Ministry of Trade, Industry and Energy

Online retail sales grow at double-digit rate in March

The Ministry of Trade, Industry and Energy announced on April 27 that online retail sales in March expanded 17.0 percent from a year earlier.Sales of brick-and-mortar retailers also advanced 5.4 percent year-on-year. This increase came from every type of in-store retailers, from convenience stores to hypermarkets.Thanks to the strong performances from both online and in-store retailers, overall retail sales in March saw a growth of 9.4 percent.The Ministry of Trade, Industry and Energy estimates date2018-04-27

Trade surplus in industrial materials, components exports set record $30.8 billion in Q1

The Ministry of Trade, Industry and Energy announced on April 19 that trade surplus in industrial materials and components in the first quarter of 2018 set a record USD 30.8 billion.Exports of 11 types of materials and components rose 13.3 percent year-on-year to $74.4 billion, the second highest value of all-time. Exports of both materials and components achieved double-digit growths of 14.0 percent and 13.0 percent, respectively.Imports in this sector grew to $43.6 billion, up 8.2 percent from date2018-04-19

ICT exports post second highest record of $19.1 billion in March

The Ministry of Trade, Industry and Energy announced on April 18 that exports of information and communication technology (ICT) goods posted the second highest monthly record of USD 19.1 billion in March.Exports of ICT goods were up 18.6 percent from a year earlier, achieving double-digit year-on-year growth for the 16th consecutive month since December 2016.ICT imports also rose 4.5 percent year-on-year to $9.1 billion, and the trade surplus in this sector stood at $10.1 billion.The double-digi date2018-04-18

Korea’s automobile industry sees decline in March

The Ministry of Trade, Industry and Energy announced on April 12 that Korea’s automobile industry saw year-on-year decreases in exports, production, and domestic sales in March.Automobile exports decreased 10.3 percent year-on-year to 223,855 vehicles. In terms of value, they shrank 8.6 percent to USD 3.8 billion. This decrease is attributable to expectations for release of new models in late spring and inventory adjustment at Korean automakers’ overseas plants. Exports of eco-friend date2018-04-12

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