Ministry of Trade, Industry and Energy

Minister Speaks with Qatari Health Minister

Minister of Knowledge Economy Choi Joong-Kyung speaks with Qatari Minister of Health Abdulla Bin Khalid Al-Qahtani on June 21 in Gwacheon, south of Seoul. The two officials shared ideas on partnerships involving trade, investment and IT-enhanced healthcare. date2011-06-23

IT Trade Figures for May

  IT imports went up 15.9 percent to record $6.94 billion. With inbound shipments of semiconductors and display panels rising 12.6 percent to $2.74 billion and 9.4 percent to $560 million, respectively, imports of electronic components gained 12.8 percent to reach $3.94 billion. Imports of mobile phones rose 45 percent to $470 million; while imports of computers and related devices increased 6.8 percent to $790 million.   date2011-06-08

Trade Figures for May

  Exports to key trading partners increased for the first 20 days of May, with the exception of Latin America and Oceania. Exports of ships to China shot up 222.1 percent, while outbound shipments of petroleum products to the United States and ASEAN countries went up 95.3 percent and 117.2 percent, respectively.     date2011-06-02

IT Trade Figures for April

The Ministry of Knowledge Economy has released its IT trade figures for April. The trade balance in the information technology sector posted a $6.63 billion surplus, with exports up 5.6 percent year on year to record $13.3 billion. IT exports have now shown positive growth for 19 months in a row, and have surpassed the $13 billion mark for the past two months.   Exports of mobile phones, tablet PCs and lithium-ion rechargeable batteries displayed positive growth; meanwhile, outbound shipments of display panels, semiconductors and televisions declined. An upswing in smartphone exports pushed outbound shipments of all mobile phones up 32 percent to $2.32 billion. Exports of smartphones shot up 459 percent. Exports of mobile phones to the United States showed a notable increase, posting 89.8 percent growth.   Despite robust exports of tablet PCs (up 3.3 percent), outbound shipments of computers and related devices fell 12.2 percent to $590 million. With increased demand from the United States, exports of household devices gained 4.2 percent to reach $470 million. Lithium-ion rechargeable batteries displayed double-digit growth, climbing 13.7 percent.     Exports to major trading partners increased, but shipments to the European Union were an exception. With outbound shipments of mobile phones to Japan jumping 135.5 percent, exports of display panels to China grew 8.2 percent.   IT imports rose 11.1 percent compared with the same period the previous year to record $6.67 billion. With inbound shipments of semiconductors and display panels rising 4.8 percent and 6.2 percent, respectively, imports of electronic components gained 5.1 percent to reach $3.77 billion. Notably, inbound shipments of mobile phones surged 57.2 percent.   * Released by the Electronics and IT Policy Division     date2011-05-12

Trade Figures for April

The Ministry of Knowledge Economy has released its trade figures for the month of April. The trade balance posted a $5.82 billion surplus, up from $2.78 billion in March. Exports rose 26.6 percent year on year, reaching an all-time high of $49.77 billion. Growth remained positive for most of Korea’s key export items, with outbound shipments of petroleum products jumping 79.8 percent. The average value of exports per day climbed 29.3 percent to record $2.12 billion.     Exports to key trading partners increased for the first 20 days of April. Notably, outbound shipments of petroleum products to Japan shot up 207.8 percent, while exports of petrochemicals to the United States surged 59.3 percent. Exports of ships to the European Union and China were down. China and the United States accounted for 23.7 percent and 10.6 percent of all exports, respectively.     Meanwhile, imports rose 23.7 percent to record $43.95 billion. The average value of imports per day went up 26.4 percent from a year ago to reach $1.87 billion. Higher energy prices drove up inbound shipments of raw materials, which posted a 25.2 percent increase. While imports of capital goods gained 8.1 percent, the corresponding figure for consumer goods was 47.4 percent.     * Released by the Export and Import Division date2011-05-03

Minister Addresses EU Investors Ahead of FTA Effectuation

Minister Addresses EU Investors Ahead of FTA Effectuation A luncheon meeting hosted by the European Union Chamber of Commerce in Korea (EUCCK) drew nearly 70 European business leaders on April 13. Minister of Knowledge Economy Choi Joong-Kyung delivered the keynote speech. With the Korea–EU FTA due to take effect in July, the strong ties between Korea and the European Union are about to grow even stronger, Minister Choi explained. Pointing to Korea’s progress on FTAs with major coun date2011-04-25

Parts and Materials Industry Trade Figures for First Quarter

The Ministry of Knowledge Economy has released its parts and materials industry trade figures for the first three months of 2011. The trade balance for that sector posted a $20 billion surplus—ore than twice as much as the corresponding figure for all industries combined. Amid external factors such as political instability in Libya and the recent earthquake in Japan, exports in the parts and materials industry posted an 18.3 percent increase to record $61 billion. In particular, exports of basic metals and general machinery parts showed a marked increase. This strong showing is partly attributable to the global economic recovery. Notably, outbound shipments to China reached the highest quarterly level, totaling $21.2 billion; however, with increased exports to other trading partners China accounted for 34.7 percent of all exports, down from 35.9 percent in the fourth quarter of 2010. Shipments both to and from Japan have increased, suggesting the earthquake has had minimal effects on bilateral trade in the short term.   * Released by the Components and Materials Policy Division date2011-04-13

