Ministry of Trade, Industry and Energy

MKE Releases Car Sales Figures for March

MKE Releases Car Sales Figures for March The Ministry of Knowledge Economy has released its car sales figures for March. Korea’s automobile production rose 6.3 percent year on year to 420,759 vehicles on the back of strong export growth. Rising demand for fuel-efficient vehicles, greater brand awareness and the Korea-EU FTA drove exports up 18.1 percent to 305,527 vehicles—a record high. Although the Korea-U.S. FTA took effect, high oil prices and weak consumer confidence pushed sa date2012-04-13

Foreign Investment Figures for First Quarter

date2012-04-12

IT Trade Figures for March

date2012-04-10

Trade Figures for March

The Ministry of Knowledge Economy has released its trade figures for March. The nation’s trade balance remained in the black, posting a $2.3 billion surplus. Although exports declined slightly for the month, the first quarter as a whole saw outbound shipments increase 3.0 percent to $135 billion. Exports fell 1.4 percent year on year to $47.4 billion. The average value of all exports per day increased 0.7 percent to 2.0 billion. While outbound shipments of automobiles and petroleum products showed strong performances, exports of semiconductors, shipbuilding and wireless communications devices weakened. March saw more exports to advanced nations such as the United States and Japan, as well as to emerging economies in the Middle East and the ASEAN region. However, the ongoing financial crisis in Europe depressed outbound shipments to the European Union. In addition, exports to the Chinese market showed slow growth. Meanwhile, imports declined 1.2 percent from a year earlier to $45.0 billion. The average value of all imports per day increased 0.9 percent to $1.9 billion. Strong demand for major energy resources such as gas, petroleum products and coal pushed inbound shipments of raw materials up 3.5 percent year on year. Imports of capital goods and consumer goods gained 2.1 percent and 5.6 percent, respectively. Inbound shipments from the United States and the Middle East increased. date2012-04-05

Retail Sales Figures for February

date2012-03-21

MKE Releases Car Sales Figures for February

MKE Releases Car Sales Figures for February The Ministry of Knowledge Economy has released its car sales figures for February. Korea’s car production jumped 41.8 percent year on year to 421,789 vehicles thanks to strong exports and more working days. Despite weak consumer confidence and rising fuel prices, domestic sales gained 5.5 percent to 113,565 vehicles. Strong sales of Japanese brands led imported car sales to rise 35.8 percent to 9,196 vehicles. Exports surged 51.2 percent to 299, date2012-03-15

IT Trade Figures for February

date2012-03-08

Minister Pursues Closer Ties With Southeast Asian Partners

During the visit, Minister HONG and his Indonesian counterpart, Coordinating Minister for Economic Affairs Hatta Rajasa, presided over the first meeting of the Korea-Indonesia Economic Cooperation Committee. Previously, Korea had agreed to be Indonesia’s major partner in the implementation of the Master Plan for the Acceleration and Expansion of Indonesia’s Economic Development Through 2025 (MP3EI). The Joint Committee was established to facilitate that partnership, which will involve cooperation on large-scale projects concerning steel, energy, infrastructure, agriculture and the environment. At the meeting, both countries agreed to set up a consultative body to discuss financing for the projects. They also launched a Joint Secretariat—which consists of government officials from each country responsible for the different cooperation sectors—to more effectively coordinate the implementation of Indonesia’s Master Plan. Prior to the visit to Indonesia, the Minister went to Malaysia for a two-day visit to enhance bilateral cooperation on energy and trade. Minister HONG and his Malaysian counterpart, Minister of Energy, Green Technology and Water Dato Sri Peter Chin Fah Kui, discussed green technology, oil and LNG. During a separate meeting with Minister of International Trade and Industry Dato Sri Mustapa bin Mohamed, Minister HONG agreed to establish a long-term cooperation plan to reinforce trade and investment ties between the two countries. * Released by the Southeast Asia and Oceania Division; the Components and Materials Division; the Mineral Resources Development Team; and the Nuclear Power Plant Cooperation Division date2012-03-06