Ministry of Trade, Industry and Energy

Korea’s exports jump 6.2 percent in July

The Ministry of Trade, Industry and Energy announced on August 1 that exports topped USD 51.9 billion in July, returning to year-on-year growth after a month of contraction.   The value of average daily exports advanced 4.0 percent compared to July 2017 to hit $2.2 billion, growing for three consecutive months. Average daily exports excluding ships jumped 15.1 percent to $2.1 billion, continuing a 21-month growth streak.   The volume of overall outbound shipments advanced 3.3 perce date2018-08-01

June retail sales climb 8.1 percent

The Ministry of Trade, Industry and Energy announced on July 30 that overall retail sales in June grew 8.1 percent from a year earlier, boosted by strong online sales.   Online sales surged 14.0 percent in June, continuing an eight-month streak of double-digit growth.    Sales at brick-and-mortar retailers also advanced 4.8 percent year-on-year, although their share of total sales decreased as online sales soared.   The Ministry of Trade, Industry and Energy estimates m date2018-07-30

Auto industry slows in June due to fewer working days

The Ministry of Trade, Industry and Energy announced on July 20 that car production, car exports, and domestic sales all saw year-on-year declines in June due to two fewer working days.   Automobile exports decreased 7.7 percent year-on-year to 218,874 vehicles in June 2018. In terms of value, they shrank 9.9 percent to USD 3.5 billion. This decrease is attributable to the export slowdown in the U.S. market and due to production increases in Korean automakers’ overseas plants.  date2018-07-20

June ICT exports hit $19.1 billion

The Ministry of Trade, Industry and Energy announced on July 18 that exports of information and communication technology (ICT) goods in June were worth more than USD 19.1 billion. The monthly export figure is tied for the second-highest ever.   Exports of ICT goods in June surged 20.4 percent compared to a year earlier, achieving double-digit year-on-year growth for the 19th consecutive month, since December 2016.    ICT imports inched downward 3.0 percent year-on-year to $8.6 date2018-07-18

Industrial materials, components exports hit record high in H1

The Ministry of Trade, Industry and Energy announced on July 19 that exports of industrial materials and components set a new record of USD 155.6 billion in the first half of 2018, growing 15.6 percent year-on-year.   Imports and trade surpluses of 11 types of materials and components were also at an all-time high. Imports rose 8.2 percent to $88.1 billion and the trade surplus stood at $67.5 billion.   Exports of both materials and components achieved double-digit growth of 14.2 p date2018-07-18

June exports inch down 0.1 percent

The Ministry of Trade, Industry and Energy announced on July 1 that Korea’s exports recorded USD 51.2 billion in June, inching downward 0.1 percent year-on-year. This was due to the high base effect from the large-scale exports seen a year earlier. Average daily exports grew 6.9 percent year-on-year to $2.4 billion, achieving growth for two months in a row. Average daily exports excluding ships jumped 21.7 percent to $2.3 billion, growing for 20 straight months.    Im date2018-07-01

Retail sales up 6.7 percent in May, led by online sales

The Ministry of Trade, Industry and Energy announced on June 27 that overall retail sales in May expanded 6.7 percent from a year earlier on the back of strong online sales.   Online sales surged 17.2 percent, continuing a seven-month streak of double-digit growth.    Sales at brick-and-mortar retailers also advanced 1.2 percent year-on-year, led by sales growth at convenience stores and department stores.   All categories of retailers, except convenience stores, saw a date2018-06-27

ICT exports continue to show double-digit growth in May

The Ministry of Trade, Industry and Energy announced on June 18 that exports of information and communication technology (ICT) goods marked their fourth-highest monthly figure of USD 18.6 billion in May.Exports of ICT goods were up 20.6 percent compared to a year earlier, achieving double-digit year-on-year growth for the 18th consecutive month, since December 2016.ICT imports also jumped 9.0 percent year-on-year to $8.7 billion, and the trade surplus in this sector stood at $9.8 billion.The con date2018-06-18