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Minister Moon visits Saudi Arabia to discuss Korea-Saudi energy and economic cooperation
Trade, Industry and Energy Minister Moon Sungwook visited Saudi Arabia on January 5 at the invitation of Saudi Arabia’s Saudi Energy Minister, Prince Abdulaziz bin Salman al-Saud, to discuss matters on energy and economic cooperation, together with Riyadh Chamber of Commerce and Industry Chairman Ajlan Al Ajlan. In talks with Minister Abdulaziz bin Salman, Minister Moon addressed the strong energy cooperation of the two countries, regarding oil, nuclear power and such conventional en date2022-01-06
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MOTIE announces 2022 Work Report
The Ministry of Trade, Industry, and Energy announced on December 28 the Ministry's work report for 2022, titled “Building Korea into an Industrial Power, Overcoming & Rising Together” date2022-01-04
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Korea’s exports achieve all-time high of $644.5 billion in 2021
The Ministry of Trade, Industry and Energy announced on January 1 that Korea’s exports in 2021 hit USD 644.5 billion, a hefty 25.8 percent increase over the previous year. Annual imports also stand at a historic $615.1 billion, up by 31.5 percent. As net exporter for the 13th consecutive year with a record-breaking trade surplus of $29.5 billion, placing Korea among top 8 trade countries worldwide. In addition to reaching $1 trillion within the shortest time (299 days) i date2022-01-03
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November retail sales post growth of 9.6%
The Ministry of Trade, Industry and Energy announced on December 30 that Korea’s overall retail sales in November went up 9.6 percent compared to the same period last year. Both physical and online retailers experienced growth, up 4.6 percent and 14.8 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are physical retailers: three department store chains, three hypermarket chains, three convenience store chains, date2021-12-30
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Korea’s automobile export value turns to positive growth in November
The Ministry of Trade, Industry and Energy announced on December 15 that Korea’s automobile export value increased 3.3 percent, turning to positive growth in three months. In terms of volume, automobile production, domestic sales, and exports decreased 6.6 percent, 16.0 percent, and 4.7 percent, respectively. The export value posted growth due to expansion of high value-added vehicles. Green car exports showed the highest monthly value on record. Automobile production in November went do date2021-12-15
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Korea and Singapore announce conclusion of Korea’s first digital trade agreement, Korea-Singapore Digital Partnership Agreement (DPA)
Trade Minister Yeo Han-Koo and Singapore’s Second Minister for Trade and Industry Tan See Leng issued a Joint Statement on December 15 announcing the conclusion of the “Korea-Singapore Digital Partnership Agreement”, Korea’s first digital trade agreement. Read more: date2021-12-15
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ICT exports reach record high in November
The Ministry of Trade, Industry and Energy announced on December 14 that shipments of Korea’s information and communications technology (ICT) products reached an all-time high value of USD 21.5 billion, up 30.0 percent from the same period last year. Exports posted double-digit growth for eight straight months. Imports went up 23.1 percent to $12.8 billion, and the trade balance stood at a surplus of $8.7 billion. Exports of all four ICT product types expanded. Those of semiconductors date2021-12-14
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Korea announces 「Carbon Neutrality Vision and Strategy for Industry and Energy」
On December 10, Korea announced the ｢Carbon Neutrality Vision and Strategy for Industry and Energy｣, Korea’s first comprehensive strategy to achieve carbon neutrality in the industry and energy sectors which account for more than 70 percent of total carbon emissions. The government plans to phase out coal power generation by 2050 and achieve a carbon-free energy mix with renewables and hydrogen. To this end, the government vowed all-out support with tax, finance, and regulatory innova date2021-12-13