Ministry of Trade, Industry and Energy

Korea and the U.S. establish framework for tariff discussions

Minister of Trade, Industry and Energy Dukgeun Ahn, together with Deputy Prime Minister for Economic Affairs Choi Sang-mok, held the Korea-U.S. 2+2 Trade Dialogue in Washington, D.C. on April 24. Later that afternoon, Minister Ahn met with the Office of the United States Trade Representative (USTR), where the two sides agreed to launch bilateral working-level consultations on tariff issues at the earliest possible date. In the 2+2 Trade Dialogue held earlier that morning, Minister Ahn and USTR Representative Jamieson Greer discussed ways to strengthen Korea-U.S. trade cooperation, with a focus on achieving a mutually beneficial trade balance. During the meeting, Minister Ahn requested that the U.S. exempt Korea from all forms of tariffs, including reciprocal tariffs, product-specific tariffs on automobiles and steel, and any newly imposed tariffs in the future. Through this meeting, Korea and the U.S. reached a principled agreement on establishing a framework for future consultations. Both sides agreed to hold working-level discussions next week to determine the scope and format of the consultations. The specific areas and approach will be finalized through coordination with relevant ministries and the Economic Security Strategy Task Force, chaired by the Acting President. Based on this internal process, discussions with the U.S. will proceed. To comprehensively address issues of interest to the U.S. side, officials from several Korean government ministries also participated in the meeting, including the Ministry of Science and ICT, Ministry of Land, Infrastructure and Transport, Ministry of Environment, Ministry of Agriculture, Food and Rural Affairs, and Ministry of Health and Welfare. These ministries shared updates on cross-sectoral issues, laying the groundwork for future consultations. Minister Ahn stated, “With both sides agreeing to launch technical consultations, we now have an open channel for more detailed discussions. We will approach future consultations with the U.S. in a calm and deliberate manner, while maintaining close communication with relevant ministries and industry stakeholders.” date2025-04-25

Korea Trade Commission proposes anti-dumping duty on Vietnamese cold-rolled stainless steel products

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy (MOTIE) held the 459th KTC meeting today for deliberation and resolution on six agenda items. First, the KTC decided to propose the levying of anti-dumping duties on Vietnamese cold-rolled stainless steel products, giving a final determination based on investigation findings that the dumped imports have caused material injury to the domestic industries. The KTC will be suggesting a five-year anti-dumping duty of between 11.37% and 18.81% to Korea’s minister of economy and finance. With regard to sodium dithionite from China and particle board from Thailand, the KTC determined based on preliminary investigations a cause-and-effect relation between the dumped imports and injury on domestic industries. Accordingly, the KTC will be proposing provisional anti-dumping duties of between 15.15% and 33.97% on Chinese sodium dithionite products and between 11.82% and 17.19% on Thai particle board to Korea’s minister of economy and finance as a preventive measure during the main investigation period. Addressing investigations on the alleged infringement of a toner cartridge patent and mango jelly copyright, the KTC ruled that the respondents have not violated claimants’ rights and thereby have not committed acts of unfair trade practice. Concerning investigations on the alleged infringement of tent and sleeping bag trademark, the KTC decided to accept both parties’ request for suspension of investigations and closed the case. The KTC also received a report on the roll-out of investigations on an interim review of Chinese polyethylene terephthalate (PET) film. Chinese PET film was levied a five-year (May 2023–May 2028) anti-dumping duty of between 2.2% and 36.98% in May 2023, but the recent rise in import shipments and lowered import unit price led to four Korean firms requesting an interim review on Chinese firms Tianjin Wanhua and Kanghui New Material Technology based on allegations of an increased dumping rate in 2024 compared to that of the anti-dumping investigation period in 2021. Should the KTC’s investigation findings over the next six months confirm an increased dumping rate, the KTC can propose to the Korean economy and finance minister that a revised dumping rate be imposed until the anti-dumping duty expires in 2028. Meanwhile, the KTC held a public hearing on the same day on domestic industry’s injury from imports of Chinese stainless steel plates, for which investigations were initiated in September 2024, to grant interested parties sufficient opportunity to make statements and ensure their rights of defense. The said products are currently subject to a provisional anti-dumping duty of 21.6% and await a final determination in the first half of this year following domestic and overseas due diligence procedures.   date2025-04-24

