Ministry of Trade, Industry and Energy

Retail Sales Figures for June

Sales at the major discount chains rose 2.7 percent year on year—there was a slight increase in spending on food, which accounted for 52.3 percent of all sales. Sunny weather during the first part of the month brought more outdoor activities, pushing up sales of food and sporting items. Spending on household appliances and cultural goods, however, showed a decline—particularly televisions, which had displayed brisk growth last year on the back of the 2010 World Cup. date2011-07-14

IT Trade Figures for June

date2011-07-13

Korea and Gabon Take First Step Toward Energy Partnership

Officials from Gabon visited Seoul last week to discuss energy partnerships with their Korean counterparts. The first meeting of the Korea-Gabon Joint Committee on Energy and Mineral Resources Cooperation was a successful first step toward collaboration on oil and mineral development projects and the establishment of energy infrastructure in Gabon. Gabon plans to found a state-owned oil company, and Korea can provide useful information for this endeavor. Training programs and joint technology development were among the topics raised at the meeting. Furthermore, Korean companies have expressed a keen interest in joint projects involving mineral resources and rare metals and the establishment of a new refinery in Gabon. The Korean delegates requested support for Korean businesses in Gabon so that the two countries can make the most of these opportunities. Both sides expressed the desire to widen the scope of bilateral cooperation to include green growth and free economic zones. Ahead of the meeting, Minister of Knowledge Economy Choi Joong-Kyung met with Minister of Mining, Oil and Hydrocarbons Alexandre Barro Chambrier. * Released by the Emerging Economies Cooperation Division date2011-07-08

Energy Forum Reinforces Ties Between Korea, Indonesia

Vice Minister for Industrial Affairs and Global Industrial Cooperation Moon Jae-do traveled to Jakarta last week for the fourth Korea-Indonesia Energy Forum. The forum was an occasion to advance energy partnerships and explore new opportunities for cooperation. Vice Minister Moon pointed to energy and resources as a key sector in which stronger partnerships will significantly rev up the Indonesian economy. “Korea and Indonesia already have a very successful mineral resources and oil field partnership,” the Vice Minister said in his congratulatory speech. “Now it is time to build on what we have achieved, intensify ongoing cooperation, and strengthen our cooperative ties with future projects in mind.” Possible areas of cooperation include overseas oil and gas projects, the establishment of natural gas distribution networks, and the development of mines in Indonesia. Korea also wants to work with Indonesia to make its mining sector more eco-friendly and to increase the use of renewables, especially photovoltaic energy. Indonesia is one of Korea’s foremost energy partners, with ties that date back to 1979. After holding 22 consultations over nearly 30 years, in 2007 the two countries decided to establish an annual Energy Forum and engage in broader discussions. * Released by the Southeast Asia and Oceania Division date2011-07-07

Trade Figures for June

date2011-07-05

Trade Figures for First Half of 2011

Exports grew in most key areas. Outbound shipments of petroleum products, ships and automobiles posted strong year-on-year growth. Higher global oil prices boosted the average export price per barrel of petroleum products 38.6 percent. As the shipbuilding industry bounced back, it received new orders for high-value-added ships such as drillships and oil tankers and delivered those ships on schedule. From January 1 to June 20, exports to key trading partners increased.   Meanwhile, imports climbed 26.6 percent to $258 billion. The average value of all imports per day reached $1.92 billion. With imports of crude oil and coal jumping 46.8 percent and 46.4 percent from a year ago, respectively, inbound shipments of raw materials, which accounted for 63.1 percent of all imports, went up 35 percent. Imports of capital and consumer goods increased 12.7 percent and 31.6 percent, respectively.     date2011-07-04

Business Sentiment Improves in Second Quarter

The Ministry of Knowledge Economy and the Korea Institute for Industrial Economics and Trade released the Business Survey Index (BSI) for the second quarter, which showed improved sentiment among Korea’s manufacturers compared with the previous quarter. The index for the second quarter stood at 101, while the corresponding figure for the first quarter was 96. The BSI is intended to measure local manufacturers’ assessment of and prospects for business conditions in Korea. A total of 500 manufacturers responded to the quarterly online survey. An index reading above 100 indicates that manufacturers consider current business conditions better than conditions in the previous quarter. The BSI reading for sales and domestic demand were higher than the 100 baseline, while exports and ordinary profits came in at 99 and 91, respectively. The automobile and precision equipment sectors performed better than in the first quarter. In contrast, readings for the semiconductor and textile sectors fell below the 100 mark. Prospects for business conditions in the third quarter reached 111, meaning optimists outnumbered pessimists. Notably, with an index reading of 162, manufacturing companies had high expectations for the semiconductor sector. * Released by the Industrial Economic Policy Division date2011-06-30

Korea Appointed Secretariat of International Smart Grid Action Network

For the next three years Korea will serve as Secretariat of the International Smart Grid Action Network (ISGAN), a mechanism for multilateral collaboration involving 20 member countries. As interim Secretariat since November 2010, Korea took the lead in supporting ISGAN’s administrative processes and communications. Recently, representatives of member governments and the International Energy Agency gathered in Seoul to kick off the first official meeting. Italy was chosen as Chair, with the United States and Korea as Vice Chairs. The representatives also assessed ISGAN’s progress in four foundational projects: a global inventory of smart grid policies and activities; smart grid case studies; cost-benefit analyses and toolkits; and a synthesis of insights for decision makers. “Korea will take a central role in facilitating a dynamic exchange of information to ensure the achievement of the shared goal: to advance the development and deployment of smarter electric grids around the world,” Vice Minister for Trade and Energy Kim Junggwan said at a ceremony held to celebrate Korea’s new role. ISGAN was launched in July 2010 at the first Clean Energy Ministerial in Washington, D.C., and formally established under the IEA via an Implementing Agreement signed in April at the second Ministerial in Abu Dhabi. For further information, please see the press release dated April 21. * Released by the Smart Grid and Electricity Market Division date2011-06-23