Ministry of Trade, Industry and Energy

Korea’s automobile exports grow 4.9% in September

The Ministry of Trade, Industry and Energy (MOTIE) announced today that Korea’s automobile exports for the month of September advanced 4.9 percent year-on-year to USD 5.5 billion, surpassing the previous high set in September last year ($5.2 billion).  The growth can be attributed to exports of Kia’s new electric vehicle (EV) model, increased SUV exports, and GM Korea’s export recovery. The accumulated export value through January–September 2024 also reached a historic $52.9 billion (up 1.6 percent year-on-year). The export of eco-friendly vehicles grew 12.3 percent to $2.0 billion, turning to an expansion for the first time in four months on the backs of robust demand for hybrid electric vehicles (HEVs) (up 75.6 percent to $1.0 billion). In spite of the lower number of working days (-1 weekday) compared to that of September 2023, domestic production inched up 1.7 percent, recovering the 300,000-unit thresholds in three months with 307,026 units as major automakers are boosting production on account of global demand.  Domestic sales sank 2.3 percent to 130,685 units. Meanwhile, eco-friendly car sales climbed 37.9 percent to 58,983 units, of which HEV sales soared 63.9 percent to an all-time monthly high of 45,773 units.   date2024-10-17

40th Trade Promotion Committee seeks swift implementation of Trade Policy Roadmap to curb global uncertainties

Minister for Trade Inkyo Cheong of the Republic of Korea chaired the 40th Trade Promotion Committee meeting today at the Korea Chamber of Commerce and Industry (KCCI) in Seoul and led discussions on key agenda items and plans regarding the Trade Policy Roadmap implementation, upcoming U.S. presidential elections, and bilateral Supply Chain Partnership Arrangements (SCPAs). At the meeting, representatives of economy and trade related ministries agreed to swiftly establish plans for implementing the Trade Policy Roadmap announced this August in order to respond to the increasingly volatile trade environment and intensifying geopolitical risks. They also discussed the U.S. presidential election situation and exchanged views on plans going forward. Concerning the bilateral SCPA signed with Singapore on October 8 on the margins of the Korea-Singapore summit, attendees discussed measures to expand the supply chain partnership network by pushing SCPAs with other major countries as well. In view of recently increasing global uncertainties and geopolitical crises, Trade Minister Cheong noted the importance of minimizing business uncertainties for companies through the prompt implementation of the Trade Policy Roadmap and careful preparation with respect to the U.S. elections.  The trade chief further shared plans to build multilevel supply chain solidarity by widening the scope of the SCPA, which is the Indo-Pacific Economic Framework for Prosperity (IPEF) Supply Chain Agreement upgraded to a bilateral agreement.   date2024-10-17

Korea to host International AI Standards Summit 2025

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea stated that it was officially announced at the Global Standards Symposium held in New Delhi on October 15 that the International AI Standards Summit 2025 will take place next year in Seoul through December 2–3. An alliance of the International Electrotechnical Commission (IEC), International Organization for Standardization (ISO) and the International Telecommunication Union (ITU), the World Standards Cooperation (WSC) proposed the need for the International AI Standards Summit as advised in the Governing AI for Humanity report released by the AI Advisory Body (AIAB) under the United Nations (UN), to which the ISO suggested Korea’s hosting the event in conjunction with the World Standards Forum 2025, which is expecting numerous high-level industry figures. Going forward, the WSC will be launching the AI Standards Summit 2025 with an active effort to draw the participation of various high-level figures in not only AI businesses but also in wide-ranging AI application areas including semiconductors, telecommunications, mobility, energy, and services.   date2024-10-16

