Ministry of Trade, Industry and Energy

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

Korea, Saudi Arabia to host investment and cooperation committee meeting in 2nd half

Trade, Industry and Energy Minister Joo Hyunghwan met with his Saudi counterpart Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia, in Seoul on July 1, 2016 to discuss issues of the global petroleum market and ways to expand economic and business cooperation between the two countries.   During the meeting, Minister Joo stressed the importance of Saudi Arabia for the country’s economic development and trade growth. Saudi Arabia is the largest oil suppl date2016-07-12

Korea to invest 42 trillion won in new energy businesses by 2020

The Ministry of Trade, Industry and Energy announced that the government will invest a total of 42 trillion won (USD 36.6 billion) into the new energy sector by 2020 as part of efforts to expand the environmentally friendly power supply system in the country.    Under the plan, the government will not only invest 33 trillion won into renewable energy sector but 4.5 trillion won into energy storage system (ESS), 2.5 trillion won into smart meter and 2 trillion won into environmentally f date2016-07-06

Korea's foreign direct investment hits record high of $10.52 billion in 1st half

The Ministry of Trade, Industry and Energy on July 4 announced that foreign direct investment newly pledged in the first six months of this year has reached a record high of USD 10.52 billion.   This is the largest amount of FDI committed in history for a six-month period, and an 18.6 percent jump from $8.87 billion a year ago, which bodes well for Korea's annual FDI attraction goal to reach $20 billion. Also, this is the first time that pledged FDI has exceeded $10 billion date2016-07-04

Export fall rate in June was the smallest in a year

The Ministry of Trade, Industry and Energy has announced that South Korean exports fell 2.7 percent to USD 45.3 billion and imports decreased by 8.0 percent to USD 33.7 billion in June from a year earlier, resulting in a trade surplus, for the 53rd consecutive month, of USD 11.6 billion. This was the largest trade surplus on record in terms of monthly surplus.   The export decrease rate in June has recorded the lowest since June 2015 and also a reduced decrease rate for two consecutive mont date2016-07-01