Ministry of Trade, Industry and Energy

Korea unveils policy direction to strengthen competitiveness of steel and petrochemical industries

South Korean economic ministries, including the Ministry of Trade, Industry and Energy, unveiled on Friday their coordinated plans to strengthen the competitiveness of steel and petrochemical industries, both of which face an oversupply issue.   A policy direction to sharpen an edge of the troubled shipping and shipbuilding is expected to be announced in October.   To maintain global demand for Korean steel and petrochemical products, the government will encourage and help reduce date2016-09-30

'Korea Sale FESTA' begins on September 29

The Ministry of Trade, Industry and Energy announced on September 21 that 'Korea Sale FESTA', the country's biggest shopping  festival, will begin on Sept 29 and last until Oct 31. Together with the Ministry of Culture, Sports and Tourism, the Trade, Industry and Energy Ministry has developed the annual national shopping and cultural festival for bargain-hungry Korean consumers and foreign visitors  since the beginning of this year with aims of boosting domestic consumption in slump an date2016-09-23

Korea wins WTO case against the US anti-dumping duties on Korean washers

The Ministry of Trade, Industry and Energy said in a press release on Sept 8 that the World Trade Organization's dispute settlement panel ruled in favor of Korea over the country's case against United States'  anti-dumping duties imposed on Korean washing machines on September 7, saying the United States' targeted dumping and zeroing methods were in violation of the WTO agreement.   The dispute over Korean washers began back in August 2013 when Korea filed a complaint ag date2016-09-08

South Korean exports rebound in August

Exports: $ 40.1 Billion; Imports: $ 34.8 Billion; Trade Surplus: $ 5.3 Billion   The Ministry of Trade, Industry and Energy announced Wednesday that South Korea’s year-on-year exports rebounded in August, putting an end to the 18-straight-month fall.   The country’s outbound shipments rose 2.6 percent to $ 40.1 billion last month  from the same period a year ago mainly because of the extended working days. This was the first positive export growth since date2016-09-01

Korean exports in July post USD 41 billion

Exports: $41.0 billion; Imports: $33.3 billion; Trade Surplus: $7.8 billion     The Ministry of Trade, Industry and Energy announced that South Korea’s exports fell 10.2 percent to $41.0 billion and imports decreased by 14.0 percent to $33.3 billion in July from a year earlier, resulting in a trade surplus, for the 54th consecutive month, of $ 7.8 billion.    Exports declined at a faster rate in July due to a reduced number of work days (-1.5 days) and fewer ship e date2016-08-03

Ministry, KEPCO to support EV operations during 2018 Pyeongchang Winter Olympics

The Ministry of Trade, Industry and Energy and state-run Korea Electric Power Corp. have recently signed an agreement with the Pyeongchang Organizing Committee to supply electric vehicles and charging stations during the 2018  Winter Olympics in Pyeongchang. The event was held  at the Plaza Hotel Seoul on July 26.     Under the agreement, KEPCO will buy around 220 electric vehicles and its power generation affiliates and KEPCO KDN will purchase over 6 date2016-07-29

Korea eyes overseas market with natural gas infrastructrue know-how

The Ministry of Trade, Industry and Energy held a ceremony to launch a task force that will be responsible for developing overseas markets for natural gas infrastructure  at the Korea Chamber of Commerce and Industry (KCCI)on July 21.     The task force is made up of construction companies, shipbuilders, shipping companies from the private sector, and Korea Gas Corporation, Korea Development Bank, Export-Import Bank of Korea, and Korea Trade Insurance Corporation, and KO date2016-07-27

Korea-Colombia FTA set to go into effect

The Ministry of Trade, Industry and Energy announced that the Korea-Colombia FTA will go into effect at midnight on July 15, 2016 and Colombian tariffs on 4,390 Korean  products will be removed and 2,797 items will see lowered tariffs.    In addition, Colombia, not a signatory to the Government Procurement Agreement (GPA), agreed to open the government procurement, granting Korea access to the USD 42.6 billion (48.3  trillion  won ) market. The Korean government pla date2016-07-14