Ministry of Trade, Industry and Energy

ICT exports jump 17.4 percent to new record for May

The Ministry of Trade, Industry and Energy announced on June 14 that exports of information and communication technology (ICT) goods surged 17.4 percent year-on-year to USD 15.4 billion in May, a new record for the month. Exports in the ICT sector, which broke the previous record of $15.3 billion, set in May 2013, advanced for seven consecutive months and at double-digit rates for six straight months as outbound shipments of semiconductors rose sharply. Imports of ICT goods grew 13.4 percent t date2017-06-14

Strong sales of eco-friendly cars boost auto exports in May

The Ministry of Trade, Industry and Energy announced on June 13 that exports of automobiles rose by 3.6 percent to $3.5 billion in May on strong sales of eco-friendly vehicles, marking the fourth consecutive month of growth.   The number of vehicles shipped abroad increased 2.1 percent year-on-year to 221,237 in the meantime. The value of automobile exports grew at a faster pace on strong sales of eco-friendly cars and small-size sports utility vehicles.    An average price of date2017-06-13

Korea-EU FTA implementation committees meet in Seoul

The Ministry of Trade, Industry and Energy announced on June 11 that representatives from Korea and the European Union will meet in Seoul between June 12 and 14 to review the implementation of the Korea-EU Free Trade Agreement and discuss further economic cooperation.   Under the Korea-EU FTA, seven specialized committees, seven working groups, and a dialogue are established and supervised by the ministerial-level Trade Committee. During the upcoming session, the Working Group on Pharmace date2017-06-11

Korea’s exports rose by 13.4% to $45 billion in May

The Ministry of Trade, Industry and Energy announced on June 1 that Korea’s exports jumped 13.4 percent to $45 billion from a year ago, marking the fifth consecutive month of a double-digit growth.    The average daily exports surged 16 percent to $2.1 billion, marking the sixth straight month of increase. Won-denominated exports also jumped 8.9 percent to 50.7 trillion won, growing for seven consecutive months for the first time in six years since May 2011. Both export volume date2017-06-01

ASEAN became Korea’s second largest trading partner under FTA

The Ministry of Trade, Industry and Energy announced on May 31 that in a decade since the Korea-Association of Southeast Asian Nations (ASEAN) Free Trade Agreement entered into force in 2007, the region has become Korea’s second largest trading partner with trade in goods and services and investment all expanding.    June 1, 2017 marks the 10-year anniversary of the entry into force of the Korea-ASEAN FTA. Between 2007 and 2016, trade in goods between Korea and 10 ASEAN nations date2017-05-31

Retail sales advance 7.2% in April

The Ministry of Trade, Industry and Energy announced on May 30 that retail sales jumped 7.2 percent to 9.81 trillion won in April, led by a double-digit growth of online purchases.    E-commerce sales, which account for about a third of the total retail sales, surged 15.4 percent in April from a year earlier as demand for summer products and health supplements expanded.    In-store sales increased 3.6 percent as all types of offline retailers posted growths driven by high date2017-05-30

Korea, Israel hold 5th round of FTA negotiations in Seoul

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 19 that Korea and Israel will hold the fifth round of negotiations for a proposed bilateral free trade agreement (FTA) in Seoul between May 22 and 26.   The fifth round of negotiations for the Korea-Israel FTA will cover trade in goods and services, investment, rules of origin, technical barriers to trade (TBT), sanitary and phytosanitary measures (SPS), intellectual property rights, and general rules.    The date2017-05-19

3rd Inter-sessional RCEP Ministerial Meeting takes place in Hanoi

The Ministry of Trade, Industry and Energy announced on May 19 that the third Inter-sessional Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting will take place on May 22 in Hanoi, Vietnam, to accelerate negotiations for the proposed regional free trade agreement (FTA).    The RCEP is the only mega FTA under negotiations with 16 participating nations in the Asia Pacific region including Korea, Japan, China, and 10 member states of the Association of Southeast Asia date2017-05-19