Ministry of Trade, Industry and Energy

Automobile exports grow 3.4% on strong sales of eco-friendly cars in November

The Ministry of Trade, Industry and Energy announced on December 12 that exports of automobiles grew 3.4 percent to $4.1 billion on strong sales of eco-friendly cars and large vehicles in November.    Meanwhile, production and domestic sales by number of vehicles contracted 8 percent and 1.2 percent, respectively.   Automobile exports by value climbed in November although the number of vehicles shipped abroad declined 8 percent to 237,083.    Korean carmakers expor date2017-12-12

Korea’s exports grow 9.6% to $50 billion in November

The Ministry of Trade, Industry and Energy announced on December 1 that Korea’s exports in November grew 9.6 percent to USD 50 billion, a record for the month.  Exports of goods rose for the 13th consecutive month for the first time in 71 months since December 2011. The average daily exports of goods rose by 9.6 percent to $2.1 billion. Won-denominated exports increased 4.3 percent to 54.9 trillion won.  The total exports between January and November reached an all-time high of date2017-12-01

Retail sales grow 3% in October

The Ministry of Trade, Industry and Energy announced on November 29 that Korea’s retail sales grew 3 percent to 10.13 trillion won in October from a year ago.    Online sales, which account for about a third of the total retail sales, rose by 4.2 percent, a relatively slow pace compared to past months due to the suspension of delivery services during the Chuseok holiday between October 3 and 9. In-store sales climbed 2.5 percent.   By product, sales in five of seven majo date2017-11-29

ICT exports rise 20.6% to $18 billion in October

The Ministry of Trade, Industry and Energy announced on November 15 that exports of information and communication technology goods rose by 20.6 percent to USD 18 billion, the second highest on record, in October from a year ago.   For nine consecutive months between February and October, Korea’s ICT sector posted record-high exports for each respective month. Exports of ICT goods also grew at double-digit rates for 11 straight months.   Imports in the ICT sector advanced 11 p date2017-11-15

Fewer working days drive down automobile production, exports in October

The Ministry of Trade, Industry and Energy announced on November 9 that automobile production, domestic sales and exports decreased at double-digit rates in October due to fewer working days in the month.    October this year had four fewer working days compared to a year ago because Korea celebrated the Chuseok holiday. The national holiday was in September last year.   Five domestic carmakers – Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, and Renault Samsung M date2017-11-09

Korea’s exports rise by 7.1% to $45 billion in October

The Ministry of Trade, Industry and Energy announced on October 1 that Korea’s exports rose by 7.1 percent to USD 45 billion in October despite fewer working days.    Exports of goods grew for the 12th consecutive month and outbound shipments of semiconductors reached the second highest on record although October this year had 4.5 fewer working days compared to a year earlier, according to the Ministry’s analysis of preliminary customs data.    The average dai date2017-11-01

Retail sales jump 8.4% on steep rise in online shopping in September

The Ministry of Trade, Industry and Energy announced on October 29 that retail sales jumped 8.4 percent to 10.5 trillion won in September on a 22.8-percent increase in e-commerce revenues.  Web-based sales, which account for about a third of the total retail sales, soared 22.8 percent from a year earlier. Last year, Korea celebrated Chuseok in September and online shopping slowed down with delivery services suspended during the national holiday. Chuseok was in early October this year. &nb date2017-10-29

Korea, Saudi Arabia launch Vision 2030 Committee

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 27 that Korea and Saudi Arabia launched the Korea-Saudi Vision 2030 Committee and held a first ministerial-level meeting of the bilateral cooperation platform.   The Korea-Saudi Vision 2030 Committee was set up to systemically support cooperation on the implementation of the Vision 2030, the Kingdom’s new roadmap for development.   The Committee will have a central role in the two countries’ collabo date2017-10-27