Ministry of Trade, Industry and Energy

Retail sales jump 8.4% on steep rise in online shopping in September

The Ministry of Trade, Industry and Energy announced on October 29 that retail sales jumped 8.4 percent to 10.5 trillion won in September on a 22.8-percent increase in e-commerce revenues.  Web-based sales, which account for about a third of the total retail sales, soared 22.8 percent from a year earlier. Last year, Korea celebrated Chuseok in September and online shopping slowed down with delivery services suspended during the national holiday. Chuseok was in early October this year. &nb date2017-10-29

Korea, Saudi Arabia launch Vision 2030 Committee

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 27 that Korea and Saudi Arabia launched the Korea-Saudi Vision 2030 Committee and held a first ministerial-level meeting of the bilateral cooperation platform.   The Korea-Saudi Vision 2030 Committee was set up to systemically support cooperation on the implementation of the Vision 2030, the Kingdom’s new roadmap for development.   The Committee will have a central role in the two countries’ collabo date2017-10-27

20th round of RCEP negotiations to start in Incheon on Oct. 24

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 23 that the 20th round of negotiations for the Regional Comprehensive Economic Partnership (RCEP) will take place in Songdo, Incheon between October 24 and 28.     The RCEP is a proposed free trade agreement (FTA) among 16 nations in the Asia Pacific region including Korea, Japan, China, and 10 member states of the Association of Southeast Asian Nations (ASEAN).     Around 800 officials from date2017-10-23

Auto production, sales grow at double-digit rates in September

The Ministry of Trade, Industry and Energy announced on October 18 that automobile production, domestic sales, and exports grew at double-digit rates in September.   Five domestic automotive makers, Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, and Renault Samsung Motor, produced a total of 356,749 vehicles – up 38.3 percent from a year earlier on higher domestic sales and exports. Production was also boosted by two more working days in September this year compared to the sa date2017-10-18

ICT exports soar 32.6% to record high of $19.3 billion in September

The Ministry of Trade, Industry and Energy announced on October 16 that exports of information and communication technology goods soared 32.6 percent to an all-time high of $19.3 billion in September from a year ago, breaking the previous record set just a month earlier.    Korea’s ICT exports grew at the fastest pace in 89 months since April 2010 and at a double-digit rate for 10 consecutive months.    Imports of ICT goods surged 23.8 percent year-on-year to $9.1 b date2017-10-16

FDI in Korea grows 9.1% to $8 billion in first 9 months of 2017

The Ministry of Trade, Industry and Energy announced on October 11 that foreign direct investment (FDI) arriving in Korea returned to growth in the first nine months of 2017, rising by 9.1 percent to $8 billion from a year ago.   Although new FDI commitments to Korea contracted 9.7 percent year-on-year to $13.6 billion, the amounts of both FDI arrivals and newly pledged FDI are the third highest on record since the government started tracking them in 1962.   The Ministry evaluates date2017-10-11

Ministry to support nuclear reactor exports

The Ministry of Trade, Industry and Energy announced on October 10 that the Ministry will strongly support the domestic industries’ bid to export nuclear reactors.    On October 10, Trade, Industry and Energy Minister Paik Ungyu presided a “nuclear export strategy consultative meeting” with industry representatives in downtown Seoul to discuss the international market environment for reactor sales, strategies for potential markets, and measures to reduce financial date2017-10-10

2nd special session of KORUS FTA Joint Committee held in Washington DC

The Ministry of Trade, Industry and Energy announced that the Ministry and the United States Trade Representative (USTR) convened the second session of the Korea-U.S. Free Trade Agreement (KORUS FTA) Joint Committee on October 4 in Washington, D.C. to continue discussions on the bilateral trade deal.    Trade Minister Kim Hyun-chong and U.S. Trade Representative Robert Lighthizer co-chaired the special session of the Joint Committee established under the KORUS FTA. Trade Minister Kim date2017-10-05