Ministry of Trade, Industry and Energy

Online retail sales increase 28.3 percent in October

The Ministry of Trade, Industry and Energy announced on November 30 that online retail sales in October increased 28.3 percent compared to the same period of last year due to greater demand for travel and concerts in the fall.Offline retailers, on the other hand, saw a decrease of 3.6 percent in sales mainly because of a base effect caused by last year’s Korean Thanksgiving Day that fell in October. This year, the Chuseok public holiday was in September.Despite the slight downturn of brick date2018-11-30

ICT exports increase at double-digit rate to $20.2 billion in October

The Ministry of Trade, Industry and Energy announced on November 14 that exports of information and communications technology (ICT) products in October reached USD 20.2 billion, up 12.3 percent from the same period last year.ICT imports also increased 10.3 percent to $10 billion from a year earlier, and the trade surplus stood at $10.2 billion.Surpassing $20 billion in ICT exports for three straight months was led by semiconductors and computers and peripheral devices.Semiconductor exports rose date2018-11-14

Korea’s auto exports, domestic sales, production all grow at double-digit rates in October

The Ministry of Trade, Industry and Energy announced on November 12 that Korea's automobile exports, domestic sales, and production in October all posted double-digit year-on-year growth rates because of more working days last month.Exports of automobiles recorded 230,086 units, up 32.2 percent from the same period last year. In terms of value, they jumped 35.7 percent to USD 3.9 billion. This is attributable to greater demand for newly launched sports utility vehicles (SUVs) and eco-friendly ca date2018-11-12

Korea’s October exports hit second highest on record

The Ministry of Trade, Industry and Energy announced on November 1 that Korea’s exports in October rose 22.7 percent year-on-year to USD 55 billion, the second highest on record.This achievement was possible because of both internal and external factors. The internal factors include the Korean firms’ pursuit of manufacturing high value products, diversification of exports items, and balanced growth of exports to foreign destinations. The external factors are strong manufacturing indu date2018-11-01

Overall retail sales grow 6.9 percent in September

The Ministry of Trade, Industry and Energy announced on October 30 that overall retail sales in September posted a year-on-year increase of 6.9 percent thanks to growths in both online and retail sales.Brick-and-mortar retailers saw a 6.0 percent growth in sales because of the national Chuseok holiday. Last year, the public holiday was in October.Sales of online retailers increased 8.6 percent, the smallest positive change since October 2017, due to the suspension of delivery services during Kor date2018-10-30

Korea’s annual chip exports surpass $100 billion for first time

Seoul, Korea - The Ministry of Trade, Industry and Energy hosted the 11th Semiconductor Day at COEX in Seoul on October 25 to commemorate this year’s annual exports of semiconductors that surpassed $100 billion for the first time. This is an unprecedented achievement for any single export item. During his commemoration remarks at the event, Trade, Industry and Energy Minister Sung Yunmo said that this accomplishment was possible because of close public-private cooperation, as well as home date2018-10-25

Korea’s first operation of hydrogen buses take place in Ulsan

Seoul, Korea - The Ministry of Trade, Industry and Energy announced on October 22 that Korea’s first operation of hydrogen fuel cell buses was launched in Ulsan, spurring public interest and promoting the national spread of hydrogen buses. A memorandum of understanding (MOU) was signed by the Ulsan city government, Hyundai Motor, and an Ulsan bus company to operate hydrogen buses, spread hydrogen vehicles and charging stations, and raise public awareness about their safety and environment date2018-10-22

Materials, components exports grow 13.6 percent to $237.9 billion in Q1 - Q3

The Ministry of Trade, Industry and Energy announced on October 18 that exports of 11 types of industrial materials and components in the first three quarters of this year went up 13.6 percent year-on-year to $237.9 billion.Imports also rose 5.1 percent to $131.8 billion and the trade surplus stood at $106.1 billion, surpassing the $100 billion mark for the first time for materials and components.By type, electronic components accounted for 44.0 percent of the total exports. The other two types date2018-10-18