Ministry of Trade, Industry and Energy

Korea announces plans to secure supply of rare metals

Korea announced, on August 5, measures to secure supply of rare metals, which are key materials used in major industries including future cars, secondary batteries, and low carbon energy. As part of the policy to strengthen competitiveness of materials, parts and equipment industries, the government aims to stabilize the supply chain of rare metals by increasing the stockpile, support rare metal firms with R&D and commercialization, and establish a cooperative system among private and public date2021-08-05

Korea’s exports in July grow 29.6% to $55.4 billion, hitting record high value

The Ministry of Trade, Industry and Energy announced on August 1 that the value of Korean goods shipped overseas in July grew 29.6 percent to USD 55.4 billion, hitting the record high monthly export value.   Imports jumped 38.2 percent to $53.7 billion, resulting in a trade surplus of $1.8 billion.   Exports exceeded the $50 billion mark for five straight months. It is also the first time in 10 years that exports increased more than 20 percent for four straight months. Daily export date2021-08-02

Korea’s retail sales in June gain 11.4%

The Ministry of Trade, Industry and Energy announced on July 27 that Korea’s overall retail sales in June increased 11.4 percent.   Both offline and online retailers experienced growth, up 4.8 percent and 19.6 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 superm date2021-07-27

Korea’s auto industry sees advancement in production and exports in H1

The Ministry of Trade, Industry and Energy announced on July 15 that Korea’s automobile output and exports in the first six months of 2021 posted year-on-year increases of 11.5 percent and 27.9 percent, respectively. In particular, exports recorded double-digit growth (up 27.9 percent to 1,049,658 units) for the first time since the first half of 2012. In value terms, exports jumped 49.9 percent to $23.6 billion. Green car exports expanded 37.1 percent to 172,921 units, the highest numbe date2021-07-15

Exports of Korea’s ICT goods grow 29.1% to $19.3 billion in June

The Ministry of Trade, Industry and Energy announced on July 14 that exports of Korea’s information and communications technology (ICT) goods increased 29.1 percent to USD 19.3 billion in June, posting growth for 13 consecutive months and hitting the record high export value for the month of June in history. Imports went up 17.7 percent to $10.6 billion, and the trade balance stood at a surplus of $8.7 billion. Exports of chips, displays, and computers and peripherals recorded growth, bu date2021-07-14

Korea's automobile exports log double-digit growth between Jan and May

Korea's automobile exports log double-digit growth between Jan and May date2021-07-12

Foreign direct investment pledged to Korea jump 71.5% to $13.1 billion in H1

The Ministry of Trade, Industry and Energy announced on July 7 that foreign direct investments (FDIs) pledged to Korea in the first half of the year jumped 71.5 percent year-on-year to USD 13.1 billion. The FDIs that actually arrived in Korea over the same period expanded 57.3 percent to $7.8 billion. Both FDI pledges and arrivals recorded the second highest values for the first half of the year in history on the back of expectations of a global economic recovery and increased confidence in Kor date2021-07-07

Korea’s exports in 1st half of 2021 hit record high

The Ministry of Trade, Industry and Energy announced on July 1 that Korea’s exports in the first half of 2021 increased 26.1 percent, hitting the record-high value of USD 303.2 billion. It is also the first time that the half-yearly export value surpassed $300 billion.   Imports went up 24.0 percent to $285.1 billion, resulting in a trade surplus of $18.1 billion.   Korea’s exports in June amounted to USD 54.8 billion, expanding 39.7 percent from last year. Imports jump date2021-07-01