Ministry of Trade, Industry and Energy announced on January 1 that Korea’s exports in 2020 reached USD 512.9 billion, falling 5.4 percent. The country’s annual imports recorded $467.2 billion, down 7.2 percent. Korea remained as a net exporter for the 12th consecutive year with a trade surplus of $45.6 billion. Despite a downturn in overall exports due to the global economic fallout and a plunge in oil prices amid pandemic, Korea’s exports showed noticeable signs of recove date2021-01-04

Government announces Basic Plan on Electricity Demand and Supply

The Ministry of Trade, Industry and Energy announced on December 28 the 9th Basic Plan on Electricity Demand and Supply, which consists of power supply and demand forecasts, demand management plans, measures to improve the power market system and reduce of greenhouse gases for the next 15 years. Under the 9th Basic Plan, the government seeks to promote energy transition policies to a safe and clean power generation mix, implement measures to further reduce emissions, and expand investment on th date2020-12-29

Korea’s retail sales in November rise 6.3% in November

The Ministry of Trade, Industry and Energy announced on December 24 that Korea’s overall retail sales in November rose 6.3 percent compared to the same period last year. Sales of physical retailers edged down 2.4 percent, while those of online retailers expanded 17.0 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 stor date2020-12-24

Korea’s ICT exports increase 15.8% to $16.6 billion

The Ministry of Trade, Industry and Energy announced on December 15 that Korea’s November exports of information and communications technology (ICT) goods amounted to USD 16.6 billion, up 15.8 percent compared to the same period last year. This is the 6th consecutive month of year-on-year growth. Imports of ICT products reached $10.4 billion, resulting in a trade surplus of $6.2 billion. Outbound shipments of all products expanded. Shipments of semiconductors moved up 16.1 percent to $8 date2020-12-15

Korea's domestic sales of automobiles rise for 3 straight months

The Ministry of Trade, Industry and Energy announced on December 14 that Korea’s automobile output and exports in November lost 6.3 percent and 10.2 percent, respectively. However, domestic sales went up 5.8 percent and rose for the third consecutive month. Total auto output in November by Korean automakers fell 6.3 percent to 324,472 units. The labor-management conflict at GM Korea and Kia and the production adjustment at Renault Samsung led to the decline. Domestic sales in Korea went date2020-12-14

WTO Panel Report on Korea-Japan Dispute over Anti-Dumping Duties on Stainless Steel Bars

WTO Panel Report on Korea-Japan Dispute over Anti-Dumping Duties on Stainless Steel Bars ‣ The Panel rejected Japan’s key complaints but ruled that Korea partially violated the anti-dumping rules based on issues not included in Japan’s complaint. ‣ The government plans to appeal the ruling due to legal errors contained therein and will discuss a fair alternative appeals process with the Japanese side given the dysfunctional state of the Appellate Body.Read the full text: date2020-12-03

Korea’s November exports grow 4.0% to $45.8 billion

The Ministry of Trade, Industry and Energy announced on November 1 that Korea’s exports in November increased 4.0 percent from a year earlier to USD 45.8 billion. Imports edged down 2.1 percent to $39.9 billion. The trade balance stood at a surplus of $5.9 billion, moving up for 7 straight months. It is the third consecutive month that the trade balance recorded more than $5.0 billion. November exports showed that the economic recovery is gaining momentum. The export growth remained posi date2020-12-01