Ministry of Trade, Industry and Energy

ICT exports jump 25.9% to $18.6 billion in November

The Ministry of Trade, Industry and Energy announced on December 14 that exports of information and communication technology (ICT) goods jumped 25.9 percent to USD 18.6 billion, the second highest on record, in November from a year earlier on strong demand for semiconductors.     Exports of ICT goods increased at double-digit rates for 12 consecutive months, and reached a record-high for each respective month for 10 straight months.    Imports surged 17.1 percent yea date2017-12-14

Ministry announces 8th Basic Plan for Electricity Supply and Demand

The Ministry of Trade, Industry and Energy announced on December 14 a draft of the 8th Basic Plan for Long-term Electricity Supply and Demand.    Under the new biennial plan, which reflects environmental and safety factors in addition to stable power supply and economic efficiency, Korea will produce more power from renewable energy sources and natural gas, while gradually reducing its reliance on coal and nuclear power.    The Basic Plan for Long-term Electricity Supply date2017-12-14

Automobile exports grow 3.4% on strong sales of eco-friendly cars in November

The Ministry of Trade, Industry and Energy announced on December 12 that exports of automobiles grew 3.4 percent to $4.1 billion on strong sales of eco-friendly cars and large vehicles in November.    Meanwhile, production and domestic sales by number of vehicles contracted 8 percent and 1.2 percent, respectively.   Automobile exports by value climbed in November although the number of vehicles shipped abroad declined 8 percent to 237,083.    Korean carmakers expor date2017-12-12

Korea’s exports grow 9.6% to $50 billion in November

The Ministry of Trade, Industry and Energy announced on December 1 that Korea’s exports in November grew 9.6 percent to USD 50 billion, a record for the month.  Exports of goods rose for the 13th consecutive month for the first time in 71 months since December 2011. The average daily exports of goods rose by 9.6 percent to $2.1 billion. Won-denominated exports increased 4.3 percent to 54.9 trillion won.  The total exports between January and November reached an all-time high of date2017-12-01

Retail sales grow 3% in October

The Ministry of Trade, Industry and Energy announced on November 29 that Korea’s retail sales grew 3 percent to 10.13 trillion won in October from a year ago.    Online sales, which account for about a third of the total retail sales, rose by 4.2 percent, a relatively slow pace compared to past months due to the suspension of delivery services during the Chuseok holiday between October 3 and 9. In-store sales climbed 2.5 percent.   By product, sales in five of seven majo date2017-11-29

ICT exports rise 20.6% to $18 billion in October

The Ministry of Trade, Industry and Energy announced on November 15 that exports of information and communication technology goods rose by 20.6 percent to USD 18 billion, the second highest on record, in October from a year ago.   For nine consecutive months between February and October, Korea’s ICT sector posted record-high exports for each respective month. Exports of ICT goods also grew at double-digit rates for 11 straight months.   Imports in the ICT sector advanced 11 p date2017-11-15

Fewer working days drive down automobile production, exports in October

The Ministry of Trade, Industry and Energy announced on November 9 that automobile production, domestic sales and exports decreased at double-digit rates in October due to fewer working days in the month.    October this year had four fewer working days compared to a year ago because Korea celebrated the Chuseok holiday. The national holiday was in September last year.   Five domestic carmakers – Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, and Renault Samsung M date2017-11-09

Korea’s exports rise by 7.1% to $45 billion in October

The Ministry of Trade, Industry and Energy announced on October 1 that Korea’s exports rose by 7.1 percent to USD 45 billion in October despite fewer working days.    Exports of goods grew for the 12th consecutive month and outbound shipments of semiconductors reached the second highest on record although October this year had 4.5 fewer working days compared to a year earlier, according to the Ministry’s analysis of preliminary customs data.    The average dai date2017-11-01