Ministry of Trade, Industry and Energy

Evaluation of 2021 Korea’s Trade and Future Policy Directions

In 2021, Korea’s trade value hit $1 trillion at the fastest pace on record despite prolonged COVID-19 pandemic and global supply chain bottlenecks, and the country is expected to achieve the largest annual trade and export values in history.       Read more: date2021-12-10

Kimchi on track for first trade surplus in 12 years

Selected as the most enjoyed K-food overseas, annual exports of the spicy condiment are set to hit a fresh highRead more: date2021-12-09

Korea’s November exports hit $60 billion for first time in history

The Ministry of Trade, Industry and Energy announced on December 1 that Korea’s exports increased 32.1 percent year-on-year to USD 60.4 billion. Imports jumped 43.6 percent to $57.4 billion, resulting in a trade surplus of $3.1 billion. Exports advanced for 13 straight months and exceeded $60 billion for the first time on record in November. Average daily exports posted a 26.6 percent increase to $2.5 billion. The export volume also gained 8.2 percent. The monthly export value recorded date2021-12-01

Overall retail sales increase 14.4% in October

The Ministry of Trade, Industry and Energy announced on November 29 that Korea’s overall retail sales increased 14.4 percent in October. Both offline and online sales saw growth, up 10.0 percent and 19.7 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, and four 'super supermarket'(SSM) operators. The date2021-11-29

Korea’s automobile industry sees decreases in October due to automotive chip shortage

The Ministry of Trade, Industry and Energy announced on November 18 that automobile output, domestic sales, and exports decreased 21.6 percent, 21.4 percent, and 18.1 percent, respectively, for the month of October. Despite the expectation that the global automotive chip shortage would ease in the third quarter, the supply from Southeast Asia was delayed, leading to cuts in production and exports. The number of vehicles produced by Korean carmakers in October lost 21.6 percent to 263,723 units date2021-11-18

Exports of Korea’s ICT goods expand for 17 consecutive months

The Ministry of Trade, Industry and Energy announced on November 11 that exports of Korea’s information and communications technology (ICT) products recorded growth for the 17th consecutive month in October, rising 21.5 percent to $19.9 billion.   Imports gained 18.5 percent to $12.1 billion, and the trade balance stood at a surplus of $7.8 billion.   Exports of all major ICT products advanced.   Chip exports saw a year-on-year rise of 28.4 percent to $11.2 billion, ex date2021-11-11

Korea's IP trade balance in the black for the first time

  date2021-11-10

Exports expand 24% to $55.6 billion in October

The Ministry of Trade, Industry and Energy announced on November 1 that Korea’s exports expanded 24.0 percent year-on-year to USD 55.6 billion. Imports jumped 37.8 percent to $53.9 billion and the trade balance recorded a surplus of $1.7 billion, remaining positive for 18 months. Exports in October marked the second highest value in history, and the cumulative exports for the first 10 months of 2021 exceeded those of the same period last year. Average daily exports totaled $2.6 billion, date2021-11-01