Ministry of Trade, Industry and Energy

Trade Figures for August

Exports to most of Korea’s major trading partners went up, but the United States, the Middle East and Latin America were exceptions. Outbound shipments of petroleum products to the European Union shot up 663.8 percent, while exports of automobiles to China jumped 98 percent. date2011-09-05

Korea, Uzbekistan Strengthen Industrial Partnership

Korea, Uzbekistan Strengthen Industrial Partnership During President Lee Myung-bak’s recent trip to Central Asia, Korea and Uzbekistan stepped up industrial and energy cooperation at the Korea-Uzbekistan Business Forum. The forum resulted in memorandums of understanding in seven areas—most notably textile manufacturing, rare metals, and a package-type project to develop Uzbekistan’s Surgil gas field and build gas and chemical plants. The national leaders of the two countries e date2011-09-01

Korea, Mongolia Pursuing Stronger Energy Ties

Korea, Mongolia Pursuing Stronger Energy Ties Korea and Mongolia have decided to broaden the scope of their energy ties with active government-level cooperation on power generation, renewable energy and climate change. Previously, energy cooperation between the two countries centered almost exclusively on mineral resources development. Minister of Knowledge Economy Choi Joong-Kyung and his Mongolian counterpart, Minister of Mineral Resources Zorigt Dashdorj signed a memorandum of understanding date2011-08-26

Retail Sales Figures for July

date2011-08-23

Korea Goes Dark for Energy Day

August 17 was Korea’s eighth Energy Day. To mark the occasion, office buildings and apartment complexes across the nation went dark for five minutes beginning at 9 p.m. Air conditioners remained idle between 2 p.m. and 3 p.m. Similar measures in 2010 saved 750,000 kilowatt hours of energy—enough to power Jeju Island for nearly two hours. Seoulites gathered at City Hall Square for an educational exhibition, a songwriting contest, and a chance to set a new world record for generating the most energy by pedaling a bicycle. Political leaders and energy sector representatives pledged to make the nation more energy efficient, and the Ministry of Knowledge Economy announced the impressive progress of its energy conservation efforts. The promise of a 5 million won prize prompted 1.5 million households to use 2.01 percent less electricity in June 2011 compared with June 2010, the Ministry announced. Energy-intensive buildings, which were required to limit the use of air conditioning during the summer season, showed a 98 percent rate of compliance. Incheon International Airport was Korea’s top energy saver of 2010. The event showed that saving energy can be fun, and that everyone has a role to play in creating a greener Korea. * Released by the Energy Efficiency Policy Division date2011-08-19

IT Trade Figures for July

date2011-08-18

MKE Releases Car Sales Figures for July

MKE Releases Car Sales Figures for July The Ministry of Knowledge Economy has released its car sales figures for July. Korea produced 391,607 vehicles, an increase of 3.7 percent from a year ago. Improved quality has raised the global profile of Korea’s automakers and most of the major companies enjoyed an upswing in production thanks to strong domestic demand and robust exports. The growing popularity of small cars was an additional factor. Increased sales of fuel-efficient models and f date2011-08-05

Trade Figures for July

Exports climbed 27.3 percent year on year to reach $51.4 billion, surpassing the previous record of $48.6 billion which was set in April. The average value of all exports per day gained 32.7 percent to record $2.19 billion. With outbound shipments of petroleum products and steel shooting up 89.2 percent and 72.5 percent, respectively, July was a good month for most key export items. Outbound shipments to major trading partners for the first 20 days of July increased, the European Union being the only exception. Exports of petroleum products to China rose 121.7 percent, while outbound shipments of wireless communications devices to Japan surged 154.1 percent. Exports of petrochemicals to China and the United States went up 51.2 percent and 62.8 percent, respectively. Ship exports to China and the European Union declined, but export figures for the United States and ASEAN made up for it with increases of 34.3 percent and 110.7 percent, respectively. date2011-08-02