Ministry of Trade, Industry and Energy

Korea's auto exports value grows 25.3% in July

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 16 that Korea’s automobile output, outbound shipments and exports value increased 9.1 percent, 23.1 percent, and 25.3 percent, respectively, while domestic sales contracted by 3.0 percent. Amid persisting global supply chain uncertainties, the temporary abatement of the parts supply crisis has led to increases in both production and exports of finished cars. Meanwhile, domestic sales of Korean brands have remained larg date2022-08-16

Korea maintains No.1 Shipyard position in July

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 10 that South Korea maintained its dominant position in global shipbuilding (following 1st place for first half of 2022), winning 55 percent (19 vessels amounting to 1.16 million CGT) of world’s total orders in July. In July, bid orders for a total of 72 vessels amounting to 2.11 million CGT ($5.3 billion) were opened in the July global market. The types of vessels consisted of 17 container ships (small-to-medium), 16 date2022-08-11

Korea's ICT exports shrink 0.7% in July, but still achieve trade surplus

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 11 that exports of Korea’s information and communications technology (ICT) goods decreased 0.7 percent to USD 19.3 billion in July.Imports gained 16.8 percent to $13.2 billion, but ICT trade still achieved a trade surplus of $6.1 billion despite less operating days (one less) in comparison with those of 2021. Average daily ICT exports advanced to a record-breaking $820 million. ICT exports performance of small and mid date2022-08-11

Minister Lee holds conference for nuclear energy ecosystem revitalization

Trade, Industry and Energy Minister Lee Chang-yang visited Changwon in South Gyeongsang Province on August 10 to hold a Nuclear Energy Industry Business Conference (hereinafter “Conference”) and to give an update on progress thus far following the previous conference held on June 22. The Conference involved an MOU signing ceremony between Korea Hydro & Nuclear Power (KHNP), Doosan Enerbility, and nuclear energy industry’s equipment and materials manufacturers for the goal date2022-08-11

Korea and U.S. co-host Standards Forum 2022

The Korean Agency for Technology and Standards (KATS), affiliated under the Ministry of Trade, Industry and Energy (MOTIE), co-hosted the 2nd Korea-U.S. Standards Forum (hereinafter “Standards Forum”) with the American National Standards Institute (ANSI) on August 9 in Washington, D.C. Held subsequent to the Northeast Asia Standards Cooperation Forum held in June earlier this year, the Standards Forum concentrated on discussions covering quantum technology, next-generation semi date2022-08-09

MOTIE expands World Expo 2030 Busan Advisory Committee

The Ministry of Trade, Industry and Energy (MOTIE) expanded its World Expo 2030 Busan advisory committee into a delegation of eight members, and launched on August 4 its first meeting. The aim of this reorganization is to reinforce promotion to BIE (Bureau International des Expositions) member states. Yoon Sang-jik, the Secretary-General for the Bid Committee for World Expo 2030 Busan (hereinafter “Committee”), stated that the “Committee has appointed professionals of var date2022-08-05

1st Vice Minister attends Bioplus-Interphex Korea 2022

Trade, Industry and Energy 1st Vice Minister Jang Young-jin attended the Bioplus-Interphex (International Pharmaceutical and Manufacturing Expo) Korea 2022 opening ceremony at COEX in Seoul on August 3, co-hosted by the Korea Biotechnology Industry Organization and Reed Exhibitions. Bioplus-Interphex Korea 2022 will be running a total of 350 booths showcasing various products from biomedical, digital, healthcare and such various areas and involve the participation of approximately 1,200 compani date2022-08-03

Korea and Vietnam hold Ministerial talks for economic cooperation

Trade, Industry and Energy Minister Lee Chang-yang held talks with Vietnamese counterpart Minister Nguyen Hong Dien on the occasion of the latter's visit to South Korea. Mentioning the two countries’ diplomatic ties establishment in 1992, Minister Lee stated that Vietnam is one of South Korea’s four major trading partners after China, the U.S. and Japan, while also being the largest trade and investment partner in the ASEAN region. South Korea's trade with Vietnam amounted to $ date2022-08-02