Ministry of Trade, Industry and Energy

FDI pledges to Korea jump to 2nd highest for Q1

The Ministry of Trade, Industry and Energy announced on April 4 that foreign direct investment (FDI) pledged to Korea in the first quarter of 2018 jumped 28.1 percent year-on-year to USD 4.9 billion.This second highest figure ever for the first quarter indicates that foreign investors find Korea an attractive destination for investment.FDI arrivals in the first quarter contracted 2.9 percent year-on-year to $2.9 billion, which exceeded an average quarterly amount of $2.7 billion for the pas date2018-04-04

Korea’s exports post record high for March

The Ministry of Trade, Industry and Energy announced on April 1 that Korea’s exports posted a record high for March exports, surpassing USD 50 billion.The value of overall outbound shipments in March rose 6.1 percent year-on-year to $51.6 billion, increasing for the 17th consecutive month. This growth is attributable to increased trade, strong performance of the information technology industry, and higher prices for oil and other major Korean export items.Average daily exports advanced 8.3 date2018-04-02

Retail sales advance 14.0% in February

The Ministry of Trade, Industry and Energy announced on March 29 that overall retail sales in February increased 14.0 percent from a year earlier.Sales of in-store retailers also grew 15.1 percent from a year ago thanks to higher demand for holiday gift sets. They made up 74.7 percent of the total retail sales.Online retail sales in February saw a 12.1 percent year-on-year growth, which is slightly lower than the average monthly year-on-year growth rate of 13.9 percent in 2017. This was due to t date2018-03-29

Korea, UAE seek to enhance economic cooperation

The Ministry of Trade, Industry and Energy announced on March 27 that Trade, Industry and Energy Minister Paik Ungyu attended the memorandum of understanding and contract signing ceremony for economic cooperation between Korea and the United Arab Emirates (U.A.E.) that was held in Abu Dhabi on March 26 (U.A.E. time).During the ceremony, the Korea Electric Power Corporation and the U.A.E.’s Barakah One Company signed the Charter for Joint Business Cooperation.The two countries regarded the date2018-03-27

Korea, U.S. reach revised free trade agreement in principle

Seoul, Korea - The Ministry of Trade, Industry and Energy announced on March 26 that the Republic of Korea and the United States reached an agreement in principle to the revision of the Korea-U.S. Free Trade Agreement. The agreement reached between the two sides has removed the uncertainty that could result from long-term negotiations. Both sides will finalize the details of a draft agreement before proceeding with their respective domestic procedures. The two countries also agreed to exempt t date2018-03-26

ICT exports jump 12% to $15.7 billion in February

The Ministry of Trade, Industry and Energy announced on March 15 that exports of information and communication technology (ICT) goods jumped 12 percent year-on-year to USD 15.7 billion in February.Exports of ICT goods saw double-digit growth for the 15th consecutive month since December 2016, while reaching a record-high for each respective month for 13 straight months.ICT imports also rose 6.9 percent from a year earlier to $7.8 billion, increasing for 16 consecutive months.Trade surplus in thi date2018-03-15

Korea, China to begin follow-up FTA talks in Seoul

The Ministry of Trade, Industry and Energy announced on March 14 that the first round of follow-up negotiations about services and investments under the Korea-China free trade agreement (FTA) will take place in Seoul on March 22 and 23.During President Moon Jae-in’s visit to China in December last year, the Ministry and China’s Ministry of Commerce agreed to commence the negotiations on liberalization in services and investments early this year.The negotiations follow the completion date2018-03-14

Automobile exports see decline in February

The Ministry of Trade, Industry and Energy announced on March 13 that automobile exports saw a year-on-year decline in February.The number of working days in February this year was three days fewer than that in the same month last year due to the Seollal holiday. This contributed to a contraction in automobile exports, production, and domestic sales. In 2017, the national holiday was in January.Automobile exports decreased 17.1 percent year-on-year to 165,952 vehicles. In terms of value, they sh date2018-03-13