Ministry of Trade, Industry and Energy

Korea's exports decline 4.4% in September

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 1 that Korea’s exports in September declined 4.4 percent year-on-year to USD 54.7 billion and imports fell 16.5 percent to $51.0 billion, resulting in a trade surplus of $3.7 billion, an all-time high within the last two years. September exports recorded a single-digit decline rate for the second consecutive month, showing the smallest decline rate since last October when the export value began decreasing. The daily a date2023-10-02

Korea and Qatar discuss measures for strengthening energy supply chain

Trade, Industry and Energy Minister Bang Moon Kyu met with Qatar’s Minister of State for Energy Affairs Saad Sherida Al-Kaabi on September 27 in Seoul on the occasion of the latter’s first visit to Korea in four years, to discuss measures for strengthening the two countries’ energy and shipbuilding supply chain. Even amid uncertainties across the global energy market, Korea and Qatar have maintained cooperative relations as mutually largest LNG trading partners, their bilatera date2023-09-27

Korea's retail industry grows 3.3% in August

The Ministry of Trade, Industry and Energy (MOTIE) announced on September 26 that Korea’s retail sales for August gained an overall growth of 3.3 percent year-on-year. Offline sales declined by 1.2 percent as Chuseok holidays are due to arrive 19 days later than they did last year (September 10, 2022), with hypermarket chain and department store sales sliding 8.4 percent and 4.9 percent, respectively. Online sales enjoyed growth, notably in services/other (up 13.3 percent), food products date2023-09-27

Amendments to Industrial Technology Protection Act approved at cabinet meeting

The Ministry of Trade, Industry and Energy (MOTIE) announced on September 25 that amendments to the “Act on Prevention of Divulgence and Protection of Industrial Technology” were approved at the cabinet meeting that day. The primary purpose of the amendments is to strengthen the protection of national core technologies. The revisions now categorize individuals with dual citizenship as foreigners, expanding the scope of subjects for national core technology exports and overseas merge date2023-09-27

Korea partners with Vietnam and Uzbekistan on four carbon emission reduction projects

The Ministry of Trade, Industry and Energy (MOTIE) held the ceremony on September 25 for the signing of a memorandum of understanding (MOU) on international projects aiming to reduce greenhouse gases (GHG) at the Korea Trade-Investment Promotion Agency (KOTRA) in the presence of Minister for Trade Dukgeun Ahn and Vietnamese Ambassador to Korea Nguyen Vu Tung, and representatives of relevant affiliations. The abovementioned international projects will support facility investments for Korean com date2023-09-26

Minister Bang makes first Exporter Visiting Group stop at Hyundai Asan Plant

Trade, Industry and Energy Minister Bang Moon Kyu visited the Hyundai Asan Plant on September 26 for the launching of the Exporter Visiting Group (“Group”) as part of Minister Bang’s first stride towards export growth for the second half of 2023. The Exporter Visiting Group is a program launched by the Ministry of Trade, Industry and Energy (MOTIE) that aims to uncover export challenges by taking the initiative in communicating with each business sector’s associations, l date2023-09-26

440th Korea Trade Commission gives preliminary determination on anti-dumping duties

The Ministry of Trade, Industry, and Energy (MOTIE) held the 440th Korea Trade Commission meeting on September 21 and based on the preliminary determination regarding domestic industrial injury from Egyptian white Portland cement, decided to recommend that the Ministry of Economy and Finance (MOEF) impose provisional anti-dumping duties of 72.23 percent to prevent further damage during the investigation period. The Commission plans to notify the preliminary determination results to the finance date2023-09-26

Korea and Finland enter TIPF MOU

Trade, Industry and Energy Ministry’s Deputy Minister for FTA Negotiations Roh Keon-ki and Finland’s Under-Secretary of State for International Trade Jarno Syrjälä signed the Trade Investment Promotion Framework (TIPF) memorandum of understanding (MOU) at the commemoration event for the 50th anniversary of the establishment of diplomatic relations between Korea and Finland held on September 21 at KOTE in Seoul. Finland is an information technology (IT) and digital powerhou date2023-09-22