Ministry of Trade, Industry and Energy

Electricity and Major Retailers Sales Trends in February 2015, and Business Service Index (BSI) for 2Q

  □ In February, the volume of South Korea's electricity sales for industrial use increased from a year earlier. This was primarily attributable to an increase in the volume of electricity used and a rise in contract demand. The total volume of electricity sales also increased from the previous year due mainly to the rise in heating load.   □ Regarding sales by major retailers reported in February, the sales of hypermarkets, department stores, convenience stores, and super supermarkets increased, behind the Lunar New Year's holiday. ㅇBy product, the sales of food items grew substantially from a year earlier at all retailers, due to the Lunar New Year's holiday.   □ ㅇ Companies performed poorly at the beginning of 2015, with the Business Survey Index (BSI) on business conditions standing at 85 in the first quarter of the year.   date2015-03-30

Automobile Industry Trends for February 2015

  □ The volume of South Korean automobile production, domestic sales, and exports decreased by 12.0 percent, 0.8 percent, and 13.7 percent, respectively. This was attributed to fewer operating days due to Lunar New Year’s day, continuing economic recession in emerging markets such as Russia, less demand in oil producing countries, and Yen depreciation.   □ : Production decreased by 12.0 percent from a year earlier to 317,746 units, despite a rise in consignment production at Renault Samsung. This fall was mainly attributable to fewer operating days and failing to control production volume.   □ : Domestic sales decreased by 0.8 percent from a year earlier to 120,812 units. This was attributable to fewer operating days and rising domestic market share of imported cars.   - Sales of imported cars increased by 24.9 percent from a year earlier to 17,332 units.   □ : Exports decreased by 13.7 percent from a year earlier to 211,596 units. This was mainly attributable to fewer operating days, less demand in oil producing countries such as Russia and Middle East, and intensified competition with Japanese motor companies due to Yen depreciation.   date2015-03-30

Over 5,500 EV chargers to be installed in Jeju Island

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 10 that a total of 5,580 electric vehicle chargers will be installed in Jeju Island by 2017 by the Jeju Smart Grid Consortium of Korea Electric Power Corporation (Energy), Korea Telecom (Communication), Hyundai & Kia Motors (Vehicles), KDB Asset Management (Finance) and Begins (Service).     These companies will establish an SPC in May this year and invest a total of 32.2 billion won ($ 29 million) by 2017 in this project and gradually increase the number of EV charging stations to match that of gas stations in Jeju Island by 2017.     After the consortium set up call centers and integrated management system, MOTIE plans to install the charging stations first in Jeju Island and then in other parts of the country.     Jeju Island was chosen as a testbed for this project for numerous reasons: the provincial office is very interested in supplying EV's because a fully charged car can tour the entire island and environmental protection is one of the key issues for the island endowed with beautiful nature.     The Ministry of Environment will also join hands with the consortium to allocate 50 percent of the 3,000 EV's scheduled for production this year to the Jeju Island, and give the contract to a special purpose company to manage and operate the existing EV charging stations.     * Short version date2015-03-10

e-National Standards and Certificates to enable businesses to check out all available product and technology standards at one place

The Ministry of Trade, Industry and Energy (MOTIE) and Korea Agency for Technology and Standards announced on March 10 that they will provide data on all of the product standards, technology standards and certificate programs on the "e-National Standards and Certificates" at http://standard.kr starting from March 10.     The site is designed to be easy to use, and users can simply enter simple keywords to search for standards and certificates by product and item.     Before this website is built, Korean businesses had to visit the websites of different government agencies or consult experts in order to obtain information on the certificates necessary for products sales and services, but can now save time and money with the "e-National Standards and Certificates" portal.     * Short version date2015-03-10

