Ministry of Trade, Industry and Energy

Korea’s exports remain above $50 billion in September

The Ministry of Trade, Industry and Energy announced on October 1 that exports remained above USD 50 billion in September for five consecutive months. The cumulative exports from January to September grew 4.7 percent year-on-year to a record high of $450.4 billion, indicating robust export growth.When compared to a year earlier, however, September exports decreased 8.2 percent to $50.6 billion because of four fewer working days last month and a high base effect.Average daily exports increased 10 date2018-10-01

Online retail sales post double-digit growth of 13.3 percent in August

The Ministry of Trade, Industry and Energy announced on September 28 that online retail sales in August increased 13.3 percent compared to a year earlier on the back of stronger demand for most item categories.Offline retail sales also went up 2.9 percent thanks to sales growth at convenience stores and super supermarkets (SSMs). This and the double-digit growth in web-based retail sales helped the overall retail sales expand 6.5 percent.The Ministry releases monthly retail sales figures based o date2018-09-28

Trade Ministry, USTR sign revised KORUS FTA

Seoul, Korea - The Ministry of Trade, Industry and Energy announced that Trade Minister Kim Hyun-chong and United States Trade Representative Robert Lighthizer signed the revised Korea-U.S. (KORUS) Free Trade Agreement as a summit between the Korean and U.S. presidents took place in New York City on September 24 (local time). The Trade Ministry will now proceed with its remaining domestic procedures, including submitting an approval request to the Korean National Assembly. date2018-09-25

August ICT exports set record high of $20.2 billion

The Ministry of Trade, Industry and Energy announced on September 17 that exports of information and communications technology (ICT) products in August hit a record high of USD 20.2 billion.Exports of ICT goods increased 15.5 percent compared to a year earlier. ICT imports were also up 0.4 percent to $8.7 billion, and the trade surplus in this sector stood at $11.5 billion.The historically high exports were led by semiconductors and displays. Overseas shipments of semiconductors went up 30.4 per date2018-09-17

Auto exports, production, domestic sales all expand in August

The Ministry of Trade, Industry and Energy announced on September 12 that Korea's automobile exports, production, and domestic sales in August all expanded compared to the same period last year.Exports of finished vehicles grew 2.1 percent year-on-year to 174,869 units. In terms of value, they inched up 0.5 percent to USD 2.9 billion. This is attributable to increased sales of newly launched sports utility vehicles (SUVs) and demand growth in Middle Eastern and non-EU European countries. In addi date2018-09-14

Trade Ministry publishes agreed outcomes of Korea-US FTA amendment and modification negotiations

The Ministry of Trade, Industry and Energy and the Office of the United States Trade Representative published the agreed outcomes of amendment and modification negotiations to the Korea-US Free Trade Agreement at 10:00 p.m. (local time) on September 3.As the first step in its domestic procedure, the Ministry will gather public comments on the Korean translations of the two protocols from September 3 to 10. The submitted comments will be reviewed for possible inclusion before finalizing the Korea date2018-09-03

Korea’s August exports surpass $50 billion for first time

The Ministry of Trade, Industry and Energy announced on September 1 that exports last month expanded 8.7 percent year-on-year to USD 51.2 billion, surpassing $50 billion for the first time for August exports. Exports in the first eight months also reached a record high of $399.8 billion, up 6.6 percent from the same period last year.Average daily exports also hit an August record high of $2.1 billion, and won-denominated exports increased 7.8 percent to 57.4 trillion won.The increase in outbound date2018-09-01

July retail sales up 7.8 percent, as retailers see growth online, offline

The Ministry of Trade, Industry and Energy announced on August 30 that overall retail sales in July 2018 expanded 7.8 percent compared to July 2017, as online and offline retailers both saw growth.   Online sales jumped 17.8 percent, seeing the biggest year-on-year growth since January 2018.   Sales at brick-and-mortar retailers also climbed, 2.3 percent year-on-year, led by sales growth at convenience stores and department stores.   All categories of retailers except for co date2018-08-30