No facts confirmed of news article reporting that Chinese gov’t sent Korean companies an official warning letter as export control measure on Chinese rare earth elements

A news article by Hankyung on April 22 reported that the Chinese government sent Korean firms an official letter warning of sanctions should they export to U.S. arms companies any products manufactured using Chinese rare earth elements. The news article further claimed that this may seriously impede Korea’s exports. The Korean government is in the process of checking whether the news article is based on facts by communicating with the Chinese government and relevant industries. As of yet, no facts have been confirmed concerning any Korean company receiving such warning letters from the Chinese government. The Korean government plans to closely monitor the export controls of major trading partners and will make the utmost effort towards resolving domestic supply chain issues through communication and consultation with relevant countries.   date2025-04-23

Korea and Turkmenistan kick plant cooperation into high gear

Minister of Trade, Industry and Energy of the Republic of Korea Dukgeun Ahn and Deputy Chairman of the Cabinet of Ministers of Turkmenistan for Construction and Industrial Complex Baymyrat Annamammedov held Korea-Turkmenistan high-level talks in Seoul on April 18 and discussed bilateral plant cooperation. Prior to the talks, a signing ceremony for the Framework Agreement on a mineral fertilizer plant project, worth 700 million US dollars, was held. This project will be commissioned by “Turkmenhimiya” State Concern and Korea’s Daewoo E&C will participate as a contractor. Once completed, the plant will process phosphorus extracted from mining phosphate rocks in the Türkmenabat region to produce fertilizers, which is anticipated to help improve Turkmenistan’s industrial and agricultural productivity and diversify the country’s export portfolio.   During the high-level talks, Minister Ahn proposed a swift conclusion of the final agreement for the Türkmenabat mineral fertilizer plant project and requested the Turkmen government’s support for Korean companies to ensure their participation in additional plant projects going forward. date2025-04-18

Korea’s auto exports log 2nd highest for March

The Ministry of Trade, Industry and Energy (MOTIE) of Korea announced today that automobile production (up 1.5 percent), domestic sales (up 2.4 percent), and export value (up 1.2 percent) for the month of March 2025 all advanced year-on-year for the second consecutive month. Notably, March automobile exports reached the second highest in history for the month at $6.2 billion. The export value for the first quarter (Q1) inched down 1.3 percent year-on-year, which is attributable to last year’s high base effect and this year’s lower number of working days (-3) compared to Q1 2024. Domestic sales rose 2.7 percent to 388,294 units during Q1 2025 as a result of a base effect from last year’s sluggish domestic demand. Q1 sales of eco-friendly vehicles soared over 20 percent to 169,013 units and the total automobile production volume (1,013,485 units) breached the one-million-unit mark for the third consecutive year, driven by strong domestic demand.   date2025-04-15

