Ministry of Trade, Industry and Energy

Korea, UAE seek to enhance economic cooperation

The Ministry of Trade, Industry and Energy announced on March 27 that Trade, Industry and Energy Minister Paik Ungyu attended the memorandum of understanding and contract signing ceremony for economic cooperation between Korea and the United Arab Emirates (U.A.E.) that was held in Abu Dhabi on March 26 (U.A.E. time).During the ceremony, the Korea Electric Power Corporation and the U.A.E.’s Barakah One Company signed the Charter for Joint Business Cooperation.The two countries regarded the date2018-03-27

Korea, U.S. reach revised free trade agreement in principle

Seoul, Korea - The Ministry of Trade, Industry and Energy announced on March 26 that the Republic of Korea and the United States reached an agreement in principle to the revision of the Korea-U.S. Free Trade Agreement. The agreement reached between the two sides has removed the uncertainty that could result from long-term negotiations. Both sides will finalize the details of a draft agreement before proceeding with their respective domestic procedures. The two countries also agreed to exempt t date2018-03-26

ICT exports jump 12% to $15.7 billion in February

The Ministry of Trade, Industry and Energy announced on March 15 that exports of information and communication technology (ICT) goods jumped 12 percent year-on-year to USD 15.7 billion in February.Exports of ICT goods saw double-digit growth for the 15th consecutive month since December 2016, while reaching a record-high for each respective month for 13 straight months.ICT imports also rose 6.9 percent from a year earlier to $7.8 billion, increasing for 16 consecutive months.Trade surplus in thi date2018-03-15

Korea, China to begin follow-up FTA talks in Seoul

The Ministry of Trade, Industry and Energy announced on March 14 that the first round of follow-up negotiations about services and investments under the Korea-China free trade agreement (FTA) will take place in Seoul on March 22 and 23.During President Moon Jae-in’s visit to China in December last year, the Ministry and China’s Ministry of Commerce agreed to commence the negotiations on liberalization in services and investments early this year.The negotiations follow the completion date2018-03-14

Automobile exports see decline in February

The Ministry of Trade, Industry and Energy announced on March 13 that automobile exports saw a year-on-year decline in February.The number of working days in February this year was three days fewer than that in the same month last year due to the Seollal holiday. This contributed to a contraction in automobile exports, production, and domestic sales. In 2017, the national holiday was in January.Automobile exports decreased 17.1 percent year-on-year to 165,952 vehicles. In terms of value, they sh date2018-03-13

Korea’s exports grow 4% to $44.9 billion in February

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 1 that Korea’s exports in February grew 4 percent year-on-year to USD 44.9 billion. This was despite 2.5 fewer working days in February this year compared with the same month in 2017 because of the Seollal holiday.Exports of goods increased for 16 consecutive months for the first time in 74 months since December 2011. The average daily exports of goods rose 17.3 percent to $2.3 billion from a year earlier, achieving grow date2018-03-02

Online retail sales increase 21.6% in January

The Ministry of Trade, Industry and Energy announced on February 27 that online retail sales in January increased 21.6 percent from a year earlier while overall retail sales remained roughly the same due to a 9.2 percent year-on-year decrease in in-store retail sales.Online retail sales in January this year saw the largest year-on-year increase since September 2017. This improvement is attributable to the occurrence of the Seollal holiday in February. In the previous year, the same holiday fell date2018-02-27

Trade Minister Kim signs trade deals with five Central American counterparts

Seoul, Korea - The Ministry of Trade, Industry and Energy announced that Trade Minister Kim Hyun-chong signed free trade agreements with representatives from five Central American countries in Seoul on February 21. The five Central American ministers were El Salvadoran Economy Minister Tharsis Salomón López Guzmán, Honduran Minister of Economic Development Arnaldo Castillo, Costa Rican Minister of Foreign Trade Alexander Mora, Nicaraguan Minister of Development, Industry an date2018-02-21