Ministry of Trade, Industry and Energy

Minister Ahn holds first high-level meeting with new U.S. government officials in Washington D.C.

Minister of Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea visited Washington D.C. from February 26–28 (local time), where he met with U.S. government officials and lawmakers to discuss bilateral trade issues, including U.S. tariff measures, and ways to bolster cooperation between the two countries. Minister Ahn met with Senator Mark Kelly, co-sponsor of the Ships for America Act, and discussed steps to further strengthen Korea-U.S. cooperation in shipbuilding. Minister Ahn also held meetings with Heritage Foundation President Kevin Roberts, Center for Strategic and International Studies (CSIS) President and CEO John Hamre and Peterson Institute for International Economics (PIIE) President Adam Posen, where he exchanged views on effectively addressing bilateral trade issues and requested support for facilitating intergovernmental cooperation. During his meeting with U.S. Secretary of Commerce Howard Lutnick, Minister Ahn discussed ways to boost their partnership in strategic areas such as shipbuilding and advanced industries, while also articulating the concerns of Korean businesses and requesting Korea’s exclusion from U.S. tariffs. Both sides agreed to establish working-level consultation channels for discussions on tariff measures and cooperation in shipbuilding, through which the Korean government intends to continue its dialogue with relevant U.S. authorities in the interest of Korean businesses. Minister Ahn also held talks with U.S. Secretary of the Interior and National Energy Dominance Council Chairman Doug Burgum and United States Trade Representative (USTR) Jamieson Greer on enhancing mutually beneficial cooperation in the energy and trade sectors, respectively.  Minister Ahn stated that this visit served as an opportunity to lay the foundation for further cooperation with the new U.S. administration. Citing successful prior engagement with the U.S. on measures such as the IRA and CHIPS Act, Minister Ahn emphasized that the Korean government “will respond proactively to newly announced U.S. policies through structured and genuine consultations to achieve the best possible outcomes.”   date2025-03-05

Korea’s exports resume growth in February

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on March 1 that Korea’s exports and imports for the month of February 2025 increased 1.0 percent and 0.2 percent year-on-year, respectively, to USD 52.6 billion and $48.3 billion. The trade balance stood at a surplus of $4.3 billion. By item, semiconductors (down 3.0 percent to $9.6 billion) suffered a downtick despite the solid performance of high-bandwidth memory (HBM) chips and DDR5s, as the fixed price of general-purpose memory chips like DDR4s and NAND flash plunged. Meanwhile, computers (solid-state drives) grew for the 14th consecutive month (up 28.5 percent to $0.8 billion) and wireless communication devices turned to an expansion (up 42.3 percent to $1.5 billion).  Automobile exports (up 17.8 percent to $6.1 billion) snapped their three-month losing streak, fueled by demand for hybrid electric vehicles (HEVs) (up 74.3 percent to $1.3 billion) and bio-health exports (up 16.1 percent to $1.4 billion) were driven by the steep climb achieved by biopharmaceuticals (up 45.5 percent to $0.6 billion). Exports to four out of Korea’s nine major destinations saw growth in February. To China (down 1.4 percent to $9.5 billion), robust demand for wireless communication devices and general machinery offset the slower exports of semiconductors. Exports to the U.S. inched up 1.0 percent to $9.9 billion. Exports to ASEAN hit $9.6 billion (up 12.6 percent), the second highest for the month of February, led by semiconductors and petroleum products. Exports to India (up 18.6 percent to $1.7 billion) recorded an all-time high for the month and those to the Middle East (up 19.6 percent to $1.7 billion) also broke their three-month downward streak.   date2025-03-04

