Ministry of Trade, Industry and Energy

Trade Minister discusses investment with NPX's EVP

Minister for Trade Inkyo Cheong met with NPX’s Executive Vice President and Chief Strategy Officer Maarten Dirkzwager on May 1 at NPX Headquarters in the Netherlands to discuss investment prospects of strengthening automobile semiconductor supply chain cooperation and R&D center establishment. date2024-05-03

Trade Minister attends OECD MCM 2024 to discuss sustainable growth

Minister for Trade Inkyo Cheong is attending the Organization for Economic Cooperation and Development (OECD) Ministerial Council Meeting 2024 from May 2–3 at the OECD headquarters in Paris as the Co-Chief Delegate of the Korean delegation, jointly led by the Economy and Finance 1st Vice Minister.   The ministerial meetings are to be held over a two-day period in the attendance of representatives from 38 member countries and international organizations, including the World Trade Organization (WTO) under the theme of “Co-creating the Flow of Change: Leading Global Discussion with Objective and Reliable Approach towards Sustainable Growth.”   Trade Minister Cheong will be participating in “Session 2: Promoting Free and Fair Trade and Investment for Accelerating Sound Economic Growth - A Rules-based, Free and Fair International Economic Order,” articulating the Korean government’s major policies and measures for international joint efforts with regard to enhancing inclusiveness and sustainability of free trade and establishing bilateral and multilateral norms and standards for protecting the free trade system amid the rapidly changing trade environment.   In “Session 5: Credible Pathways Towards Sustainable and Inclusive Growth Under the Interlinked Global Crises” to be held on Day 2, he plans to introduce the Carbon Free Energy (CFE) Initiative and other measures proposed by the Korean government for overcoming crises, promoting inclusiveness for stakeholders, and cooperating with the OECD in view of climate change, shrinking biodiversity, and environmental pollution.   On the sidelines of the Council Meeting and sessions, the trade chief will attend the WTO trade ministers’ meeting to highlight the importance of the WTO reform, while also holding bilateral talks with counterparts of other countries. date2024-05-03

Korea's exports climb 13.8% in April

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 1 that Korea’s April exports advanced 13.8 percent year-on-year to USD 56.3 billion, rising for the seventh consecutive month. Imports rose 5.4 percent to $54.7 billion and the trade balance stood at a surplus of $1.5 billion.   The daily average export value, accounting for the number of working days, increased 11.3 percent to $2.5 billion, maintaining double-digit growth for the third consecutive month and building up a strong upward momentum.   The month of April saw the highest number of items gain in exports for this year as 13 out of 15 major items achieved growth.   IT items, namely semiconductors, displays, computers, and wireless communication devices, enjoyed an across-the-board expansion for two months straight. Their aggregate export value grew by an unprecedented 46.6 percent, advancing for the sixth consecutive month. Semiconductor exports reached a second highest monthly value of $9.96 billion (up 56.1 percent) for April, sustaining growth for the sixth consecutive month. Displays logged a record-breaking $1.4 billion (up 16.3 percent) for the year and increased for the ninth consecutive month. Computers (up 76.2 percent) and wireless communication devices (up 11.4 percent) made their steepest climb for the year as well, each gaining for the fourth and second consecutive month, respectively.   Automobile exports broke their previous all-time highs set in November 2023 by recording $6.8 billion (up 10.3 percent). General machinery exports snapped their one-month losing streak and grew 1.5 percent to $4.7 billion, a record high for April. Ship exports increased 5.6 percent and grew for the ninth consecutive month. Bio health exports (up 21.3 percent) posted their first double-digit growth for this year and carried on the expansion for the sixth consecutive month. Petroleum products (up 19.0 percent) rose for the second consecutive month, while textiles (up 1.7 percent), home appliances (up 9.4 percent), automotive parts (up 2.9 percent), and petrochemicals (up 12.3 percent) snapped their two-month losing streak.   By region, exports to seven out of nine major destinations increased in April. To the U.S., a record high of $11.4 billion (up 24.3 percent) broke the previous record set in December 2023, carrying the upward momentum for the ninth consecutive month.   Exports to China (up 9.9 percent) reached $10.5 billion and grew for the second consecutive month.   Exports to Latin America (up 38.2 percent) grew at a sharpest pace out of all nine major destinations, increasing for the fourth consecutive month.   Exports to ASEAN (up 10.5 percent) and Japan (up 18.4 percent) broke their one-month downward streak, while those to India (up 18.0 percent) and the Middle East (up 1.0 percent) switched to an expansion after two months of decline.   Imports increased for the first time in 14 months since February 2023. The import value of energy rose 14.6 percent to $12.5 billion on increased demand for crude oil (up 17.8 percent) and gas (up 21.9 percent). The energy import volume also rose on the backs of heightened refinery utilization and increased gas demand for power generation and industrial application. Meanwhile, non-energy imports showed an uptick of 2.9 percent to $42.2 billion.   With the trade balance for April achieving a surplus for the 11th consecutive month, the accumulated surplus through January–April this year amounted to $10.6 billion, surpassing last year’s annual trade deficit of $10.3 billion and recording an all-time high in five years.   MOTIE's April monthly trade figures are based on Korea Customs Service (KCS) data for April 1–30, which are subject to change prior to data finalization in February 2025. date2024-05-02

Korea-Angola Business Forum

Minister for Trade Inkyo Cheong attended the Korea-Angola Business Forum on April 29 in Seoul in the attendance of both countries’ government delegations and companies, where Korea Trade-Investment Promotion Agency (KOTRA) and the Agency for Private Investment and Promotion of Exports of Angola (AIPEX) held a MOU signing ceremony. date2024-04-30

