Ministry of Trade, Industry and Energy

Korea’s exports grow 4% to $44.9 billion in February

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 1 that Korea’s exports in February grew 4 percent year-on-year to USD 44.9 billion. This was despite 2.5 fewer working days in February this year compared with the same month in 2017 because of the Seollal holiday.Exports of goods increased for 16 consecutive months for the first time in 74 months since December 2011. The average daily exports of goods rose 17.3 percent to $2.3 billion from a year earlier, achieving grow date2018-03-02

Online retail sales increase 21.6% in January

The Ministry of Trade, Industry and Energy announced on February 27 that online retail sales in January increased 21.6 percent from a year earlier while overall retail sales remained roughly the same due to a 9.2 percent year-on-year decrease in in-store retail sales.Online retail sales in January this year saw the largest year-on-year increase since September 2017. This improvement is attributable to the occurrence of the Seollal holiday in February. In the previous year, the same holiday fell date2018-02-27

Trade Minister Kim signs trade deals with five Central American counterparts

Seoul, Korea - The Ministry of Trade, Industry and Energy announced that Trade Minister Kim Hyun-chong signed free trade agreements with representatives from five Central American countries in Seoul on February 21. The five Central American ministers were El Salvadoran Economy Minister Tharsis Salomón López Guzmán, Honduran Minister of Economic Development Arnaldo Castillo, Costa Rican Minister of Foreign Trade Alexander Mora, Nicaraguan Minister of Development, Industry an date2018-02-21

ICT exports rise 28.1% to $17.7 billion in January

The Ministry of Trade, Industry and Energy announced on February 13 that exports of information and communication technology (ICT) goods rose 28.1 percent year-on-year to USD 17.7 billion in January.Exports of ICT goods saw double-digit growth for the 14th consecutive month since December 2016, while reaching a record-high for each respective month for 12 straight months.The double-digit growth in ICT exports was led by a 53.8 percent year-on-year increase in outbound shipments of semiconductors date2018-02-21

Automobile exports post double-digit growth in January

The Ministry of Trade, Industry and Energy announced on February 13 that automobile exports surged 10.4 percent to 196,835 vehicles from a year earlier in January.In terms of value, car exports grew 9 percent year-on-year to USD 3.2 billion, thanks to increased shipments to most regions, except North America and other Asian countries. This growth was supported by the growing popularity of compact sports utility vehicles (SUVs) and eco-friendly cars. The number of green vehicles shipped overseas date2018-02-19

Industry Ministry to host world’s first robot ski tournament

Seoul, Korea - The Ministry of Trade, Industry and Energy announced on February 9 that the Ministry will host the “Edge of Robot: Ski Robot Challenge,” the world’s first robot ski tournament, at a ski resort in Hoengseong, Gangwon Province, on February 12. During the tournament, planned to be held on the sideline of the PyeongChang Winter Olympics, robots will participate in a race similar to giant slalom competitions, which involve skiing between gates. The robot skiers will date2018-02-09

Korea unveils roadmap to develop future car industry

The Ministry of Trade, Industry and Energy (MOTIE) unveiled a roadmap for the development of the future car industry that aims to generate a new growth engine for the Korean economy at a conference in Pangyo, near Seoul, on February 2. According to the roadmap, the Korean government and private sector will cooperate on developing core technologies for autonomous vehicles and constructing smart traffic systems to introduce the infrastructure necessary for completely self-driving cars by 2022.Elec date2018-02-02

Korea, US conclude second meeting on amendments to FTA in Seoul

The Ministry of Trade, Industry and Energy (MOTIE) announced on February 1 that the second round of negotiations on amendments to the Korea-U.S. Free Trade Agreement (KORUS FTA) took place in Seoul on January 31 and February 1.At the talks, the two sides had more detailed discussions on the issues raised at the first round of negotiations held in Washington D.C. on January 5, 2018. They also exchanged their views on market access and tariffs.The Korean delegation was led by Deputy Minister for F date2018-02-01