Korea bolsters global LNG supply cooperation network to stabilize energy supply

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea is making effort to reinforce liquefied natural gas (LNG) supply chain cooperation with other countries in response to volatility risks in the global energy market with aim to stabilize the domestic natural gas supply. First, through the Korea-Singapore LNG memorandum of understanding (MOU) signed between MOTIE and Singapore’s Ministry of Trade and Industry (MTI) on the margins of the Korea-Singapore summit (October 8), the two countries plan to secure supply flexibility via LNG swaps capitalizing on their discrepant summer and winter supply patterns and raise price negotiability through joint purchases. As Korea is the world’s third largest LNG importer and Singapore is a global trading hub with its world-leading infrastructure and professional talent, the two countries’ bilateral cooperation is anticipated to create significant synergy. Second, Korea is pushing LNG cooperation with Japan as well. On the occasion of the LNG Producer-Consumer Conference 2024 (PCC) held on October 6 in Hiroshima, MOTIE and Japan’s Ministry of Economy, Trade and Industry (METI) agreed to kick LNG cooperation into high gear. Both countries’ governments, Korea Gas Corporation (KOGAS), and JERA will work together to monitor the global supply situation, strengthen information exchanges, make joint purchases, and roll out an LNG swap pilot project. Based on these endeavors, they intend to forge agreements going forward to bolster intergovernmental and corporate cooperation so that the two countries can secure stable LNG supplies during global supply chain uncertainties. As of 2023, Korea and Japan are the world’s third and second largest LNG importers, respectively. Based on geographic proximity, the two countries’ collaboration is meaningful in that they can enhance LNG supply flexibility and supply chain resilience even in times of global energy crises. Third, another outcome of the LNG PCC 2024 was that an Early Alert Mechanism (EAM) pilot project should be launched with the participation of major LNG producers like Australia, Canada, and the U.S. and importers like the EU, Japan, and Korea. The EAM is a natural gas supply chain crisis sharing system for swift information spreading and joint response against accidents that may potentially damage natural gas field facilities and disrupt the natural gas supply chain. Not only that, but each country’s LNG storage volume, LNG terminal usage rate, weather, and other basic industrial information are to be shared within permissible range of disclosure. The Korean government plans to take part in the EAM on a regular basis to prepare for potential risks by monitoring and analyzing provided information, while also forecasting accidents and identifying market anxiety factors in advance to help stabilize the domestic natural gas supply.   date2024-10-15

Boom-Up Korea Week 2024 to launch on historic scale, boosting exports and local economies

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today the launching of Boom-Up Korea Week 2024 (“Boom-Up”) from October 16–31, during which invited buyers from around the world will be visiting Korea to strike business deals with prospective companies.  This year, the Boom-Up will be held on an unprecedented scale, integrating 20 industry exhibitions and cultural tour programs. Substantial companies from all parts of the country intend to showcase their products and technologies to global buyers at various exhibition sites including Offshore Korea 2024 in Busan, Korea Electronics Show (KES 2024) and Semiconductor Exhibition (SEDEX 2024) in Seoul, Daegu International Future Auto & Mobility Expo 2024, and RobotWorld 2024 and the Korea International Construction Equipment Exhibition (CONEX KOREA 2024) in Ilsan.  Whereas previous Boom-Ups were mainly organized by the Korea Trade-Investment Promotion Agency (KOTRA) and centered around the Seoul metropolitan area, this year’s Boom-Up is promoted nationwide and held across a number of major exhibition centers including COEX, BEXCO, KINTEX, and EXCO, involving the participation of a wide range of export assistance institutions such as exhibition operators, local government bodies, and the Korea Tourism Organization. An all-time high number of 1,000 buyer companies from 62 countries and 3,000 Korean firms are taking part in the event.  This year’s Boom-Up organizers are also concentrating effort to enhance buyer-oriented export marketing by streamlining services so that buyers’ needs can be better met by relevant product matching and business consultation sessions through cooperation among nationwide exhibitions, with further assistance for transport service between exhibition sites.  Moreover, the Ministry of Culture, Sports and Tourism (MCST) and local authorities are collaborating to provide culture and tour experiences tied to each local exhibition. All buyers will be given local tourism vouchers they can use in paying for lodging, meals, and excursions such as cruises on the Han River and visits to local markets and Korea’s landmarks like Gwanghwamun Gate, Gyeongbokgung Palace, and Imjingak Peace Nuri.  This greater scale Boom-Up is anticipated to weave Korea’s diverse exhibitions and tourism events into a singular program for invigorating both the domestic economy and exports. During their two-week visit, buyers will be provided information on promising business opportunities and engage in in-depth consultations leading to tangible outcomes.  MOTIE Minister Dukgeun Ahn stated that he looks forward to this year’s Boom-Up serving as a catalyst for Korea’s latter half export drive and fueling the domestic economy amid the recent inflation.   date2024-10-15

Korea and ASEAN to cooperate for launch of bilateral Trade and Economic Think Tank Dialogue in 2025

