Ministry of Trade, Industry and Energy

Deputy Trade Minister Woo Briefs on Key Trade Issues

      Deputy Trade Minister Woo Taehee held a regular media briefing on restoring industrial and energy cooperation with post-sanctions Iran and other key trade issues at the Ministry of Trade, Industry and Energy (MOTIE) in Sejong yesterday.   After the briefing, Deputy Minister Woo also told reporters that South Korea will consider increasing its imports of Iranian oil and condensate once sanctions on Tehran are lifted. For more information, please see a report by Reuters:   Deputy Minister Woo and Minister of Land, Infrastructure and Transport Yoo Il-ho led the South Korean delegation to visit the Islamic nation last week, accompanied by state-run oil, gas and resources companies date2015-09-02

ICT Export and Import Trends, July 2015

  □ South Korean exports of information and communications technology (ICT) products decreased by 3.9 percent to USD 13.71 billion in July from the same time a year before. Imports rose by 5.8 percent to USD 7.57 billion, resulting in a USD 6.14 billion trade surplus.   □ ICT exports decreased for the first time in last three months. Exports of semiconductors grew, while those of displays, cell phones, computers and peripherals, and D-TV decreased. Shipments of cell phones decreased due to intensified global competition and expansion of overseas production. Exports of computers and peripherals fell due to decrease in peripherals exports caused by weak sales of secondary memory units. It turned to downward trend for the first time in five months. Exports to China and the ASEAN countries rose, while those to the EU and the US declined.   □ Imports of most key items increased, except for computers and peripherals. Imports of cell phones skyrocketed due to a growing volume of foreign-made smartphones and cell phone components being re-imported from abroad. Imports from China, the US, and Taiwan increased while those from Japan, EU and the ASEAN countries   □ o South Korea’s total volume of ICT exports is relatively great compared to other main advanced countries; however, foreign conditions such as slowdowns in trades and fall in growth estimates are taking place and seem to persist. Also, July was the first month ICT exports fell since April. The only positive sign was the continuous increase in semiconductors exports.   date2015-08-30

MOTIE Minister Yoon Holds Meeting to Promote Exports

MOTIE Minister Yoon Holds Meeting to Promote Exports   Minister of Trade, Industry and Energy Yoon Sang-jick held a meeting of high-level officials at relevant government agencies and industry organizations in Seoul today to discuss ways to promote the country's exports.   During the meeting, Minister Yoon urged the participants to work together to overcome unfavorable external conditions such as low oil prices and help local exporters tap into overseas markets. date2015-08-12

Export and Import Trends for July 2015

    □ South Korea’s exports fell 3.3 percent to $46.6 billion and imports decreased 15.3 percent to $38.8 billion in July from a year earlier, resulting in a trade surplus, for the 42 consecutive month, of $7.76 billion.   □ The volume of overseas shipments rose while unit prices fell as a result of factors such as falling oil prices and global oversupply. - By product, exports including petro products and petrochemical products increased. Shipments of steel, ships, and semiconductors rose, while those of automobiles, mobile telecom equipment, and home appliances decreased. Exports of OLED and cosmetics also showed steady gains. By region, exports declined for most regions amid the global trade slowdown. - Exports to Vietnam increased sharply due to increasing local production of South Korean wireless communication devices and home electronic appliances.   □ Unit prices of major raw materials continued to decrease and imports of consumer goods fell slightly, while capital imports remained strong.   □ ○ South Korea’s export volume maintained an upward trend despite a continued decline in exports in terms of dollar-denominated value. The profitability of export companies will likely improve slightly as won-denominated exports increased 8.4 percent in July thanks to a more favorable exchange rate.   ○ The downward trend in overseas shipments could continue for the time being due to unfavorable external conditions such as a decline in world trade, falling oil prices, and the weakening yen and euro. - Exports of semiconductors and solid state drives (SSDs) are likely to show solid growth as a result of rising demand for automobiles, smartphones (in emerging countries), and wireless communication devices on the back of new product introductions.   ○ The Korean government plans to focus on seeking new opportunities to promote exports of products such as cosmetics, SSDs, and organic light emitting diodes (OLEDs), while implementing measures to reinvigorate short-term exports announced in April and other steps aimed at strengthening export competitiveness in July as scheduled.   date2015-08-10

MOTIE Minister Yoon Speaks on Ways to Strengthen Exporters' Competitiveness

      Minister of Trade, Industry and Energy Yoon Sang-jick gave a speech at a breakfast meeting hosted by the World Class 300 in Seoul yesterday.   In the speech, the minister discussed various ways to strengthen the competitiveness of local exporters against unfavorable external conditions.   The World Class 300 is a government-sponsored program to support local small- and medium-sized companies to become global market leaders. date2015-07-30

