Ministry of Trade, Industry and Energy

IT Trade Figures for 2010

The Ministry of Knowledge Economy has released its IT trade figures for 2010. The national trade balance in the information technology sector rose 32.7 percent to $78.2 billion—asily surpassing the previous record of $60.4 billion, which was set in 2007. IT exports climbed 27.3 percent to an all-time high of $154 billion. Semiconductors became the first single export item to exceed $50 billion. Thanks to increased demand and international sporting events such the World Cup and the Asian Games, display panel exports rose for a ninth consecutive year. Television manufacturers benefited from growing export markets for LED and 3D models. Most notably, outbound shipments of smartphones rose sharply—he figure more than doubled compared with 2009, finishing at $6.54 billion. This impressive performance counteracted a decline in conventional mobile phone exports, resulting in year-on-year increases of 2.1 percent for October and 8.7 percent for November for mobile phones in general.     Exports to primary trading partners China, the United States, the European Union and Japan posted double-digit growth rates. Exports of semiconductors to China surged 82.8 percent, while outbound shipments of televisions to the United States gained 65.6 percent. Exports of semiconductors to the European Union shot up 81.6 percent.     IT imports climbed 22.2 percent to $75.76 billion. Inbound shipments of mobile phones and computers and related devices increased 37.2 percent and 29.5 percent, respectively. For the month of December, IT exports rose 15.6 percent to $13.05 billion. The movement of key export items also increased: mobile phones (up 21.7 percent), semiconductors (up 23.5 percent) and display panels (up 1.1 percent). Exports to most of Korea’s primary trading partners increased, but the European Union proved to be an exception.     * Released by the Electronics and IT Policy Division date2011-01-07

Foreign Investment Figures for 2010

Foreign direct investment (FDI) pledges rose 13.8 percent year on year to record $13.07 billion, the highest level seen in a decade. Throughout the previous six years, the figure had hovered near the $10 billion to $11 billion range.     Although global FDI flows remained stagnant in 2010, the inflow of foreign capital increased, possibly due to greater trust in the country’s sound economic fundamentals. Notably, investments from the United States and Japan shot up drastically in the second half of the year—2.2 percent and 93.4 percent, respectively—fter a marked downturn in the first half. FDI in the manufacturing sector rose dramatically to $6.54 billion, representing a 75.6 percent year-on-year increase, while service-related investments dropped 18 percent to $6.23 billion. New growth engine sectors accounted for 23.6 percent of all investments; in contrast, the corresponding figure for 2009 was 18.8 percent. FDI through mergers and acquisitions fell 40.4 percent to $2.01 billion.   Percentage of All Investment Amid rising FDI from emerging countries, investments from China jumped 159.2 percent to record $414 million. Ninety percent of this amount came in after the launch of a “China Desk” in May, which assists Chinese investors. Investments from the United States and Japan increased 28.3 percent and 7.7 percent, respectively.   * Released by the Foreign Investment Policy Division   date2011-01-05

Trade Figures for 2010

The Ministry of Knowledge Economy has released its trade figures for 2010. Thanks to robust exports and lower-than-expected international oil prices, Korea’s trade balance hit an all-time high, posting a $41.7 billion surplus. Exports gained 28.6 percent year on year to reach $467.4 billion, the highest level on record. With the exception of September, exports consistently showed more than 20 percent growth throughout the year. Exports to most key trading partners increased during the period between January 1 and December 20; Oceania was a notable exception.     Among 70 major exporters in the World Trade Organization, Korea ranked seventh for the first 10 months of 2010—head of Italy, Belgium and the United Kingdom. (China topped the list, followed by the United States and Germany.) Korea is expected to retain seventh place for all of 2010.     Meanwhile, imports increased 31.8 percent to record $425.7 billion. Inbound shipments of equipment and parts related to key export items increased, consumer confidence improved, and raw material prices rose. All these factors contributed to high import growth rates. Inbound shipments of raw materials went up 34.5 percent, while imports of capital goods and consumer goods rose 28.8 percent and 29.4 percent, respectively. For the month of December, the trade surplus totaled $3.74 billion. Exports climbed 23.1 percent to $44.34 billion, while imports went up 23.3 percent to $40.6 billion. Exports of most of Korea’s 13 major export items showed an upward trend. Notably, outbound shipments of petroleum products and automobile parts grew 34.2 percent and 35.3 percent, respectively, year on year.   * Released by the Export and Import Division date2011-01-04

Korea Strengthens Investment Ties with Central Asian Partners

Deputy Director for International Trade and Investment Kim Kyungsik addresses representatives of five Central Asian countries—Kazakhstan, Uzbekistan, Turkmenistan, Tajikistan and Kyrgyzstan—at a joint investment forum held December 2 in Seoul. This was the third event of its kind. date2010-12-03

Korea, U.S. Business Coalition Discuss Free Trade Agreement

Vice Minister for Trade and Energy Park Young June (third from left) presides over a meeting in Gwacheon on October 15. Nearly 20 representatives of the U.S.-Korea FTA Business Coalition attended the meeting, which focused on investment, the Korea-U.S. FTA, and the industrial technology partnership between the two countries. The Coalition is composed of companies, industry associations, and other FTA supporters who would like to see the deal ratified at an early date. date2010-10-18

Vice Minister Attends Trade Exhibition

Vice Minister for Trade and Energy Kim Young Hak listens to a businessman at “Buy Korea 2010” on March 4 in Goyang, north of Seoul. The trade event was held to match local companies with overseas buyers. date2010-03-16

Korea, U.S. Economists Discuss Global Trade

Korea, U.S. Economists Discuss Global Trade Vice Minister for Trade and Energy Kim Young Hak addresses participants in an international conference on December 7 in Seoul. The Korea International Trade Association and the Peterson Institute for International Economics jointly organized the forum, which featured a number of notable economists, to discuss the global economy and trade. date2009-12-08

Minister Meets Foreign Correspondents in Korea

Minister Meets Foreign Correspondents in Korea Minster of Knowledge Economy Choi Kyunghwan (second from right) addresses a group of foreign correspondents in Seoul on December 1. Minster Choi discussed Korea’s efforts to reduce greenhouse gas emissions. date2009-12-02

Minister Meets Chinese Investors

Minister of Knowledge Economy Choi Kyunghwan addresses nearly 200 Chinese investors at a meeting in Beijing on November 23. Minister Choi urged participants to invest in Korea’s promising regional development projects. date2009-11-25

Korea Hosts Berne Union Annual General Meeting

Korea Hosts Berne Union Annual General Meeting Minister Choi Kyunghwan speaks at the Berne Union Annual General Meeting in Seoul on October 14. The Berne Union, based in the United Kingdom, is the leading association for export credit and investment insurance worldwide, and this year’s meeting drew nearly 300 participants. date2009-10-21