Ministry of Trade, Industry and Energy

ICT exports surge 24.2% to new record in April

The Ministry of Trade, Industry and Energy announced on March 17 that exports of information and communication technology (ICT) goods jumped 24.2 percent to USD 15.6 billion in April, setting a new record for the month of April. In April, outbound shipments of ICT goods grew at the fastest pace in 80 months since August 2010. They rose for the sixth consecutive month and at a double-digit rate for the fifth straight month, according to the Ministry’s analysis of preliminary custom data. date2017-05-17

Auto production, exports grow in April

The Ministry of Trade, Industry and Energy announced on March 16 that production of automobiles grew 3.8 percent in April from a year ago, driven by a 7-percent growth in exports.  Five domestic automotive makers, Hyundai Motor, Kia Motors, GM Korea, SsangYong Motor, and Renault Samsung Motors, together manufactured 382,566 vehicles in April -- up 3.8 percent year-on-year. The growth was led by the increase in exports despite slower domestic sales.  The number of vehicles exported ad date2017-05-16

18th round of RCEP negotiations starts in Manila

The Ministry of Trade, Industry and Energy announced on May 8 that the 18th round of negotiations for the Regional Comprehensive Economic Partnership began in Manila, the Philippines.    The RCEP is a proposed free trade agreement among 16 nations in the Asia Pacific region including Korea, Japan, China, and 10 member states of the Association of Southeast Asian Nations (ASEAN).    Until May 12, the participating nations will exchange offers on goods and services and will date2017-05-08

Ministry discusses responses to changing environment for KORUS FTA

The Ministry of Trade, Industry and Energy announced on May 1 that top officials of the Ministry met to discuss responses to the fast changing environment of the trade between Korea and the United States after the U.S. President ordered a review of free trade agreements.    Trade, Industry and Energy Minister Joo Hyunghwan presided a meeting to discuss measures for the latest developments related to the Korea-U.S. Free Trade Agreement (KORUS FTA), and underscored the government&rsquo date2017-05-01

Korea’s exports surge 24.2% in April to second-highest on record

The Ministry of Trade, Industry and Energy announced on May 1 that Korea’s exports reached the second highest on record in April, rising by 24.2 percent from a year ago to USD 51 billion.   Exports grew at the fastest rate in 68 months since August 2011 and expanded at a double-digit rate for the fourth consecutive month for the first time in 67 months.   The average daily exports surged 24.2 percent, the fastest rate in 68 months, to $2.3 billion while won-denominated export date2017-05-01

Retail sales grow 6.9% in March

The Ministry of Trade, Industry and Energy announced on April 28 that retail sales rose by 6.9 percent to 9.9 trillion won in March with the growth of both in-store and online sales.   Web-based sales, which account for a third of the total retail sales, jumped 12.3 percent in March compared to a year ago, while in-store revenues went up 4.4 percent.    All product categories ranging from food and clothing to sports goods and home appliances posted growths in sales with food s date2017-04-28

Korea, New Zealand host 2nd FTA Joint Committee meeting in Seoul

The Ministry of Trade, Industry and Energy announced on April 25 that the Korean and New Zealand governments convened the second meeting of the Korea-New Zealand Free Trade Agreement (FTA) Joint Committee in Seoul to review the implementation of the bilateral trade pact.   The second meeting of the Joint Committee, established under the Korea-New Zealand FTA, was chaired by Director-General for FTA Negotiations and East Asia FTA Yoo Myung-hee of the Ministry of Trade, Industry and Energy date2017-04-25

Korean exports of materials, components in 1Q post first double-digit growth in six years

The Ministry of Trade, Industry and Energy announced on April 20 that exports of industrial materials and components rose by 11 percent to USD 65.8 billion in the first quarter from a year earlier. This is the first double-digit growth in six years since the third quarter of 2011.   Exports of materials and components, which account for nearly half of Korea’s total exports of goods, showed signs of recovery in the first three months of this year as they advanced for the second conse date2017-04-20