Ministry of Trade, Industry and Energy

Korea’s auto exports, production post year-on-year increases in H1

The Ministry of Trade, Industry and Energy announced on July 16 that the Korea’s automobile exports in the first six months of this year rose 2.5 percent year-on-year to 1,246,454 vehicles. In value terms, exports improved 7.0 percent to USD 21.7 billion. This increase is largely attributable to greater demand for eco-friendly cars and sport utility vehicles (SUVs).For green cars, outbound shipments jumped 30.1 percent to 112,093 units mainly due to increased sales in the U.S. and the EU.T date2019-07-16

Foreign direct investment pledged to Korea reach $9.9 billion in H1

The Ministry of Trade, Industry and Energy announced on July 11 that foreign direct investment (FDI) pledged to Korea in the first half of this year dropped 37.3 percent year-on-year to USD 9.9 billion. The FDI received by the country over the same period decreased 45.2 percent to $5.6 billion. These declines are mostly attributable to a base effect and a slowdown in global investment activities.Despite the decreases, both numbers remained above their ten-year averages, which are $8.5 billion an date2019-07-11

Trade Minister Yoo’s remarks regarding Japan’s export controls against the ROK

Trade Minister Yoo Myung-hee’s remarks on Japan’s tighter export controls against the Republic of Korea were issued on July 4 prior to a discussion of the matter with relevant organizations and agencies such as the Korea Semiconductor Industry Association (KSIA), the Korea Display Industry Association (KDIA), and the Korea International Trade Association (KITA).Read the full remarks: date2019-07-05

Minister Sung’s statement on Japan’s export controls against the ROK

Trade, Industry and Energy Minister Sung Yun-mo’s statement regarding Japan’s export controls against the Republic of Korea was issued on July 1 before a meeting was held to assess the country’s export conditions with relevant agencies and industry groups. Read the full statement: date2019-07-02

Korean exports in June decrease 13.5% to $44.2 billion

The Ministry of Trade, Industry and Energy announced on July 1 that Korea’s exports in June decreased 13.5 percent year-on-year to USD 44.2 billion. Its imports declined 11.1 percent to 40 billion, resulting in a trade surplus of $4.2 billion.Exports from January to June went down 8.5 percent to $271.6 billion compared to the same period last year. Imports over the same period fell 5.1 percent to $252 billion, and the trade balance in the first half of this year came to a surplus of $19.6 date2019-07-01

Overall retail sales in Korea improve 8% in May

The Ministry of Trade, Industry and Energy announced on June 27 that Korea’s overall retail sales in May saw a year-on-year growth of 8.0 percent as both offline and online retailers experienced sales improvement.Specifically, sales of brick-and-mortar stores inched up 1.9 percent compared to the same period last year, while those of web-based retailers jumped 18.1 percent.The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are brick-and- date2019-06-27

ICT industry exports $14.3 billion worth of goods in May

The Ministry of Trade, Industry and Energy announced on June 21 that Korean information and communications technology (ICT) exports in May decreased 22.6 percent year-on-year to USD 14.3 billion, declining for seven straight months.Imports, on the other hand, grew 10.8 percent to $9.7 billion, and the trade balance in this sector was a surplus of $4.6 billion.Decreases were experienced in exports of semiconductors, displays, mobile phones, and computers and peripheral devices.Outbound shipments date2019-06-21

Korea’s auto output, exports in May see year-on-year increases

The Ministry of Trade, Industry and Energy announced on June 13 that the Korea’s automobile production increased 4.1 percent to 366,152 vehicles in May compared to the same period last year.This growth in output was mostly attributable to higher overseas demand and more working days. The local car manufacturers are Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, Renault Samsung Motors, Zyle Daewoo Bus, and Tata Daewoo.Exports also improved 6.1 percent year-on-year to 226,096 vehicles date2019-06-13