Korea and Japan launch Mineral Resources Cooperation Dialogue

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea and Japan's Ministry of Economy, Trade and Industry (METI) held the first Korea-Japan Mineral Resources Cooperation Dialogue today in Tokyo to launch forward the two countries’ active cooperation in stabilizing the critical minerals supply chains essential for the development of advanced industries. At today’s meeting, MOTIE’s Director General for Resources Industry Policy Yoon Chang-hyun and METI’s Deputy Director-General for Manufacturing Industries Hideyuki Urata engaged in discussions on the two countries’ critical minerals policies, critical minerals stockpiling cooperation, and measures for joint production in third countries. First, in view of Korea and Japan’s similarities with respect to both operating their critical minerals stockpile systems from an economic security standpoint, the two sides agreed to establish a system for close cooperation for responding to global critical minerals supply chain risks. They also agreed to boost cooperation in the joint development and production of critical minerals in third countries to decrease supply chain risks by supporting the collaboration between their private-sector businesses and relevant institutions. Moreover, both sides will be making effort to establish critical minerals related global norms and stabilize supply chains based on stronger joint policy efforts through the Mineral Security Partnership (MSP) and the International Energy Agency (IEA), while also seeking joint strategies for responding to global supply chain risks. As Korea and Japan are major critical minerals importers that share homogeneous industrial structures with competitiveness in cutting-edge industries like semiconductors and batteries, the two countries are anticipating considerable synergy from their collaboration in critical minerals supply chains. They plan to keep expanding their scope of strategic cooperation in the future through the Korea-Japan Mineral Resources Cooperation Dialogue and other channels in order to effectively respond to global supply chain crises.   date2025-02-27

Korea and Australia to widen business cooperation in climate, energy, and supply chains

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea held the Korea-Australia Green Economy Partnership Arrangement (EPA) Business Forum (“Forum”) today in Seoul as follow-up to the bilateral Green EPA signed between the two countries’ relevant ministries in December 2024.  Held under the aim of expanding business cooperation in climate, energy, and supply chain areas, today’s Forum seeks to create tangible joint business opportunities in clean hydrogen, CCUS (carbon capture, utilization, and storage), and critical minerals. The Forum is significant in that it brings together both countries’ major companies to take stock of cooperation progress in clean energy areas, establishing a basis for wider and more concrete collaboration in the future. In view of Korea and Australia serving as central links in the Asia-Pacific region’s clean hydrogen supply chain, the two sides sought joint measures to establish a stable hydrogen supply chain system and reviewed prospects for joint participation in global CCUS projects through the carbon dioxide (CO2) cross-border transport and storage cooperation system developed under the Green EPA. They also discussed measures to promote joint research on ways to diversify critical minerals supply chains and to increase joint investments in clean energy technology development. Korea’s Minister for Trade Inkyo Cheong expressed anticipation for both countries to generate meaningful outcomes on this occasion in the global clean energy market by capitalizing on the synergy between Korea’s clean energy technology and Australia’s abundance in resources.  Australian Ambassador to the Republic of Korea Jeff Robinson highlighted that the bilateral Green EPA will help the two countries catalyze energy transitions, strengthen supply chains, and boost economic opportunities. On the margins of today’s Forum, MOTIE plans to continue supporting homegrown companies in their effort to take part in global clean energy projects and other opportunities for overseas cooperation.   date2025-02-26

KNCP to proceed with mediation procedures on complaint filed against Oxy Reckitt Benckiser

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea held this year’s first Korean National Contact Point (KNCP) Committee meeting today and announced the primary review results over two complaints filed in accordance with the OECD Guidelines for Multinational Enterprises.  Concerning the complaint filed against Company “A” by a non-governmental organization (NGO) in the UK, the KNCP viewed that the need for mediation is not considerable and decided to dismiss the complaint, thereby closing the case. With regard to the complaint filed against humidifier disinfectant manufacturer and seller Oxy Reckitt Benckiser, the KNCP decided to proceed forward with mediation procedures. The complaint was filed by two Korean consumers citing reasons of violation of human rights and consumer protection laws. On reviewing the statements and materials submitted, the KNCP determined that it is necessary to arbitrate the dialogue between concerned parties and initiate the mediation process. Going forward, the KNCP plans to form a mediation committee composed of civilian KNCP members and proceed with mediation procedures on the premise of relevant parties’ voluntary participation. Should the parties reach an agreement, the KNCP will announce the mediation outcomes. Should the parties fail to reach an agreement, the KNCP will announce a final statement carrying its recommendation on unsettled issues and close the case. date2025-02-25