Korea and Vietnam ink MOUs for wider economic cooperation

Korea’s Minister of Trade, Industry and Energy Dukgeun Ahn met Vietnam’s Minister of Industry and Trade Nguyen Hong Dien today in Hanoi for the 14th Korea-Vietnam Joint Industrial Committee and 8th Korea-Vietnam FTA Joint Committee meetings and discussed measures for wider economic cooperation between the two countries. During the Korea-Vietnam Joint Industrial Committee meeting, the two sides discussed detailed implementation measures for reaching USD 150 billion in bilateral trade volume by 2030 and agreed to cooperate on Vietnamese nuclear reactor projects, LNG power generation, clean energy development, and textile sector investments as well as on resuming logistics policy meetings at the director general level. In the following FTA Joint Committee meeting, the two delegations reviewed key issues including the amendment of the bilateral FTA for cost reduction and streamlining of customs procedures for exporting businesses, the expansion of electrical safety certification institutes, broadening the export and import range of agricultural and livestock products, and import regulations. They also discussed ways to enhance companies’ utilization of the bilateral FTA. A memorandum of understanding (MOU) signing ceremony was held on the heels of the FTA Joint Committee meeting, where the chief delegates of both countries signed the MOU on achieving $150 billion in bilateral trade volume by 2030 and the director generals in charge of nuclear power development inked an MOU on bilateral nuclear reactor cooperation. Moreover, Korea Electric Power Corporation (KEPCO) entered into an MOU with Vietnam’s state-owned power transmission company for cooperation in power grids and new energy industries.  In the evening of the same day, Minister Ahn convened a conference with the representatives of 16 Korean companies operating in the local Vietnamese market to discuss business issues, stating that the ministry will make continued effort to maintain intergovernmental, high-level consultations with relevant authorities.   date2025-04-15

Korea’s ICT exports climb 9.4% in March

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Science and ICT (MSIT) of Korea announced today that exports and imports of information and communications technology (ICT) goods for March 2025 rose 9.4 percent and 6.8 percent year-on-year, respectively, to USD 20.6 billion and $12.2 billion. The trade balance stood at a surplus of $8.4 billion. Compared to February, the month of March saw exports and trade surplus soar steeply, each advancing 24 percent and 48 percent month-on-month. It is also significant to note that exports of major ICT items gained simultaneously for the first time in eight months. Leading items like semiconductors (up 11.8 percent year-on-year), displays (up 1.3 percent), mobile phones (up 14.5 percent), and computers/peripherals (up 28.1 percent) all achieved growth, whereas communication devices (down 0.4 percent) slowed. The rebound of semiconductors is attributed to buyers’ depleting memory chip inventories and increasing demand for high value-added memory chips like HBMs and DDR5s. Displays snapped their eight-month losing streak, thanks to new mobile phone model releases and wider demand from downstream ICT industries.  Mobile phones performed strong as shipments of parts surged on the backs of demand from overseas production bases. Computers/peripherals enjoyed growth as increasing investments in servers and datacenters across the U.S. and the EU led to higher demand for storage devices. Meanwhile, communication devices inched down as a result of the diminished supply of parts for wireless communication devices. By region, Korea’s ICT exports expanded to destinations like the U.S., Vietnam, and Japan, while those to China (including Hong Kong) and the EU declined.   date2025-04-14

Public-private experts gather in Seoul to discuss clean energy transition

The Ministry of Trade, Industry and Energy (MOTIE) of Korea is launching the 16th Clean Energy Ministerial (CEM) and 10th Mission Innovation (MI) high-level working meetings through April 9–11 in Seoul with the participation of roughly 280 attendees from 24 member economies’ governments and international organizations. During the meetings, public and private experts shared trends on clean energy distribution, technological innovations, and policies for expediting clean energy transitions in line with global energy and climate goals. They also discussed joint measures across specific areas as well as preparation for the CEM and MI ministerial conferences slated for August 2025. As the chair of this year’s CEM and MI ministerial meetings, Korea proposed that key agendas include the expansion of clean power, catalyzing the utilization of hydrogen as a future fuel, artificial intelligence (AI), and energy innovation. With clean power, hydrogen, and AI technology being major elements to consider in climate crisis response, clean energy distribution, and energy security, it is anticipated that participants will actively seek joint measures for related support policies and technological innovations. The CEM and MI ministerial conferences will convene in Busan later this year from August 26–27 alongside the APEC energy ministerial meeting (Aug. 27–28) and the World Climate Industry EXPO (Aug. 27–29), raising expectations for extensive exchanges on measures for sustainable growth and cooperation among energy leaders of over 40 countries.   date2025-04-10