Ministry of Trade, Industry and Energy

Korea’s exports hit a record $55.1 billion in September

The Ministry of Trade, Industry and Energy announced on October 1 that Korea’s exports reached an all-time high of USD 55.1 billion in September, soaring 35 percent from a year earlier.   The strongest performance since the Korean government started tracking trade data in 1956 was achieved as exports of semiconductors and steel hit record highs and various sectors posted double-digit growths in exports.    The growth rate is the highest in 80 months since January 2011, a date2017-10-01

Fast growing e-commerce boosts retail sales by 4.3% in August

The Ministry of Trade, Industry and Energy announced on September 29 that retail sales increased 4.3 percent to 9.81 trillion won in August on a double-digit growth in online revenues.   Online sales, which account for about a third of the total retail sales, jumped 13.1 percent from a year earlier, while in-store revenues inched up 0.4 percent.    Web-based sales returned to a double-digit year-on-year growth after recording a 4.4-percent increase in July. In-store sales grew date2017-09-29

ASEM economic ministers voice support for free, multilateral trade system

The Ministry of Trade, Industry and Energy announced on September 22 that members of the Asia-Europe Meeting (ASEM) voiced their support for free trade and multilateral trade regime at the seventh ASEM Economic Ministers’ Meeting (ASEM EMM) in Seoul.    Economic ministers and high-level officials from the 51 ASEM members adopted a joint statement that supports multilateral trade system and calls for joint response to protectionism. The statement also urged ASEM members to make date2017-09-22

Korean, US trade ministers meet in Washington DC

The Ministry of Trade, Industry and Energy announced that Trade Minister Kim Hyun-chong met with United States Trade Representative (USTR) Robert Lighthizer on September 20 in Washington D.C. to discuss the Korea-U.S. Free Trade Agreement (KORUS FTA).    During the meeting, the Korean side proposed a second special session of the Joint Committee under the KORUS FTA to continue talks on matters discussed in the first special session held on August 22 in Seoul.    Based on date2017-09-20

Korea to host 2019 International Renewable Energy Conference

The Ministry of Trade, Industry and Energy (MOTIE) announced on September 15 that Korea won the bid to host the 2019 International Renewable Energy Conference (IREC).   During the 2017 IREC in Mexico, the steering committee of REN21 (Renewable Energy Policy Network for the 21st Century) chose Korea as the next host over strong competitors for the country’s energy transition policy with a focus on renewable energy. Korea is the first Asian country that officially declared gradual shi date2017-09-15

ICT exports hit all-time high in August, up nearly 24%

The Ministry of Trade, Industry and Energy announced on September 13 that exports of information and communication technology (ICT) goods hit all-time high in August, rising 23.9 percent to USD 17.5 billion from a year ago on record semiconductor sales.    Exports in the ICT sector advanced for 10 consecutive months and at a double digit rate for 9 straight months. For seven consecutive months, ICT exports set a new record for each month.    Imports of ICT goods 13.3 perc date2017-09-13

Korea’s car industry posts double-digit growths in production, exports in August

The Ministry of Trade, Industry and Energy announced on September 12 that production, domestic sales, and exports of automobiles jumped by double-digit rates in August.    The number of vehicles produced by five domestic carmakers -- Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, and Renault Samsung Motors -- surged 26.3 percent to 274,166 units in August from a year earlier when large-scale strikes slowed down production.    Domestic sales that include imported ve date2017-09-12

Korea, ASEAN discuss further economic cooperation in Manila

The Ministry of Trade, Industry and Energy announced on September 10 that Korea and the Association of Southeast Asian Nations (ASEAN) discussed further economic cooperation during Trade Minister Kim Hyun-chong’s visit to Manila from September 8 to 10.   The talks, which aim to deepen and expand relations with the ASEAN, encompassed further liberalization under the Korea-ASEAN Free Trade Agreement (FTA) and a new mega trade pact, the Regional Comprehensive Economic Partnership (RCEP date2017-09-10