Foreign Investment Figures for First Quarter

Foreign direct investment (FDI) pledges amounted to $2.01 billion, representing a year-on-year decline of 30.1 percent in the first quarter of the year. Despite external factors such as political instability in the Middle East and North Africa and a devastating earthquake in Japan, the inflow of foreign capital into Korea has continued its upward swing on the back of the recovery of the global economy, a positive outlook for domestic growth, and an improved business environment.     Inward capital flows from the United States displayed a marked expansion, having jumped 1,068 percent to $467 million. Notably, FDI from the United States in the manufacturing sector surged 3,333 percent. The recent earthquake did not seem to hinder investment from Japan, which posted a 40.1 percent year-on-year increase. Investment from the European Union, however, dropped 48.5 percent to $434 million. Foreign capital from China went up 103.1 percent to $65 million, partly due to the launch of the “China Desk.”     For the first three months of 2011, both the manufacturing and service sectors saw foreign investment rise. FDI in the manufacturing sector climbed 20.3 percent to $787 million, while capital flows into the service sector gained 45.7 percent to record $1.19 billion. Greenfield investments stood at $1.49 billion, an increase of 48.7 percent, and FDI through mergers and acquisitions dropped 5.1 percent to $506 million.   * Released by the Foreign Investment Policy Division   date2011-04-11

IT Trade Figures for March

The Ministry of Knowledge Economy has released its IT trade figures for March. Despite uncertainties stemming from political turmoil in Libya and the recent earthquake in Japan, IT exports gained 6.2 percent to record $13.5 billion. This upward trend has remained in place for 18 consecutive months. For the first three months of 2011, IT exports totaled $37.5 billon, the highest quarterly level on record. (The previous record was $33.4 billion for the first quarter of 2010.) The national trade balance in the information technology sector stood at $6.28 billion.   Most of Korea’s key export items displayed positive growth. With shipments to China and Japan growing 10.6 percent and 10.8 percent, respectively, exports of semiconductors gained 10.9 percent to record $4.48 billion. An upswing in smartphone exports pushed outbound shipments of all mobile phones up 6 percent to $2.17 billion. Exports of smartphones shot up 248.7 percent from a year ago. Amid concerns over a slowdown in the global economy, exports of televisions went up 11.4 percent to $720 million. Outbound shipments of LED, 3D and smart televisions surged 504 percent, 1,151 percent and 1,851 percent, respectively. Meanwhile, display panel exports fell 4.8 percent to $2.7 billion, partly due to a continued decline in prices of display panels for LCD televisions. Outbound shipments of solid state drives surged 36 percent to $36 million.     Exports to major trading partners increased, but shipments to the United States and the European Union were exceptions to this trend. Notably, despite the earthquake, exports to Japan posted double-digit growth, with outbound shipments of mobile phones jumping 67 percent.     IT imports rose 11.9 percent compared with the same period the previous year to record $7.22 billion. With inbound shipments of semiconductors rising 8.2 percent, imports of electronic components gained 6.1 percent to reach $3.93 billion. Notably, inbound shipments of mobile phones surged 69.5 percent to $600 million.     * Released by the Electronics and IT Policy Division   date2011-04-07

Trade Figures for March

The Ministry of Knowledge Economy has released its trade figures for the month of March. The trade surplus totaled $3.1 billion, up from $2.46 billion in February. Despite unfavorable overseas conditions including the political turmoil in Libya and the earthquake in Japan, exports rose 30.3 percent year on year, reaching an all-time high of $48.6 billion. Exports for the first quarter, which ended in March, set a new record with $131.8 billion. (The previous record was $128.7 billion for the fourth quarter of 2010.) The average value of exports per day climbed 30.3 percent to record $2.03 billion. With outbound shipments of petroleum products and ships surging 87.8 percent and 70.1 percent, respectively, most of Korea’s key exports displayed double-digit growth. Exports to key trading partners increased for the first 20 days of March. Notably, exports to Oceania jumped 116 percent from 2010 levels. Outbound shipments of petroleum products to China and Japan shot up 72 percent and 154.6 percent, respectively, while exports of petrochemicals to the United States surged 139.1 percent. Exports of ships to the European Union and ASEAN countries were down. China accounted for 25.8 percent of all exports, making it Korea’s No. 1 export destination for the month. Meanwhile, imports gained 27.9 percent to record $45.5 billion. The average value of imports per day climbed 27.9 percent from a year ago to reach $1.9 billion. Higher energy prices drove up inbound shipments of raw materials, which posted a 31.7 percent increase. While imports of capital goods gained 5.4 percent, the corresponding figure for consumer goods was 31.3 percent.     * Released by the Export and Import Division   date2011-04-01