Korea and UAE sign MOU on joint nuclear power marketing

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 06 that the Minister of Trade, Industry and Energy and UAE Ministry of International Cooperation and Development signed an MOU on joint nuclear power marketing in third countries in the presence of General H.H. Sheikh Mohammed bin Rashid Al Maktoum and Korean President Park Geun-hye who's touring the four Middle Eastern countries.     One of the key issues covered in the MOU is the organization and operation of a consultative group composed of ministers of both countries for marketing in third countries including Egypt.     The two countries will join hands in the areas of project development and planning, support for feasibility study and joint research and development.     Since winning nuclear power plant projects in the UAE, Korean companies have been working on nuclear power projects without any foreign partners, but with the signing of MOU, they expect to have more opportunities to win more contracts in the global nuclear power market.     Korean Minister of Technology, Industry and Energy Yoon Sang-Jick said, "With this MOU, the UAE is now literally our strategic foothold and partner for entering third countries. We will try to dominate new markets in third countries in advance and create new jobs for young South Koreans with the help of the SWF (Sovereign Wealth Fund)."     * Short version date2015-03-06

Electricity Sales and Retail Sales Trends in January 2015

□ In January, the volume of South Korea's electricity sales for industrial use increased from a year earlier. This was primarily attributable to an increase in the days operated and a rise in exports. The total volume of electricity sales also increased from the previous year due mainly to the rise in heating load.   □ Regarding sales by major retailers reported in January, the sales of hypermarkets, department stores, and super supermarkets decreased, because the Lunar New Year's holiday is in February. ㅇBy product, the sales of food items fell substantially at all retailers due to the Lunar New Year's holiday scheduled in February this year.   date2015-02-28

Automobile Industry Trends for January 2015

□ The volume of South Korean automobile production and domestic sales grew by 2.1 percent and 8.5 percent, respectively, while exports decreased by 2.8%. This was attributed to a surge in consignment production at Renault Samsung, strong sales of multi-purpose vehicles such as SUVs and minivans, and Yen depreciation along with slump in Eastern Europe market.   □ : Production increased by 2.1 percent from a year earlier to 376,017 units, despite a decrease in exports from Hyundai, GM Korea, and Ssangyong. This rise was mainly attributable to the consignment production of Nissan Rogue at Renault Samsung.   □ : Domestic sales went up by 8.5 percent from a year earlier to 132,337 units. This was attributable to the continuing popularity of multi-purpose vehicles and new models, such as the Sorento, Carnival, Tivoli, and SM5 Nova.   - Sales of imported cars increased by 43.5 percent from a year earlier to 21,576 units.   □ : Exports decreased by 2.8 percent from a year earlier to 249,675 units. This was mainly attributable to continuing Yen depreciation and slump in Eastern Europe market, including Russia.   □ Exports of auto parts fell by 7.3 percent from a year earlier to USD 2.07 billion. This was largely attributed to economic recession in exporting countries and decreased delivery amount and KD exports.   date2015-02-28

More industrial complexes to be available for young job seekers

The Ministry of Trade, Industry and Energy (MOTIE) announced on January 27 that MOTIE, Ministry of Employment and Labor, and Ministry of Land, Infrastructure and Transport, which jointly launched the "Create Industrial Complexes for Young Job Seekers" campaign, have been accepting applications from local governments to join the campaign since November last year.     A total of 36 complexes from 13 different regions have applied for the program, and the government organized a screening committee composed of private experts to select suitable candidates. As a result, 17 industrial complexes from 11 different regions were selected to receive a funding of 13.9 billion won ($ 12.5 million).     Banwol Sihwa, Pyeongtaek Songtan and Gimpo Yangchon complexes will use the money to buy commuter buses, renovate employee housing and repair company cafeteria, and also build new shower facilities and gyms for their employees.     Myeongji Noksan Industrial Complex in Busan will receive a total of 2 billion won to build a daycare center for the employees, while Jeonju Industrial Complex in Jeollabuk-do will spend 450 million won on building a health care center for the employees.     Daejeon Industrial Complex will receive a total of 7.52 billion won to build rental housing units, and Donghae Bukpyeong Industrial Complex in Gangwon-do will receive 50 million won to build a logistics center for resident companies.     * Short version date2015-01-27