Ministry of Trade, Industry and Energy

March exports grow 18.2%, reaching $63.5 billion

The Ministry of Trade, Industry, and Energy announced on April 1 that Korea’s exports in March increased 18.2 percent to USD 63.5 billion, the highest in 66 years since 1956, the year trade data was first recorded. This is positive growth for the 17th consecutive month, and double-digit growth for the 13th consecutive month. Average daily exports reached a record-breaking $2.8 billion. In respect of imports, high energy prices and larger purchases of intermediate goods drove up imports b date2022-04-01

8th Size Korea Conference presents 40 years of Korean bodily changes

Korean Agency for Technology and Standards (KATS) under the Trade, Industry, and Energy Ministry held the 8th Size Korea Conference on March 30 at COEX in Seoul, where research outcomes announced that Korean males and females had grown 6.4cm and 5.3cm, respectively, in average height over the past 40 years since the first survey released in 1979. According to the research, Korean people’s body shapes increasingly developed an overall “long-legged” physique. For males, average date2022-03-31

4th round of Korea-GCC FTA negotiations

The 4th round of Korea-GCC FTA negotiations are being held (March 28-31) in Seoul. Korea’s government delegation is led by Ministry of Trade, Industry, and Energy (MOTIE)’s Director General for FTA Negotiations Lee Kyung-sik, and consists of relevant ministries’ officials across the Ministry of Economy and Finance, Ministry of Agriculture, Food and Rural Affairs, Korean Intellectual Property Office, Ministry of Oceans and Fisheries, and Korea Forest Service. The Gulf Cooperati date2022-03-31

MOTIE holds public hearing on CPTPP application

Trade, Industry, and Energy Minister Moon Sung-wook held a public hearing on its application for the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on March 25 at the Government Complex Sejong to gather opinions of interest parties, experts and the general public. The hearing was commenced by opening remarks of Trade Negotiations Deputy Minister Jeon Yoon-jong, followed by an overview of CPTPP and progress update, then an assessment of application impact on the ec date2022-03-30

Korea's retail sales rise 4.7% in February

The Ministry of Trade, Industry and Energy announced on March 29 that Korea’s total retail sales in February rose 4.7 percent. Sales at brick-and-mortar stores declined by 3.8 percent, while online sales rose 14.2 percent. The drop in offline sales was offset by online sales’ sharp growth spike. The Ministry releases monthly retail sales figures based on surveys of 25 major retailers. 13 of them are physical retailers: three department store chains, three hypermarket chains, three c date2022-03-29

Minister Moon attends IEA Ministerial Meeting

Trade, Industry, and Energy Minister Moon Sung-wook attended the International Energy Agency (IEA) Ministerial Meeting on March 23-24 to discuss energy security amidst the Ukraine crisis. At the session, Minister Moon joined in the official approval for release of oil reserves for the stabilization of global energy market. The IEA is an international body for energy cooperation consisting primarily of OECD member states, established for effectively responding to oil supply crises. The even date2022-03-29

MOTIE holds briefing on 57 non-strategic items export control against Russia and Belarus

The Ministry of Trade, Industry, and Energy announced that export control on 57 non-strategic items against Russia and Belarus will take effect starting March 26. As a responsible member of the international community, Korea has decided to apply sanctions against the two countries at a level similar to those introduced by the U.S. and EU, for which the Ministry has revised the “Public Notice on Trade of Strategic Items” to include 57 non-strategic items on the list of catch-all contr date2022-03-28

MOTIE holds 5th Korea-Turkey FTA Joint Committee Meeting

The Ministry of Trade, Industry, and Energy held the 5th Korea-Turkey FTA Joint Committee Meeting on March 22 in Sejong City via videoconference to assess the FTA implementation progress on both sides in commemoration of their 9th year of enforcement. Representing Korea was Director General for FTA Policy Yang Gi-uk, whose Turkish counterpart was Hüsnü Dïlemre, Director-General of European Union Affairs at the Undersecretariat of Prime Ministry for Foreign Trade of Turkey. Turke date2022-03-28