Ministry of Trade, Industry and Energy

MKE Releases Car Sales Figures for April

MKE Releases Car Sales Figures for April The Ministry of Knowledge Economy has released its car sales figures for April. Despite higher oil prices, the country's car production and export figureshit record levels. Sales of both domestic and imported cars showed a year-on-year increase. Korea produced 395,383 vehicles, posting a 3.5 percent increase from the same period the previous year. Production has shown positive growth for seven monthsin a row. New cars and imported vehicles performed well date2011-05-17

Korea, Cameroon to Cooperate on Minerals

Minister of Knowledge Economy Choi Joong-Kyung (center) stands with Cameroon’s Minister of Industry, Mines and Technology Development Badel Ndanga Ndinga and Korea Resources Corporation President Kim Shin-Jong at a signing ceremony on April 29 in Seoul. The two Ministers discussed cooperation on energy and resources and a memorandum of understanding establishing a mineral resources partnership between Korea and Cameroon was signed. date2011-05-12

Vice Minister Visits Colombian Energy Minister

Vice Minister for Trade and Energy Park Young June poses with Colombian Minister of Mines and Energy Carlos Rodado Noriega on April 29 in Bogota following discussions on trade, investment and energy. date2011-05-12

Vice Minister Visits Colombia for Energy Meeting

Vice Minister for Trade and Energy Park Young June poses with Colombian Minister of Mines and Energy Carlos Rodado Noriega on April 29 in Bogota. Vice Minister Park was in the country for the second meeting of the Colombia-Korea Joint Committee for Energy and Resources Cooperation. date2011-05-12

Vice Minister Speaks with EU Climate Action Commissioner

Vice Minister Speaks with EU Climate Action Commissioner Vice Minister for Industry and Technology Ahn Hyunho greets EU Climate Action Commissioner Connie Hedegaard on May 2 in Seoul. Their discussion touched on climate change, green growth, and the Korea-EU Free Trade Agreement. date2011-05-12

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

‘Yellow Alert’ Saves Enough Energy to Power 1 Million Homes

The Ministry of Knowledge Economy’s “yellow alert,” an emergency energy conservation measure taken in response to high oil prices this past winter, is estimated to have saved more than 9 million kilowatt hours per day—nough energy to power more than a million homes. A review to assess the effectiveness of the emergency measure found that Korea had saved 96.2 million kilowatt hours per day between March 8 and April 17, as compared with the previous one-month period when less strict measures were in place. This figure was adjusted to 9 million kilowatt hours per day when the warmer spring weather was taken into account. The chart below shows Korea’s four alert levels, which correspond to the price of Dubai crude oil and determine what measures are required to conserve energy. Between February 8 and March 7, Korea was on “blue alert,” the lowest level on the scale. At the blue level, central heating is turned off for two hour-long periods per day during peak hours; indoor temperatures must be set no higher than 18 degrees Celsius; and employees must observe a weekly “no-driving day.” These restrictions apply to all the nation’s public agencies: central and local government agencies, government-affiliated organizations and public enterprises. But after oil prices remained above $100 per barrel for five straight days in February, the Ministry issued a “yellow alert” and imposed additional restrictions on energy use. At the yellow level, outdoor decorative lighting must be turned off in facilities managed by public organizations (such as towers, bridges and fountains). Private organizations must turn off their outdoor decorative lighting between 10 p.m. and 6 a.m. In Seoul and the surrounding area, weekly no-driving days increased the use of public transit about 5.8 percent in March as compared with February. Nationwide, average daily gasoline sales fell from 28.5 million barrels in the first two months of 2011 to 25.1 million barrels between March 1 and April 10, a decline of about 12.1 percent. To encourage the public to participate in the national efforts to conserve energy, MKE is taking the following steps:             * Released by the Energy Cooperation Division   date2011-05-12

Vice Minister for Trade and Energy Travels to Latin America to Forge Stronger Economic Partnerships

Vice Minister for Trade and Energy Park Young June traveled to Latin America last week to strengthen Korea’s ties with Mexico, Colombia, Venezuela and Peru. The Korean delegation included representatives of public organizations and private businesses. The 10-day trip was a chance to review the progress of many joint projects and to discuss additional areas for cooperation. In Mexico, the first destination on the Vice Minister’s itinerary, an energy meeting resulted in two memorandums of understanding—notably, one concerned rare metals. These are 35 elements in the periodic table. They are needed to manufacture products as diverse as wind turbines, car batteries and video cameras. Vice Minister Park also met with Mexican General Coordinator of Mining Maria Jimena Valverde Valdes. The two officials discussed mutually beneficial partnerships to make both sides more competitive in the global mineral market. When Vice Minister Park met with his Mexican counterpart, Vice Minister of Energy Mario Gabriel Budebo, discussions focused on the development of oil and gas fields, nuclear energy, energy conservation, public infrastructure and alternative fuel technologies. In particular, Vice Minister Park proposed a training program for nuclear experts that will be tailored to suit Mexico’s needs.   * Released by the Mineral Resources Division date2011-05-09

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

Korea, Russia Take Substantial Step Forward With MOU on Industrial Cooperation

Korea, Russia Take Substantial Step Forward With MOU on Industrial Cooperation Russian Minister of Industry and Trade Viktor Khristenko traveled to Seoul to meet with Minister of Knowledge Economy Choi Joong-Kyung and sign a memorandum of understanding that will cement the strategic partnership between the two nations. The MOU addresses three main areas: industrial technology, technology standards, and trade and investment. With the shared goal of attracting private investment in the commercial date2011-05-02