Ministry of Trade, Industry and Energy

Korean auto exports rise 2.4 percent year-on-year in Q1

The Ministry of Trade, Industry and Energy announced on April 17 that Korea’s automobile exports in the first quarter increased 2.4 percent compared to the same period year earlier.The number of Korean vehicles exported from January to March amounted to 587,690 units. In terms of value, exports rose 4.7 percent to USD 10.3 billion. This expansion is primarily a result of robust demand for eco-friendly cars, sports utility vehicles (SUVs), and compact cars.Over the same period, the number o date2019-04-17

The ROK government welcomes WTO ruling over Korea’s restrictions on Japanese food imports

The Government of the Republic of Korea appreciates and welcomes the April 11 decision by the Appellate Body of the World Trade Organization that Korea’s restrictions on Japanese food imports are consistent with the WTO Agreement on the Application of Sanitary and Phytosanitary Measures (SPS Agreement). To read the findings of the WTO Appellate Body:https://www.wto.org/english/news_e/news19_e/495abr_e.htm date2019-04-12

Foreign direct investment pledged to Korea total $3.2 billion in Q1

The Ministry of Trade, Industry and Energy announced on April 11 that foreign direct investments (FDIs) pledged to Korea in the first quarter of this year decreased 35.7 percent year-on-year to USD 3.2 billion. The FDIs that actually arrived in Korea over the same period declined 15.9 percent to $2.6 billion.Key factors that contributed to the decrease of FDI commitments include a slowdown in global investment flows, a strong base effect, and tax reductions for foreign investors that expired at date2019-04-11

The 2nd Korea-Saudi Arabia Vision 2030 Committee Meeting takes place in Seoul

Trade, Industry and Energy Minister Sung Yun-mo and Saudi Arabia’s Economy and Planning Minister Mohammad Al-Tuwaijri reviewed the status of bilateral economic cooperation between Korea and Saudi Arabia and discussed future plans at the second Korea-Saudi Vision 2030 Committee Meeting held in Seoul on April 3.During the meeting, the two countries discussed nearly 40 cooperation projects in five different areas of economic cooperation and their implementation plans.In conjunction with this date2019-04-03

Korea’s March exports drop 8.2 percent to $47.1 billion

The Ministry of Trade, Industry and Energy announced on April 1 that Korea’s exports in March decreased 8.2 percent from a year earlier to USD 47.1 billion. Imports fell 6.7 percent to $41.9 billion.The trade balance stood at a surplus of $5.2 billion, remaining positive for 86 straight months. The average daily exports recorded $2.1 billion.The decline in last month’s exports was mainly due to combined effects of external risks and cyclical factors. The former includes the U.S.-Chin date2019-04-01

Overall retail sales inch down 0.4 percent in February

The Ministry of Trade, Industry and Energy announced on March 28 that Korea’s overall retail sales in February inched down 0.4 percent compared to the same period last year. While offline retail sales fell 7.1 percent, online retail sales gained 12.0 percent.The decline in sales at brick-and-mortar stores was mostly caused by the effect of the Seollal holiday that fell on February 5 this year. Last year, the same holiday fell on February 16. The earlier holiday meant greater demand for gif date2019-03-28

Korean ICT industry’s exports reach $12.7 billion in February

The Ministry of Trade, Industry and Energy announced on March 21 that Korea’s information and communications technology (ICT) industry in February reached USD 12.7 billion in exports and $7.3 billion in imports. The trade balance stood at a surplus of $5.4 billion.Exports of Korean ICT goods last month saw a year-on-year decrease of 19.0 percent. This fourth consecutive monthly decline is mostly a result of slower exports of semiconductors, displays, and mobile phones.By item, semiconducto date2019-03-21

Korean auto industry experiences decline in exports, production, and domestic sales in February

The Ministry of Trade, Industry and Energy announced on March 14 that the Korean automobile industry in February experienced a decline in exports, production, and domestic sales.The number of Korean automobiles exported last month reached 160,442 vehicles, down 1.6 percent compared to the same period last year. This is mostly attributable to fewer working days. Exports in terms of value, on the other hand, improved 2.7 percent to USD 2.9 billion. Outbound shipments of green cars jumped 20.3 perc date2019-03-14