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced plans today with regard to launching the Korea-ASEAN Trade and Economic Think Tank Dialogue (“Dialogue”), proposed by Korean President Yoon Suk Yeol during the 25th Korea-ASEAN Summit held on October 10 in Vientiane, Lao PDR. The Dialogue was first proposed as a concrete joint project on the occasion of the bilateral Korea-ASEAN diplomatic relations advancing to a comprehensive strategic partnership in commemoration of this year marking the 35th anniversary of the establishment of the Korea-ASEAN dialogue relations, as well as a follow-up measure to the Korea-ASEAN Solidarity Initiative (KASI) announced by the Yoon administration at the 23rd Korea-ASEAN Summit in November 2022. Through the joint organization of MOTIE and the ASEAN Secretariat, the Dialogue is to function as a regular consultative channel involving the participation of Korea and 10 ASEAN countries’ major trade and economic research institutions. Korea and other ASEAN chair countries will be launching joint research projects, forums, and seminars on a regular basis, the results of which will be shared via high-level Korea-ASEAN economic platforms like the Senior Economic Officials Meeting (SEOM) and the ASEAN Economic Ministers (AEM) Meeting. MOTIE plans to convene the inaugural Dialogue meeting in the first half of 2025 in Seoul through close communication with ASEAN so as to establish the Dialogue as a chief economic cooperation platform between Korea and ASEAN.   date2024-10-14

Korea’s ICT exports climb 24% in September

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that the export and import of Korea’s information and communications technology (ICT) goods for September 2024 logged USD 22.4 billion and $12.5 billion, respectively, and the trade balance stood at a surplus of $9.9 billion. ICT exports for the month of September (up 24.0 percent year-on-year) came in second highest following those of March 2022, maintaining an upward climb for the 11th consecutive month.  Semiconductor exports hit unprecedented highs and led overall ICT exports, advancing 36.3 percent year-on-year to $13.6 billion. Memory chips (up 60.7 percent to $8.7 billion) and system chips (up 5.2 percent to $4.4 billion) both increased. Exports of finished mobile phones (up 0.5 percent to $0.3 billion) and parts (up 31.2 percent to $1.4 billion) rose simultaneously, maintaining the double-digit growth since March 2024. Computers and peripherals (up 104.8 percent to $1.6 billion) are enjoying robust demand as solid-state drives (SSDs) (up 168.8 percent to $1.2 billion) surpassed the $1 billion monthly export value for the second consecutive month. By region, ICT exports to China (including Hong Kong) climbed 22.6 percent to $9.2 billion, achieving growth for the 11th consecutive month on the backs of demand for major items like semiconductors and mobile phones. Exports to Vietnam (up 8.7 percent to $3.4 billion) expanded for the 14th consecutive month thanks to growth across key items. Exports to the U.S. (up 39.9 percent to $3.0 billion) grew for the 11th consecutive month as semiconductors (up 88.0 percent to $1.2 billion) and computers and peripherals (up 250.6 percent to $0.7 billion) hiked sharply, boosted by demand for servers and datacenters. EU-bound ICT exports (up 11.3 percent to $1.1 billion) sustained growth for the seventh consecutive month with mobile phones (up 361.2 percent to $0.2 billion) and computers and peripherals (up 116.6 percent to $0.2 billion) displaying strong growth. To Japan (up 2.3 percent to $0.4 billion), exports of semiconductors and computers and peripherals increased.   date2024-10-14

Korea and Germany launch 1st Industrie 4.0 & Dataspace Forum

Industries and Enterprises Deputy Minister Oh Seung-cheol at the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea attended the first Korea-Germany Industrie 4.0 & Dataspace Forum (“Forum”) today in Seoul, held with the participation of roughly 100 persons of both countries’ government bodies, academia, industries, and research institutions including Germany’s Federal Ministry for Economic Affairs and Climate Action. The Forum was held as a follow-up measure to the Korea-Germany ministerial talks (June 2023) and the third Korean-German Industry Working Group meeting (September 2024) for bilateral industry data sharing and platform cooperation. It also served as an inaugural event for facilitating detailed discussions among the entities of the private sector cooperative system established this April in accordance with the joint statement issued by the Korea Institute for Advancement of Technology (KIAT) and Germany’s Plattform Industrie 4.0 on creating an industry data ecosystem. The Forum’s launch signals the initial stride of cooperation between Germany’s industry data platform (e.g., Catena-X, Manufacturing-X) and that of Korea’s, which is to be developed in proportion to Korea’s industrial situation. Both countries’ Forum participants exchanged information on industry data platform policies and discussed measures for sharing and diffusing standards for platform synchronization. On the margins of the Forum, Korea Industrial Complex Corporation (KICOX) and Germany’s Labs Network Industrie 4.0 signed a memorandum of understanding (MOU) for industrial complex data sharing and data standards development support. Deputy Minister Oh stated that the Korea-Germany industry data platform cooperative system will act as a foundation in accelerating the industrial artificial intelligence (AI) transformation and that the two countries plan to broaden the scope of bilateral cooperation through joint research on industry data standards and mutual recognition.   date2024-10-14