Ministry of Trade, Industry and Energy

Korea’s retail sales advance 8.3% in January on strong in-store sales

The Ministry of Trade, Industry and Energy announced on February 28 that retail sales expanded 8.3 percent in January from a year ago on strong in-store sales.   In-store sales, which account for around 70 percent of the total monthly revenues of major Korean retailers, advanced 9.3 percent in January from a year earlier while online sales grew 6 percent.    The combined revenues of three department store chains, hypermarket operators, convenient store chains and super superma date2017-02-28

17th round of RCEP negotiations kick off in Japan

The Ministry of Trade, Industry and Energy announced that the 17th round of negotiations for the Regional Comprehensive Economic Partnership (RCEP) kicked off in Kobe, Japan, on February 27, to accelerate talks on market access for goods, services and investment.   The RCEP is a proposed free trade agreement among 16 nations in the Asia Pacific region including Korea, China, Japan and 10 member states of the Association of Southeast Asian Nations (ASEAN), which has become increasingly imp date2017-02-27

Korea-UK trade working group discusses post-Brexit cooperation

The Ministry of Trade, Industry and Energy announced on February 24 that the Ministry and a delegation from the United Kingdom convened a first meeting of the Korea-UK Trade Working Group in Seoul to discuss bilateral economic cooperation after the UK’s exit from the European Union.   The first meeting of the working group, which was set up to ensure a continued and strengthened bilateral trade relations, was co-chaired by Director-General for FTA Negotiations and East Asia FTA Yoo date2017-02-24

Auto sales show signs of recovery in January

The Ministry of Trade, Industry and Energy announced on February 16 that domestic car sales and automobile part exports inched up in January while production and exports of vehicles declined due to fewer working days in the month,    Domestic car sales showed signs of recovery, advancing 0.2 percent to 123,575 vehicles in January from a year earlier thanks to the higher sales of vehicles produced in Korea.    The sales of domestically built cars climbed up 1.2 percent to date2017-02-16

ICT exports surge 16.7% in January

The Ministry of Trade, Industry and Energy announced on February 15 that exports of information and communication technology (ICT) products expanded 16.7 percent, the fastest pace in 44 months, to USD 13.8 billion in January from a year earlier on strong sales of semiconductors and displays.   Exports of ICT goods, which account for more than a third of Korea’s total exports, advanced for three consecutive month with a double-digit growth achieved in December and January.  &nb date2017-02-15

Ministry launches policy control tower for future of car industry

The Ministry of Trade, Industry and Energy announced on February 7 that Trade, Industry and Energy Minister Joo Hyunghwan hosted the first meeting of the public-private ``Automotive Industry Development Committee'' in Seoul and discussed a range of strategies for the industry that is at a turning point.   The Ministry launched the committee to examine complicated issues facing the Korean automotive industry and discuss mid- and long-term strategies, especially for future car technologies. date2017-02-07

Ministry announces measures to improve battery, smartphone safety

The Ministry of Trade, Industry and Energy (MOTIE) has concluded through its own investigation that the battery problem in manufacturing processes may have caused fires in Samsung Electronics’ Galaxy Note 7 smartphone, it said in a press release on Monday. In its efforts to prevent the recurrence of similar accidents and to enhance protection of consumers, the Ministry will strengthen the safety rules for new technology-based lithium-ion batteries in the phrase of production and as well date2017-02-06

Ministry, think tanks discuss 'New Trade Roadmap'

The Ministry of Trade, Industry and Energy announced on February 1 that Trade, Industry and Energy Vice Minister Woo Taehee hosted this year’s second meeting of the ‘trade policy forum’ to hear major think tanks’ opinions on the upgrading of the “New Trade Roadmap” in response to the changing trade environment.   The ‘trade policy forum’ provides a platform for Trade Ministry officials and representatives from industry and academia to regula date2017-02-01