Ministry of Trade, Industry and Energy

Ministry of Trade, Industry and Energy to Strengthen Cooperation with Jiangsu, Largest Investment Area in China for Domestic Companies

Ministry of Trade, Industry and Energy to Strengthen Cooperation with Jiangsu, Largest Investment Area in China for Domestic Companies   Memorandum of Understanding Reached to Strengthen Economic and Trade Cooperation between Ministry of Trade, Industry and Energy and Jiangsu   Minister of Trade, Industry and Energy Joo Hyunghwan and Governor of Jiangsu Province Shi Taifeng met in Seoul on May 9 to discuss ways to vitalize trade and investment between Korea and Jiangsu before signing a date2016-05-09

Korea Trade Commission Gives Preliminary Confirmation of Dumping of Butyl Glycol Ether from the United States and France and Subsequent Injury to Domestic Industry

  The Korea Trade Commission, chaired by Hong Soon Jick, held its 353rd council on April 28, 2016 to discuss the anti-dumping investigation requested by Lotte Chemical Corporation (hereafter “the applicant”) on butyl glycol ether* from the United States and France. The commission gave a preliminary confirmation of dumping, determining that there was sufficient evidence to assume the presence of dumping and subsequent material injury to domestic industry. The commission will make its final determination after further investigation. * Butyl glycol ether refers to ethylene glycol monobutyl ether and diethylene glycol monobutyl ether, organic compounds created by applying pressure and heat to butanol and ethylene oxide to cause a reaction and following with a distillation process. The applicant requested an anti-dumping investigation on November 18, 2015, alleging injuries to domestic industry, including decreased domestic sales and business loss, due to dumping of imported butyl glycol ether from the United States and France. The suppliers under investigation are the DOW Chemical Company and Eastman Chemical Company in the United States, and INEOS in France. The domestic market for butyl glycol ether stands at approximately KRW 37.5 billion (as of 2014), with imports from the US and France accounting for 65.7 percent. The Korea Trade Commission will conduct its investigation over the following three months and make its final determination of dumping rate, extent of injury to domestic industry, and amount of anti-dumping duties to be imposed.   date2016-04-28

National Shopping and Tourism Festival of “Shopping + Tourism + Korean Wave” to be Held

date2016-04-28

Sectoral implementing agencies working in full capacity to ensure the success of the South Korea–Vietnam Free Trade Agreement

Sectoral implementing agencies working in full capacity to ensure the success of the South Korea–Vietnam Free Trade Agreement   First working-level talks of the Commodity Trading Commission, Economic Cooperation Committee, SPS Committee, and Investment Commission   The Ministry of Trade, Industry and Energy (Minister Joo Hyunghwan) is holding a meeting with four of the implementing agencies of the South Korea–Vietnam Free Trade Agreement (FTA) for two days from April 11 to date2016-04-10

Export and Import Trends for December 2015

  □ South Korea’s exports fell 13.8 percent to USD 42.6 billion and imports decreased 19.2 percent to USD 35.5 billion in December from a year earlier, resulting in a trade surplus, for the 47th consecutive month, of USD 7.2 billion.   : By product, shipment of major export items including those sensitive to oil price decreased, while exports of new items increased. Shipments of petrochemical and petro products; ships and semiconductors fell. Shipment of mobile telecommunication devices showed an increase as well as new competitive products such as Organic Light Emitting Diodes (OLEDs) and cosmetics. By region, exports to most regions excluding Vietnam fell.   Imports of major raw materials, capital products, and consumer products decreased.   ○ Trade conditions for 2016: A gradual economic rebound and a recovery in world trade growth are expected. Both trends will be led by advanced nations. New FTAs that recently came into effect, such as the Korea-China and the Korea-Vietnam FTAs, will also have positive effects. - Slowing growth rate in China, sustainment of low oil prices, and the possibility of economic slowdowns in emerging countries following interest rate hikes in the US will most probably have negative results. ○ South Korea's exports in 2016 are predicted to rise by 2.1 percent to USD 538.2 billion. They will be influenced by a gradual recovery in both the world economy and global trade. Imports are forecasted to increase by 2.6 percent to USD 448.2 billion. Most of this will result from an increased demand for capital and consumer goods due to improving consumer confidence. The difference in increases in exports and imports will lead to a trade surplus estimated at USD 90.0 billion.   date2016-01-30

Sales Trends by Major Retailers in November 2015

  □ The sales by major retailers, including those of department stores and convenience stores increased from a year earlier, while those of hypermarkets and super supermarkets fell in Nov. 2015. □ The sales of convenience stores have increased in large percentages for ten consecutive months since Feb. 2015. □By product group, the sales of food, commodities, and miscellaneous goods decreased for all major retailers except for convenience stores.   date2015-12-30

Automobile Industry Trends for November 2015

    □ The volume of South Korean automobile exports and production decreased by 3.5 percent and 2.8 percent, respectively, while domestic sales increased by 14.4 percent. This was attributed to reduced exports to emerging markets, reduction in individual consumption tax, the effect of new model releases, and strong sales of multi-purpose vehicles.   □ : Production decreased by 2.8 percent from a year earlier to 395,004 units despite an increase in domestic sales. This decrease was attributable to reduced export volume including Accent, Genesis, and Santa Fe and halt in production of diesel models, SM5 and QM5.   □ : Domestic sales increased by 14.4 percent from a year earlier to 165,570 units. This was attributable to strong sales of multi-purpose vehicles and launches of new models.   - Sales of imported cars increased by 28.0 percent from a year earlier to 26,100 units.   □ : Exports decreased by 3.5 percent from a year earlier to 263,687 units. This was mainly attributable to demand contraction in emerging markets such as Russia and Latin America.   date2015-12-30

Export and Import Trends for November 2015

      □ South Korea’s exports fell 4.7 percent to $44.4 billion and imports decreased 17.6 percent to $34.1 billion in November from a year earlier, resulting in a trade surplus, for the 46th consecutive month, of $10.4 billion.   By product, exports of most of the key items decreased, while those of mobile telecom devices increased. Exports of ships jumped sharply in November. By region, exports to most regions decreased, while those to Vietnam continued to increase. Exports to Europe turned positive.   : Imports of major raw materials and capital products decreased, while imports of consumer products remained on a rising trend.   ○ The recent downturn in the nation’s exports eased in November. Most of the change was attributable to a decrease in the number of exports from a year earlier, along with an increase in the delivery of offshore plants by the ship sector   ○ Imports of raw materials fell sharply due to lower prices. This resulted in a surplus in excess of USD 10 billion.   ○ Exports of items that are strongly affected by the price of oil decreased by USD 2.3 billion. Most of this was due to a further drop in the price of oil. Renovations to production and other facilities also played a part.   ○ The decline in exports of items that are strongly affected by the price of oil should moderate in December. Overall exports are expected to continue falling in November, however, due to continuing sluggish demand for such major items as semiconductors.   date2015-12-28