Korea’s retail industry advances 11.7% in January

The Ministry of Trade, Industry and Energy (MOTIE) announced today that Korea’s retail industry grew 11.7 percent year-on-year in the month of January 2025, with offline and online sales advancing 8.8 percent and 14.6 percent, respectively. MOTIE's monthly retail sales figures are based on surveys of 23 major retailers. Thirteen of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSMs) operators. The remaining 10 are online retailers. By offline retail channel, hypermarket sales jumped 16.1 percent as Seollal holiday demand spurred sales across all categories, centering on food products (up 19.1 percent), home appliances/culture (up 7.5 percent), and home/living (up 8.2 percent). Department store sales climbed 10.3 percent on the backs of Seollal gift purchases, led by foreign designer labels (up 17.3 percent), food products (up 24.9 percent), and kids/sports (up 9.3 percent). Convenience store sales inched up 1.7 percent, with food products (up 2.5 percent) and nonfood products (up 0.9 percent) both increasing, whereas instant food products (down 5.0 percent) shrank for the first time since last year’s Chuseok holidays in September 2024. SSM operators rose 4.8 percent as food products (up 5.1 percent) and nonfood products (up 1.4 percent) both grew, thanks to higher demand for home dining and kitchenware during the Seollal holidays. Online retail sales (up 14.6 percent) enjoyed robust demand for food products (up 19.6 percent), cosmetics (up 7.7 percent), and service/other (up 73.3 percent), fueled by purchases of Seollal holiday gift and e-coupons, rental services for water purifiers and other items, as well as the expansion of online platforms’ delivery services. Meanwhile, sales of fashion/clothing (down 12.8 percent), sports (down 11.9 percent), and home appliances/electronics (down 6.2 percent) continued to slow.   date2025-02-25

Korea and Vietnam to boost nuclear energy cooperation

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met Vietnam’s Trade and Industry Minister Nguyen Hong Dien today in Seoul for bilateral talks on measures to widen energy and trade cooperation. Korea’s biggest trading and investment partner among ASEAN members and third largest trading partner in the world following China and the U.S., Vietnam is home to approximately 9,000 Korean companies. Today’s bilateral talks took place on the margins of Minister Nguyen Hong Dien’s visit to Korea for discussions on nuclear power cooperation, as Vietnam is recently gearing up to resume its nuclear energy development.  During the meeting, the Vietnamese delegation introduced its nuclear policy trends and proposed that the two countries expand their bilateral nuclear energy cooperation, to which the Korean delegation suggested that the two countries resume the bilateral director general-level nuclear industry dialogue channel, which has been on hiatus since 2017, for consultations on more concrete collaboration measures. In view of recent uncertainties in the trade landscape, both sides agreed to closely communicate and work together to mitigate business challenges Korean companies experience in the local Vietnamese market and to swiftly finalize negotiations on upgrading the Korea-Vietnam Free Trade Agreement (FTA) for customs convenience. They also decided to bolster cooperation in supply chains through the critical minerals supply chain technology cooperation center project to be launched this year.   date2025-02-25

Korea to strengthen energy cooperation with Türkiye and Saudi Arabia

Deputy Minister for Energy Policy Lee Ho-hyeon at the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea is visiting the Republic of Türkiye and Saudi Arabia through February 24–27 for high-level intergovernmental talks on bilateral energy cooperation in areas like nuclear reactors, power grids, hydrogen, and petroleum. On February 24, Deputy Minister Lee is meeting with Turkish Deputy Ministers of Energy and Natural Resources Zafer Demircan and Ahmet Berat Çonkar to exchange views on the two countries’ various energy agendas such as nuclear power and clean energy. Under an aim to secure stable energy supply, Türkiye is seeking to build a 20GW nuclear reactor by 2050. In addition to executing the Akkuyu nuclear power plant (NPP) project launched in 2010, the Turkish Ministry of Energy and Natural Resources is currently on the lookout for a project contractor for nuclear new builds in the Sinop and Thrace regions. As the first intergovernmental nuclear energy dialogue in 13 years between the two countries, today’s high-level meeting is expected to spur related discussions going forward. On the 26th, Deputy Minister Lee will also be meeting with Saudi Arabia’s Assistant Minister of Energy for Electricity Affairs Nasser Al-Qahtani to share policy trends and bilateral cooperation measures regarding large-scale NPP projects, power grid expansions, and clean hydrogen. Saudi Arabia is in the process of diversifying its power mix and transitioning to a system suitable for sustainable growth, leading to anticipation of considerable potential for collaboration with Korea over a wide range of energy areas.   date2025-02-24