Minister meets Saudi Commerce Minister

Trade, Industry and Energy Minister Dukgeun Ahn met with Saudi Commerce Minister Majid bin Abdullah Al-Qasabi on April 28 (local time) in Riyadh on the occasion of attending the World Economic Forum (WEF)’s Special Meeting on Global Collaboration, Growth and Energy for Development and discussed bilateral trade and investment cooperation. date2024-04-30

Minister participates as panel speaker at WEF Special Meeting

Trade, Industry and Energy Minister Dukgeun Ahn participated as a panel speaker in the “What Homeland Economics Means for Trade” session at the World Economic Forum (WEF)’s Special Meeting on Global Collaboration, Growth and Energy for Development on April 28 (local time) in Riyadh to discuss global economy, energy transition, Middle East tensions and other pending global issues and solutions. date2024-04-30

Trade Minister holds 4th Exports Promotion Meeting

Minister for Trade Inkyo Cheong held the fourth exports promotion meeting with officials in charge of major destinations on April 26 at K-SURE in Seoul to review export conditions per region and discuss tailored export strategies. date2024-04-30

Minister attends WEF’s Special Meeting in Riyadh

Trade, Industry and Energy Minister Dukgeun Ahn attended the World Economic Forum (WEF)’s Special Meeting on Global Collaboration, Growth and Energy for Development on April 28 (local time) in Riyadh, Saudi Arabia, as the representative of the Korean government.   The Special Meeting on Global Collaboration, Growth and Energy for Development drew over 1,000 renowned figures to 90 sessions on global cooperation, inclusive growth, and energy to discuss various related global issues and seek solutions, touching on topics like the global economy, energy transition, and Middle East tensions.   Minister Ahn attended the panel discussion titled “What Homeland Economics Means for Trade” and the informal meeting of global economic leaders (IGWEL).   In the first session, the minister assessed the trade environment in terms of global geopolitical risks and protectionism trends and articulated measures for security and growth through the restoration of multilateralism and invigoration of trade and investment. He highlighted that Korea is prepared to share its experience of achieving growth through trade and opening up of markets in contributing to establishing a fairer and more inclusive global economic order.   In the informal gathering of world economic leaders, he exchanged views on pending global economic issues with chiefs of international organizations, CEOs, other country’s top-ranking figures in a more casual atmosphere.   On the margins of the meetings, Minister Ahn is also holding in-depth bilateral talks with counterparts of other countries to discuss measures for stronger economic collaboration with regard to energy, industries, and investment. date2024-04-29

Korea's exports maintaining upward trajectory across major markets

Minister for Trade Inkyo Cheong held the fourth exports promotion meeting with officials in charge of major destinations on April 26 at K-SURE in Seoul to review export conditions per region and discuss tailored export strategies.   In the first quarter of 2024, exports to chief destinations like the U.S. (up 15.5 percent year-on-year), China (up 4.3 percent), ASEAN (up 1.8 percent), and Latin America (up 21.6 percent) increased, recording an 8.3 percent growth to USD 163.8 billion.   To the U.S., automobiles (up 24.2 percent), general machinery (up 50.8 percent), and semiconductors (up 188.3 percent) enjoyed strong growth throughout the first quarter, surpassing all-time highs for the period.   As for China, its information technology (IT) industry rebound led to heightened demand for semiconductors (up 36.3 percent) and displays (up 26.2 percent).   To ASEAN, semiconductors (up 16.5 percent), petrochemicals (up 13.8 percent), and wireless communication devices (up 11.9 percent) led the overall growth.   Exports to Latin America posted the highest growth among all major destinations on the backs of robust demand for general machinery (up 20.1 percent) and petroleum products (up 68.6 percent).   With exports to major destinations like U.S., China, and ASEAN keeping up the growth pace in April, Trade Minister Cheong articulated expectations of exports and trade surplus advancing for the seventh and 11th consecutive month, respectively. “Thorough efforts will be made in expanding the trade network for emerging markets and responding to trade risks from Middle East tensions so that the present upward trajectory can maintain until the year end,” he said. date2024-04-29

Korea, U.S., and Japan to deepen cooperation on export controls and technology protection

Korea, the U.S., and Japan held a joint Disruptive Technology Protection Network Summit on April 25 (ET) in Washington D.C., U.S.   The Korean delegation, composed of representatives of the Office of the President, MOTIE, Ministry of Justice (MOJ), Ministry of Foreign Affairs (MOFA), and Korea Customs Service (KCS), was joined by the U.S.’ Department of Justice (DOJ) and Department of Commerce (DOC), and Japan’s Ministry of Economy, Trade, and Industry (METI) and National Police Agency (NPA).   Part of a follow-up measure to the Spirit of Camp David adopted at the trilateral summit held August 2023, the Summit is anticipated to augment the three countries’ cooperation in technology protection, export control implementation and related information sharing, exchange of success cases, and disruptive technology protection.   The Summit was chaired by Assistant Attorney General Matt Olsen of the Justice Department’s National Security Division and Assistant Secretary for Export Enforcement Matt Axelrod of the Commerce Department, the co-leaders of the U.S.’ Disruptive Technology Strike Force.   During the trilateral talks, the three countries shared the view that violation of export controls undermines national security. Korea’s MOJ, U.S. DOC, and Japan’s NPA signed a letter of intent (LOI) on deepening information sharing for tech leak law enforcement, while MOTIE also signed a LOI with the U.S. DOC and Japan’s METI for cooperation on export control implementation. date2024-04-26