ICT Export and Import Trends in June 2015

    □ South Korea’s exports of information and communications technology (ICT) products increased by 0.2 percent to $13.95 billion, and imports decreased by 2.4 percent to $7.28 billion in June 2015 from a year earlier, resulting in a monthly surplus of $6.67 billion.   □ : Shipments of key items including mobile phones and system semiconductors rose in spite of unfavorable external conditions, such as a contracting global ICT market and deteriorating trade environment. ICT exports rose 2.0 percent in May and 0.2 percent in June, extending their growth, by a small margin, for the second consecutive month. - By product, exports of cell phones, semiconductors, and computers and peripherals increased, while those of display panels and digital TVs dropped from a year earlier. - By region, shipments to the European Union (EU) decreased as a result of a slowing economy and a weaker Euro, while those to Asia and the United States (US) increased. Exports to the Association of Southeast Asian Nations (ASEAN) countries jumped on the back of rising demand for cell phone parts and semiconductors.   □ : Year-on-year ICT imports decreased for the first time in 2015. - By product, a rise in imports of cell phones and semiconductors was offset by a fall in incoming shipments of computers and peripherals and digital TVs. By region, imports from the US jumped, while those from the EU, China and the ASEAN countries decreased.   □ South Korea’s total ICT trade showed a surplus of $6.77 billion for the month of June due to a positive balance in such key items as semiconductors, cell phones, and display panels, contributing to the country’s overall trade surplus of $10.24 billion.   ○South Korea’s ICT trade has registered consistent surpluses, showing a positive balance of $4.82 billion with China (including Hong Kong), $0.29 billion with the EU, and $0.77 billion with the US in June 2015. The country recorded a trade deficit of $0.36 billion with Japan for the month.   □ ICT exports during the first half of 2015 fell by 0.2 percent from a year earlier to $83.59 billion while imports rose 4.1 percent to $43.97 billion, resulting in a surplus of $39.62 billion.     date2015-07-30

South Korea to Launch Website to Improve Foreign Investment Rules

South Korea to Launch Website to Improve Foreign Investment Rules   South Korea plans to launch a special website this week dedicated to improving regulations on foreign investment in the country.   Starting July 27, the website (http://e.better.go.kr) will communicate and share the latest information about changes in foreign investment rules.   Foreign invested companies are encouraged to visit the website and suggest ideas on improving the rules, after which they will receive fe date2015-07-20

South Korea Steps Up Efforts to Promote Exports

South Korea Steps Up Efforts to Promote Exports   South Korea is stepping up efforts to promote the country's exports in order to cope with rising global economic uncertainty, including the slowing Chinese economy and Greek debt crisis.   The Ministry of Trade, Industry and Energy (MOTIE) and other relevant ministries have recently unveiled a comprehensive package of measures to enhance the export competitiveness of Asia's fourth-largest economy.   To find out about the latest ex date2015-07-17

Export and Import Trends for June 2015

  □ Korea’s exports fell 1.8 percent to $46.9 billion and imports dropped 13.6 percent to $36.7 billion in June from a year earlier, resulting in a trade surplus, for the 41st consecutive month, of $10.2 billion.   The slowdown in exports eased in June thanks to two and a half more working days, a pause in the fall of oil prices, and the completion of maintenance activities in the petrochemical and petro product industries. - By product, shipments of automobiles, mobile telecommunication devices, and steel showed an increase. The recent recovery in crude prices mitigated a decrease in exports of petro products and petrochemicals. However, shipments of semiconductors, ships, textiles, and flat panel displays decreased. By region, exports to ASEAN, the US, and China gained.   The unit prices of major raw materials continued to decrease, and imports of capital and consumer goods increased.   - Both exports and imports were stagnant in the first half of the year due to negative external conditions such as falling oil prices, the weakening yen and euro, and slowdowns in global trade and import demand from China. 1. Oil prices plunged 46.5 percent from the same period a year ago, leading to a sharp decline in exports of petroleum products and petrochemical products. 2. The weakening yen and euro also aggravated the price competitiveness of automobiles, general machinery, and other competitive items in the major export markets, causing a downturn in exports to the country’s major export markets. 3. Global economic growth slowed as the world economy grew less than expected and import demand from China declined. - Export conditions are expected to improve slightly for some items, helped by the launch of new products including automobiles and wireless communication devices. Nevertheless, external threats will continue, such as the won's appreciation against major currencies, a slowdown in imports by China, and political unrest in Europe. - The Korean government plans to announce a special package of measures this month to help strengthen the country’s export competitiveness, while continuing to monitor export conditions at home and abroad. These measures will focus on improving the competitiveness of the country’s core industries through innovation in the manufacturing sector in the mid- to long-term, and on diversifying export items and markets.   date2015-07-15

72 percent of the businesses say that joining the economic delegation helps

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 13 that according to its survey conducted on a total of 177 SME's and 31 economic organizations that have joined an economic delegation to assess the level of satisfaction and effects of FTA enjoyed by the delegation members, 72 percent of the SME's answered that joining an economic delegation as part of summit diplomacy have helped their business.     As for details, 58.7 percent of them answered that the experience date2015-07-13